# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-26-095923
**Filing Date:** 2026-3
**Character Count:** 5626426
**Document Hash:** 4d2e3d974b913331ab3e0ece4e3a175a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095923.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095923

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 185

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10183
- **FILM NUMBER:** 26729827

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### State Street Moderate ETF Portfolio (Series ID: S000011112)

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

### State Street Moderately Aggressive ETF Portfolio (Series ID: S000011113)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## BRIGHTHOUSE FUNDS TRUST I

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Kristi Slavin

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Copy to:

#### Brian D. McCabe, Esq.

#### Ropes and Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199

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

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

#### Date of reporting period: December 31, 2025

------

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

# Brighthouse Funds Trust I

# AB Global Dynamic Allocation Portfolio: Class B
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the AB Global Dynamic Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $97 | 0.92% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the 12-month period ending December 31, 2025. The Portfolio started the year overweight equities as cyclical indicators remained consistent with continued economic expansion. The Global Purchasing Managers Index was steady, with manufacturing improvement offsetting a moderation in services. Early in the year, Q4 2024 earnings results confirmed that expectations for mid-teens S&P 500 earnings growth in 2025 remained intact. In March, the Portfolio moved from an overweight equites posture to neutral, as the announced tariffs proved higher and broader than expected, and tariff-related anxiety continued to rise. The April Liberation Day sell-off prompted a further reduction in equity exposure in response to elevated volatility. As volatility subsided in May, the Portfolio began to increase its equity exposure back towards neutral. In the back half of 2025, the Portfolio remained overweight equities as economic data supported continued expansion and initial tariff impacts appeared benign. The Portfolio ended the year overweight equities and fixed income. The Portfolio also ended the year overweight Emerging Market ("EM") equities and maintained a neutral allocation to Real Estate Investment Trusts.

**Top Contributors:**

* A tactical overweight to equities contributed to performance as equities rallied.

* The interest rate swap contributed as central bank policy expectations materially changed.

**Top Detractors:**

* A reduction in equity exposure, due to April Liberation Day volatility, caused the Portfolio to lag in the subsequent rapid recovery and detracted from returns.

* Average underweight to EM equites, as EM equities outperformed, also negatively affected performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g34x85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $15,942** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10360 | $10786 | $10209 | $10767 |
| **12/2017** | $11770 | $13372 | $10964 | $12397 |
| **12/2018** | $10950 | $12113 | $10832 | $11752 |
| **12/2019** | $12929 | $15335 | $11573 | $13938 |
| **12/2020** | $13716 | $17828 | $12637 | $15643 |
| **12/2021** | $14989 | $21133 | $12042 | $17114 |
| **12/2022** | $11927 | $17252 | $10086 | $14553 |
| **12/2023** | $13315 | $21082 | $10662 | $16401 |
| **12/2024** | $14289 | $24769 | $10482 | $17803 |
| **12/2025** | $15942 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AB Global Dynamic Allocation Portfolio - Class B | 11.56% | 3.05% | 4.77% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1715029252 |
| # of Portfolio Investments | 1796 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $10809800 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 2.8 |
| Apple, Inc. | 2.5 |
| Microsoft Corp. | 2.2 |
| Alphabet, Inc. | 2 |
| Amazon.com, Inc. | 1.4 |
| Broadcom, Inc. | 1 |
| Meta Platforms, Inc. | 0.9 |
| Tesla, Inc. | 0.8 |
| Berkshire Hathaway, Inc. | 0.6 |
| JPMorgan Chase & Co. | 0.5 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 19.8 |
| U.S. Treasury Bonds | 8.5 |
| French Republic Government Bonds OAT | 1.4 |
| Federal National Mortgage Association | 1.2 |
| Italy Buoni Poliennali Del Tesoro | 1 |
| Japan Government Two Year Bonds | 0.8 |
| U.K. Gilts | 0.7 |
| Bundesrepublik Deutschland Bundesanleihe | 0.6 |
| Spain Government Bonds | 0.5 |
| Federal Home Loan Banks | 0.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g54e31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 1 |
| Netherlands | 1 |
| Spain | 1.2 |
| Italy | 1.6 |
| Australia | 1.7 |
| Germany | 2.8 |
| United Kingdom | 2.9 |
| France | 3.1 |
| Japan | 6.3 |
| United States | 71 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g75r32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Investment Companies | 0.0<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 1.7 |
| Foreign Government | 8.5 |
| U.S. Treasury & Government Agencies | 30.5 |
| Common Stocks | 58.3 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# AB International Bond Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the AB International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 0.62% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index during the 12-month period ending December 31, 2025. Outperformance was generally driven by both asset allocation and security selection decisions.

**Top Contributors:**

* Within Emerging Markets ("EM"), hard currency securities contributed to performance. An overweight to the High Yield EM Sovereigns and Quasi Sovereigns sectors, along with tactical overweight country exposures to Mexico, Colombia, Ecuador, and Morocco were the most notable contributors.

* Developed Market ("DM") Investment Grade ("IG") Corporates and Sovereigns/Treasuries, particularly in the U.S., contributed to performance. 

* Off-benchmark allocations to securitized products, including Credit Risk Transfers, Collateralized Loan Obligations/Asset-Backed Securities, and Commercial Mortgage-Backed Securities, added to performance. 

**Top Detractors:**

* EM IG Sovereign securities were the largest detractor.

* Duration positioning in DM Sovereign/Treasuries, specifically through exposures to Australia and Japan, detracted from performance as the Bank of Japan continued to raise interest rates.

* Overweight exposure to Brazil detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g41b03.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $11,372** | **Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index $11,289** |
| **04/2019** | $10000 | $10000 |
| **12/2019** | $10490 | $10444 |
| **12/2020** | $10984 | $10855 |
| **12/2021** | $10783 | $10704 |
| **12/2022** | $9115 | $9659 |
| **12/2023** | $9960 | $10462 |
| **12/2024** | $10531 | $10982 |
| **12/2025** | $11372 | $11289 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 4/29/19** |
| AB International Bond Portfolio - Class A | 7.99% | 0.70% | 1.94% |
| Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index | 2.80% | 0.79% | 1.83% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $400803625 |
| # of Portfolio Investments | 638 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid | $2191484 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| China Government Bonds | 3.6 |
| U.K. Gilts | 3.2 |
| Mexico Bonos | 3.2 |
| Japan Government Five Year Bonds | 2.3 |
| Japan Government Two Year Bonds | 2.3 |
| Italy Buoni Poliennali Del Tesoro | 2.2 |
| Petroleos Mexicanos | 2.0 |
| Dominican Republic International Bonds | 2.0 |
| Argentina Republic Government International Bonds | 1.8 |
| Spain Government Bonds | 1.8 |

---

### Asset Allocation
![Group By Sector Chart](g17207g13z35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury & Government Agencies | 0.1 |
| Agency Sponsored Mortgage-Backed Securities | 0.7 |
| Non-Agency Mortgage-Backed Securities | 1.1 |
| Asset-Backed Securities | 1.4 |
| Short-Term Investments | 1.9 |
| Corporate Bonds & Notes | 31.3 |
| Foreign Government | 61.7 |

---

### Top 10 Countries
![Group By Country Chart](g17207g29e25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.4 |
| Italy | 2.8 |
| Turkey | 3.0 |
| Colombia | 3.3 |
| China | 4.2 |
| France | 4.7 |
| United Kingdom | 5.6 |
| United States | 6.8 |
| Mexico | 7.2 |
| Japan | 7.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# AB International Bond Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the AB International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $90 | 0.87% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index during the 12-month period ending December 31, 2025. Outperformance was generally driven by both asset allocation and security selection decisions.

**Top Contributors:**

* Within Emerging Markets ("EM"), hard currency securities contributed to performance. An overweight to the High Yield EM Sovereigns and Quasi Sovereigns sectors, along with tactical overweight country exposures to Mexico, Colombia, Ecuador, and Morocco were the most notable contributors.

* Developed Market ("DM") Investment Grade ("IG") Corporates and Sovereigns/Treasuries, particularly in the U.S., contributed to performance. 

* Off-benchmark allocations to securitized products, including Credit Risk Transfers, Collateralized Loan Obligations/Asset-Backed Securities, and Commercial Mortgage-Backed Securities, added to performance. 

**Top Detractors:**

* EM IG Sovereign securities were the largest detractor.

* Duration positioning in DM Sovereign/Treasuries, specifically through exposures to Australia and Japan, detracted from performance as the Bank of Japan continued to raise interest rates.

* Overweight exposure to Brazil detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g29g10.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $11,199** | **Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index $11,289** |
| **04/2019** | $10000 | $10000 |
| **12/2019** | $10490 | $10444 |
| **12/2020** | $10950 | $10855 |
| **12/2021** | $10718 | $10704 |
| **12/2022** | $9041 | $9659 |
| **12/2023** | $9846 | $10462 |
| **12/2024** | $10391 | $10982 |
| **12/2025** | $11199 | $11289 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 4/29/19** |
| AB International Bond Portfolio - Class B | 7.77% | 0.45% | 1.71% |
| Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index | 2.80% | 0.79% | 1.83% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $400803625 |
| # of Portfolio Investments | 638 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid | $2191484 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| China Government Bonds | 3.6 |
| U.K. Gilts | 3.2 |
| Mexico Bonos | 3.2 |
| Japan Government Five Year Bonds | 2.3 |
| Japan Government Two Year Bonds | 2.3 |
| Italy Buoni Poliennali Del Tesoro | 2.2 |
| Petroleos Mexicanos | 2.0 |
| Dominican Republic International Bonds | 2.0 |
| Argentina Republic Government International Bonds | 1.8 |
| Spain Government Bonds | 1.8 |

---

### Asset Allocation
![Group By Sector Chart](g17207g13z35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury & Government Agencies | 0.1 |
| Agency Sponsored Mortgage-Backed Securities | 0.7 |
| Non-Agency Mortgage-Backed Securities | 1.1 |
| Asset-Backed Securities | 1.4 |
| Short-Term Investments | 1.9 |
| Corporate Bonds & Notes | 31.3 |
| Foreign Government | 61.7 |

---

### Top 10 Countries
![Group By Country Chart](g17207g29e25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.4 |
| Italy | 2.8 |
| Turkey | 3.0 |
| Colombia | 3.3 |
| China | 4.2 |
| France | 4.7 |
| United Kingdom | 5.6 |
| United States | 6.8 |
| Mexico | 7.2 |
| Japan | 7.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Allspring Mid Cap Value Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Allspring Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $77 | 0.75% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark over the 12-month period. The Portfolio faced some stylistic headwinds as mid-cap investors were drawn to some of the more speculative stocks that they believe would benefit most from the post April 8th recovery and the artificial intelligence buildout theme.

**Top Contributors:**

* Stock selection in Industrials and Utilities as well as an overweight to Industrials and an underweight to Real Estate contributed. 

* A top contributor was AerCap Holdings N.V., the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information leading to outsized cash flow growth over time. During the most recent quarter, AerCap beat street estimates across the board, raised its 2025 guidance, and announced that it had repurchased an additional one billion dollars in stock. We believe the market continues to undervalue the assets and the cash-generating ability of these combined businesses, especially considering the swift lease rate inflation experienced over the past couple of years. 

**Top Detractors:**

* Stock selection in Financials, Materials and Consumer Staples detracted. 

* The largest detractor was Graphic Packaging Holding Co., a leading provider of paper-based packaging solutions serving defensive, yet growing, end markets such as food and beverage, food service, and health and beauty. The company's best-in-class assets in the consolidated boxboard industry enable highly customizable and sustainable packaging solutions that differentiate it from peers and deepen customer relationships. While near-term challenges persist, specifically slower consumer spending and overcapacity in certain competing products, we believe the company's diverse portfolio and exposure to essential categories should help limit downside risk. Importantly, Graphic Packaging is entering a significant free cash flow generation cycle, supported by normalized capital expenditures and improved operating efficiency. We believe this inflection in cash flow should enhance balance sheet flexibility and enable a meaningful step-up in shareholder returns.

## Portfolio Performance
![Growth of 10K Chart](g17207g98j12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $24,559** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11360 | $11274 | $12000 |
| **12/2017** | $12613 | $13656 | $13601 |
| **12/2018** | $10964 | $12940 | $11930 |
| **12/2019** | $14887 | $16954 | $15158 |
| **12/2020** | $15324 | $20495 | $15910 |
| **12/2021** | $19821 | $25754 | $20419 |
| **12/2022** | $18890 | $20808 | $17962 |
| **12/2023** | $20647 | $26209 | $20246 |
| **12/2024** | $23150 | $32448 | $22892 |
| **12/2025** | $24559 | $38012 | $25421 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Allspring Mid Cap Value Portfolio - Class A | 6.09% | 9.89% | 9.40% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $300660724 |
| # of Portfolio Investments | 91 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2021801 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 3.6 |
| American Electric Power Co., Inc. | 3.0 |
| Labcorp Holdings, Inc. | 2.9 |
| Jefferies Financial Group, Inc. | 2.8 |
| FirstEnergy Corp. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Charles River Laboratories International, Inc. | 2.4 |
| Fifth Third Bancorp | 2.4 |
| Annaly Capital Management, Inc. | 2.3 |
| Keurig Dr. Pepper, Inc. | 2.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g19r79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.7 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 5.7 |
| Energy | 6.5 |
| Utilities | 7.3 |
| Materials | 9.0 |
| Health Care | 10.6 |
| Information Technology | 12.2 |
| Financials | 14.9 |
| Industrials | 22.3 |

---

### Top Countries
![Group By Country Chart](g17207g35u75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.8 |
| Ireland | 2.0 |
| United States | 92.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Allspring Mid Cap Value Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Allspring Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $103 | 1.00% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark over the 12-month period. The Portfolio faced some stylistic headwinds as mid-cap investors were drawn to some of the more speculative stocks that they believe would benefit most from the post April 8th recovery and the artificial intelligence buildout theme.

**Top Contributors:**

* Stock selection in Industrials and Utilities as well as an overweight to Industrials and an underweight to Real Estate contributed. 

* A top contributor was AerCap Holdings N.V., the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information leading to outsized cash flow growth over time. During the most recent quarter, AerCap beat street estimates across the board, raised its 2025 guidance, and announced that it had repurchased an additional one billion dollars in stock. We believe the market continues to undervalue the assets and the cash-generating ability of these combined businesses, especially considering the swift lease rate inflation experienced over the past couple of years. 

**Top Detractors:**

* Stock selection in Financials, Materials and Consumer Staples detracted. 

* The largest detractor was Graphic Packaging Holding Co., a leading provider of paper-based packaging solutions serving defensive, yet growing, end markets such as food and beverage, food service, and health and beauty. The company's best-in-class assets in the consolidated boxboard industry enable highly customizable and sustainable packaging solutions that differentiate it from peers and deepen customer relationships. While near-term challenges persist, specifically slower consumer spending and overcapacity in certain competing products, we believe the company's diverse portfolio and exposure to essential categories should help limit downside risk. Importantly, Graphic Packaging is entering a significant free cash flow generation cycle, supported by normalized capital expenditures and improved operating efficiency. We believe this inflection in cash flow should enhance balance sheet flexibility and enable a meaningful step-up in shareholder returns.

## Portfolio Performance
![Growth of 10K Chart](g17207g22g60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $23,924** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11318 | $11274 | $12000 |
| **12/2017** | $12539 | $13656 | $13601 |
| **12/2018** | $10873 | $12940 | $11930 |
| **12/2019** | $14736 | $16954 | $15158 |
| **12/2020** | $15136 | $20495 | $15910 |
| **12/2021** | $19518 | $25754 | $20419 |
| **12/2022** | $18549 | $20808 | $17962 |
| **12/2023** | $20221 | $26209 | $20246 |
| **12/2024** | $22619 | $32448 | $22892 |
| **12/2025** | $23924 | $38012 | $25421 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Allspring Mid Cap Value Portfolio - Class B | 5.77% | 9.59% | 9.11% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $300660724 |
| # of Portfolio Investments | 91 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2021801 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 3.6 |
| American Electric Power Co., Inc. | 3.0 |
| Labcorp Holdings, Inc. | 2.9 |
| Jefferies Financial Group, Inc. | 2.8 |
| FirstEnergy Corp. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Charles River Laboratories International, Inc. | 2.4 |
| Fifth Third Bancorp | 2.4 |
| Annaly Capital Management, Inc. | 2.3 |
| Keurig Dr. Pepper, Inc. | 2.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g19r79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.7 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 5.7 |
| Energy | 6.5 |
| Utilities | 7.3 |
| Materials | 9.0 |
| Health Care | 10.6 |
| Information Technology | 12.2 |
| Financials | 14.9 |
| Industrials | 22.3 |

---

### Top Countries
![Group By Country Chart](g17207g35u75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.8 |
| Ireland | 2.0 |
| United States | 92.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Aggressive Allocation Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Aggressive Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $35 | 0.32% |

---

## Management Discussion of Portfolio Performance
The American Funds Aggressive Allocation Portfolio outperformed the Dow Jones Moderately Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity portfolios, international equity portfolios, and an overweight to equity offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefitted from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The American Funds High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g59g09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $28,959** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Aggressive Portfolio Index $24,436** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10928 | $10786 | $10209 | $10931 |
| **12/2017** | $13301 | $13372 | $10964 | $13016 |
| **12/2018** | $12566 | $12113 | $10832 | $12062 |
| **12/2019** | $15588 | $15335 | $11573 | $14817 |
| **12/2020** | $18291 | $17828 | $12637 | $16912 |
| **12/2021** | $21256 | $21133 | $12042 | $19288 |
| **12/2022** | $17352 | $17252 | $10086 | $16282 |
| **12/2023** | $20937 | $21082 | $10662 | $18820 |
| **12/2024** | $24068 | $24769 | $10482 | $20935 |
| **12/2025** | $28959 | $30302 | $11338 | $24436 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio - Class B | 20.32% | 9.62% | 11.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.72% | 7.64% | 9.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2927983116 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $1813376 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds AMCAP Fund, Class R-6 | 11.5 |
| American Funds International Growth & Income Fund, Class R-6 | 11.1 |
| American Funds Fundamental Investors Fund, Class R-6 | 11.0 |
| American Funds Growth Fund, Class 1 | 10.5 |
| American Funds Growth-Income Fund, Class 1 | 10.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 10.0 |
| American Funds International Fund, Class 1 | 9.1 |
| American Funds American Mutual Fund, Class R-6 | 9.0 |
| American Funds Smallcap World Fund, Inc., Class R6 | 5.0 |
| American Funds The Bond Fund of America, Class 1 | 4.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g56d57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Fixed Income | 1.5 |
| High Yield Fixed Income | 2.0 |
| Emerging Market Equities | 3.0 |
| Global Equities | 5.0 |
| Investment Grade Fixed Income | 6.4 |
| International Developed Market Equities | 20.2 |
| U.S. Large Cap Equities | 62.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On April 28, 2025, the Portfolio changed its name from American Funds Growth Allocation Portfolio to American Funds Aggressive Allocation Portfolio. 

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Aggressive Allocation Portfolio: Class C
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Aggressive Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $68 | 0.62% |

---

## Management Discussion of Portfolio Performance
The American Funds Aggressive Allocation Portfolio outperformed the Dow Jones Moderately Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity portfolios, international equity portfolios, and an overweight to equity offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefitted from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The American Funds High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g67m94.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C $28,101** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Aggressive Portfolio Index $24,436** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10896 | $10786 | $10209 | $10931 |
| **12/2017** | $13222 | $13372 | $10964 | $13016 |
| **12/2018** | $12459 | $12113 | $10832 | $12062 |
| **12/2019** | $15404 | $15335 | $11573 | $14817 |
| **12/2020** | $18011 | $17828 | $12637 | $16912 |
| **12/2021** | $20875 | $21133 | $12042 | $19288 |
| **12/2022** | $17009 | $17252 | $10086 | $16282 |
| **12/2023** | $20457 | $21082 | $10662 | $18820 |
| **12/2024** | $23438 | $24769 | $10482 | $20935 |
| **12/2025** | $28101 | $30302 | $11338 | $24436 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio - Class C | 19.90% | 9.30% | 10.88% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.72% | 7.64% | 9.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2927983116 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $1813376 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds AMCAP Fund, Class R-6 | 11.5 |
| American Funds International Growth & Income Fund, Class R-6 | 11.1 |
| American Funds Fundamental Investors Fund, Class R-6 | 11.0 |
| American Funds Growth Fund, Class 1 | 10.5 |
| American Funds Growth-Income Fund, Class 1 | 10.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 10.0 |
| American Funds International Fund, Class 1 | 9.1 |
| American Funds American Mutual Fund, Class R-6 | 9.0 |
| American Funds Smallcap World Fund, Inc., Class R6 | 5.0 |
| American Funds The Bond Fund of America, Class 1 | 4.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g56d57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Fixed Income | 1.5 |
| High Yield Fixed Income | 2.0 |
| Emerging Market Equities | 3.0 |
| Global Equities | 5.0 |
| Investment Grade Fixed Income | 6.4 |
| International Developed Market Equities | 20.2 |
| U.S. Large Cap Equities | 62.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On April 28, 2025, the Portfolio changed its name from American Funds Growth Allocation Portfolio to American Funds Aggressive Allocation Portfolio. 

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Balanced Allocation Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $35 | 0.32% |

---

## Management Discussion of Portfolio Performance
The American Funds Balanced Allocation Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity portfolios, international equity portfolios, and an overweight to equity and offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefitted from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The American Funds High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g63j39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $24,352** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10804 | $10786 | $10209 | $10767 |
| **12/2017** | $12661 | $13372 | $10964 | $12397 |
| **12/2018** | $12161 | $12113 | $10832 | $11752 |
| **12/2019** | $14578 | $15335 | $11573 | $13938 |
| **12/2020** | $16887 | $17828 | $12637 | $15643 |
| **12/2021** | $19006 | $21133 | $12042 | $17114 |
| **12/2022** | $15864 | $17252 | $10086 | $14553 |
| **12/2023** | $18516 | $21082 | $10662 | $16401 |
| **12/2024** | $20751 | $24769 | $10482 | $17803 |
| **12/2025** | $24352 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Balanced Allocation Portfolio - Class B | 17.35% | 7.60% | 9.31% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4032715542 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $2372974 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds The Bond Fund of America, Class 1 | 13.2 |
| American Funds U.S. Government Securities Fund, Class R-6 | 10.5 |
| American Funds Growth-Income Fund, Class 1 | 9.0 |
| American Funds International Growth & Income Fund, Class R-6 | 8.8 |
| American Funds Growth Fund, Class 1 | 8.5 |
| American Funds Fundamental Investors Fund, Class R-6 | 8.0 |
| American Funds AMCAP Fund, Class R-6 | 8.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds American Mutual Fund, Class R-6 | 7.0 |
| American Funds International Fund, Class 1 | 6.8 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g63v48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 2.0 |
| Global Fixed Income | 2.7 |
| Global Equities | 3.0 |
| High Yield Fixed Income | 4.5 |
| International Developed Market Equities | 15.6 |
| Investment Grade Fixed Income | 23.7 |
| U.S. Large Cap Equities | 48.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Balanced Allocation Portfolio: Class C
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $67 | 0.62% |

---

## Management Discussion of Portfolio Performance
The American Funds Balanced Allocation Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity portfolios, international equity portfolios, and an overweight to equity and offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefitted from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The American Funds High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g96t26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C $23,644** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10781 | $10786 | $10209 | $10767 |
| **12/2017** | $12598 | $13372 | $10964 | $12397 |
| **12/2018** | $12055 | $12113 | $10832 | $11752 |
| **12/2019** | $14409 | $15335 | $11573 | $13938 |
| **12/2020** | $16652 | $17828 | $12637 | $15643 |
| **12/2021** | $18674 | $21133 | $12042 | $17114 |
| **12/2022** | $15544 | $17252 | $10086 | $14553 |
| **12/2023** | $18106 | $21082 | $10662 | $16401 |
| **12/2024** | $20206 | $24769 | $10482 | $17803 |
| **12/2025** | $23644 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Balanced Allocation Portfolio - Class C | 17.02% | 7.26% | 8.99% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4032715542 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $2372974 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds The Bond Fund of America, Class 1 | 13.2 |
| American Funds U.S. Government Securities Fund, Class R-6 | 10.5 |
| American Funds Growth-Income Fund, Class 1 | 9.0 |
| American Funds International Growth & Income Fund, Class R-6 | 8.8 |
| American Funds Growth Fund, Class 1 | 8.5 |
| American Funds Fundamental Investors Fund, Class R-6 | 8.0 |
| American Funds AMCAP Fund, Class R-6 | 8.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds American Mutual Fund, Class R-6 | 7.0 |
| American Funds International Fund, Class 1 | 6.8 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g63v48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 2.0 |
| Global Fixed Income | 2.7 |
| Global Equities | 3.0 |
| High Yield Fixed Income | 4.5 |
| International Developed Market Equities | 15.6 |
| Investment Grade Fixed Income | 23.7 |
| U.S. Large Cap Equities | 48.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Growth Portfolio: Class C
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 0.90% |

---

## Management Discussion of Portfolio Performance
For the year ended December 31, 2025, the Portfolio outperformed its benchmark, the S&P 500 Index. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500 Index to post robust gains for the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts in the second half of the year.

**Top Contributors:**

* Positive results for holdings in the Information Technology, Communication Services, Industrials, and Materials sectors contributed to relative returns.

**Top Detractors:**

* Holdings in the Financials and Energy sectors detracted from the Portfolio's relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g86c30.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C $50,596** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10910 | $11196 |
| **12/2017** | $13954 | $13640 |
| **12/2018** | $13884 | $13042 |
| **12/2019** | $18096 | $17149 |
| **12/2020** | $27440 | $20304 |
| **12/2021** | $33373 | $26132 |
| **12/2022** | $23307 | $21399 |
| **12/2023** | $32162 | $27025 |
| **12/2024** | $42204 | $33786 |
| **12/2025** | $50596 | $39827 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Growth Portfolio - Class C | 19.88% | 13.02% | 17.60% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1987861627 |
| # of Portfolio Investments | 1 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $0 |

---

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

### Top Equity Holdings

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.7 |
| Tesla, Inc. | 6.2 |
| Alphabet, Inc. | 5.7 |
| NVIDIA Corp. | 5.0 |
| Broadcom, Inc. | 4.5 |
| Microsoft Corp. | 4.2 |
| Micron Technology, Inc. | 2.2 |
| Intuitive Surgical, Inc. | 2.1 |
| Netflix, Inc. | 2.1 |
| Amazon.com, Inc. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g24p67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.7 |
| Energy | 1.5 |
| Materials | 1.8 |
| Consumer Staples | 1.9 |
| Financials | 7.4 |
| Industrials | 9.2 |
| Health Care | 11.0 |
| Consumer Discretionary | 15.7 |
| Communication Services | 17.1 |
| Information Technology | 30.7 |

---

### Top 10 Countries
![Group By Country Chart](g17207g45l80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.2 |
| Israel | 0.2 |
| Ireland | 0.2 |
| Netherlands | 0.3 |
| Mexico | 0.3 |
| France | 0.8 |
| South Korea | 0.8 |
| Taiwan | 1 |
| Canada | 4 |
| United States | 89.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Moderate Allocation Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Moderate Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $35 | 0.33% |

---

## Management Discussion of Portfolio Performance
The American Funds Moderate Allocation Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity and international equity portfolios and offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefited from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS - The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The Funds American High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g05y93.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $20,830** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10725 | $10786 | $10209 | $10767 |
| **12/2017** | $12159 | $13372 | $10964 | $12397 |
| **12/2018** | $11777 | $12113 | $10832 | $11752 |
| **12/2019** | $13732 | $15335 | $11573 | $13938 |
| **12/2020** | $15558 | $17828 | $12637 | $15643 |
| **12/2021** | $17111 | $21133 | $12042 | $17114 |
| **12/2022** | $14646 | $17252 | $10086 | $14553 |
| **12/2023** | $16583 | $21082 | $10662 | $16401 |
| **12/2024** | $18148 | $24769 | $10482 | $17803 |
| **12/2025** | $20830 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Moderate Allocation Portfolio - Class B | 14.78% | 6.01% | 7.61% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1920002389 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1337110 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds U.S. Government Securities Fund, Class R-6 | 19.1 |
| American Funds The Bond Fund of America, Class 1 | 18.5 |
| American Funds American Mutual Fund, Class R-6 | 8.0 |
| American Funds Growth-Income Fund, Class 1 | 8.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds International Growth & Income Fund, Class R-6 | 6.5 |
| American Funds High-Income Trust Fund, Class R-6 | 6.0 |
| American Funds International Fund, Class 1 | 5.5 |
| American Funds Fundamental Investors Fund, Class R-6 | 5.0 |
| American Funds AMCAP Fund, Class R-6 | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g89r38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Equities | 1 |
| Emerging Market Equities | 1 |
| Global Fixed Income | 3.5 |
| High Yield Fixed Income | 6 |
| International Developed Market Equities | 12.1 |
| Investment Grade Fixed Income | 37.6 |
| U.S. Large Cap Equities | 38.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Moderate Allocation Portfolio: Class C
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the American Funds<sup>®</sup> Moderate Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $68 | 0.63% |

---

## Management Discussion of Portfolio Performance
The American Funds Moderate Allocation Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying domestic equity and international equity portfolios and offset the negative impact by the underlying fixed income portfolios.

**Top Contributors:**

* In domestic equity, the American Funds Fundamental Investors Fund was a contributor to results from positions in the Information Technology, Industrials, and Communication Services sectors.

* In international equity, the American Funds International Growth and Income Fund had a positive impact on results from positions in the Financials, Industrials, and Information Technology sectors. 

* The American Funds Insurance Series ("AFIS") International Fund further contributed to results over the period and benefited from positions in the Financials, Information Technology, and Industrials sectors.

**Top Detractors:**

* In fixed income, the AFIS - The Bond Fund of America was a detractor to results.

* The American Funds U.S. Government Securities Fund had a negative impact on results.

* The Funds American High-Income Trust Fund detracted from results.

## Portfolio Performance
![Growth of 10K Chart](g17207g39b74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C $20,228** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10701 | $10786 | $10209 | $10767 |
| **12/2017** | $12089 | $13372 | $10964 | $12397 |
| **12/2018** | $11676 | $12113 | $10832 | $11752 |
| **12/2019** | $13562 | $15335 | $11573 | $13938 |
| **12/2020** | $15324 | $17828 | $12637 | $15643 |
| **12/2021** | $16801 | $21133 | $12042 | $17114 |
| **12/2022** | $14343 | $17252 | $10086 | $14553 |
| **12/2023** | $16196 | $21082 | $10662 | $16401 |
| **12/2024** | $17672 | $24769 | $10482 | $17803 |
| **12/2025** | $20228 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| American Funds<sup>®</sup> Moderate Allocation Portfolio - Class C | 14.46% | 5.71% | 7.30% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1920002389 |
| # of Portfolio Investments | 14 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1337110 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds U.S. Government Securities Fund, Class R-6 | 19.1 |
| American Funds The Bond Fund of America, Class 1 | 18.5 |
| American Funds American Mutual Fund, Class R-6 | 8.0 |
| American Funds Growth-Income Fund, Class 1 | 8.0 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds International Growth & Income Fund, Class R-6 | 6.5 |
| American Funds High-Income Trust Fund, Class R-6 | 6.0 |
| American Funds International Fund, Class 1 | 5.5 |
| American Funds Fundamental Investors Fund, Class R-6 | 5.0 |
| American Funds AMCAP Fund, Class R-6 | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g89r38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Equities | 1 |
| Emerging Market Equities | 1 |
| Global Fixed Income | 3.5 |
| High Yield Fixed Income | 6 |
| International Developed Market Equities | 12.1 |
| Investment Grade Fixed Income | 37.6 |
| U.S. Large Cap Equities | 38.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock Global Tactical Strategies Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the BlackRock Global Tactical Strategies Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $93 | 0.88% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index ("DJM") over the 12-month period ending December 31, 2025. The Portfolio returned 11.44%, while the DJM returned 13.82%. The 10-year interest rate swap was the main contributor, while the volatility control mechanism was a key detractor after being engaged in the second quarter of the year, before fully re-risking by the end of the quarter.

**Top Contributors:**

* The 10-year interest rate swap contributed to performance as yields ended the year lower given heightened volatility driven by shifting U.S. Federal Reserve rate policies, resulting in three cuts throughout the year amid concerns around inflationary fiscal policies. 

* For a majority of the year, the Portfolio held an overweight to Developed Markets, including Japan and Europe, while entering into an underweight in the U.S. Technology sector as market pricing appeared stretched. Directional equity positioning contributed to performance over the year, driven by Japanese equity performance as domestic growth remained attractive relative to other regions. 

* Performance was supported by the Portfolio's higher allocation to Non-U.S. Developed Markets relative to the DJM given foreign investor appetite for Non-U.S. equities as U.S. Technology valuations remain high, driven by the artificial intelligence theme.

**Top Detractors:**

* Volatility control was a drag on performance amid a sentiment-driven pullback triggered by "Liberation Day", the Trump administration's announcement of sweeping trade restrictions, which led to the Portfolio de-risking in the second quarter of 2025. Markets rebounded following the Trump administration's subsequent decision to reverse course and implement a 90-day pause. The Portfolio fully re-risked before quarter-end. 

* Currency positioning detracted, mainly from the Japanese yen versus the U.S. dollar, as the yen remained steady despite improvements in the growth outlook in Japan and higher yields. 

* The Portfolio's lower allocation to Emerging Market Equities and International Fixed Income relative to the DJM was also a detractor, as Emerging Markets saw material gains during the year, supported by a weaker U.S. dollar.

## Portfolio Performance
![Growth of 10K Chart](g17207g06k82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $16,443** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10443 | $10786 | $10209 | $10767 |
| **12/2017** | $11833 | $13372 | $10964 | $12397 |
| **12/2018** | $10983 | $12113 | $10832 | $11752 |
| **12/2019** | $13248 | $15335 | $11573 | $13938 |
| **12/2020** | $13819 | $17828 | $12637 | $15643 |
| **12/2021** | $15172 | $21133 | $12042 | $17114 |
| **12/2022** | $12307 | $17252 | $10086 | $14553 |
| **12/2023** | $13945 | $21082 | $10662 | $16401 |
| **12/2024** | $14755 | $24769 | $10482 | $17803 |
| **12/2025** | $16443 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Global Tactical Strategies Portfolio - Class B | 11.44% | 3.54% | 5.10% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2847866442 |
| # of Portfolio Investments | 70 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $17686831 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core MSCI EAFE ETF | 25.2 |
| Vanguard Total Bond Market ETF | 20.6 |
| iShares Core S&P 500 ETF | 16.8 |
| iShares Core U.S. Aggregate Bond ETF | 14.9 |
| State Street Technology Select Sector SPDR ETF | 2.9 |
| iShares U.S. Real Estate ETF | 2 |
| State Street Financial Select Sector SPDR ETF | 1.3 |
| State Street Communication Services Select Sector SPDR ETF | 1.1 |
| State Street Consumer Discretionary Select Sector SPDR ETF | 1 |
| State Street Health Care Select Sector SPDR ETF | 0.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g08b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Small Cap Equities | 1.8 |
| Real Estate Equities | 2.0 |
| Commodities | 4.1 |
| U.S. Large Cap Equities | 25.0 |
| Investment Grade Fixed Income | 26.8 |
| International Developed Market Equities | 28.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock High Yield Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the BlackRock High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 0.63% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index over the 12-month period ending December 31, 2025. Both asset allocation and strong security selection were positive drivers to the relative outperformance. Despite tariffs and occasional negative credit headlines creating bouts of volatility, High Yield bonds performed well in 2025, characterized by strong carry-driven returns, robust refinancing-led issuance, tight spreads, and below-average defaults. Higher quality High Yield bonds led performance over the year, though each High Yield rating cohort returned greater than 8% in total returns. Spreads have continued to stay tight despite episodic volatility throughout the year, underlining the resilience that the market has exhibited.

**Top Contributors:**

* Security selection within Technology, Retailers, and Media and Entertainment were key positive contributors. 

* Security selection within CCC- rated securities, as well as underweights to stressed and distressed issuers rated CC and C strongly contributed to performance.

* The Portfolio's out-of-benchmark position in Investment Grade Credit was also a positive contributor to performance in 2025.

**Top Detractors:**

* Security selection within Cable and Satellite, Midstream, and Independent Energy detracted from performance. 

* The Portfolio's tactical allocation to Bank Loans was a detractor over the year as the asset class underperformed High Yield bonds.

## Portfolio Performance
![Growth of 10K Chart](g17207g96q55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $18,975** | **Bloomberg U.S. Universal Bond Index $12,721** | **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index $18,806** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11426 | $10391 | $11713 |
| **12/2017** | $12348 | $10816 | $12592 |
| **12/2018** | $12029 | $10789 | $12329 |
| **12/2019** | $13839 | $11791 | $14095 |
| **12/2020** | $14913 | $12684 | $15088 |
| **12/2021** | $15739 | $12544 | $15882 |
| **12/2022** | $14139 | $10914 | $14106 |
| **12/2023** | $16035 | $11588 | $16002 |
| **12/2024** | $17385 | $11824 | $17313 |
| **12/2025** | $18975 | $12721 | $18806 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock High Yield Portfolio - Class A | 9.15% | 4.94% | 6.62% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.62% | 4.50% | 6.52% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1080813621 |
| # of Portfolio Investments | 1231 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $5831198 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Level 3 Financing, Inc. | 2 |
| Beignet Investor LLC | 2 |
| HUB International Ltd. | 1.8 |
| TransDigm, Inc. | 1.6 |
| Cloud Software Group, Inc. | 1.3 |
| Clear Channel Outdoor Holdings, Inc. | 1.2 |
| 1261229 BC Ltd. | 1.1 |
| NRG Energy, Inc. | 1.1 |
| Athenahealth Group, Inc. | 1.1 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g58l90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Oil & Gas | 3.0 |
| Electric | 3.0 |
| Internet | 3.2 |
| Chemicals | 3.2 |
| Diversified Financial Services | 3.9 |
| Media | 4.8 |
| Software | 5.1 |
| Insurance | 6.2 |
| Commercial Services | 6.9 |
| Telecommunications | 7.9 |

---

### Asset Allocation
![Group By Country Chart](g17207g29e79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Preferred Stocks | 0.1 |
| Convertible Bonds | 0.5 |
| Common Stocks | 0.6 |
| Short-Term Investments | 2.8 |
| Floating Rate Loans | 6.8 |
| Corporate Bonds & Notes | 87.9 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock High Yield Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the BlackRock High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $92 | 0.88% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index over the 12-month period ending December 31, 2025. Both asset allocation and strong security selection were positive drivers to the relative outperformance. Despite tariffs and occasional negative credit headlines creating bouts of volatility, High Yield bonds performed well in 2025, characterized by strong carry-driven returns, robust refinancing-led issuance, tight spreads, and below-average defaults. Higher quality High Yield bonds led performance over the year, though each High Yield rating cohort returned greater than 8% in total returns. Spreads have continued to stay tight despite episodic volatility throughout the year, underlining the resilience that the market has exhibited.

**Top Contributors:**

* Security selection within Technology, Retailers, and Media and Entertainment were key positive contributors. 

* Security selection within CCC- rated securities, as well as underweights to stressed and distressed issuers rated CC and C strongly contributed to performance.

* The Portfolio's out-of-benchmark position in Investment Grade Credit was also a positive contributor to performance in 2025.

**Top Detractors:**

* Security selection within Cable and Satellite, Midstream, and Independent Energy detracted from performance. 

* The Portfolio's tactical allocation to Bank Loans was a detractor over the year as the asset class underperformed High Yield bonds.

## Portfolio Performance
![Growth of 10K Chart](g17207g72i06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $18,510** | **Bloomberg U.S. Universal Bond Index $12,721** | **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index $18,806** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11398 | $10391 | $11713 |
| **12/2017** | $12282 | $10816 | $12592 |
| **12/2018** | $11929 | $10789 | $12329 |
| **12/2019** | $13701 | $11791 | $14095 |
| **12/2020** | $14729 | $12684 | $15088 |
| **12/2021** | $15492 | $12544 | $15882 |
| **12/2022** | $13891 | $10914 | $14106 |
| **12/2023** | $15707 | $11588 | $16002 |
| **12/2024** | $16993 | $11824 | $17313 |
| **12/2025** | $18510 | $12721 | $18806 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock High Yield Portfolio - Class B | 8.93% | 4.68% | 6.35% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.62% | 4.50% | 6.52% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1080813621 |
| # of Portfolio Investments | 1231 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $5831198 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Level 3 Financing, Inc. | 2 |
| Beignet Investor LLC | 2 |
| HUB International Ltd. | 1.8 |
| TransDigm, Inc. | 1.6 |
| Cloud Software Group, Inc. | 1.3 |
| Clear Channel Outdoor Holdings, Inc. | 1.2 |
| 1261229 BC Ltd. | 1.1 |
| NRG Energy, Inc. | 1.1 |
| Athenahealth Group, Inc. | 1.1 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g58l90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Oil & Gas | 3.0 |
| Electric | 3.0 |
| Internet | 3.2 |
| Chemicals | 3.2 |
| Diversified Financial Services | 3.9 |
| Media | 4.8 |
| Software | 5.1 |
| Insurance | 6.2 |
| Commercial Services | 6.9 |
| Telecommunications | 7.9 |

---

### Asset Allocation
![Group By Country Chart](g17207g29e79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Preferred Stocks | 0.1 |
| Convertible Bonds | 0.5 |
| Common Stocks | 0.6 |
| Short-Term Investments | 2.8 |
| Floating Rate Loans | 6.8 |
| Corporate Bonds & Notes | 87.9 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Asset Allocation 100 Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 100 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $9 | 0.08% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 100 Portfolio underperformed the Dow Jones Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were negatively impacted by the underlying large cap equity and small cap equity portfolios and offset the positive impacts by the international equity portfolios.

**Top Contributors:**

* In international equity, the Brighthouse/Dimensional International Small Company Portfolio contributed to results from positions held in the Industrials, Materials, and Financials sectors.

* The SSGA Emerging Markets Enhanced Index Portfolio contributed to results from positions held in the Information Technology, Financials, and Consumer Discretionary sectors. 

* The Harris Oakmark International Portfolio was a contributor to results and benefitted from positions in the Health Care, Consumer Discretionary, and Financials sectors.

**Top Detractors:**

* In large cap equity, the Brighthouse/Wellington Core Equity Opportunities Portfolio had a negative impact on results as positions in the Consumer Staples and Real Estate sectors detracted over the period.

* The T. Rowe Price Large Cap Value Portfolio had a negative impact on results from positions held in the Materials, Real Estate, and Consumer Staples sectors.

* In small cap equity, the Brighthouse Small Cap Value Portfolio was a detractor to results from positions held in the Materials, Consumer Staples, and Health Care sectors.

## Portfolio Performance
![Growth of 10K Chart](g17207g86d54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $28,326** | **MSCI All Country World Index $30,302** | **Dow Jones Aggressive Portfolio Index $29,495** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10919 | $10786 | $11098 |
| **12/2017** | $13454 | $13372 | $13672 |
| **12/2018** | $12135 | $12113 | $12380 |
| **12/2019** | $15508 | $15335 | $15739 |
| **12/2020** | $18490 | $17828 | $18255 |
| **12/2021** | $21881 | $21133 | $21644 |
| **12/2022** | $17529 | $17252 | $17972 |
| **12/2023** | $21228 | $21082 | $21391 |
| **12/2024** | $24126 | $24769 | $24560 |
| **12/2025** | $28326 | $30302 | $29495 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 100 Portfolio - Class A | 17.41% | 8.91% | 10.97% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Dow Jones Aggressive Portfolio Index | 20.09% | 10.07% | 11.42% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1755054015 |
| # of Portfolio Investments | 30 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1230833 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| MFS Value Portfolio, Class A | 6.3 |
| Loomis Sayles Growth Portfolio, Class A | 6.2 |
| Invesco Comstock Portfolio, Class A | 6.1 |
| Jennison Growth Portfolio, Class A | 5.9 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.8 |
| Harris Oakmark International Portfolio, Class A | 5.6 |
| SSGA Emerging Markets Enhanced Index Portfolio, Class A | 5.6 |
| T. Rowe Price Large Cap Growth Portfolio, Class A | 5.5 |
| Brighthouse/Dimensional International Small Company Portfolio, Class A | 5.1 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g70l80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 2.9 |
| U.S. Mid Cap Equities | 4.4 |
| Global Equities | 4.5 |
| Emerging Market Equities | 5.6 |
| U.S. Small Cap Equities | 10.1 |
| International Developed Market Equities | 23.0 |
| U.S. Large Cap Equities | 49.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Asset Allocation 100 Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 100 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $36 | 0.33% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 100 Portfolio underperformed the Dow Jones Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were negatively impacted by the underlying large cap equity and small cap equity portfolios and offset the positive impacts by the international equity portfolios.

**Top Contributors:**

* In international equity, the Brighthouse/Dimensional International Small Company Portfolio contributed to results from positions held in the Industrials, Materials, and Financials sectors.

* The SSGA Emerging Markets Enhanced Index Portfolio contributed to results from positions held in the Information Technology, Financials, and Consumer Discretionary sectors. 

* The Harris Oakmark International Portfolio was a contributor to results and benefitted from positions in the Health Care, Consumer Discretionary, and Financials sectors.

**Top Detractors:**

* In large cap equity, the Brighthouse/Wellington Core Equity Opportunities Portfolio had a negative impact on results as positions in the Consumer Staples and Real Estate sectors detracted over the period.

* The T. Rowe Price Large Cap Value Portfolio had a negative impact on results from positions held in the Materials, Real Estate, and Consumer Staples sectors.

* In small cap equity, the Brighthouse Small Cap Value Portfolio was a detractor to results from positions held in the Materials, Consumer Staples, and Health Care sectors.

## Portfolio Performance
![Growth of 10K Chart](g17207g27b85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $27,624** | **MSCI All Country World Index $30,302** | **Dow Jones Aggressive Portfolio Index $29,495** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10898 | $10786 | $11098 |
| **12/2017** | $13397 | $13372 | $13672 |
| **12/2018** | $12049 | $12113 | $12380 |
| **12/2019** | $15360 | $15335 | $15739 |
| **12/2020** | $18265 | $17828 | $18255 |
| **12/2021** | $21576 | $21133 | $21644 |
| **12/2022** | $17228 | $17252 | $17972 |
| **12/2023** | $20813 | $21082 | $21391 |
| **12/2024** | $23598 | $24769 | $24560 |
| **12/2025** | $27624 | $30302 | $29495 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 100 Portfolio - Class B | 17.06% | 8.63% | 10.70% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Dow Jones Aggressive Portfolio Index | 20.09% | 10.07% | 11.42% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1755054015 |
| # of Portfolio Investments | 30 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1230833 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| MFS Value Portfolio, Class A | 6.3 |
| Loomis Sayles Growth Portfolio, Class A | 6.2 |
| Invesco Comstock Portfolio, Class A | 6.1 |
| Jennison Growth Portfolio, Class A | 5.9 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.8 |
| Harris Oakmark International Portfolio, Class A | 5.6 |
| SSGA Emerging Markets Enhanced Index Portfolio, Class A | 5.6 |
| T. Rowe Price Large Cap Growth Portfolio, Class A | 5.5 |
| Brighthouse/Dimensional International Small Company Portfolio, Class A | 5.1 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g70l80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 2.9 |
| U.S. Mid Cap Equities | 4.4 |
| Global Equities | 4.5 |
| Emerging Market Equities | 5.6 |
| U.S. Small Cap Equities | 10.1 |
| International Developed Market Equities | 23.0 |
| U.S. Large Cap Equities | 49.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Balanced Plus Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Balanced Plus Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $79 | 0.75% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the 12-month period ending December 31, 2025. The Portfolio shifted equity exposure throughout the year in response to changes in volatility, remaining underweight during most of the first half of the year and overweight for most of the second half of the year. The Portfolio was briefly neutral equities in late January, but de-risked in February and further de-risked in March and April, as volatility spiked due to heightened uncertainty surrounding U.S. trade policy. The Portfolio moved to neutral equity exposure in mid-May through late July as volatility waned. In the second half of the year, the Portfolio was briefly underweight equity in early August, mid-October, and mid-November, but maintained overweight equity exposure otherwise. The Base Sleeve (the portion of the Portfolio that invests in other underlying Brighthouse Portfolios) underperformed the Dow Jones Moderate Portfolio Index over the 12-month periodending December 31, 2025. Relative results were negatively impacted by the underlying fixed income, mid cap equity, and small cap equity portfolios.

**Top Contributors:**

* Within the fixed income allocation, exposure to Investment Grade Financials and Industrials contributed to performance.

* Holdings of Securitized Credit, including Agency Mortgage-Backed Securities ("MBS") contributed to performance.

* U.S. duration positioning contributed to performance.

**Top Detractors:**

* Equity exposure, although positive on an absolute basis, detracted from relative performance as the Portfolio remained underweight at times when equity markets rallied.

* Underlying fixed income, mid cap equity, and small cap equity portfolios detracted from returns.

## Portfolio Performance
![Growth of 10K Chart](g17207g07q96.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $17,623** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10836 | $10786 | $10209 | $10767 |
| **12/2017** | $12823 | $13372 | $10964 | $12397 |
| **12/2018** | $11879 | $12113 | $10832 | $11752 |
| **12/2019** | $14678 | $15335 | $11573 | $13938 |
| **12/2020** | $16516 | $17828 | $12637 | $15643 |
| **12/2021** | $17762 | $21133 | $12042 | $17114 |
| **12/2022** | $13889 | $17252 | $10086 | $14553 |
| **12/2023** | $15172 | $21082 | $10662 | $16401 |
| **12/2024** | $15742 | $24769 | $10482 | $17803 |
| **12/2025** | $17623 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Balanced Plus Portfolio - Class B | 11.95% | 1.31% | 5.83% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4778290588 |
| # of Portfolio Investments | 115 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $11764471 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.4 |
| U.S. Treasury Bonds | 12.9 |
| BlackRock Bond Income Portfolio, Class A | 7.7 |
| TCW Core Fixed Income Portfolio, Class A | 6.3 |
| PIMCO Total Return Portfolio, Class A | 5.5 |
| JPMorgan Core Bond Portfolio, Class A | 4.5 |
| Harris Oakmark International Portfolio, Class A | 3.9 |
| Western Asset Management U.S. Government Portfolio, Class A | 3.5 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.1 |
| Baillie Gifford International Stock Portfolio, Class A | 2.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g26p76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.9 |
| Emerging Market Equities | 1.9 |
| International Fixed Income | 2.2 |
| Global Equities | 2.4 |
| U.S. Small Cap Equities | 4.8 |
| U.S. Mid Cap Equities | 5.5 |
| High Yield Fixed Income | 5.7 |
| International Developed Market Equities | 12.8 |
| U.S. Large Cap Equities | 42.3 |
| Investment Grade Fixed Income | 67.7 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Small Cap Value Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 0.76% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark, the Russell 2000 Value Index, over the 12-month period. The benchmark returned 12.59%. The Portfolio faced some stylistic headwinds as small cap investors were drawn to some of the more speculative stocks that they believed would benefit most from the post-April 8th recovery and the artificial intelligence buildout theme.

**Top Contributors:**

* Stock selection and underweight in real estate contributed.

* A top contributor was Mueller Industries, Inc., an industrial corporation whose holdings manufacture vital goods for important markets. The market is beginning to appreciate the durability of the cash flow stream through a full market cycle, in addition to the modest exposure to data center construction that we believe should help support margins for the next several quarters and perhaps years. Its balance sheet has more than $1 billion of net cash, which we believe positions Mueller well to continue its strategy of consolidating smaller niche players in the industry while also buying back stock and paying dividends. The Portfolio continued to hold a position given an attractive reward/risk valuation. 

**Top Detractors:**

* Stock selection in materials was by far the largest detractor. This was primarily due to not owning the commoditized metals and mining stocks that significantly outperformed and owning the less commoditized specialty chemical and construction materials stocks that were impacted by slower construction volumes. 

* The largest detractor was J&J Snack Foods Corp., a leader and innovator in the snack food industry, providing innovative snack foods and beverages through various consumer channels. Shares underperformed despite reporting better than expected results, reflecting the continued challenging backdrop for food companies. J&J has a net cash balance sheet and recently announced a share repurchase program. Further, J&J is consolidating its manufacturing footprint. With a number of transitory issues now cycled through and the outlook for several of its key products looking improved for fiscal year 2026, we believe the reward/risk valuation was attractive at current levels. 

## Portfolio Performance
![Growth of 10K Chart](g17207g99l38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $22,288** | **Russell 3000 Index $38,012** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $13156 | $11274 | $13174 |
| **12/2017** | $14732 | $13656 | $14207 |
| **12/2018** | $12526 | $12940 | $12379 |
| **12/2019** | $16166 | $16954 | $15151 |
| **12/2020** | $16115 | $20495 | $15853 |
| **12/2021** | $21292 | $25754 | $20335 |
| **12/2022** | $18544 | $20808 | $17390 |
| **12/2023** | $21179 | $26209 | $19937 |
| **12/2024** | $22958 | $32448 | $21543 |
| **12/2025** | $22288 | $38012 | $24256 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Small Cap Value Portfolio - Class A | (2.92%) | 6.70% | 8.34% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $737751712 |
| # of Portfolio Investments | 141 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $5284589 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.4 |
| UMB Financial Corp. | 3.4 |
| Innospec, Inc. | 3.1 |
| J&J Snack Foods Corp. | 2.9 |
| Mueller Industries, Inc. | 2.5 |
| Eagle Materials, Inc. | 2.4 |
| Stewart Information Services Corp. | 2.3 |
| UFP Industries, Inc. | 2.2 |
| Southstate Bank Corp. | 2.2 |
| Avient Corp. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g44q32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.5 |
| Utilities | 0.6 |
| Energy | 4.0 |
| Consumer Staples | 5.9 |
| Health Care | 6.8 |
| Consumer Discretionary | 8.0 |
| Information Technology | 9.9 |
| Materials | 15.8 |
| Financials | 20.5 |
| Industrials | 24.1 |

---

### Top Countries
![Group By Country Chart](g17207g90w73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.4 |
| Belgium | 0.8 |
| United Kingdom | 2.3 |
| United States | 93.1 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* The Portfolio's Board of Trustees approved the termination of Delaware Investments Fund Advisers as a subadviser to the Portfolio effective March 1, 2025. Allspring Global Investments, LLC continues to serve as the subadviser to the Portfolio.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Small Cap Value Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $99 | 1.01% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark, the Russell 2000 Value Index, over the 12-month period. The benchmark returned 12.59%. The Portfolio faced some stylistic headwinds as small cap investors were drawn to some of the more speculative stocks that they believed would benefit most from the post-April 8th recovery and the artificial intelligence buildout theme.

**Top Contributors:**

* Stock selection and underweight in real estate contributed.

* A top contributor was Mueller Industries, Inc., an industrial corporation whose holdings manufacture vital goods for important markets. The market is beginning to appreciate the durability of the cash flow stream through a full market cycle, in addition to the modest exposure to data center construction that we believe should help support margins for the next several quarters and perhaps years. Its balance sheet has more than $1 billion of net cash, which we believe positions Mueller well to continue its strategy of consolidating smaller niche players in the industry while also buying back stock and paying dividends. The Portfolio continued to hold a position given an attractive reward/risk valuation. 

**Top Detractors:**

* Stock selection in materials was by far the largest detractor. This was primarily due to not owning the commoditized metals and mining stocks that significantly outperformed and owning the less commoditized specialty chemical and construction materials stocks that were impacted by slower construction volumes. 

* The largest detractor was J&J Snack Foods Corp., a leader and innovator in the snack food industry, providing innovative snack foods and beverages through various consumer channels. Shares underperformed despite reporting better than expected results, reflecting the continued challenging backdrop for food companies. J&J has a net cash balance sheet and recently announced a share repurchase program. Further, J&J is consolidating its manufacturing footprint. With a number of transitory issues now cycled through and the outlook for several of its key products looking improved for fiscal year 2026, we believe the reward/risk valuation was attractive at current levels. 

## Portfolio Performance
![Growth of 10K Chart](g17207g34q07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $21,727** | **Russell 3000 Index $38,012** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $13125 | $11274 | $13174 |
| **12/2017** | $14661 | $13656 | $14207 |
| **12/2018** | $12428 | $12940 | $12379 |
| **12/2019** | $16004 | $16954 | $15151 |
| **12/2020** | $15912 | $20495 | $15853 |
| **12/2021** | $20967 | $25754 | $20335 |
| **12/2022** | $18222 | $20808 | $17390 |
| **12/2023** | $20764 | $26209 | $19937 |
| **12/2024** | $22446 | $32448 | $21543 |
| **12/2025** | $21727 | $38012 | $24256 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Small Cap Value Portfolio - Class B | (3.21%) | 6.43% | 8.07% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $737751712 |
| # of Portfolio Investments | 141 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $5284589 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.4 |
| UMB Financial Corp. | 3.4 |
| Innospec, Inc. | 3.1 |
| J&J Snack Foods Corp. | 2.9 |
| Mueller Industries, Inc. | 2.5 |
| Eagle Materials, Inc. | 2.4 |
| Stewart Information Services Corp. | 2.3 |
| UFP Industries, Inc. | 2.2 |
| Southstate Bank Corp. | 2.2 |
| Avient Corp. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g44q32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.5 |
| Utilities | 0.6 |
| Energy | 4.0 |
| Consumer Staples | 5.9 |
| Health Care | 6.8 |
| Consumer Discretionary | 8.0 |
| Information Technology | 9.9 |
| Materials | 15.8 |
| Financials | 20.5 |
| Industrials | 24.1 |

---

### Top Countries
![Group By Country Chart](g17207g90w73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.4 |
| Belgium | 0.8 |
| United Kingdom | 2.3 |
| United States | 93.1 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* The Portfolio's Board of Trustees approved the termination of Delaware Investments Fund Advisers as a subadviser to the Portfolio effective March 1, 2025. Allspring Global Investments, LLC continues to serve as the subadviser to the Portfolio.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Artisan International Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Artisan International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $95 | 0.80% |

---

## Management Discussion of Portfolio Performance
Non-U.S. markets delivered solid returns in 2025 despite ongoing geopolitical tensions and uneven global growth. Continued disinflation allowed several central banks to maintain or extend interest rate cuts, supporting economic activity. Labor markets remained resilient, helping underpin consumer demand. In 2025, the Portfolio delivered strong double-digit returns, outperforming the benchmark, MSCI All Country World ex-USA Index. Our disciplined stock selection was a key contributor to performance. Our conviction in the Industrials sector also paid off, driving the Portfolio's performance.

**Top Contributors:**

* Industrials holdings were the leading cause of outperformance, led by South Korean defense companies Hanwha Aerospace and LIG Nex1. We believe healthy cash flow and order backlog should lead to near-term growth. Additional ammunition and land-based-system deals continue to be struck with European governments as they invest to become independently secure outside of NATO security agreements.

* Stock selection in Consumer Staples was a positive source of returns. Anheuser-Busch InBev contributed to gains as easing cost pressures and disciplined pricing improved margins for the company.

* The Portfolio's overweight position in Financials helped outperformance in the sector, led by European financial holdings, such as UBS (Switzerland) and Danske Bank (Denmark).

**Top Detractors:**

* Stock selection in materials detracted from performance on a relative basis. Air Liquide (France), one of the larger holdings in the Portfolio, experienced downward market pressure to close out the year, leading to lower returns.

* The Portfolio's underweight in a strongly performing Information Technology sector weighed on relative performance, although absolute returns were solid.

* Alibaba (China) was the Portfolio's lowest performing holding this year. The company's shares declined in 2025 as heightened competition and continued investment spending pressured near-term margins and investor sentiment.

## Portfolio Performance
![Growth of 10K Chart](g17207g03m75.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $22,921** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $9089 | $10450 |
| **12/2017** | $11965 | $13291 |
| **12/2018** | $10686 | $11404 |
| **12/2019** | $13916 | $13857 |
| **12/2020** | $15016 | $15334 |
| **12/2021** | $16323 | $16533 |
| **12/2022** | $13206 | $13887 |
| **12/2023** | $15134 | $16056 |
| **12/2024** | $16763 | $16945 |
| **12/2025** | $22921 | $22432 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Artisan International Portfolio - Class A | 36.73% | 8.83% | 8.65% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $820356021 |
| # of Portfolio Investments | 70 |
| Portfolio Turnover Rate | 112% |
| Total Advisory Fees Paid | $6189107 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| UBS Group AG | 5.7 |
| National Grid PLC | 4.5 |
| Tencent Holdings Ltd. | 3.7 |
| Tesco PLC | 3.7 |
| LIG Nex1 Co. Ltd. | 3.3 |
| LS Electric Co. Ltd. | 2.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6 |
| Hanwha Aerospace Co. Ltd. | 2.6 |
| Contemporary Amperex Technology Co. Ltd. | 2.6 |
| Danske Bank AS | 2.5 |

---

### Top Sectors
![Group By Sector Chart](g17207g48l50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.2 |
| Communication Services | 3.8 |
| Health Care | 3.8 |
| Materials | 5.1 |
| Information Technology | 6.6 |
| Consumer Staples | 8.6 |
| Utilities | 11.8 |
| Financials | 26.7 |
| Industrials | 30.2 |

---

### Top 10 Countries
![Group By Country Chart](g17207g13n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 3.2 |
| Denmark | 3.6 |
| Taiwan | 4.0 |
| Japan | 5.8 |
| China | 7.5 |
| Switzerland | 8.2 |
| Germany | 9.0 |
| France | 12.4 |
| South Korea | 14.6 |
| United Kingdom | 22.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Artisan International Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Artisan International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $124 | 1.05% |

---

## Management Discussion of Portfolio Performance
Non-U.S. markets delivered solid returns in 2025 despite ongoing geopolitical tensions and uneven global growth. Continued disinflation allowed several central banks to maintain or extend interest rate cuts, supporting economic activity. Labor markets remained resilient, helping underpin consumer demand. In 2025, the Portfolio delivered strong double-digit returns, outperforming the benchmark, MSCI All Country World ex-USA Index. Our disciplined stock selection was a key contributor to performance. Our conviction in the Industrials sector also paid off, driving the Portfolio's performance.

**Top Contributors:**

* Industrials holdings were the leading cause of outperformance, led by South Korean defense companies Hanwha Aerospace and LIG Nex1. We believe healthy cash flow and order backlog should lead to near-term growth. Additional ammunition and land-based-system deals continue to be struck with European governments as they invest to become independently secure outside of NATO security agreements.

* Stock selection in Consumer Staples was a positive source of returns. Anheuser-Busch InBev contributed to gains as easing cost pressures and disciplined pricing improved margins for the company.

* The Portfolio's overweight position in Financials helped outperformance in the sector, led by European financial holdings, such as UBS (Switzerland) and Danske Bank (Denmark).

**Top Detractors:**

* Stock selection in materials detracted from performance on a relative basis. Air Liquide (France), one of the larger holdings in the Portfolio, experienced downward market pressure to close out the year, leading to lower returns.

* The Portfolio's underweight in a strongly performing Information Technology sector weighed on relative performance, although absolute returns were solid.

* Alibaba (China) was the Portfolio's lowest performing holding this year. The company's shares declined in 2025 as heightened competition and continued investment spending pressured near-term margins and investor sentiment.

## Portfolio Performance
![Growth of 10K Chart](g17207g25o43.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $22,367** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $9073 | $10450 |
| **12/2017** | $11916 | $13291 |
| **12/2018** | $10615 | $11404 |
| **12/2019** | $13789 | $13857 |
| **12/2020** | $14846 | $15334 |
| **12/2021** | $16095 | $16533 |
| **12/2022** | $12993 | $13887 |
| **12/2023** | $14841 | $16056 |
| **12/2024** | $16404 | $16945 |
| **12/2025** | $22367 | $22432 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Artisan International Portfolio - Class B | 36.35% | 8.54% | 8.38% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $820356021 |
| # of Portfolio Investments | 70 |
| Portfolio Turnover Rate | 112% |
| Total Advisory Fees Paid | $6189107 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| UBS Group AG | 5.7 |
| National Grid PLC | 4.5 |
| Tencent Holdings Ltd. | 3.7 |
| Tesco PLC | 3.7 |
| LIG Nex1 Co. Ltd. | 3.3 |
| LS Electric Co. Ltd. | 2.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6 |
| Hanwha Aerospace Co. Ltd. | 2.6 |
| Contemporary Amperex Technology Co. Ltd. | 2.6 |
| Danske Bank AS | 2.5 |

---

### Top Sectors
![Group By Sector Chart](g17207g48l50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.2 |
| Communication Services | 3.8 |
| Health Care | 3.8 |
| Materials | 5.1 |
| Information Technology | 6.6 |
| Consumer Staples | 8.6 |
| Utilities | 11.8 |
| Financials | 26.7 |
| Industrials | 30.2 |

---

### Top 10 Countries
![Group By Country Chart](g17207g13n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 3.2 |
| Denmark | 3.6 |
| Taiwan | 4.0 |
| Japan | 5.8 |
| China | 7.5 |
| Switzerland | 8.2 |
| Germany | 9.0 |
| France | 12.4 |
| South Korea | 14.6 |
| United Kingdom | 22.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Eaton Vance Floating Rate Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Eaton Vance Floating Rate Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $74 | 0.73% |

---

## Management Discussion of Portfolio Performance
For the 12 months ended December 31, 2025, the Brighthouse/Eaton Vance Floating Rate Portfolio underperformed its benchmark, the Morningstar LSTA U.S. Leveraged Loan Index (the "Index").Capping a positive year for the senior floating-rate corporate loan market, the senior loan market registered a full-year return of 5.90% (as measured by the Index), as high interest income was partially offset by a decline in market value in 2025. The Portfolio's well-balanced exposures provided a mix of performance drivers relative to the Index.

**Top Contributors:**

* Selection within the Household Durables and Chemicals segments added to relative performance.

* An underweight to holdings rated CCC & lower also added value during the period, as these credit tiers underperformed.

* The Portfolio's allocation to High-Yield bond positions aided relative performance, as fixed-rate bonds outperformed the senior loan market.

**Top Detractors:**

* Selection within the Food Products, Machinery, and Health Care Providers & Services industries detracted the most from relative performance.

* The Portfolio's modest Cash position was a relative detractor during the period, given the high yields supporting loan returns during the year.

* The Portfolio's overweight to Beverages and underweight to Diversified Telecommunications Services also hurt relative performance for the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g01p58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $16,059** | **Bloomberg U.S. Universal Bond Index $12,721** | **Morningstar LSTA U.S. Leveraged Loan Index $17,617** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10950 | $10391 | $11016 |
| **12/2017** | $11388 | $10816 | $11469 |
| **12/2018** | $11451 | $10789 | $11520 |
| **12/2019** | $12290 | $11791 | $12516 |
| **12/2020** | $12577 | $12684 | $12907 |
| **12/2021** | $13042 | $12544 | $13578 |
| **12/2022** | $12864 | $10914 | $13473 |
| **12/2023** | $14291 | $11588 | $15268 |
| **12/2024** | $15434 | $11824 | $16636 |
| **12/2025** | $16059 | $12721 | $17617 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Eaton Vance Floating Rate Portfolio - Class A | 4.05% | 5.01% | 4.85% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.06% | 2.44% |
| Morningstar LSTA U.S. Leveraged Loan Index | 5.90% | 6.42% | 5.83% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $520706500 |
| # of Portfolio Investments | 470 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $3187978 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| UKG, Inc. | 1.1 |
| TransDigm, Inc. | 1 |
| AmWINS Group, Inc. | 0.9 |
| Cloud Software Group, Inc. | 0.8 |
| USI, Inc. | 0.8 |
| Asurion LLC | 0.7 |
| Epicor Software Corp. | 0.7 |
| Quikrete Holdings, Inc. | 0.7 |
| EOC Borrower LLC | 0.7 |
| WEC U.S. Holdings Ltd. | 0.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g52q16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Machinery-Diversified | 2.9 |
| Chemicals | 3.0 |
| Computers | 3.3 |
| Retail | 3.5 |
| Healthcare-Services | 3.9 |
| Entertainment | 4.0 |
| Diversified Financial Services | 5.5 |
| Insurance | 6.8 |
| Commercial Services | 9.2 |
| Software | 12.9 |

---

### Asset Allocation
![Group By Country Chart](g17207g93w11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Common Stocks | 1.3 |
| Corporate Bonds & Notes | 2.7 |
| Short-Term Investments | 6.4 |
| Floating Rate Loans | 91.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Eaton Vance Floating Rate Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Eaton Vance Floating Rate Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $100 | 0.98% |

---

## Management Discussion of Portfolio Performance
For the 12 months ended December 31, 2025, the Brighthouse/Eaton Vance Floating Rate Portfolio underperformed its benchmark, the Morningstar LSTA U.S. Leveraged Loan Index (the "Index").Capping a positive year for the senior floating-rate corporate loan market, the senior loan market registered a full-year return of 5.90% (as measured by the Index), as high interest income was partially offset by a decline in market value in 2025. The Portfolio's well-balanced exposures provided a mix of performance drivers relative to the Index.

**Top Contributors:**

* Selection within the Household Durables and Chemicals segments added to relative performance.

* An underweight to holdings rated CCC & lower also added value during the period, as these credit tiers underperformed.

* The Portfolio's allocation to High-Yield bond positions aided relative performance, as fixed-rate bonds outperformed the senior loan market.

**Top Detractors:**

* Selection within the Food Products, Machinery, and Health Care Providers & Services industries detracted the most from relative performance.

* The Portfolio's modest Cash position was a relative detractor during the period, given the high yields supporting loan returns during the year.

* The Portfolio's overweight to Beverages and underweight to Diversified Telecommunications Services also hurt relative performance for the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g25a37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $15,657** | **Bloomberg U.S. Universal Bond Index $12,721** | **Morningstar LSTA U.S. Leveraged Loan Index $17,617** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10927 | $10391 | $11016 |
| **12/2017** | $11329 | $10816 | $11469 |
| **12/2018** | $11364 | $10789 | $11520 |
| **12/2019** | $12162 | $11791 | $12516 |
| **12/2020** | $12413 | $12684 | $12907 |
| **12/2021** | $12847 | $12544 | $13578 |
| **12/2022** | $12641 | $10914 | $13473 |
| **12/2023** | $14005 | $11588 | $15268 |
| **12/2024** | $15083 | $11824 | $16636 |
| **12/2025** | $15657 | $12721 | $17617 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Eaton Vance Floating Rate Portfolio - Class B | 3.81% | 4.75% | 4.59% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.06% | 2.44% |
| Morningstar LSTA U.S. Leveraged Loan Index | 5.90% | 6.42% | 5.83% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $520706500 |
| # of Portfolio Investments | 470 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $3187978 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| UKG, Inc. | 1.1 |
| TransDigm, Inc. | 1 |
| AmWINS Group, Inc. | 0.9 |
| Cloud Software Group, Inc. | 0.8 |
| USI, Inc. | 0.8 |
| Asurion LLC | 0.7 |
| Epicor Software Corp. | 0.7 |
| Quikrete Holdings, Inc. | 0.7 |
| EOC Borrower LLC | 0.7 |
| WEC U.S. Holdings Ltd. | 0.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g52q16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Machinery-Diversified | 2.9 |
| Chemicals | 3.0 |
| Computers | 3.3 |
| Retail | 3.5 |
| Healthcare-Services | 3.9 |
| Entertainment | 4.0 |
| Diversified Financial Services | 5.5 |
| Insurance | 6.8 |
| Commercial Services | 9.2 |
| Software | 12.9 |

---

### Asset Allocation
![Group By Country Chart](g17207g93w11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Common Stocks | 1.3 |
| Corporate Bonds & Notes | 2.7 |
| Short-Term Investments | 6.4 |
| Floating Rate Loans | 91.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Franklin Low Duration Total Return Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Franklin Low Duration Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.50% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed its benchmark, the Bloomberg U.S. Government & Credit (1-3 Year) Index, as U.S. Treasury yields fell and fixed income spreads remained near multi-decade tights but provided strong income in 2025.

**Top Contributors:**

* Overweight positioning in Investment Grade ("IG") Corporate bonds and out-of-index holdings of High-Yield ("HY") Corporate bonds, Collateralized Loan Obligations and Senior Secured Floating-Rate Bank Loans contributed to performance.

* Securitized sectors, which are not included in the benchmark, also contributed to results, with holdings of Agency Mortgage-Backed Securities ("MBS"), Collateralized Mortgage Obligations, Residential MBS, Commercial MBS ("CMBS") and Asset-Backed Securities ("ABS") helping outperformance.

* Exposure to taxable Municipal bonds was accretive to results for the year.

* Issue selection was another driver of performance, led by selection in IG and HY Corporate bonds and MBS. 

**Top Detractors:**

* Security selection in CMBS, ABS and Senior-Secured Floating-Rate bank loans detracted from performance for the year. 

* Overall duration profile was a detractor from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g63g47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $12,771** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Government/Credit 1-3 Year Bond Index $12,297** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10330 | $10265 | $10128 |
| **12/2017** | $10504 | $10628 | $10214 |
| **12/2018** | $10577 | $10630 | $10377 |
| **12/2019** | $11082 | $11556 | $10795 |
| **12/2020** | $11347 | $12424 | $11155 |
| **12/2021** | $11418 | $12232 | $11102 |
| **12/2022** | $10900 | $10641 | $10693 |
| **12/2023** | $11536 | $11229 | $11186 |
| **12/2024** | $12105 | $11369 | $11673 |
| **12/2025** | $12771 | $12199 | $12297 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Franklin Low Duration Total Return Portfolio - Class A | 5.51% | 2.39% | 2.48% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | 5.35% | 1.97% | 2.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $575791534 |
| # of Portfolio Investments | 643 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $2587865 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 14.4 |
| Federal Home Loan Mortgage Corp. REMICS | 3.9 |
| Federal National Mortgage Association REMICS | 3.4 |
| U.S. Treasury STRIPS Coupon | 2.3 |
| U.S. Treasury Inflation-Indexed Notes | 1.5 |
| Morgan Stanley | 1.1 |
| Station Place Securitization Trust | 1.1 |
| Empire State Development Corp. | 1 |
| BRAVO Residential Funding Trust | 0.9 |
| RR 14 Ltd. | 0.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g81b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Foreign Government | 1.7 |
| Municipals | 1.8 |
| Floating Rate Loans | 2.4 |
| Short-Term Investments | 2.6 |
| Non-Agency Mortgage-Backed Securities | 10.2 |
| Agency Sponsored Mortgage-Backed Securities | 10.6 |
| Asset-Backed Securities | 16.1 |
| U.S. Treasury & Government Agencies | 18.3 |
| Corporate Bonds & Notes | 35.6 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Franklin Low Duration Total Return Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Franklin Low Duration Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $77 | 0.75% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed its benchmark, the Bloomberg U.S. Government & Credit (1-3 Year) Index, as U.S. Treasury yields fell and fixed income spreads remained near multi-decade tights but provided strong income in 2025.

**Top Contributors:**

* Overweight positioning in Investment Grade ("IG") Corporate bonds and out-of-index holdings of High-Yield ("HY") Corporate bonds, Collateralized Loan Obligations and Senior Secured Floating-Rate Bank Loans contributed to performance.

* Securitized sectors, which are not included in the benchmark, also contributed to results, with holdings of Agency Mortgage-Backed Securities ("MBS"), Collateralized Mortgage Obligations, Residential MBS, Commercial MBS ("CMBS") and Asset-Backed Securities ("ABS") helping outperformance.

* Exposure to taxable Municipal bonds was accretive to results for the year.

* Issue selection was another driver of performance, led by selection in IG and HY Corporate bonds and MBS. 

**Top Detractors:**

* Security selection in CMBS, ABS and Senior-Secured Floating-Rate bank loans detracted from performance for the year. 

* Overall duration profile was a detractor from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g88s76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $12,467** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Government/Credit 1-3 Year Bond Index $12,297** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10313 | $10265 | $10128 |
| **12/2017** | $10451 | $10628 | $10214 |
| **12/2018** | $10496 | $10630 | $10377 |
| **12/2019** | $10983 | $11556 | $10795 |
| **12/2020** | $11216 | $12424 | $11155 |
| **12/2021** | $11248 | $12232 | $11102 |
| **12/2022** | $10715 | $10641 | $10693 |
| **12/2023** | $11314 | $11229 | $11186 |
| **12/2024** | $11845 | $11369 | $11673 |
| **12/2025** | $12467 | $12199 | $12297 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Franklin Low Duration Total Return Portfolio - Class B | 5.25% | 2.14% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | 5.35% | 1.97% | 2.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $575791534 |
| # of Portfolio Investments | 643 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $2587865 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 14.4 |
| Federal Home Loan Mortgage Corp. REMICS | 3.9 |
| Federal National Mortgage Association REMICS | 3.4 |
| U.S. Treasury STRIPS Coupon | 2.3 |
| U.S. Treasury Inflation-Indexed Notes | 1.5 |
| Morgan Stanley | 1.1 |
| Station Place Securitization Trust | 1.1 |
| Empire State Development Corp. | 1 |
| BRAVO Residential Funding Trust | 0.9 |
| RR 14 Ltd. | 0.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g81b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Foreign Government | 1.7 |
| Municipals | 1.8 |
| Floating Rate Loans | 2.4 |
| Short-Term Investments | 2.6 |
| Non-Agency Mortgage-Backed Securities | 10.2 |
| Agency Sponsored Mortgage-Backed Securities | 10.6 |
| Asset-Backed Securities | 16.1 |
| U.S. Treasury & Government Agencies | 18.3 |
| Corporate Bonds & Notes | 35.6 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Templeton International Bond Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Templeton International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 0.69% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed its benchmark, the FTSE World Government Bond Index ex-U.S., for the period ended December 31, 2025. Interest-rate strategies contributed to relative results, as did sovereign credit exposures. Currency positions detracted from relative return.

**Top Contributors:**

* Overweighted duration exposures in Brazil, Mexico, South Africa, Egypt and India contributed to relative performance, as did underweighted duration exposure in Japan. 

* U.S. dollar-denominated sovereign credits contributed to relative return. 

* Among currencies, overweighted positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed to relative results. 

**Top Detractors:**

* Underweighted exposure to the euro, British pound and Chinese yuan detracted from relative performance. 

* The Portfolio's overweighted position in the Japanese yen detracted from relative results. 

## Portfolio Performance
![Growth of 10K Chart](g17207g62r84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $9,617** | **Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index $12,895** | **FTSE World Government Bond Index ex-U.S. $9,844** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10107 | $10490 | $10181 |
| **12/2017** | $10151 | $10750 | $11233 |
| **12/2018** | $10282 | $11091 | $11028 |
| **12/2019** | $10430 | $11930 | $11615 |
| **12/2020** | $9830 | $12400 | $12867 |
| **12/2021** | $9369 | $12227 | $11621 |
| **12/2022** | $8955 | $11033 | $9057 |
| **12/2023** | $9286 | $11951 | $9585 |
| **12/2024** | $8245 | $12545 | $9075 |
| **12/2025** | $9617 | $12895 | $9844 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Templeton International Bond Portfolio - Class A | 16.64% | (0.44%) | (0.39%) |
| Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index | 2.80% | 0.79% | 2.58% |
| FTSE World Government Bond Index ex-U.S. | 8.47% | (5.21%) | (0.16%) |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $350767885 |
| # of Portfolio Investments | 96 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2181869 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Malaysia Government Bonds | 9.2 |
| Brazil Notas do Tesouro Nacional | 7.9 |
| Republic of South Africa Government Bonds | 7.7 |
| Colombia TES | 6.4 |
| India Government Bonds | 6.3 |
| Norway Government Bonds | 4.5 |
| Panama Government International Bonds | 4.5 |
| Spain Government Bonds | 4.5 |
| International Bank for Reconstruction & Development | 4.4 |
| Mexico Bonos | 3.8 |

---

### Asset Allocation
![Group By Sector Chart](g17207g28f48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 4.4 |
| Short-Term Investments | 13.3 |
| Foreign Government | 80.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g28j43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 4.5 |
| Panama | 4.5 |
| Norway | 4.5 |
| India | 6.3 |
| Egypt | 6.4 |
| Colombia | 6.4 |
| South Africa | 7.7 |
| Brazil | 7.9 |
| Malaysia | 9.2 |
| Australia | 10.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Templeton International Bond Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Templeton International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $102 | 0.94% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed its benchmark, the FTSE World Government Bond Index ex-U.S., for the period ended December 31, 2025. Interest-rate strategies contributed to relative results, as did sovereign credit exposures. Currency positions detracted from relative return.

**Top Contributors:**

* Overweighted duration exposures in Brazil, Mexico, South Africa, Egypt and India contributed to relative performance, as did underweighted duration exposure in Japan. 

* U.S. dollar-denominated sovereign credits contributed to relative return. 

* Among currencies, overweighted positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed to relative results. 

**Top Detractors:**

* Underweighted exposure to the euro, British pound and Chinese yuan detracted from relative performance. 

* The Portfolio's overweighted position in the Japanese yen detracted from relative results. 

## Portfolio Performance
![Growth of 10K Chart](g17207g52g14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $9,380** | **Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index $12,895** | **FTSE World Government Bond Index ex-U.S. $9,844** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10087 | $10490 | $10181 |
| **12/2017** | $10102 | $10750 | $11233 |
| **12/2018** | $10203 | $11091 | $11028 |
| **12/2019** | $10322 | $11930 | $11615 |
| **12/2020** | $9712 | $12400 | $12867 |
| **12/2021** | $9226 | $12227 | $11621 |
| **12/2022** | $8798 | $11033 | $9057 |
| **12/2023** | $9107 | $11951 | $9585 |
| **12/2024** | $8062 | $12545 | $9075 |
| **12/2025** | $9380 | $12895 | $9844 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Templeton International Bond Portfolio - Class B | 16.35% | (0.69%) | (0.64%) |
| Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index | 2.80% | 0.79% | 2.58% |
| FTSE World Government Bond Index ex-U.S. | 8.47% | (5.21%) | (0.16%) |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $350767885 |
| # of Portfolio Investments | 96 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2181869 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Malaysia Government Bonds | 9.2 |
| Brazil Notas do Tesouro Nacional | 7.9 |
| Republic of South Africa Government Bonds | 7.7 |
| Colombia TES | 6.4 |
| India Government Bonds | 6.3 |
| Norway Government Bonds | 4.5 |
| Panama Government International Bonds | 4.5 |
| Spain Government Bonds | 4.5 |
| International Bank for Reconstruction & Development | 4.4 |
| Mexico Bonos | 3.8 |

---

### Asset Allocation
![Group By Sector Chart](g17207g28f48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 4.4 |
| Short-Term Investments | 13.3 |
| Foreign Government | 80.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g28j43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 4.5 |
| Panama | 4.5 |
| Norway | 4.5 |
| India | 6.3 |
| Egypt | 6.4 |
| Colombia | 6.4 |
| South Africa | 7.7 |
| Brazil | 7.9 |
| Malaysia | 9.2 |
| Australia | 10.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 0.51% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark, the S&P 500 Index, for the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Strong security selection in the Communication Services, Health Care, and Industrials sectors contributed to relative performance. 

* Top contributors to relative performance included overweight positions in Uber Technologies (Industrials) and Alphabet (Communication Services) and an out-of-benchmark position in Coherent (Information Technology). 

* Underweight allocations to Real Estate and Industrials as well as an overweight allocation to Financials also contributed to relative results. 

**Top Detractors:**

* Challenging stock selection within the Financials, Consumer Discretionary, and Materials sectors detracted most from relative performance. 

* Top detractors from relative performance included an overweight position in Kohlberg Kravis Roberts & Co. (Financials), lack of exposure to Micron Technology (Information Technology), and an out-of-benchmark position in BellRing Brands (Consumer Staples). 

* Sector allocation, a residual of the Portfolio's bottom-up stock selection process, also detracted from relative results. Our underweight allocation to Communication Services and overweight allocations to Energy and Materials detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g06o51.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $35,855** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10850 | $11196 |
| **12/2017** | $13246 | $13640 |
| **12/2018** | $12431 | $13042 |
| **12/2019** | $16417 | $17149 |
| **12/2020** | $20073 | $20304 |
| **12/2021** | $24968 | $26132 |
| **12/2022** | $20218 | $21399 |
| **12/2023** | $25421 | $27025 |
| **12/2024** | $30933 | $33786 |
| **12/2025** | $35855 | $39827 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Large Cap Research Portfolio - Class A | 15.91% | 12.30% | 13.62% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2465791271 |
| # of Portfolio Investments | 195 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $11687756 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8 |
| Microsoft Corp. | 6.4 |
| Apple, Inc. | 6.3 |
| Alphabet, Inc. | 6.3 |
| Amazon.com, Inc. | 5.0 |
| Broadcom, Inc. | 3.0 |
| Wells Fargo & Co. | 2.6 |
| Mastercard, Inc. | 2.6 |
| Tesla, Inc. | 2.0 |
| Goldman Sachs Group, Inc. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g55z69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.9 |
| Energy | 3.6 |
| Consumer Staples | 4.6 |
| Industrials | 6.9 |
| Communication Services | 9.9 |
| Health Care | 10.9 |
| Consumer Discretionary | 12.2 |
| Financials | 13.5 |
| Information Technology | 32.3 |

---

### Top Countries
![Group By Country Chart](g17207g03y57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.0<sup>Footnote Reference\*</sup> |
| Denmark | 0.1 |
| Canada | 0.1 |
| Bermuda | 0.1 |
| Germany | 0.2 |
| Netherlands | 0.6 |
| United Kingdom | 0.8 |
| United States | 98.0 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $82 | 0.76% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark, the S&P 500 Index, for the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Strong security selection in the Communication Services, Health Care, and Industrials sectors contributed to relative performance. 

* Top contributors to relative performance included overweight positions in Uber Technologies (Industrials) and Alphabet (Communication Services) and an out-of-benchmark position in Coherent (Information Technology). 

* Underweight allocations to Real Estate and Industrials as well as an overweight allocation to Financials also contributed to relative results. 

**Top Detractors:**

* Challenging stock selection within the Financials, Consumer Discretionary, and Materials sectors detracted most from relative performance. 

* Top detractors from relative performance included an overweight position in Kohlberg Kravis Roberts & Co. (Financials), lack of exposure to Micron Technology (Information Technology), and an out-of-benchmark position in BellRing Brands (Consumer Staples). 

* Sector allocation, a residual of the Portfolio's bottom-up stock selection process, also detracted from relative results. Our underweight allocation to Communication Services and overweight allocations to Energy and Materials detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g64o61.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $34,956** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10819 | $11196 |
| **12/2017** | $13182 | $13640 |
| **12/2018** | $12339 | $13042 |
| **12/2019** | $16250 | $17149 |
| **12/2020** | $19830 | $20304 |
| **12/2021** | $24595 | $26132 |
| **12/2022** | $19871 | $21399 |
| **12/2023** | $24922 | $27025 |
| **12/2024** | $30233 | $33786 |
| **12/2025** | $34956 | $39827 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Large Cap Research Portfolio - Class B | 15.62% | 12.01% | 13.33% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2465791271 |
| # of Portfolio Investments | 195 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $11687756 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8 |
| Microsoft Corp. | 6.4 |
| Apple, Inc. | 6.3 |
| Alphabet, Inc. | 6.3 |
| Amazon.com, Inc. | 5.0 |
| Broadcom, Inc. | 3.0 |
| Wells Fargo & Co. | 2.6 |
| Mastercard, Inc. | 2.6 |
| Tesla, Inc. | 2.0 |
| Goldman Sachs Group, Inc. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g55z69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.9 |
| Energy | 3.6 |
| Consumer Staples | 4.6 |
| Industrials | 6.9 |
| Communication Services | 9.9 |
| Health Care | 10.9 |
| Consumer Discretionary | 12.2 |
| Financials | 13.5 |
| Information Technology | 32.3 |

---

### Top Countries
![Group By Country Chart](g17207g03y57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.0<sup>Footnote Reference\*</sup> |
| Denmark | 0.1 |
| Canada | 0.1 |
| Bermuda | 0.1 |
| Germany | 0.2 |
| Netherlands | 0.6 |
| United Kingdom | 0.8 |
| United States | 98.0 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $71 | 0.66% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed its benchmark, the S&P 500 Index, for the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Strong security selection in the Communication Services, Health Care, and Industrials sectors contributed to relative performance. 

* Top contributors to relative performance included overweight positions in Uber Technologies (Industrials) and Alphabet (Communication Services) and an out-of-benchmark position in Coherent (Information Technology). 

* Underweight allocations to Real Estate and Industrials as well as an overweight allocation to Financials also contributed to relative results. 

**Top Detractors:**

* Challenging stock selection within the Financials, Consumer Discretionary, and Materials sectors detracted most from relative performance. 

* Top detractors from relative performance included an overweight position in Kohlberg Kravis Roberts & Co. (Financials), lack of exposure to Micron Technology (Information Technology), and an out-of-benchmark position in BellRing Brands (Consumer Staples). 

* Sector allocation, a residual of the Portfolio's bottom-up stock selection process, also detracted from relative results. Our underweight allocation to Communication Services and overweight allocations to Energy and Materials detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g47i98.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $35,319** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10830 | $11196 |
| **12/2017** | $13205 | $13640 |
| **12/2018** | $12374 | $13042 |
| **12/2019** | $16313 | $17149 |
| **12/2020** | $19919 | $20304 |
| **12/2021** | $24738 | $26132 |
| **12/2022** | $20009 | $21399 |
| **12/2023** | $25113 | $27025 |
| **12/2024** | $30515 | $33786 |
| **12/2025** | $35319 | $39827 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Large Cap Research Portfolio - Class E | 15.74% | 12.14% | 13.45% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2465791271 |
| # of Portfolio Investments | 195 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $11687756 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8 |
| Microsoft Corp. | 6.4 |
| Apple, Inc. | 6.3 |
| Alphabet, Inc. | 6.3 |
| Amazon.com, Inc. | 5.0 |
| Broadcom, Inc. | 3.0 |
| Wells Fargo & Co. | 2.6 |
| Mastercard, Inc. | 2.6 |
| Tesla, Inc. | 2.0 |
| Goldman Sachs Group, Inc. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g55z69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.9 |
| Energy | 3.6 |
| Consumer Staples | 4.6 |
| Industrials | 6.9 |
| Communication Services | 9.9 |
| Health Care | 10.9 |
| Consumer Discretionary | 12.2 |
| Financials | 13.5 |
| Information Technology | 32.3 |

---

### Top Countries
![Group By Country Chart](g17207g03y57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.0<sup>Footnote Reference\*</sup> |
| Denmark | 0.1 |
| Canada | 0.1 |
| Bermuda | 0.1 |
| Germany | 0.2 |
| Netherlands | 0.6 |
| United Kingdom | 0.8 |
| United States | 98.0 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 0.66% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the FTSE EPRA/NAREIT Developed Index over the 12-month period ending December 31, 2025 as stock selection and sector allocation decisions detracted from relative performance. From a regional standpoint, positioning in the Americas and Asia-Pacific region underperformed, while positioning in Europe added modestly to performance. Global listed real estate delivered a positive total return for 2025 as all three major geographic regions generated positive performance. The Asia-Pacific region delivered the best performance, highlighted by strong returns in Japan, Hong Kong and Singapore. Europe was a solid performer, benefiting from accommodative central bank policy and attractive valuations that led to increased transaction activity. The Americas region lagged the benchmark for the year despite a robust U.S. economy.

**Top Contributors:**

* An underweight to the underperforming U.S. Residential sector was the top contributor to relative performance as a number of apartment landlords underperformed in the second half of the year on softening employment data.

* Stock selection in the U.S. Healthcare sector added value, led by an overweight to outperforming Welltower, Inc. and an underweight to underperforming Alexandria Real Estate Equities, Inc.

* Stock selection in Continental Europe helped performance, benefiting from an overweight to outperforming retail names such as Unibail-Rodamco-Westfield SE (France) and Klepierre SA (France). 

**Top Detractors:**

* The Portfolio was underweight the Japanese market as we viewed valuations as expensive, relative to historic levels. Despite expensive valuations and rising interest rates, the Japanese market outperformed as investors became confident about Japan transitioning out of deflation for the first time in 30 years. 

* An underweight to the U.S. Industrial sector was a drag on relative performance. Despite concerns stemming from U.S. trade tariffs, the sector outperformed in the latter half of the year as company earnings exceeded analyst expectations. 

* An overweight to the underperforming U.S. Hotel sector detracted from relative performance as concerns of softening consumer demand impacted the sector.

## Portfolio Performance
![Growth of 10K Chart](g17207g64y12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $15,123** | **Russell 3000 Index $38,012** | **FTSE EPRA /NAREIT Developed Index $13,770** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10115 | $11274 | $10406 |
| **12/2017** | $11225 | $13656 | $11485 |
| **12/2018** | $10287 | $12940 | $10838 |
| **12/2019** | $12869 | $16954 | $13212 |
| **12/2020** | $12254 | $20495 | $12018 |
| **12/2021** | $16507 | $25754 | $15153 |
| **12/2022** | $12427 | $20808 | $11352 |
| **12/2023** | $14026 | $26209 | $12450 |
| **12/2024** | $14118 | $32448 | $12566 |
| **12/2025** | $15123 | $38012 | $13770 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| CBRE Global Real Estate Portfolio - Class A | 7.11% | 4.30% | 4.22% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| FTSE EPRA /NAREIT Developed Index | 9.58% | 2.76% | 3.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $846762283 |
| # of Portfolio Investments | 103 |
| Portfolio Turnover Rate | 98% |
| Total Advisory Fees Paid | $5214591 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 9.0 |
| Equinix, Inc. | 5.5 |
| Simon Property Group, Inc. | 5.4 |
| VICI Properties, Inc. | 3.7 |
| Public Storage | 2.8 |
| Mitsui Fudosan Co. Ltd. | 2.6 |
| Prologis, Inc. | 2.6 |
| Ventas, Inc. | 2.5 |
| UDR, Inc. | 2.4 |
| American Homes 4 Rent | 2.4 |

---

### Top 10 Industries
![Group By Sector Chart](g17207g30c41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 0.7 |
| Hotel & Resort REITs | 2.0 |
| Office REITs | 5.6 |
| Diversified REITs | 7.9 |
| Residential REITs | 8.5 |
| Real Estate Management & Development | 9.2 |
| Industrial REITs | 15.3 |
| Health Care REITs | 15.8 |
| Retail REITs | 16.8 |
| Specialized REITs | 17.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g49w39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 0.9 |
| Germany | 1.3 |
| Hong Kong | 2.3 |
| Canada | 3.1 |
| France | 4.0 |
| Singapore | 4.3 |
| United Kingdom | 4.3 |
| Australia | 7.0 |
| Japan | 9.6 |
| United States | 60.7 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $94 | 0.91% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the FTSE EPRA/NAREIT Developed Index over the 12-month period ending December 31, 2025 as stock selection and sector allocation decisions detracted from relative performance. From a regional standpoint, positioning in the Americas and Asia-Pacific region underperformed, while positioning in Europe added modestly to performance. Global listed real estate delivered a positive total return for 2025 as all three major geographic regions generated positive performance. The Asia-Pacific region delivered the best performance, highlighted by strong returns in Japan, Hong Kong and Singapore. Europe was a solid performer, benefiting from accommodative central bank policy and attractive valuations that led to increased transaction activity. The Americas region lagged the benchmark for the year despite a robust U.S. economy.

**Top Contributors:**

* An underweight to the underperforming U.S. Residential sector was the top contributor to relative performance as a number of apartment landlords underperformed in the second half of the year on softening employment data.

* Stock selection in the U.S. Healthcare sector added value, led by an overweight to outperforming Welltower, Inc. and an underweight to underperforming Alexandria Real Estate Equities, Inc.

* Stock selection in Continental Europe helped performance, benefiting from an overweight to outperforming retail names such as Unibail-Rodamco-Westfield SE (France) and Klepierre SA (France). 

**Top Detractors:**

* The Portfolio was underweight the Japanese market as we viewed valuations as expensive, relative to historic levels. Despite expensive valuations and rising interest rates, the Japanese market outperformed as investors became confident about Japan transitioning out of deflation for the first time in 30 years. 

* An underweight to the U.S. Industrial sector was a drag on relative performance. Despite concerns stemming from U.S. trade tariffs, the sector outperformed in the latter half of the year as company earnings exceeded analyst expectations. 

* An overweight to the underperforming U.S. Hotel sector detracted from relative performance as concerns of softening consumer demand impacted the sector.

## Portfolio Performance
![Growth of 10K Chart](g17207g91p29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $14,738** | **Russell 3000 Index $38,012** | **FTSE EPRA /NAREIT Developed Index $13,770** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10087 | $11274 | $10406 |
| **12/2017** | $11171 | $13656 | $11485 |
| **12/2018** | $10205 | $12940 | $10838 |
| **12/2019** | $12737 | $16954 | $13212 |
| **12/2020** | $12098 | $20495 | $12018 |
| **12/2021** | $16263 | $25754 | $15153 |
| **12/2022** | $12198 | $20808 | $11352 |
| **12/2023** | $13751 | $26209 | $12450 |
| **12/2024** | $13806 | $32448 | $12566 |
| **12/2025** | $14738 | $38012 | $13770 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| CBRE Global Real Estate Portfolio - Class B | 6.75% | 4.03% | 3.95% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| FTSE EPRA /NAREIT Developed Index | 9.58% | 2.76% | 3.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $846762283 |
| # of Portfolio Investments | 103 |
| Portfolio Turnover Rate | 98% |
| Total Advisory Fees Paid | $5214591 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 9.0 |
| Equinix, Inc. | 5.5 |
| Simon Property Group, Inc. | 5.4 |
| VICI Properties, Inc. | 3.7 |
| Public Storage | 2.8 |
| Mitsui Fudosan Co. Ltd. | 2.6 |
| Prologis, Inc. | 2.6 |
| Ventas, Inc. | 2.5 |
| UDR, Inc. | 2.4 |
| American Homes 4 Rent | 2.4 |

---

### Top 10 Industries
![Group By Sector Chart](g17207g30c41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 0.7 |
| Hotel & Resort REITs | 2.0 |
| Office REITs | 5.6 |
| Diversified REITs | 7.9 |
| Residential REITs | 8.5 |
| Real Estate Management & Development | 9.2 |
| Industrial REITs | 15.3 |
| Health Care REITs | 15.8 |
| Retail REITs | 16.8 |
| Specialized REITs | 17.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g49w39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 0.9 |
| Germany | 1.3 |
| Hong Kong | 2.3 |
| Canada | 3.1 |
| France | 4.0 |
| Singapore | 4.3 |
| United Kingdom | 4.3 |
| Australia | 7.0 |
| Japan | 9.6 |
| United States | 60.7 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $84 | 0.81% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the FTSE EPRA/NAREIT Developed Index over the 12-month period ending December 31, 2025 as stock selection and sector allocation decisions detracted from relative performance. From a regional standpoint, positioning in the Americas and Asia-Pacific region underperformed, while positioning in Europe added modestly to performance. Global listed real estate delivered a positive total return for 2025 as all three major geographic regions generated positive performance. The Asia-Pacific region delivered the best performance, highlighted by strong returns in Japan, Hong Kong and Singapore. Europe was a solid performer, benefiting from accommodative central bank policy and attractive valuations that led to increased transaction activity. The Americas region lagged the benchmark for the year despite a robust U.S. economy.

**Top Contributors:**

* An underweight to the underperforming U.S. Residential sector was the top contributor to relative performance as a number of apartment landlords underperformed in the second half of the year on softening employment data.

* Stock selection in the U.S. Healthcare sector added value, led by an overweight to outperforming Welltower, Inc. and an underweight to underperforming Alexandria Real Estate Equities, Inc.

* Stock selection in Continental Europe helped performance, benefiting from an overweight to outperforming retail names such as Unibail-Rodamco-Westfield SE (France) and Klepierre SA (France). 

**Top Detractors:**

* The Portfolio was underweight the Japanese market as we viewed valuations as expensive, relative to historic levels. Despite expensive valuations and rising interest rates, the Japanese market outperformed as investors became confident about Japan transitioning out of deflation for the first time in 30 years. 

* An underweight to the U.S. Industrial sector was a drag on relative performance. Despite concerns stemming from U.S. trade tariffs, the sector outperformed in the latter half of the year as company earnings exceeded analyst expectations. 

* An overweight to the underperforming U.S. Hotel sector detracted from relative performance as concerns of softening consumer demand impacted the sector.

## Portfolio Performance
![Growth of 10K Chart](g17207g70v00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $14,893** | **Russell 3000 Index $38,012** | **FTSE EPRA /NAREIT Developed Index $13,770** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10090 | $11274 | $10406 |
| **12/2017** | $11190 | $13656 | $11485 |
| **12/2018** | $10228 | $12940 | $10838 |
| **12/2019** | $12790 | $16954 | $13212 |
| **12/2020** | $12155 | $20495 | $12018 |
| **12/2021** | $16356 | $25754 | $15153 |
| **12/2022** | $12286 | $20808 | $11352 |
| **12/2023** | $13857 | $26209 | $12450 |
| **12/2024** | $13926 | $32448 | $12566 |
| **12/2025** | $14893 | $38012 | $13770 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| CBRE Global Real Estate Portfolio - Class E | 6.94% | 4.15% | 4.06% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| FTSE EPRA /NAREIT Developed Index | 9.58% | 2.76% | 3.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $846762283 |
| # of Portfolio Investments | 103 |
| Portfolio Turnover Rate | 98% |
| Total Advisory Fees Paid | $5214591 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 9.0 |
| Equinix, Inc. | 5.5 |
| Simon Property Group, Inc. | 5.4 |
| VICI Properties, Inc. | 3.7 |
| Public Storage | 2.8 |
| Mitsui Fudosan Co. Ltd. | 2.6 |
| Prologis, Inc. | 2.6 |
| Ventas, Inc. | 2.5 |
| UDR, Inc. | 2.4 |
| American Homes 4 Rent | 2.4 |

---

### Top 10 Industries
![Group By Sector Chart](g17207g30c41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 0.7 |
| Hotel & Resort REITs | 2.0 |
| Office REITs | 5.6 |
| Diversified REITs | 7.9 |
| Residential REITs | 8.5 |
| Real Estate Management & Development | 9.2 |
| Industrial REITs | 15.3 |
| Health Care REITs | 15.8 |
| Retail REITs | 16.8 |
| Specialized REITs | 17.4 |

---

### Top 10 Countries
![Group By Country Chart](g17207g49w39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 0.9 |
| Germany | 1.3 |
| Hong Kong | 2.3 |
| Canada | 3.1 |
| France | 4.0 |
| Singapore | 4.3 |
| United Kingdom | 4.3 |
| Australia | 7.0 |
| Japan | 9.6 |
| United States | 60.7 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $84 | 0.72% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the benchmark, the MSCI EAFE Index, over the 12-month period ended December 31, 2025. International equities, defined as the MSCI EAFE Index, finished higher during the year with all GICS sectors posting positive returns. By sector, Financials and Industrials were the top contributors to market returns. By country, Japan and the U.K. were top contributors to market performance while Denmark and New Zealand were the sole detractors. Country weightings contributed to the Portfolio's relative performance for the period and stock selection within sectors contributed to the Portfolio's relative performance.

**Top Contributors:**

* On a sector basis, stock selection contributed to the Portfolio's performance during the period. Stock selection in Consumer Discretionary and Health Care led these sectors to produce the best relative results.

* On a country basis, the Portfolio's exposure to South Korea and greater-than-benchmark weighting in Germany drove these countries to contribute the most to relative performance during the period.

* Bayer (Germany), BNP Paribas (France) and Samsung Electronics (South Korea) contributed the most to the Portfolio's returns for the year.

**Top Detractors:**

* On a sector basis, sector weightings detracted from the Portfolio's performance during the period. A less-than-benchmark exposure to Financials and stock selection in Industrials led these sectors to detract the most from relative performance.

* On a country basis, stock selection detracted from the Portfolio's performance during the period. Stock selection in France and the U.S. drove the countries to detract the most from relative returns.

* WPP (U.K.), Worldline (France) and Edenred (France) detracted the most from the Portfolio's returns for the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g32v28.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $19,696** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10843 | $10100 |
| **12/2017** | $14180 | $12628 |
| **12/2018** | $10815 | $10887 |
| **12/2019** | $13501 | $13284 |
| **12/2020** | $14225 | $14322 |
| **12/2021** | $15458 | $15935 |
| **12/2022** | $13018 | $13632 |
| **12/2023** | $15525 | $16118 |
| **12/2024** | $14790 | $16735 |
| **12/2025** | $19696 | $21959 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Harris Oakmark International Portfolio - Class A | 33.17% | 6.72% | 7.01% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2062237629 |
| # of Portfolio Investments | 74 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $14076286 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| adidas AG | 2.9 |
| BNP Paribas SA | 2.9 |
| Ashtead Group PLC | 2.6 |
| Reckitt Benckiser Group PLC | 2.5 |
| Glencore PLC | 2.5 |
| Bayerische Motoren Werke AG | 2.3 |
| Accor SA | 2.3 |
| Bayer AG | 2.3 |
| Dassault Systemes SE | 2.3 |
| DSV AS | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g17207g31h46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5 |
| Communication Services | 1.7 |
| Materials | 6.9 |
| Information Technology | 10.5 |
| Health Care | 10.8 |
| Consumer Staples | 12.4 |
| Financials | 13.6 |
| Consumer Discretionary | 20.2 |
| Industrials | 21.2 |

---

### Top 10 Countries
![Group By Country Chart](g17207g02k23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 2.5 |
| Sweden | 3.0 |
| China | 3.3 |
| South Korea | 3.8 |
| United States | 4.5 |
| Japan | 5.5 |
| Netherlands | 6.7 |
| United Kingdom | 13.3 |
| Germany | 20.6 |
| France | 22.1 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $113 | 0.97% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the benchmark, the MSCI EAFE Index, over the 12-month period ended December 31, 2025. International equities, defined as the MSCI EAFE Index, finished higher during the year with all GICS sectors posting positive returns. By sector, Financials and Industrials were the top contributors to market returns. By country, Japan and the U.K. were top contributors to market performance while Denmark and New Zealand were the sole detractors. Country weightings contributed to the Portfolio's relative performance for the period and stock selection within sectors contributed to the Portfolio's relative performance.

**Top Contributors:**

* On a sector basis, stock selection contributed to the Portfolio's performance during the period. Stock selection in Consumer Discretionary and Health Care led these sectors to produce the best relative results.

* On a country basis, the Portfolio's exposure to South Korea and greater-than-benchmark weighting in Germany drove these countries to contribute the most to relative performance during the period.

* Bayer (Germany), BNP Paribas (France) and Samsung Electronics (South Korea) contributed the most to the Portfolio's returns for the year.

**Top Detractors:**

* On a sector basis, sector weightings detracted from the Portfolio's performance during the period. A less-than-benchmark exposure to Financials and stock selection in Industrials led these sectors to detract the most from relative performance.

* On a country basis, stock selection detracted from the Portfolio's performance during the period. Stock selection in France and the U.S. drove the countries to detract the most from relative returns.

* WPP (U.K.), Worldline (France) and Edenred (France) detracted the most from the Portfolio's returns for the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g98o45.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $19,198** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10818 | $10100 |
| **12/2017** | $14109 | $12628 |
| **12/2018** | $10727 | $10887 |
| **12/2019** | $13357 | $13284 |
| **12/2020** | $14041 | $14322 |
| **12/2021** | $15226 | $15935 |
| **12/2022** | $12790 | $13632 |
| **12/2023** | $15214 | $16118 |
| **12/2024** | $14458 | $16735 |
| **12/2025** | $19198 | $21959 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Harris Oakmark International Portfolio - Class B | 32.78% | 6.46% | 6.74% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2062237629 |
| # of Portfolio Investments | 74 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $14076286 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| adidas AG | 2.9 |
| BNP Paribas SA | 2.9 |
| Ashtead Group PLC | 2.6 |
| Reckitt Benckiser Group PLC | 2.5 |
| Glencore PLC | 2.5 |
| Bayerische Motoren Werke AG | 2.3 |
| Accor SA | 2.3 |
| Bayer AG | 2.3 |
| Dassault Systemes SE | 2.3 |
| DSV AS | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g17207g31h46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5 |
| Communication Services | 1.7 |
| Materials | 6.9 |
| Information Technology | 10.5 |
| Health Care | 10.8 |
| Consumer Staples | 12.4 |
| Financials | 13.6 |
| Consumer Discretionary | 20.2 |
| Industrials | 21.2 |

---

### Top 10 Countries
![Group By Country Chart](g17207g02k23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 2.5 |
| Sweden | 3.0 |
| China | 3.3 |
| South Korea | 3.8 |
| United States | 4.5 |
| Japan | 5.5 |
| Netherlands | 6.7 |
| United Kingdom | 13.3 |
| Germany | 20.6 |
| France | 22.1 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $101 | 0.87% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the benchmark, the MSCI EAFE Index, over the 12-month period ended December 31, 2025. International equities, defined as the MSCI EAFE Index, finished higher during the year with all GICS sectors posting positive returns. By sector, Financials and Industrials were the top contributors to market returns. By country, Japan and the U.K. were top contributors to market performance while Denmark and New Zealand were the sole detractors. Country weightings contributed to the Portfolio's relative performance for the period and stock selection within sectors contributed to the Portfolio's relative performance.

**Top Contributors:**

* On a sector basis, stock selection contributed to the Portfolio's performance during the period. Stock selection in Consumer Discretionary and Health Care led these sectors to produce the best relative results.

* On a country basis, the Portfolio's exposure to South Korea and greater-than-benchmark weighting in Germany drove these countries to contribute the most to relative performance during the period.

* Bayer (Germany), BNP Paribas (France) and Samsung Electronics (South Korea) contributed the most to the Portfolio's returns for the year.

**Top Detractors:**

* On a sector basis, sector weightings detracted from the Portfolio's performance during the period. A less-than-benchmark exposure to Financials and stock selection in Industrials led these sectors to detract the most from relative performance.

* On a country basis, stock selection detracted from the Portfolio's performance during the period. Stock selection in France and the U.S. drove the countries to detract the most from relative returns.

* WPP (U.K.), Worldline (France) and Edenred (France) detracted the most from the Portfolio's returns for the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g71d14.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $19,388** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10831 | $10100 |
| **12/2017** | $14137 | $12628 |
| **12/2018** | $10763 | $10887 |
| **12/2019** | $13411 | $13284 |
| **12/2020** | $14114 | $14322 |
| **12/2021** | $15317 | $15935 |
| **12/2022** | $12877 | $13632 |
| **12/2023** | $15330 | $16118 |
| **12/2024** | $14579 | $16735 |
| **12/2025** | $19388 | $21959 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Harris Oakmark International Portfolio - Class E | 32.98% | 6.56% | 6.84% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2062237629 |
| # of Portfolio Investments | 74 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $14076286 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| adidas AG | 2.9 |
| BNP Paribas SA | 2.9 |
| Ashtead Group PLC | 2.6 |
| Reckitt Benckiser Group PLC | 2.5 |
| Glencore PLC | 2.5 |
| Bayerische Motoren Werke AG | 2.3 |
| Accor SA | 2.3 |
| Bayer AG | 2.3 |
| Dassault Systemes SE | 2.3 |
| DSV AS | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g17207g31h46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5 |
| Communication Services | 1.7 |
| Materials | 6.9 |
| Information Technology | 10.5 |
| Health Care | 10.8 |
| Consumer Staples | 12.4 |
| Financials | 13.6 |
| Consumer Discretionary | 20.2 |
| Industrials | 21.2 |

---

### Top 10 Countries
![Group By Country Chart](g17207g02k23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 2.5 |
| Sweden | 3.0 |
| China | 3.3 |
| South Korea | 3.8 |
| United States | 4.5 |
| Japan | 5.5 |
| Netherlands | 6.7 |
| United Kingdom | 13.3 |
| Germany | 20.6 |
| France | 22.1 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Balanced-Risk Allocation Portfolio: Class B
![Image](g17207g72s67.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Balanced-Risk Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $101 | 0.95% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the 12-month period ending December 31, 2025. Global markets remained resilient, despite widespread uncertainty, while major central banks shifted toward a more accommodative policy stance as inflation eased. Equities advanced overall, with leadership broadening beyond the U.S. as investors rotated toward international and emerging markets amid a weaker U.S. dollar and policy uncertainty. Government bond yields experienced volatility, with fiscal sustainability concerns partly offsetting moderating inflation and policy easing expectations. Commodities delivered mixed results, with gains in metals outweighing losses in agriculture and energy commodities.

**Top Contributors:**

* An overweight to International equities was the strongest contributor to performance, supported by a notable rotation out of U.S. equities. 

* An overweight to commodities also contributed positively to perfomance, driven by strong gains in precious and industrial metals, which more than offset losses in energy and agriculture. 

**Top Detractors:**

* An underweight to equities detracted as equities outperformed bonds over the year.

* An overweight to International bonds also detracted.

## Portfolio Performance
![Growth of 10K Chart](g17207g80z64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $17,565** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $11172 | $10786 | $10209 | $10767 |
| **12/2017** | $12289 | $13372 | $10964 | $12397 |
| **12/2018** | $11498 | $12113 | $10832 | $11752 |
| **12/2019** | $13255 | $15335 | $11573 | $13938 |
| **12/2020** | $14598 | $17828 | $12637 | $15643 |
| **12/2021** | $16013 | $21133 | $12042 | $17114 |
| **12/2022** | $14026 | $17252 | $10086 | $14553 |
| **12/2023** | $14928 | $21082 | $10662 | $16401 |
| **12/2024** | $15525 | $24769 | $10482 | $17803 |
| **12/2025** | $17565 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Balanced-Risk Allocation Portfolio - Class B | 13.14% | 3.77% | 5.80% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $712722484 |
| # of Portfolio Investments | 94 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $4615135 |

---

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

### Asset Allocation
![Group By Asset Type Chart](g17207g93y35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Large Cap Equities | 4.4 |
| U.S. Small Cap Equities | 6.0 |
| Emerging Market Equities | 6.6 |
| International Developed Market Equities | 24.4 |
| Commodities | 36.7 |
| Global Developed Bonds | 75.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Comstock Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Comstock Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 0.56% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Russell 1000 Value Index during the year ended December 31, 2025. Key contributors to relative returns were stock selection in Financials, Healthcare, Consumer Discretionary, while key detractors were stock selection in Information Technology ("IT") and Communication Services. U.S. equity markets delivered strong gains in 2025, supported by a resilient economy and moderating inflation. Data suggested the Federal Reserve made progress toward a soft landing, with steady consumer spending and a gradually easing labor market. Communication Services and Information Technology led sector returns for the year, while Real Estate and Consumer Staples lagged, though all Index sectors posted positive performance.

**Top Contributors:**

* In Financials, large diversified and regional banks performed well amid resilient credit quality, stabilizing net interest margins, improved capital return expectations, and easing regulatory pressures. Holdings such as Bank of America, Wells Fargo, Citizens Financial Group, and Huntington Bancshares benefited from improved earnings visibility and stronger investor sentiment.

* In Health Care, CVS Health and Elevance Health were top contributors. CVS Health benefited from improved execution across its healthcare services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits.

* In Consumer Discretionary, relative contribution came largely from not owning or being underweight specialty retail, textiles, apparel, and luxury goods, in addition to positive contribution from eBay.

**Top Detractors:**

* In Information Technology, relative detractors reflected stocks not held in the Portfolio, including Micron Technology, Advanced Micro Devices, Applied Materials, and Analog Devices. 

* In Communication Services, Alphabet and Charter Communications detracted due to weaker than expected advertising trends, competitive pressures, and ongoing subscriber losses.

* Cash levels averaged less than 3% and detracted from relative performance, as expected in a strong equity market environment. Cash remains a source of liquidity for new opportunities.

## Portfolio Performance
![Growth of 10K Chart](g17207g00n06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $31,371** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11764 | $11274 | $11734 |
| **12/2017** | $13915 | $13656 | $13337 |
| **12/2018** | $12257 | $12940 | $12235 |
| **12/2019** | $15353 | $16954 | $15482 |
| **12/2020** | $15311 | $20495 | $15915 |
| **12/2021** | $20436 | $25754 | $19919 |
| **12/2022** | $20616 | $20808 | $18418 |
| **12/2023** | $23196 | $26209 | $20529 |
| **12/2024** | $26689 | $32448 | $23478 |
| **12/2025** | $31371 | $38012 | $27213 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Comstock Portfolio - Class A | 17.54% | 15.43% | 12.11% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1885610356 |
| # of Portfolio Investments | 98 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $10043590 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.8 |
| Alphabet, Inc. | 3.6 |
| Microsoft Corp. | 2.9 |
| Cisco Systems, Inc. | 2.7 |
| CVS Health Corp. | 2.7 |
| Wells Fargo & Co. | 2.7 |
| Chevron Corp. | 2.4 |
| State Street Corp. | 2.3 |
| FedEx Corp. | 2.1 |
| Sempra | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g17k22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.8 |
| Utilities | 3.9 |
| Consumer Discretionary | 5.8 |
| Energy | 7.0 |
| Communication Services | 8.3 |
| Consumer Staples | 8.4 |
| Industrials | 10.7 |
| Information Technology | 12.1 |
| Health Care | 18.2 |
| Financials | 19.8 |

---

### Top Countries
![Group By Country Chart](g17207g38d44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 0.9 |
| Netherlands | 2.1 |
| Canada | 2.6 |
| United Kingdom | 3.1 |
| United States | 88.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Comstock Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Comstock Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $88 | 0.81% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Russell 1000 Value Index during the year ended December 31, 2025. Key contributors to relative returns were stock selection in Financials, Healthcare, Consumer Discretionary, while key detractors were stock selection in Information Technology ("IT") and Communication Services. U.S. equity markets delivered strong gains in 2025, supported by a resilient economy and moderating inflation. Data suggested the Federal Reserve made progress toward a soft landing, with steady consumer spending and a gradually easing labor market. Communication Services and Information Technology led sector returns for the year, while Real Estate and Consumer Staples lagged, though all Index sectors posted positive performance.

**Top Contributors:**

* In Financials, large diversified and regional banks performed well amid resilient credit quality, stabilizing net interest margins, improved capital return expectations, and easing regulatory pressures. Holdings such as Bank of America, Wells Fargo, Citizens Financial Group, and Huntington Bancshares benefited from improved earnings visibility and stronger investor sentiment.

* In Health Care, CVS Health and Elevance Health were top contributors. CVS Health benefited from improved execution across its healthcare services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits.

* In Consumer Discretionary, relative contribution came largely from not owning or being underweight specialty retail, textiles, apparel, and luxury goods, in addition to positive contribution from eBay.

**Top Detractors:**

* In Information Technology, relative detractors reflected stocks not held in the Portfolio, including Micron Technology, Advanced Micro Devices, Applied Materials, and Analog Devices. 

* In Communication Services, Alphabet and Charter Communications detracted due to weaker than expected advertising trends, competitive pressures, and ongoing subscriber losses.

* Cash levels averaged less than 3% and detracted from relative performance, as expected in a strong equity market environment. Cash remains a source of liquidity for new opportunities.

## Portfolio Performance
![Growth of 10K Chart](g17207g74m56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $30,604** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11730 | $11274 | $11734 |
| **12/2017** | $13843 | $13656 | $13337 |
| **12/2018** | $12161 | $12940 | $12235 |
| **12/2019** | $15196 | $16954 | $15482 |
| **12/2020** | $15119 | $20495 | $15915 |
| **12/2021** | $20136 | $25754 | $19919 |
| **12/2022** | $20265 | $20808 | $18418 |
| **12/2023** | $22739 | $26209 | $20529 |
| **12/2024** | $26088 | $32448 | $23478 |
| **12/2025** | $30604 | $38012 | $27213 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Comstock Portfolio - Class B | 17.31% | 15.15% | 11.83% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1885610356 |
| # of Portfolio Investments | 98 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $10043590 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.8 |
| Alphabet, Inc. | 3.6 |
| Microsoft Corp. | 2.9 |
| Cisco Systems, Inc. | 2.7 |
| CVS Health Corp. | 2.7 |
| Wells Fargo & Co. | 2.7 |
| Chevron Corp. | 2.4 |
| State Street Corp. | 2.3 |
| FedEx Corp. | 2.1 |
| Sempra | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g17k22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.8 |
| Utilities | 3.9 |
| Consumer Discretionary | 5.8 |
| Energy | 7.0 |
| Communication Services | 8.3 |
| Consumer Staples | 8.4 |
| Industrials | 10.7 |
| Information Technology | 12.1 |
| Health Care | 18.2 |
| Financials | 19.8 |

---

### Top Countries
![Group By Country Chart](g17207g38d44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 0.9 |
| Netherlands | 2.1 |
| Canada | 2.6 |
| United Kingdom | 3.1 |
| United States | 88.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 0.57% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Growth Index over the 12-month period ending December 31, 2025. Underperformance was primarily driven by stock selection in the Information Technology ("IT") and Real Estate sectors, as well as an overweight allocation to Real Estate. Global equities posted robust returns, overcoming early-year tariff concerns as investor sentiment improved with renewed fiscal and monetary stimulus.

**Top Contributors:**

* The Portfolio's underweight in Consumer Staples contributed positively to relative results. 

* Lam Research, a leading provider of wafer-fabrication equipment for the semiconductor industry, contributed to performance as it benefited from strong demand for advanced semiconductor tools. Its etch and deposition technologies continued to gain traction across next-generation chip designs.

* Apple, a major technology company not held in the Portfolio but a large benchmark constituent, underperformed during the year. Avoiding this holding was a top contributor to relative performance. 

**Top Detractors:**

* The Portfolio's holdings in IT and Real Estate underperformed those of the benchmark sectors, detracting from relative results. The overweight position in Real Estate further weighed on performance, as it was the weakest sector during the period. 

* Marvell Technology, a global semiconductor firm, focused on compute, networking, and storage technologies for hyperscale cloud and enterprise markets, underperformed as the company faced uncertainty relating to the timing and magnitude of artificial intelligence-related revenues. The position was trimmed over the course of the year to account for this uncertainty.

* DLF (India), a leading real estate developer, detracted from performance as the stock declined due to overall sector weakness and mixed financial performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g03v29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $29,128** | **MSCI All Country World Index $30,302** | **MSCI All Country World Growth Index $37,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10046 | $10786 | $10327 |
| **12/2017** | $13775 | $13372 | $13425 |
| **12/2018** | $11989 | $12113 | $12333 |
| **12/2019** | $15815 | $15335 | $16369 |
| **12/2020** | $20229 | $17828 | $21869 |
| **12/2021** | $23417 | $21133 | $25609 |
| **12/2022** | $15994 | $17252 | $18283 |
| **12/2023** | $21590 | $21082 | $24356 |
| **12/2024** | $25135 | $24769 | $30257 |
| **12/2025** | $29128 | $30302 | $37047 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Global Equity Portfolio - Class A | 15.88% | 7.56% | 11.28% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| MSCI All Country World Growth Index | 22.44% | 11.12% | 13.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1126672952 |
| # of Portfolio Investments | 72 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $5821392 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 11.8 |
| Meta Platforms, Inc. | 6.1 |
| NVIDIA Corp. | 5.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9 |
| S&P Global, Inc. | 4.0 |
| Lam Research Corp. | 3.5 |
| Eli Lilly & Co. | 3.2 |
| Visa, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Airbus SE | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g17207g25d68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 2.9 |
| Industrials | 5.0 |
| Consumer Discretionary | 10.5 |
| Financials | 12.1 |
| Health Care | 12.8 |
| Communication Services | 21.8 |
| Information Technology | 33.3 |

---

### Top 10 Countries
![Group By Country Chart](g17207g66m78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 1.9 |
| Switzerland | 2.0 |
| China | 2.3 |
| Netherlands | 2.3 |
| Germany | 2.4 |
| Canada | 2.4 |
| India | 4.5 |
| Taiwan | 4.9 |
| France | 5.9 |
| United States | 67.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $88 | 0.82% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Growth Index over the 12-month period ending December 31, 2025. Underperformance was primarily driven by stock selection in the Information Technology ("IT") and Real Estate sectors, as well as an overweight allocation to Real Estate. Global equities posted robust returns, overcoming early-year tariff concerns as investor sentiment improved with renewed fiscal and monetary stimulus.

**Top Contributors:**

* The Portfolio's underweight in Consumer Staples contributed positively to relative results. 

* Lam Research, a leading provider of wafer-fabrication equipment for the semiconductor industry, contributed to performance as it benefited from strong demand for advanced semiconductor tools. Its etch and deposition technologies continued to gain traction across next-generation chip designs.

* Apple, a major technology company not held in the Portfolio but a large benchmark constituent, underperformed during the year. Avoiding this holding was a top contributor to relative performance. 

**Top Detractors:**

* The Portfolio's holdings in IT and Real Estate underperformed those of the benchmark sectors, detracting from relative results. The overweight position in Real Estate further weighed on performance, as it was the weakest sector during the period. 

* Marvell Technology, a global semiconductor firm, focused on compute, networking, and storage technologies for hyperscale cloud and enterprise markets, underperformed as the company faced uncertainty relating to the timing and magnitude of artificial intelligence-related revenues. The position was trimmed over the course of the year to account for this uncertainty.

* DLF (India), a leading real estate developer, detracted from performance as the stock declined due to overall sector weakness and mixed financial performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g64y57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $28,407** | **MSCI All Country World Index $30,302** | **MSCI All Country World Growth Index $37,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10020 | $10786 | $10327 |
| **12/2017** | $13701 | $13372 | $13425 |
| **12/2018** | $11900 | $12113 | $12333 |
| **12/2019** | $15656 | $15335 | $16369 |
| **12/2020** | $19975 | $17828 | $21869 |
| **12/2021** | $23065 | $21133 | $25609 |
| **12/2022** | $15721 | $17252 | $18283 |
| **12/2023** | $21156 | $21082 | $24356 |
| **12/2024** | $24574 | $24769 | $30257 |
| **12/2025** | $28407 | $30302 | $37047 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Global Equity Portfolio - Class B | 15.60% | 7.30% | 11.00% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| MSCI All Country World Growth Index | 22.44% | 11.12% | 13.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1126672952 |
| # of Portfolio Investments | 72 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $5821392 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 11.8 |
| Meta Platforms, Inc. | 6.1 |
| NVIDIA Corp. | 5.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9 |
| S&P Global, Inc. | 4.0 |
| Lam Research Corp. | 3.5 |
| Eli Lilly & Co. | 3.2 |
| Visa, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Airbus SE | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g17207g25d68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 2.9 |
| Industrials | 5.0 |
| Consumer Discretionary | 10.5 |
| Financials | 12.1 |
| Health Care | 12.8 |
| Communication Services | 21.8 |
| Information Technology | 33.3 |

---

### Top 10 Countries
![Group By Country Chart](g17207g66m78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 1.9 |
| Switzerland | 2.0 |
| China | 2.3 |
| Netherlands | 2.3 |
| Germany | 2.4 |
| Canada | 2.4 |
| India | 4.5 |
| Taiwan | 4.9 |
| France | 5.9 |
| United States | 67.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $78 | 0.72% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Growth Index over the 12-month period ending December 31, 2025. Underperformance was primarily driven by stock selection in the Information Technology ("IT") and Real Estate sectors, as well as an overweight allocation to Real Estate. Global equities posted robust returns, overcoming early-year tariff concerns as investor sentiment improved with renewed fiscal and monetary stimulus.

**Top Contributors:**

* The Portfolio's underweight in Consumer Staples contributed positively to relative results. 

* Lam Research, a leading provider of wafer-fabrication equipment for the semiconductor industry, contributed to performance as it benefited from strong demand for advanced semiconductor tools. Its etch and deposition technologies continued to gain traction across next-generation chip designs.

* Apple, a major technology company not held in the Portfolio but a large benchmark constituent, underperformed during the year. Avoiding this holding was a top contributor to relative performance. 

**Top Detractors:**

* The Portfolio's holdings in IT and Real Estate underperformed those of the benchmark sectors, detracting from relative results. The overweight position in Real Estate further weighed on performance, as it was the weakest sector during the period. 

* Marvell Technology, a global semiconductor firm, focused on compute, networking, and storage technologies for hyperscale cloud and enterprise markets, underperformed as the company faced uncertainty relating to the timing and magnitude of artificial intelligence-related revenues. The position was trimmed over the course of the year to account for this uncertainty.

* DLF (India), a leading real estate developer, detracted from performance as the stock declined due to overall sector weakness and mixed financial performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g79h87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $28,695** | **MSCI All Country World Index $30,302** | **MSCI All Country World Growth Index $37,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10031 | $10786 | $10327 |
| **12/2017** | $13732 | $13372 | $13425 |
| **12/2018** | $11937 | $12113 | $12333 |
| **12/2019** | $15722 | $15335 | $16369 |
| **12/2020** | $20076 | $17828 | $21869 |
| **12/2021** | $23210 | $21133 | $25609 |
| **12/2022** | $15832 | $17252 | $18283 |
| **12/2023** | $21330 | $21082 | $24356 |
| **12/2024** | $24798 | $24769 | $30257 |
| **12/2025** | $28695 | $30302 | $37047 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Global Equity Portfolio - Class E | 15.71% | 7.40% | 11.12% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| MSCI All Country World Growth Index | 22.44% | 11.12% | 13.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1126672952 |
| # of Portfolio Investments | 72 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $5821392 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 11.8 |
| Meta Platforms, Inc. | 6.1 |
| NVIDIA Corp. | 5.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9 |
| S&P Global, Inc. | 4.0 |
| Lam Research Corp. | 3.5 |
| Eli Lilly & Co. | 3.2 |
| Visa, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Airbus SE | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g17207g25d68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 2.9 |
| Industrials | 5.0 |
| Consumer Discretionary | 10.5 |
| Financials | 12.1 |
| Health Care | 12.8 |
| Communication Services | 21.8 |
| Information Technology | 33.3 |

---

### Top 10 Countries
![Group By Country Chart](g17207g66m78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 1.9 |
| Switzerland | 2.0 |
| China | 2.3 |
| Netherlands | 2.3 |
| Germany | 2.4 |
| Canada | 2.4 |
| India | 4.5 |
| Taiwan | 4.9 |
| France | 5.9 |
| United States | 67.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $82 | 0.80% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index over the 12-month period ending December 31, 2025. Relative contributors included positive stock selection within the Utilities, Information Technology, and Energy sectors, as well as an underweight exposure in the Communication Services and Consumer Staples sectors. Relative detractors included stock selection in Industrials, Health Care, Consumer Staples and Real Estate.

**Top Contributors:**

* Top contributors included Circle Internet Group, Inc., Guardant Health, Inc. and TTM Technologies, Inc.

* An out-of-benchmark position in Circle Internet was the primary contributor to performance. Circle is an issuer of U.S. dollar pegged stablecoins used to facilitate block-chain electronic payments. The Portfolio participated in the Initial Public Offering ("IPO") and sold the holding following a significant run up in its post-IPO valuation.

* The Portfolio's overweight to Guardant Health also contributed to performance. Guardant operates as a biotechnology company and benefited from accelerating oncology revenues, growing adoption of their blood biopsy tests, and its Guardant Shield product emerging as a second growth engine.

* TTM Technologies was another out-of-benchmark position that contributed to relative performance. TTM focuses on advanced printed circuit board manufacturing and performed well as data centers and defense have seen a surge in spending.

**Top Detractors:**

* Top detractors included Bloom Energy Corp., Credo Technology Group Holding Ltd. and Astera Labs, Inc.

* The Portfolio was underweight Bloom Energy during the year, which detracted from performance as the stock was a top performer in the Index. Bloom Energy makes solid-oxide fuel cells used to generate electricity without combustion. 

* The Portfolio did not hold Credo Technology, which also hurt performance. Credo Technology delivers connectivity solutions powering Artificial Intelligence (AI), cloud computing and hyperscale networks. 

* An out-of-benchmark holding in Astera Labs detracted from performance. Astera Labs, a semiconductor company that makes retimers and switches paired with NIVIDIA chips, underperformed as concerns around slowing hyperscale capital spending hurt AI connectivity suppliers following the impact of DeepSeek AI on the market at the start of the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g45b96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $24,276** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11172 | $11274 | $11132 |
| **12/2017** | $14033 | $13656 | $13599 |
| **12/2018** | $12802 | $12940 | $12334 |
| **12/2019** | $15956 | $16954 | $15847 |
| **12/2020** | $25090 | $20495 | $21335 |
| **12/2021** | $26877 | $25754 | $21939 |
| **12/2022** | $17459 | $20808 | $16157 |
| **12/2023** | $19612 | $26209 | $19171 |
| **12/2024** | $22865 | $32448 | $22077 |
| **12/2025** | $24276 | $38012 | $24949 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Small Cap Growth Portfolio - Class A | 6.17% | (0.66%) | 9.27% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $816256466 |
| # of Portfolio Investments | 114 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $6266233 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Sanmina Corp. | 2.6 |
| Guardant Health, Inc. | 2.4 |
| MACOM Technology Solutions Holdings, Inc. | 2.3 |
| Madrigal Pharmaceuticals, Inc. | 2.1 |
| SPX Technologies, Inc. | 1.9 |
| Bridgebio Pharma, Inc. | 1.9 |
| Carpenter Technology Corp. | 1.9 |
| Piper Sandler Cos. | 1.9 |
| Fabrinet | 1.8 |
| Axsome Therapeutics, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77q43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Communication Services | 0.8 |
| Materials | 1.6 |
| Utilities | 1.8 |
| Energy | 1.9 |
| Consumer Discretionary | 8.8 |
| Financials | 9.1 |
| Information Technology | 23.3 |
| Health Care | 24.3 |
| Industrials | 27.5 |

---

### Top Countries
![Group By Country Chart](g17207g32j10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.5 |
| Brazil | 0.8 |
| Canada | 0.9 |
| United Kingdom | 1.1 |
| Denmark | 1.6 |
| Thailand | 1.8 |
| Israel | 2.4 |
| United States | 90.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $108 | 1.05% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index over the 12-month period ending December 31, 2025. Relative contributors included positive stock selection within the Utilities, Information Technology, and Energy sectors, as well as an underweight exposure in the Communication Services and Consumer Staples sectors. Relative detractors included stock selection in Industrials, Health Care, Consumer Staples and Real Estate.

**Top Contributors:**

* Top contributors included Circle Internet Group, Inc., Guardant Health, Inc. and TTM Technologies, Inc.

* An out-of-benchmark position in Circle Internet was the primary contributor to performance. Circle is an issuer of U.S. dollar pegged stablecoins used to facilitate block-chain electronic payments. The Portfolio participated in the Initial Public Offering ("IPO") and sold the holding following a significant run up in its post-IPO valuation.

* The Portfolio's overweight to Guardant Health also contributed to performance. Guardant operates as a biotechnology company and benefited from accelerating oncology revenues, growing adoption of their blood biopsy tests, and its Guardant Shield product emerging as a second growth engine.

* TTM Technologies was another out-of-benchmark position that contributed to relative performance. TTM focuses on advanced printed circuit board manufacturing and performed well as data centers and defense have seen a surge in spending.

**Top Detractors:**

* Top detractors included Bloom Energy Corp., Credo Technology Group Holding Ltd. and Astera Labs, Inc.

* The Portfolio was underweight Bloom Energy during the year, which detracted from performance as the stock was a top performer in the Index. Bloom Energy makes solid-oxide fuel cells used to generate electricity without combustion. 

* The Portfolio did not hold Credo Technology, which also hurt performance. Credo Technology delivers connectivity solutions powering Artificial Intelligence (AI), cloud computing and hyperscale networks. 

* An out-of-benchmark holding in Astera Labs detracted from performance. Astera Labs, a semiconductor company that makes retimers and switches paired with NIVIDIA chips, underperformed as concerns around slowing hyperscale capital spending hurt AI connectivity suppliers following the impact of DeepSeek AI on the market at the start of the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g48u06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $23,668** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11143 | $11274 | $11132 |
| **12/2017** | $13966 | $13656 | $13599 |
| **12/2018** | $12703 | $12940 | $12334 |
| **12/2019** | $15803 | $16954 | $15847 |
| **12/2020** | $24774 | $20495 | $21335 |
| **12/2021** | $26491 | $25754 | $21939 |
| **12/2022** | $17181 | $20808 | $16157 |
| **12/2023** | $19225 | $26209 | $19171 |
| **12/2024** | $22365 | $32448 | $22077 |
| **12/2025** | $23668 | $38012 | $24949 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Small Cap Growth Portfolio - Class B | 5.83% | (0.91%) | 9.00% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $816256466 |
| # of Portfolio Investments | 114 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $6266233 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Sanmina Corp. | 2.6 |
| Guardant Health, Inc. | 2.4 |
| MACOM Technology Solutions Holdings, Inc. | 2.3 |
| Madrigal Pharmaceuticals, Inc. | 2.1 |
| SPX Technologies, Inc. | 1.9 |
| Bridgebio Pharma, Inc. | 1.9 |
| Carpenter Technology Corp. | 1.9 |
| Piper Sandler Cos. | 1.9 |
| Fabrinet | 1.8 |
| Axsome Therapeutics, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77q43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Communication Services | 0.8 |
| Materials | 1.6 |
| Utilities | 1.8 |
| Energy | 1.9 |
| Consumer Discretionary | 8.8 |
| Financials | 9.1 |
| Information Technology | 23.3 |
| Health Care | 24.3 |
| Industrials | 27.5 |

---

### Top Countries
![Group By Country Chart](g17207g32j10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.5 |
| Brazil | 0.8 |
| Canada | 0.9 |
| United Kingdom | 1.1 |
| Denmark | 1.6 |
| Thailand | 1.8 |
| Israel | 2.4 |
| United States | 90.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $98 | 0.95% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index over the 12-month period ending December 31, 2025. Relative contributors included positive stock selection within the Utilities, Information Technology, and Energy sectors, as well as an underweight exposure in the Communication Services and Consumer Staples sectors. Relative detractors included stock selection in Industrials, Health Care, Consumer Staples and Real Estate.

**Top Contributors:**

* Top contributors included Circle Internet Group, Inc., Guardant Health, Inc. and TTM Technologies, Inc.

* An out-of-benchmark position in Circle Internet was the primary contributor to performance. Circle is an issuer of U.S. dollar pegged stablecoins used to facilitate block-chain electronic payments. The Portfolio participated in the Initial Public Offering ("IPO") and sold the holding following a significant run up in its post-IPO valuation.

* The Portfolio's overweight to Guardant Health also contributed to performance. Guardant operates as a biotechnology company and benefited from accelerating oncology revenues, growing adoption of their blood biopsy tests, and its Guardant Shield product emerging as a second growth engine.

* TTM Technologies was another out-of-benchmark position that contributed to relative performance. TTM focuses on advanced printed circuit board manufacturing and performed well as data centers and defense have seen a surge in spending.

**Top Detractors:**

* Top detractors included Bloom Energy Corp., Credo Technology Group Holding Ltd. and Astera Labs, Inc.

* The Portfolio was underweight Bloom Energy during the year, which detracted from performance as the stock was a top performer in the Index. Bloom Energy makes solid-oxide fuel cells used to generate electricity without combustion. 

* The Portfolio did not hold Credo Technology, which also hurt performance. Credo Technology delivers connectivity solutions powering Artificial Intelligence (AI), cloud computing and hyperscale networks. 

* An out-of-benchmark holding in Astera Labs detracted from performance. Astera Labs, a semiconductor company that makes retimers and switches paired with NIVIDIA chips, underperformed as concerns around slowing hyperscale capital spending hurt AI connectivity suppliers following the impact of DeepSeek AI on the market at the start of the year.

## Portfolio Performance
![Growth of 10K Chart](g17207g18f51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $23,908** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11155 | $11274 | $11132 |
| **12/2017** | $13993 | $13656 | $13599 |
| **12/2018** | $12741 | $12940 | $12334 |
| **12/2019** | $15855 | $16954 | $15847 |
| **12/2020** | $24905 | $20495 | $21335 |
| **12/2021** | $26651 | $25754 | $21939 |
| **12/2022** | $17295 | $20808 | $16157 |
| **12/2023** | $19394 | $26209 | $19171 |
| **12/2024** | $22570 | $32448 | $22077 |
| **12/2025** | $23908 | $38012 | $24949 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Invesco Small Cap Growth Portfolio - Class E | 5.93% | (0.81%) | 9.11% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $816256466 |
| # of Portfolio Investments | 114 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $6266233 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Sanmina Corp. | 2.6 |
| Guardant Health, Inc. | 2.4 |
| MACOM Technology Solutions Holdings, Inc. | 2.3 |
| Madrigal Pharmaceuticals, Inc. | 2.1 |
| SPX Technologies, Inc. | 1.9 |
| Bridgebio Pharma, Inc. | 1.9 |
| Carpenter Technology Corp. | 1.9 |
| Piper Sandler Cos. | 1.9 |
| Fabrinet | 1.8 |
| Axsome Therapeutics, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77q43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Communication Services | 0.8 |
| Materials | 1.6 |
| Utilities | 1.8 |
| Energy | 1.9 |
| Consumer Discretionary | 8.8 |
| Financials | 9.1 |
| Information Technology | 23.3 |
| Health Care | 24.3 |
| Industrials | 27.5 |

---

### Top Countries
![Group By Country Chart](g17207g32j10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.5 |
| Brazil | 0.8 |
| Canada | 0.9 |
| United Kingdom | 1.1 |
| Denmark | 1.6 |
| Thailand | 1.8 |
| Israel | 2.4 |
| United States | 90.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Core Bond Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the JPMorgan Core Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.45% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. Security selection within Agency Mortgage-Backed Securities ("MBS") was the main detractor. The Portfolio's underweight to U.S. Treasuries in favor of spread sectors and security selection within the Securitized Credit and Investment Grade ("IG") Credit sectors were positives to performance.

**Top Contributors:**

* Security selection in securitized credit sectors, specifically Commercial Mortgage-Backed Securities ("CMBS") and Asset-Backed Securities ("ABS"), was additive to performance over the year. Security selection in IG Credit further contributed as the Portfolio favored Financials over Industrials.

* Duration/curve positioning contributed as rates rallied across the curve, less the 30-year U.S. Treasury bellwether, and the curve steepened.

* The Portfolio's underweight allocation to U.S. Treasuries and overweight allocation to Agency and Non-Agency MBS and CMBS contributed to performance. 

**Top Detractors:**

* Security selection in Agency MBS was the primary detractor over the year as index pass-throughs outperformed the Portfolio's Agency MBS holdings in the low volatility environment. The Portfolio's mortgages typically outperform when volatility increases.

* The Portfolio's overweight allocation to ABS detracted from performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g50h24.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $12,535** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10249 | $10265 |
| **12/2017** | $10614 | $10628 |
| **12/2018** | $10644 | $10630 |
| **12/2019** | $11548 | $11556 |
| **12/2020** | $12491 | $12424 |
| **12/2021** | $12335 | $12232 |
| **12/2022** | $10784 | $10641 |
| **12/2023** | $11429 | $11229 |
| **12/2024** | $11690 | $11369 |
| **12/2025** | $12535 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JPMorgan Core Bond Portfolio - Class A | 7.22% | 0.07% | 2.28% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1214128109 |
| # of Portfolio Investments | 984 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5001020 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.3 |
| Federal National Mortgage Association | 14.3 |
| U.S. Treasury Bonds | 9.5 |
| Government National Mortgage Association | 3.8 |
| U.S. Treasury STRIPS Coupon | 3.6 |
| Federal Home Loan Mortgage Corp. | 3 |
| Federal National Mortgage Association-ACES | 2.2 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | 1.4 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 1.1 |
| Government National Mortgage Association REMICS | 1 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g52t89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Foreign Government | 0.7 |
| Short-Term Investments | 0.8 |
| Non-Agency Mortgage-Backed Securities | 2.2 |
| Asset-Backed Securities | 10.9 |
| Corporate Bonds & Notes | 25.3 |
| Agency Sponsored Mortgage-Backed Securities | 28.7 |
| U.S. Treasury & Government Agencies | 30.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Core Bond Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the JPMorgan Core Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $72 | 0.70% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. Security selection within Agency Mortgage-Backed Securities ("MBS") was the main detractor. The Portfolio's underweight to U.S. Treasuries in favor of spread sectors and security selection within the Securitized Credit and Investment Grade ("IG") Credit sectors were positives to performance.

**Top Contributors:**

* Security selection in securitized credit sectors, specifically Commercial Mortgage-Backed Securities ("CMBS") and Asset-Backed Securities ("ABS"), was additive to performance over the year. Security selection in IG Credit further contributed as the Portfolio favored Financials over Industrials.

* Duration/curve positioning contributed as rates rallied across the curve, less the 30-year U.S. Treasury bellwether, and the curve steepened.

* The Portfolio's underweight allocation to U.S. Treasuries and overweight allocation to Agency and Non-Agency MBS and CMBS contributed to performance. 

**Top Detractors:**

* Security selection in Agency MBS was the primary detractor over the year as index pass-throughs outperformed the Portfolio's Agency MBS holdings in the low volatility environment. The Portfolio's mortgages typically outperform when volatility increases.

* The Portfolio's overweight allocation to ABS detracted from performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g66s65.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $12,217** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10223 | $10265 |
| **12/2017** | $10561 | $10628 |
| **12/2018** | $10564 | $10630 |
| **12/2019** | $11432 | $11556 |
| **12/2020** | $12334 | $12424 |
| **12/2021** | $12154 | $12232 |
| **12/2022** | $10589 | $10641 |
| **12/2023** | $11194 | $11229 |
| **12/2024** | $11423 | $11369 |
| **12/2025** | $12217 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JPMorgan Core Bond Portfolio - Class B | 6.95% | (0.19%) | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1214128109 |
| # of Portfolio Investments | 984 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5001020 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 17.3 |
| Federal National Mortgage Association | 14.3 |
| U.S. Treasury Bonds | 9.5 |
| Government National Mortgage Association | 3.8 |
| U.S. Treasury STRIPS Coupon | 3.6 |
| Federal Home Loan Mortgage Corp. | 3 |
| Federal National Mortgage Association-ACES | 2.2 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | 1.4 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 1.1 |
| Government National Mortgage Association REMICS | 1 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g52t89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Foreign Government | 0.7 |
| Short-Term Investments | 0.8 |
| Non-Agency Mortgage-Backed Securities | 2.2 |
| Asset-Backed Securities | 10.9 |
| Corporate Bonds & Notes | 25.3 |
| Agency Sponsored Mortgage-Backed Securities | 28.7 |
| U.S. Treasury & Government Agencies | 30.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Global Active Allocation Portfolio: Class B
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the JPMorgan Global Active Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $104 | 0.97% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve months ended December 31, 2025. 2025 marked the first year since the pandemic in which all major asset classes delivered positive returns. The first half of the year was dominated by trade concerns, as the U.S. raised tariff rates to levels not seen since the 1930s. This environment activated the Systematic Exposure Management ("SEM") model, resulting in the Portfolio reducing its equity exposure in late March, prior to Liberation Day. SEM remained active in the second quarter and the Portfolio did not fully re-risk to a neutral equity position until the end of June. In the second half of the year, attention shifted to the positive effects of fiscal and monetary stimulus, which fueled a risk-on rally. Emerging Market and Developed non-U.S. equities outperformed, supported by broad regional gains and a softer U.S. dollar. The Portfolio began the year with allocations of 56% equities, 22% fixed income, 20% convertibles and 2% cash, and ended the year with 55% equities, 24% fixed income, 20% convertibles, and 1% cash. Throughout the year, the Portfolio reduced its exposure to U.S. equities and increased allocations to Developed non-U.S. and Emerging Market equities.

**Top Contributors:**

* The Interest Rate Swap Overlay employed within the Portfolio contributed to performance as U.S. Treasury yields ended the year lower.

* Within U.S. equities, an overweight to U.S. Large Cap equities contributed as Large Cap equities outperformed Mid and Small Cap U.S. equities. 

**Top Detractors:**

* SEM became active in late March, prior to Liberation Day, and did not fully re-risk until the end of June, detracting as the Portfolio was underweight equities during the market recovery. 

* From a security selection perspective, allocations to the Global Select & Value Advantage developed market equity strategies detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g48t96.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $17,516** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10290 | $10786 | $10209 | $10767 |
| **12/2017** | $12004 | $13372 | $10964 | $12397 |
| **12/2018** | $11141 | $12113 | $10832 | $11752 |
| **12/2019** | $13026 | $15335 | $11573 | $13938 |
| **12/2020** | $14618 | $17828 | $12637 | $15643 |
| **12/2021** | $16027 | $21133 | $12042 | $17114 |
| **12/2022** | $13215 | $17252 | $10086 | $14553 |
| **12/2023** | $14604 | $21082 | $10662 | $16401 |
| **12/2024** | $15375 | $24769 | $10482 | $17803 |
| **12/2025** | $17516 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JPMorgan Global Active Allocation Portfolio - Class B | 13.92% | 3.68% | 5.77% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1423928950 |
| # of Portfolio Investments | 1495 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $9238181 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.8 |
| iShares JP Morgan USD Emerging Markets Bond ETF | 1.7 |
| Apple, Inc. | 1.4 |
| Microsoft Corp. | 1.4 |
| Bank of America Corp. | 1.1 |
| Amazon.com, Inc. | 1.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 0.9 |
| Alphabet, Inc. | 0.9 |
| Meta Platforms, Inc. | 0.8 |
| Safran SA | 0.6 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 2.6 |
| Federal National Mortgage Association | 1.5 |
| SK Hynix, Inc. | 1 |
| Akamai Technologies, Inc. | 0.9 |
| Alibaba Group Holding Ltd. | 0.8 |
| U.S. Treasury Bonds | 0.8 |
| Cellnex Telecom SA | 0.8 |
| Gold Pole Capital Co. Ltd. | 0.7 |
| Welltower OP LLC | 0.7 |
| Uber Technologies, Inc. | 0.6 |

---

### Top 10 Countries
![Group By Country Chart](g17207g18s17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 1 |
| Taiwan | 1.6 |
| Spain | 1.7 |
| South Korea | 2.1 |
| United Kingdom | 2.6 |
| Germany | 2.8 |
| France | 3 |
| Japan | 3.1 |
| China | 4.8 |
| United States | 53.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g85f63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Government | 0.0<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.1 |
| Non-Agency Mortgage-Backed Securities | 0.3 |
| Convertible Preferred Stocks | 1 |
| Asset-Backed Securities | 1.1 |
| Investment Companies | 1.7 |
| Agency Sponsored Mortgage-Backed Securities | 3 |
| U.S. Treasury & Government Agencies | 3.5 |
| Corporate Bonds & Notes | 11.5 |
| Short-Term Investments | 13.9 |
| Convertible Bonds | 19 |
| Common Stocks | 43.3 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Small Cap Value Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the JPMorgan Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $84 | 0.79% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Value Index over the 12-month period ending December 31, 2025, driven by stock selection. In 2025, the S&P 500 Index<sup>®</sup> achieved returns of +17.88%, despite early-year volatility from historic tariff hikes and shifting global dynamics. U.S. equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market index. Artificial intelligence remained the dominant market theme, with Communication Services and Information Technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the Index in 2025. Consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors:**

* Stock selection within the Financials and Health Care sectors added the most value.

* Within Information Technology, the Portfolio's overweight allocation in Sanmina contributed to performance.

* Within Financials, the Portfolio's overweight allocation in Mr. Cooper contributed to performance.

**Top Detractors:**

* Stock selection within the Information Technology and Utilities sectors detracted from performance.

* Within Communication Services, the Portfolio's underweight allocation in EchoStar detracted from performance.

* Within Information Technology, the Portfolio's overweight allocation in Ichor Holdings detracted from performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g21a59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $23,862** | **Russell 3000 Index $38,012** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $13086 | $11274 | $13174 |
| **12/2017** | $13560 | $13656 | $14207 |
| **12/2018** | $11694 | $12940 | $12379 |
| **12/2019** | $13978 | $16954 | $15151 |
| **12/2020** | $14865 | $20495 | $15853 |
| **12/2021** | $19772 | $25754 | $20335 |
| **12/2022** | $17160 | $20808 | $17390 |
| **12/2023** | $19427 | $26209 | $19937 |
| **12/2024** | $21214 | $32448 | $21543 |
| **12/2025** | $23862 | $38012 | $24256 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JPMorgan Small Cap Value Portfolio - Class A | 12.48% | 9.93% | 9.09% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319145715 |
| # of Portfolio Investments | 468 |
| Portfolio Turnover Rate | 82% |
| Total Advisory Fees Paid | $2166204 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| EchoStar Corp. | 1 |
| Southwest Gas Holdings, Inc. | 0.9 |
| Hecla Mining Co. | 0.8 |
| Old National Bancorp | 0.8 |
| Commercial Metals Co. | 0.8 |
| Coeur Mining, Inc. | 0.7 |
| Jackson Financial, Inc. | 0.7 |
| Resideo Technologies, Inc. | 0.7 |
| EnerSys | 0.6 |
| Bank of NT Butterfield & Son Ltd. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g54n82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.3 |
| Utilities | 5.6 |
| Materials | 6.3 |
| Energy | 6.7 |
| Information Technology | 7.4 |
| Real Estate | 9.8 |
| Consumer Discretionary | 10.5 |
| Health Care | 10.6 |
| Industrials | 11.2 |
| Financials | 26.1 |

---

### Top 10 Countries
![Group By Country Chart](g17207g84w07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.1 |
| Panama | 0.1 |
| Sweden | 0.1 |
| United Kingdom | 0.4 |
| Monaco | 0.5 |
| Puerto Rico | 0.6 |
| Switzerland | 0.9 |
| Bermuda | 1 |
| Canada | 1.4 |
| United States | 92.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Small Cap Value Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the JPMorgan Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $110 | 1.04% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Value Index over the 12-month period ending December 31, 2025, driven by stock selection. In 2025, the S&P 500 Index<sup>®</sup> achieved returns of +17.88%, despite early-year volatility from historic tariff hikes and shifting global dynamics. U.S. equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market index. Artificial intelligence remained the dominant market theme, with Communication Services and Information Technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the Index in 2025. Consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors:**

* Stock selection within the Financials and Health Care sectors added the most value.

* Within Information Technology, the Portfolio's overweight allocation in Sanmina contributed to performance.

* Within Financials, the Portfolio's overweight allocation in Mr. Cooper contributed to performance.

**Top Detractors:**

* Stock selection within the Information Technology and Utilities sectors detracted from performance.

* Within Communication Services, the Portfolio's underweight allocation in EchoStar detracted from performance.

* Within Information Technology, the Portfolio's overweight allocation in Ichor Holdings detracted from performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g84a49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $23,264** | **Russell 3000 Index $38,012** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $13051 | $11274 | $13174 |
| **12/2017** | $13483 | $13656 | $14207 |
| **12/2018** | $11608 | $12940 | $12379 |
| **12/2019** | $13830 | $16954 | $15151 |
| **12/2020** | $14676 | $20495 | $15853 |
| **12/2021** | $19481 | $25754 | $20335 |
| **12/2022** | $16851 | $20808 | $17390 |
| **12/2023** | $19030 | $26209 | $19937 |
| **12/2024** | $20745 | $32448 | $21543 |
| **12/2025** | $23264 | $38012 | $24256 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JPMorgan Small Cap Value Portfolio - Class B | 12.14% | 9.65% | 8.81% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319145715 |
| # of Portfolio Investments | 468 |
| Portfolio Turnover Rate | 82% |
| Total Advisory Fees Paid | $2166204 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| EchoStar Corp. | 1 |
| Southwest Gas Holdings, Inc. | 0.9 |
| Hecla Mining Co. | 0.8 |
| Old National Bancorp | 0.8 |
| Commercial Metals Co. | 0.8 |
| Coeur Mining, Inc. | 0.7 |
| Jackson Financial, Inc. | 0.7 |
| Resideo Technologies, Inc. | 0.7 |
| EnerSys | 0.6 |
| Bank of NT Butterfield & Son Ltd. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g54n82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.3 |
| Utilities | 5.6 |
| Materials | 6.3 |
| Energy | 6.7 |
| Information Technology | 7.4 |
| Real Estate | 9.8 |
| Consumer Discretionary | 10.5 |
| Health Care | 10.6 |
| Industrials | 11.2 |
| Financials | 26.1 |

---

### Top 10 Countries
![Group By Country Chart](g17207g84w07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.1 |
| Panama | 0.1 |
| Sweden | 0.1 |
| United Kingdom | 0.4 |
| Monaco | 0.5 |
| Puerto Rico | 0.6 |
| Switzerland | 0.9 |
| Bermuda | 1 |
| Canada | 1.4 |
| United States | 92.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Global Allocation Portfolio: Class A
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Loomis Sayles Global Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $84 | 0.79% |

---

## Management Discussion of Portfolio Performance
Equity and fixed income markets gained ground in 2025 despite volatility in the first half of the year due in part to President Trump's "Liberation Day" trade plan, which levied tariffs significantly more than what had been anticipated. A 90-day pause was instituted within a week of the initial announcement, quickly stabilizing markets. Financial assets produced strong broad-based returns in the third quarter as investors became less worried about the negative impacts of tariffs on inflation, economic growth and corporate profits; a dovish shift in U.S. Federal Reserve policy also supported markets. Markets moved higher in the fourth quarter amid a favorable backdrop of more stimulative central bank policies, continued global economic growth, and robust corporate earnings. The Portfolio underperformed its blended benchmark over the 12-month period ending December 31, 2025. The equity component of the Portfolio underperformed the MSCI World Index; the fixed income component of the Portfolio outperformed the FTSE World Government Bond, USD, 0% Hedged Index.

**Top Contributors:**

* In equities, the Information Technology and Communication Services sectors contributed to relative results along with not having exposure to the Real Estate sector.

* The largest individual contributors were Nvidia, Taiwan Semiconductor and Alphabet. 

* In fixed income, yield curve and duration positioning contributed to relative performance, particularly an overweight duration position in the U.S. dollar-pay market, and underweight duration positions in the euro and Japanese yen-pay markets.

* Spread sector allocation contributed, particularly overweight allocations to the Communications, Bank Loans, and Energy sectors. 

**Top Detractors:**

* In equites, the Financials, Health Care and Consumer Discretionary sectors detracted from relative results.

* The largest individual detractors were UnitedHealth Group, Allison Transmission and Salesforce. 

* In fixed income, currency allocation net of hedging detracted from relative performance, particularly underweight allocations to the euro, Chinese renminbi, and Japanese yen.

* An underweight allocation to Global Treasuries detracted over the period. 

## Portfolio Performance
![Growth of 10K Chart](g17207g39y30.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A $24,781** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **FTSE World Government Bond Index $10,550** | **MSCI World Index $31,532** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10503 | $10786 | $10209 | $10160 | $10751 |
| **12/2017** | $12953 | $13372 | $10964 | $10921 | $13159 |
| **12/2018** | $12280 | $12113 | $10832 | $10829 | $12013 |
| **12/2019** | $15701 | $15335 | $11573 | $11468 | $15337 |
| **12/2020** | $18073 | $17828 | $12637 | $12627 | $17776 |
| **12/2021** | $20706 | $21133 | $12042 | $11747 | $21654 |
| **12/2022** | $15919 | $17252 | $10086 | $9601 | $17726 |
| **12/2023** | $19503 | $21082 | $10662 | $10099 | $21942 |
| **12/2024** | $21942 | $24769 | $10482 | $9809 | $26039 |
| **12/2025** | $24781 | $30302 | $11338 | $10550 | $31532 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Global Allocation Portfolio - Class A | 12.94% | 6.52% | 9.50% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| FTSE World Government Bond Index | 7.55% | (3.53%) | 0.54% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $366885299 |
| # of Portfolio Investments | 451 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $2527893 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Alphabet, Inc. | 3.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.2 |
| Parker-Hannifin Corp. | 3.1 |
| S&P Global, Inc. | 3.1 |
| Amazon.com, Inc. | 3.0 |
| Mastercard, Inc. | 2.9 |
| ASML Holding NV | 2.9 |
| Blackrock, Inc. | 2.7 |
| Hilton Worldwide Holdings, Inc. | 2.3 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 2.2 |
| EchoStar Corp. | 1.3 |
| Glencore Funding LLC | 0.8 |
| Broadcom, Inc. | 0.8 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.7 |
| U.K. Gilts | 0.7 |
| Boeing Co. | 0.7 |
| Mexico Bonos | 0.6 |
| Canada Government Bonds | 0.6 |
| CSC Holdings LLC | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g17207g62d64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 1 |
| Israel | 1.1 |
| Australia | 1.5 |
| Sweden | 2.3 |
| Japan | 2.6 |
| Canada | 2.8 |
| Netherlands | 3 |
| Taiwan | 3.2 |
| United Kingdom | 3.9 |
| United States | 68.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g12u28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Convertible Bonds | 0.2 |
| Short-Term Investments | 1.2 |
| Floating Rate Loans | 1.2 |
| U.S. Treasury & Government Agencies | 2.8 |
| Foreign Government | 8.0 |
| Corporate Bonds & Notes | 17.9 |
| Common Stocks | 68.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Global Allocation Portfolio: Class B
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Loomis Sayles Global Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $111 | 1.04% |

---

## Management Discussion of Portfolio Performance
Equity and fixed income markets gained ground in 2025 despite volatility in the first half of the year due in part to President Trump's "Liberation Day" trade plan, which levied tariffs significantly more than what had been anticipated. A 90-day pause was instituted within a week of the initial announcement, quickly stabilizing markets. Financial assets produced strong broad-based returns in the third quarter as investors became less worried about the negative impacts of tariffs on inflation, economic growth and corporate profits; a dovish shift in U.S. Federal Reserve policy also supported markets. Markets moved higher in the fourth quarter amid a favorable backdrop of more stimulative central bank policies, continued global economic growth, and robust corporate earnings. The Portfolio underperformed its blended benchmark over the 12-month period ending December 31, 2025. The equity component of the Portfolio underperformed the MSCI World Index; the fixed income component of the Portfolio outperformed the FTSE World Government Bond, USD, 0% Hedged Index.

**Top Contributors:**

* In equities, the Information Technology and Communication Services sectors contributed to relative results along with not having exposure to the Real Estate sector.

* The largest individual contributors were Nvidia, Taiwan Semiconductor and Alphabet. 

* In fixed income, yield curve and duration positioning contributed to relative performance, particularly an overweight duration position in the U.S. dollar-pay market, and underweight duration positions in the euro and Japanese yen-pay markets.

* Spread sector allocation contributed, particularly overweight allocations to the Communications, Bank Loans, and Energy sectors. 

**Top Detractors:**

* In equites, the Financials, Health Care and Consumer Discretionary sectors detracted from relative results.

* The largest individual detractors were UnitedHealth Group, Allison Transmission and Salesforce. 

* In fixed income, currency allocation net of hedging detracted from relative performance, particularly underweight allocations to the euro, Chinese renminbi, and Japanese yen.

* An underweight allocation to Global Treasuries detracted over the period. 

## Portfolio Performance
![Growth of 10K Chart](g17207g20m58.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class B $24,164** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **FTSE World Government Bond Index $10,550** | **MSCI World Index $31,532** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10478 | $10786 | $10209 | $10160 | $10751 |
| **12/2017** | $12884 | $13372 | $10964 | $10921 | $13159 |
| **12/2018** | $12190 | $12113 | $10832 | $10829 | $12013 |
| **12/2019** | $15545 | $15335 | $11573 | $11468 | $15337 |
| **12/2020** | $17844 | $17828 | $12637 | $12627 | $17776 |
| **12/2021** | $20389 | $21133 | $12042 | $11747 | $21654 |
| **12/2022** | $15639 | $17252 | $10086 | $9601 | $17726 |
| **12/2023** | $19111 | $21082 | $10662 | $10099 | $21942 |
| **12/2024** | $21461 | $24769 | $10482 | $9809 | $26039 |
| **12/2025** | $24164 | $30302 | $11338 | $10550 | $31532 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Global Allocation Portfolio - Class B | 12.59% | 6.25% | 9.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| FTSE World Government Bond Index | 7.55% | (3.53%) | 0.54% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $366885299 |
| # of Portfolio Investments | 451 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $2527893 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Alphabet, Inc. | 3.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.2 |
| Parker-Hannifin Corp. | 3.1 |
| S&P Global, Inc. | 3.1 |
| Amazon.com, Inc. | 3.0 |
| Mastercard, Inc. | 2.9 |
| ASML Holding NV | 2.9 |
| Blackrock, Inc. | 2.7 |
| Hilton Worldwide Holdings, Inc. | 2.3 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 2.2 |
| EchoStar Corp. | 1.3 |
| Glencore Funding LLC | 0.8 |
| Broadcom, Inc. | 0.8 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.7 |
| U.K. Gilts | 0.7 |
| Boeing Co. | 0.7 |
| Mexico Bonos | 0.6 |
| Canada Government Bonds | 0.6 |
| CSC Holdings LLC | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g17207g62d64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 1 |
| Israel | 1.1 |
| Australia | 1.5 |
| Sweden | 2.3 |
| Japan | 2.6 |
| Canada | 2.8 |
| Netherlands | 3 |
| Taiwan | 3.2 |
| United Kingdom | 3.9 |
| United States | 68.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g12u28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Convertible Bonds | 0.2 |
| Short-Term Investments | 1.2 |
| Floating Rate Loans | 1.2 |
| U.S. Treasury & Government Agencies | 2.8 |
| Foreign Government | 8.0 |
| Corporate Bonds & Notes | 17.9 |
| Common Stocks | 68.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $59 | 0.55% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index during the 12-month period ending December 31, 2025. Relative underperformance was largely the result of weak stock selection.

**Top Contributors:**

* The Portfolio's positions in Nvidia, Alphabet, and Boeing contributed the most to relative performance. 

* Stock selection in the Consumer Staples, Consumer Discretionary, and Industrials sectors, along with our allocations in the Communication Services and Health Care sectors, contributed positively to relative performance.

**Top Detractors:**

* The Portfolio's positions in Novo Nordisk, Salesforce, and FactSet detracted the most from relative performance. 

* Stock selection in the Health Care, Communication Services, Financials, and Information Technology sectors, along with our allocations in the Information Technology, Consumer Discretionary, and Financials sectors, detracted from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g22l22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $37,706** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10298 | $11274 | $10708 |
| **12/2017** | $12224 | $13656 | $13943 |
| **12/2018** | $11392 | $12940 | $13732 |
| **12/2019** | $14107 | $16954 | $18729 |
| **12/2020** | $18697 | $20495 | $25938 |
| **12/2021** | $22186 | $25754 | $33096 |
| **12/2022** | $16004 | $20808 | $23453 |
| **12/2023** | $24337 | $26209 | $33462 |
| **12/2024** | $32727 | $32448 | $44623 |
| **12/2025** | $37706 | $38012 | $52906 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Growth Portfolio - Class A | 15.21% | 15.06% | 14.19% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3130039563 |
| # of Portfolio Investments | 56 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $16577166 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2 |
| Alphabet, Inc. | 8.9 |
| Tesla, Inc. | 8.6 |
| Meta Platforms, Inc. | 7.1 |
| Amazon.com, Inc. | 5.4 |
| Netflix, Inc. | 5.3 |
| Visa, Inc. | 4.8 |
| Oracle Corp. | 4.7 |
| Boeing Co. | 4.6 |
| Microsoft Corp. | 4.2 |

---

### Top Sectors
![Group By Sector Chart](g17207g16r24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.8 |
| Industrials | 6.7 |
| Financials | 7.6 |
| Health Care | 11.7 |
| Consumer Discretionary | 17.0 |
| Communication Services | 23.7 |
| Information Technology | 29.6 |

---

### Top Countries
![Group By Country Chart](g17207g20l31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.3 |
| Denmark | 1.3 |
| Canada | 3.2 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $86 | 0.80% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index during the 12-month period ending December 31, 2025. Relative underperformance was largely the result of weak stock selection.

**Top Contributors:**

* The Portfolio's positions in Nvidia, Alphabet, and Boeing contributed the most to relative performance. 

* Stock selection in the Consumer Staples, Consumer Discretionary, and Industrials sectors, along with our allocations in the Communication Services and Health Care sectors, contributed positively to relative performance.

**Top Detractors:**

* The Portfolio's positions in Novo Nordisk, Salesforce, and FactSet detracted the most from relative performance. 

* Stock selection in the Health Care, Communication Services, Financials, and Information Technology sectors, along with our allocations in the Information Technology, Consumer Discretionary, and Financials sectors, detracted from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g02u31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $36,766** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10268 | $11274 | $10708 |
| **12/2017** | $12158 | $13656 | $13943 |
| **12/2018** | $11300 | $12940 | $13732 |
| **12/2019** | $13963 | $16954 | $18729 |
| **12/2020** | $18464 | $20495 | $25938 |
| **12/2021** | $21836 | $25754 | $33096 |
| **12/2022** | $15722 | $20808 | $23453 |
| **12/2023** | $23856 | $26209 | $33462 |
| **12/2024** | $31998 | $32448 | $44623 |
| **12/2025** | $36766 | $38012 | $52906 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Growth Portfolio - Class B | 14.90% | 14.77% | 13.91% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3130039563 |
| # of Portfolio Investments | 56 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $16577166 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2 |
| Alphabet, Inc. | 8.9 |
| Tesla, Inc. | 8.6 |
| Meta Platforms, Inc. | 7.1 |
| Amazon.com, Inc. | 5.4 |
| Netflix, Inc. | 5.3 |
| Visa, Inc. | 4.8 |
| Oracle Corp. | 4.7 |
| Boeing Co. | 4.6 |
| Microsoft Corp. | 4.2 |

---

### Top Sectors
![Group By Sector Chart](g17207g16r24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.8 |
| Industrials | 6.7 |
| Financials | 7.6 |
| Health Care | 11.7 |
| Consumer Discretionary | 17.0 |
| Communication Services | 23.7 |
| Information Technology | 29.6 |

---

### Top Countries
![Group By Country Chart](g17207g20l31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.3 |
| Denmark | 1.3 |
| Canada | 3.2 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $75 | 0.70% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index during the 12-month period ending December 31, 2025. Relative underperformance was largely the result of weak stock selection.

**Top Contributors:**

* The Portfolio's positions in Nvidia, Alphabet, and Boeing contributed the most to relative performance. 

* Stock selection in the Consumer Staples, Consumer Discretionary, and Industrials sectors, along with our allocations in the Communication Services and Health Care sectors, contributed positively to relative performance.

**Top Detractors:**

* The Portfolio's positions in Novo Nordisk, Salesforce, and FactSet detracted the most from relative performance. 

* Stock selection in the Health Care, Communication Services, Financials, and Information Technology sectors, along with our allocations in the Information Technology, Consumer Discretionary, and Financials sectors, detracted from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g17207g20i70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $37,147** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10284 | $11274 | $10708 |
| **12/2017** | $12190 | $13656 | $13943 |
| **12/2018** | $11344 | $12940 | $13732 |
| **12/2019** | $14028 | $16954 | $18729 |
| **12/2020** | $18559 | $20495 | $25938 |
| **12/2021** | $21984 | $25754 | $33096 |
| **12/2022** | $15839 | $20808 | $23453 |
| **12/2023** | $24051 | $26209 | $33462 |
| **12/2024** | $32287 | $32448 | $44623 |
| **12/2025** | $37147 | $38012 | $52906 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Growth Portfolio - Class E | 15.05% | 14.89% | 14.02% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3130039563 |
| # of Portfolio Investments | 56 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $16577166 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2 |
| Alphabet, Inc. | 8.9 |
| Tesla, Inc. | 8.6 |
| Meta Platforms, Inc. | 7.1 |
| Amazon.com, Inc. | 5.4 |
| Netflix, Inc. | 5.3 |
| Visa, Inc. | 4.8 |
| Oracle Corp. | 4.7 |
| Boeing Co. | 4.6 |
| Microsoft Corp. | 4.2 |

---

### Top Sectors
![Group By Sector Chart](g17207g16r24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.8 |
| Industrials | 6.7 |
| Financials | 7.6 |
| Health Care | 11.7 |
| Consumer Discretionary | 17.0 |
| Communication Services | 23.7 |
| Information Technology | 29.6 |

---

### Top Countries
![Group By Country Chart](g17207g20l31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.3 |
| Denmark | 1.3 |
| Canada | 3.2 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MetLife Multi-Index Targeted Risk Portfolio: Class B
![Image](g17207g72s67.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MetLife Multi-Index Targeted Risk Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $43 | 0.41% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. International stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year.

**Top Contributors:**

* Fixed Income and cash securities outperformed. 

* Interest Rate Swap Overlay outperformed.

**Top Detractors:**

* During the rapid V-shaped recovery in April, the Portfolio's volatility management model reduced equity exposure, which detracted from returns as markets rebounded quickly.

* Underweight positions in U.S. and International Equity Futures detracted from performance. 

## Portfolio Performance
![Growth of 10K Chart](g17207g74f23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $16,769** | **MSCI All Country World Index $30,302** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10436 | $10786 | $10265 | $10767 |
| **12/2017** | $12058 | $13372 | $10628 | $12397 |
| **12/2018** | $11192 | $12113 | $10630 | $11752 |
| **12/2019** | $13622 | $15335 | $11556 | $13938 |
| **12/2020** | $14515 | $17828 | $12424 | $15643 |
| **12/2021** | $15925 | $21133 | $12232 | $17114 |
| **12/2022** | $12566 | $17252 | $10641 | $14553 |
| **12/2023** | $14304 | $21082 | $11229 | $16401 |
| **12/2024** | $15373 | $24769 | $11369 | $17803 |
| **12/2025** | $16769 | $30302 | $12199 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Multi-Index Targeted Risk Portfolio - Class B | 9.08% | 2.93% | 5.31% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5088465174 |
| # of Portfolio Investments | 32 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $8281713 |

---

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

### Asset Allocation
![Group By Asset Type Chart](g17207g98e49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Small Cap Equities | 5.6 |
| U.S. Mid Cap Equities | 9.4 |
| International Developed Market Equities | 21.8 |
| U.S. Large Cap Equities | 31.3 |
| Investment Grade Fixed Income | 40.2 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 0.62% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the MSCI EAFE Index. In aggregate, security selection relative to the MSCI EAFE Index held back relative returns. During the reporting period, the Portfolio's relative currency exposure to holdings of securities denominated in foreign currencies was a detractor from relative performance. Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the U.S., a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil. Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

**Top Contributors:**

* An underweight position and security selection in Consumer Discretionary.

* Security selection in Information Technology. 

* Individual holdings: Overweight positions in ABN AMRO (Netherlands), Bank of Ireland Group (Ireland) and Barclays (U.K.)

**Top Detractors:**

* Security selection in the Materials, Health Care and Industrials sectors weighed on relative returns. 

* Individual holdings: Holding Constellation Software (Canada) and Linde (U.K.) and an overweight position in Wolters Kluwer (Netherlands).

## Portfolio Performance
![Growth of 10K Chart](g17207g81k87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $21,258** | **MSCI EAFE Index $21,959** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9933 | $10100 | $10450 |
| **12/2017** | $12764 | $12628 | $13291 |
| **12/2018** | $11002 | $10887 | $11404 |
| **12/2019** | $14159 | $13284 | $13857 |
| **12/2020** | $16038 | $14322 | $15334 |
| **12/2021** | $17959 | $15935 | $16533 |
| **12/2022** | $14852 | $13632 | $13887 |
| **12/2023** | $16790 | $16118 | $16056 |
| **12/2024** | $17322 | $16735 | $16945 |
| **12/2025** | $21258 | $21959 | $22432 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Research International Portfolio - Class A | 22.72% | 5.80% | 7.83% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1403651734 |
| # of Portfolio Investments | 129 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8135385 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.1 |
| Mizuho Financial Group, Inc. | 2.7 |
| Schneider Electric SE | 2.6 |
| Hitachi Ltd. | 2.5 |
| Novartis AG | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7 |
| Barclays PLC | 1.7 |
| ASML Holding NV | 1.6 |
| Linde PLC | 1.6 |
| ING Groep NV | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g35u51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.8 |
| Communication Services | 4.0 |
| Consumer Staples | 5.5 |
| Materials | 7.1 |
| Consumer Discretionary | 8.8 |
| Information Technology | 9.4 |
| Health Care | 11.3 |
| Industrials | 18.8 |
| Financials | 26.9 |

---

### Top 10 Countries
![Group By Country Chart](g17207g56r27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 3.0 |
| Canada | 3.2 |
| Italy | 3.3 |
| Australia | 3.6 |
| Germany | 5.1 |
| Netherlands | 6.3 |
| France | 8.2 |
| United Kingdom | 12.4 |
| United States | 16.8 |
| Japan | 20.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $97 | 0.87% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the MSCI EAFE Index. In aggregate, security selection relative to the MSCI EAFE Index held back relative returns. During the reporting period, the Portfolio's relative currency exposure to holdings of securities denominated in foreign currencies was a detractor from relative performance. Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the U.S., a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil. Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

**Top Contributors:**

* An underweight position and security selection in Consumer Discretionary.

* Security selection in Information Technology. 

* Individual holdings: Overweight positions in ABN AMRO (Netherlands), Bank of Ireland Group (Ireland) and Barclays (U.K.)

**Top Detractors:**

* Security selection in the Materials, Health Care and Industrials sectors weighed on relative returns. 

* Individual holdings: Holding Constellation Software (Canada) and Linde (U.K.) and an overweight position in Wolters Kluwer (Netherlands).

## Portfolio Performance
![Growth of 10K Chart](g17207g78c47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $20,744** | **MSCI EAFE Index $21,959** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9912 | $10100 | $10450 |
| **12/2017** | $12703 | $12628 | $13291 |
| **12/2018** | $10925 | $10887 | $11404 |
| **12/2019** | $14019 | $13284 | $13857 |
| **12/2020** | $15844 | $14322 | $15334 |
| **12/2021** | $17699 | $15935 | $16533 |
| **12/2022** | $14590 | $13632 | $13887 |
| **12/2023** | $16460 | $16118 | $16056 |
| **12/2024** | $16946 | $16735 | $16945 |
| **12/2025** | $20744 | $21959 | $22432 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Research International Portfolio - Class B | 22.41% | 5.54% | 7.57% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1403651734 |
| # of Portfolio Investments | 129 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8135385 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.1 |
| Mizuho Financial Group, Inc. | 2.7 |
| Schneider Electric SE | 2.6 |
| Hitachi Ltd. | 2.5 |
| Novartis AG | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7 |
| Barclays PLC | 1.7 |
| ASML Holding NV | 1.6 |
| Linde PLC | 1.6 |
| ING Groep NV | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g35u51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.8 |
| Communication Services | 4.0 |
| Consumer Staples | 5.5 |
| Materials | 7.1 |
| Consumer Discretionary | 8.8 |
| Information Technology | 9.4 |
| Health Care | 11.3 |
| Industrials | 18.8 |
| Financials | 26.9 |

---

### Top 10 Countries
![Group By Country Chart](g17207g56r27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 3.0 |
| Canada | 3.2 |
| Italy | 3.3 |
| Australia | 3.6 |
| Germany | 5.1 |
| Netherlands | 6.3 |
| France | 8.2 |
| United Kingdom | 12.4 |
| United States | 16.8 |
| Japan | 20.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $86 | 0.77% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the MSCI EAFE Index. In aggregate, security selection relative to the MSCI EAFE Index held back relative returns. During the reporting period, the Portfolio's relative currency exposure to holdings of securities denominated in foreign currencies was a detractor from relative performance. Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the U.S., a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil. Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

**Top Contributors:**

* An underweight position and security selection in Consumer Discretionary.

* Security selection in Information Technology. 

* Individual holdings: Overweight positions in ABN AMRO (Netherlands), Bank of Ireland Group (Ireland) and Barclays (U.K.)

**Top Detractors:**

* Security selection in the Materials, Health Care and Industrials sectors weighed on relative returns. 

* Individual holdings: Holding Constellation Software (Canada) and Linde (U.K.) and an overweight position in Wolters Kluwer (Netherlands).

## Portfolio Performance
![Growth of 10K Chart](g17207g91u33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $20,959** | **MSCI EAFE Index $21,959** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9924 | $10100 | $10450 |
| **12/2017** | $12737 | $12628 | $13291 |
| **12/2018** | $10965 | $10887 | $11404 |
| **12/2019** | $14087 | $13284 | $13857 |
| **12/2020** | $15928 | $14322 | $15334 |
| **12/2021** | $17807 | $15935 | $16533 |
| **12/2022** | $14704 | $13632 | $13887 |
| **12/2023** | $16604 | $16118 | $16056 |
| **12/2024** | $17104 | $16735 | $16945 |
| **12/2025** | $20959 | $21959 | $22432 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Research International Portfolio - Class E | 22.54% | 5.64% | 7.68% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1403651734 |
| # of Portfolio Investments | 129 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8135385 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.1 |
| Mizuho Financial Group, Inc. | 2.7 |
| Schneider Electric SE | 2.6 |
| Hitachi Ltd. | 2.5 |
| Novartis AG | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7 |
| Barclays PLC | 1.7 |
| ASML Holding NV | 1.6 |
| Linde PLC | 1.6 |
| ING Groep NV | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g35u51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.8 |
| Communication Services | 4.0 |
| Consumer Staples | 5.5 |
| Materials | 7.1 |
| Consumer Discretionary | 8.8 |
| Information Technology | 9.4 |
| Health Care | 11.3 |
| Industrials | 18.8 |
| Financials | 26.9 |

---

### Top 10 Countries
![Group By Country Chart](g17207g56r27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 3.0 |
| Canada | 3.2 |
| Italy | 3.3 |
| Australia | 3.6 |
| Germany | 5.1 |
| Netherlands | 6.3 |
| France | 8.2 |
| United Kingdom | 12.4 |
| United States | 16.8 |
| Japan | 20.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 0.65% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Russell Midcap Growth Index over the 12-month period ending December 31, 2025. Tariff and policy uncertainty remained elevated during the year, alongside a government shutdown in the fourth quarter, while additional Federal Reserve easing and continued artificial intelligence ("AI")-related capital expenditures supported broader market performance. Investor sentiment grew more cautious amid rising scrutiny around AI monetization with signs of slowing momentum across select parts of the economy. Against this backdrop, our investment approach remained unchanged. We continued to invest in high quality businesses that have sustainable competitive advantages and strong secular growth potential, and that operate in large and growing end markets where the penetration rate for their goods/services can be much higher over time. Companies we own tend to be asset light, have little financial leverage, strong pricing power, attractive unit economics, high margins, solid cash generation capability and, in our view, the ability to succeed through different market/macro environments. While we have opportunistically added to some positions and initiated new ones, overall, we have made few changes as we remain confident in the long-term prospects for the businesses we own. We continued to carefully consider and monitor fundamental variables, while managing overall portfolio risk and exposures.

**Top Contributors:**

* Stock selection in Information Technology, led by web performance and security company Cloudflare.

* Stock selection in Financials, where payments technology services platform Affirm led performance within the sector. 

* Stock selection in Health Care, where biopharmaceutical royalties acquirer Royalty Pharma was the sector's largest contributor. 

**Top Detractors:**

* Stock selection in Communication Services, where advertising software platform The Trade Desk detracted the most within the sector.

* Stock selection in Real Estate, driven by underperforming Texas landowner LandBridge.

* Stock selection and an average underweight in Consumer Discretionary, where cross-border ecommerce platform Global-e Online was the sector's greatest detractor.

## Portfolio Performance
![Growth of 10K Chart](g17207g41x63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $38,020** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9173 | $11274 | $10733 |
| **12/2017** | $12875 | $13656 | $13445 |
| **12/2018** | $14216 | $12940 | $12806 |
| **12/2019** | $19969 | $16954 | $17348 |
| **12/2020** | $50674 | $20495 | $23522 |
| **12/2021** | $45334 | $25754 | $26516 |
| **12/2022** | $17014 | $20808 | $19431 |
| **12/2023** | $24030 | $26209 | $24457 |
| **12/2024** | $33482 | $32448 | $29863 |
| **12/2025** | $38020 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Morgan Stanley Discovery Portfolio - Class A | 13.55% | (5.58%) | 14.29% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1267546990 |
| # of Portfolio Investments | 71 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $8297306 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| Affirm Holdings, Inc. | 7.5 |
| QXO, Inc. | 6.6 |
| Roivant Sciences Ltd. | 6.5 |
| Royalty Pharma PLC | 5.8 |
| Floor & Decor Holdings, Inc. | 4.8 |
| MongoDB, Inc. | 4.8 |
| Databricks, Inc. | 4.7 |
| Core & Main, Inc. | 4.7 |
| ROBLOX Corp. | 4.6 |

---

### Top Sectors
![Group By Sector Chart](g17207g84p29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.3 |
| Consumer Staples | 3.4 |
| Communication Services | 4.6 |
| Consumer Discretionary | 6.8 |
| Industrials | 12.4 |
| Financials | 12.8 |
| Health Care | 13.9 |
| Information Technology | 37.9 |

---

### Top Countries
![Group By Country Chart](g17207g49i35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 4.9 |
| United States | 90.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $96 | 0.90% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Russell Midcap Growth Index over the 12-month period ending December 31, 2025. Tariff and policy uncertainty remained elevated during the year, alongside a government shutdown in the fourth quarter, while additional Federal Reserve easing and continued artificial intelligence ("AI")-related capital expenditures supported broader market performance. Investor sentiment grew more cautious amid rising scrutiny around AI monetization with signs of slowing momentum across select parts of the economy. Against this backdrop, our investment approach remained unchanged. We continued to invest in high quality businesses that have sustainable competitive advantages and strong secular growth potential, and that operate in large and growing end markets where the penetration rate for their goods/services can be much higher over time. Companies we own tend to be asset light, have little financial leverage, strong pricing power, attractive unit economics, high margins, solid cash generation capability and, in our view, the ability to succeed through different market/macro environments. While we have opportunistically added to some positions and initiated new ones, overall, we have made few changes as we remain confident in the long-term prospects for the businesses we own. We continued to carefully consider and monitor fundamental variables, while managing overall portfolio risk and exposures.

**Top Contributors:**

* Stock selection in Information Technology, led by web performance and security company Cloudflare.

* Stock selection in Financials, where payments technology services platform Affirm led performance within the sector. 

* Stock selection in Health Care, where biopharmaceutical royalties acquirer Royalty Pharma was the sector's largest contributor. 

**Top Detractors:**

* Stock selection in Communication Services, where advertising software platform The Trade Desk detracted the most within the sector.

* Stock selection in Real Estate, driven by underperforming Texas landowner LandBridge.

* Stock selection and an average underweight in Consumer Discretionary, where cross-border ecommerce platform Global-e Online was the sector's greatest detractor.

## Portfolio Performance
![Growth of 10K Chart](g17207g20u23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $37,063** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9154 | $11274 | $10733 |
| **12/2017** | $12807 | $13656 | $13445 |
| **12/2018** | $14108 | $12940 | $12806 |
| **12/2019** | $19769 | $16954 | $17348 |
| **12/2020** | $50038 | $20495 | $23522 |
| **12/2021** | $44645 | $25754 | $26516 |
| **12/2022** | $16732 | $20808 | $19431 |
| **12/2023** | $23569 | $26209 | $24457 |
| **12/2024** | $32745 | $32448 | $29863 |
| **12/2025** | $37063 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Morgan Stanley Discovery Portfolio - Class B | 13.19% | (5.83%) | 14.00% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1267546990 |
| # of Portfolio Investments | 71 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $8297306 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| Affirm Holdings, Inc. | 7.5 |
| QXO, Inc. | 6.6 |
| Roivant Sciences Ltd. | 6.5 |
| Royalty Pharma PLC | 5.8 |
| Floor & Decor Holdings, Inc. | 4.8 |
| MongoDB, Inc. | 4.8 |
| Databricks, Inc. | 4.7 |
| Core & Main, Inc. | 4.7 |
| ROBLOX Corp. | 4.6 |

---

### Top Sectors
![Group By Sector Chart](g17207g84p29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.3 |
| Consumer Staples | 3.4 |
| Communication Services | 4.6 |
| Consumer Discretionary | 6.8 |
| Industrials | 12.4 |
| Financials | 12.8 |
| Health Care | 13.9 |
| Information Technology | 37.9 |

---

### Top Countries
![Group By Country Chart](g17207g49i35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 4.9 |
| United States | 90.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $85 | 0.80% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Russell Midcap Growth Index over the 12-month period ending December 31, 2025. Tariff and policy uncertainty remained elevated during the year, alongside a government shutdown in the fourth quarter, while additional Federal Reserve easing and continued artificial intelligence ("AI")-related capital expenditures supported broader market performance. Investor sentiment grew more cautious amid rising scrutiny around AI monetization with signs of slowing momentum across select parts of the economy. Against this backdrop, our investment approach remained unchanged. We continued to invest in high quality businesses that have sustainable competitive advantages and strong secular growth potential, and that operate in large and growing end markets where the penetration rate for their goods/services can be much higher over time. Companies we own tend to be asset light, have little financial leverage, strong pricing power, attractive unit economics, high margins, solid cash generation capability and, in our view, the ability to succeed through different market/macro environments. While we have opportunistically added to some positions and initiated new ones, overall, we have made few changes as we remain confident in the long-term prospects for the businesses we own. We continued to carefully consider and monitor fundamental variables, while managing overall portfolio risk and exposures.

**Top Contributors:**

* Stock selection in Information Technology, led by web performance and security company Cloudflare.

* Stock selection in Financials, where payments technology services platform Affirm led performance within the sector. 

* Stock selection in Health Care, where biopharmaceutical royalties acquirer Royalty Pharma was the sector's largest contributor. 

**Top Detractors:**

* Stock selection in Communication Services, where advertising software platform The Trade Desk detracted the most within the sector.

* Stock selection in Real Estate, driven by underperforming Texas landowner LandBridge.

* Stock selection and an average underweight in Consumer Discretionary, where cross-border ecommerce platform Global-e Online was the sector's greatest detractor.

## Portfolio Performance
![Growth of 10K Chart](g17207g34y13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $37,448** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9166 | $11274 | $10733 |
| **12/2017** | $12838 | $13656 | $13445 |
| **12/2018** | $14156 | $12940 | $12806 |
| **12/2019** | $19854 | $16954 | $17348 |
| **12/2020** | $50304 | $20495 | $23522 |
| **12/2021** | $44925 | $25754 | $26516 |
| **12/2022** | $16833 | $20808 | $19431 |
| **12/2023** | $23774 | $26209 | $24457 |
| **12/2024** | $33045 | $32448 | $29863 |
| **12/2025** | $37448 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Morgan Stanley Discovery Portfolio - Class E | 13.32% | (5.73%) | 14.11% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1267546990 |
| # of Portfolio Investments | 71 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $8297306 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| Affirm Holdings, Inc. | 7.5 |
| QXO, Inc. | 6.6 |
| Roivant Sciences Ltd. | 6.5 |
| Royalty Pharma PLC | 5.8 |
| Floor & Decor Holdings, Inc. | 4.8 |
| MongoDB, Inc. | 4.8 |
| Databricks, Inc. | 4.7 |
| Core & Main, Inc. | 4.7 |
| ROBLOX Corp. | 4.6 |

---

### Top Sectors
![Group By Sector Chart](g17207g84p29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.3 |
| Consumer Staples | 3.4 |
| Communication Services | 4.6 |
| Consumer Discretionary | 6.8 |
| Industrials | 12.4 |
| Financials | 12.8 |
| Health Care | 13.9 |
| Information Technology | 37.9 |

---

### Top Countries
![Group By Country Chart](g17207g49i35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 4.9 |
| United States | 90.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PanAgora Global Diversified Risk Portfolio: Class B
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PanAgora Global Diversified Risk Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $101 | 0.92% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Dow Jones Moderate Portfolio Index (the "Index") over the 12-month period ending December 31, 2025. The outperformance was largely driven by structural asset allocation differences between the Portfolio and the Index. The Portfolio utilizes a risk-balanced approach to gain exposure to Equities, Fixed Income, and Commodities. Relative to the Index, the Portfolio's overweight to Commodities was a significant contributor to the Portfolio's outperformance.

**Top Contributors:**

* Within Commodities, precious metals and livestock were the top contributors. 

* An overweight to Emerging Market equities contributed to returns. 

**Top Detractors:**

* The long U.S. dollar currency overlay detracted.

* The overweight to Fixed Income, particularly International Sovereign Bonds, was a relative detractor for the period. Within International Sovereign Bonds, Japan was the largest detractor. 

* An underweight to Equities detracted from results. Within Equities, an underweight to U.S. Mid-Cap equities detracted.

## Portfolio Performance
![Growth of 10K Chart](g17207g10y19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $16,302** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $11112 | $10786 | $10209 | $10767 |
| **12/2017** | $12512 | $13372 | $10964 | $12397 |
| **12/2018** | $11562 | $12113 | $10832 | $11752 |
| **12/2019** | $14105 | $15335 | $11573 | $13938 |
| **12/2020** | $15776 | $17828 | $12637 | $15643 |
| **12/2021** | $16785 | $21133 | $12042 | $17114 |
| **12/2022** | $12478 | $17252 | $10086 | $14553 |
| **12/2023** | $13066 | $21082 | $10662 | $16401 |
| **12/2024** | $13603 | $24769 | $10482 | $17803 |
| **12/2025** | $16302 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PanAgora Global Diversified Risk Portfolio - Class B | 19.84% | 0.66% | 5.01% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1250717970 |
| # of Portfolio Investments | 366 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $7779509 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Generali | 0.2 |
| Erste Group Bank AG | 0.1 |
| Manulife Financial Corp. | 0.1 |
| NatWest Group PLC | 0.1 |
| BHP Group Ltd. | 0.1 |
| Telefonaktiebolaget LM Ericsson | 0.1 |
| Allianz SE | 0.1 |
| Mizrahi Tefahot Bank Ltd. | 0.1 |
| Heidelberg Materials AG | 0.1 |
| UniCredit SpA | 0.1 |

---

### Top Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 11.3 |
| U.S. Treasury Inflation-Indexed Bonds | 1 |

---

### **Regional Exposure**![Group By Country Chart](g17207g32p16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan Equity | 3.5 |
| Asia ex-Japan Equity | 6.5 |
| Asia Fixed Income | 11.5 |
| European Equity | 13.3 |
| European Fixed Income | 15.7 |
| Americas Equity | 30.8 |
| Americas Fixed Income | 40.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g07c25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Small Cap Equities | 3.6 |
| Global Developed Inflation-Linked | 3.7 |
| U.S. Large Cap Equities | 9.0 |
| Emerging Market Equities | 14.5 |
| International Developed Equities | 27.0 |
| Commodities | 37.8 |
| Global Developed Bonds | 63.5 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $116 | 1.12% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. TIPS Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year and modestly increased its overweight throughout the year. Similar to the prior calendar year, the Portfolio maintained a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio was overweight breakeven inflation due to sticky inflation and risk of inflation reaccelerating. In particular, the Portfolio favored U.S. and Japanese Inflation Linked Bonds.

**Top Contributors:**

* Interest rate strategies in Europe.

* Interest rate strategies in the U.S. 

* Holdings of securitized credit, particularly Agency Mortgage-Backed Securities, non-Agency Residential Mortgage-Backed Securities and Collateralized Loan Obligations. 

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the Offshore Chinese yuan (CNH), New Taiwanese dollar (TWD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar.

* Short exposure to Dollar Bloc currencies, particularly the Australian dollar (AUD) and Canadian dollar (CAD), as they appreciated relative to the U.S. dollar.

* Breakeven inflation strategies in the U.S.

## Portfolio Performance
![Growth of 10K Chart](g17207g71n77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $13,897** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. TIPS Index $13,550** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10517 | $10265 | $10468 |
| **12/2017** | $10917 | $10628 | $10783 |
| **12/2018** | $10685 | $10630 | $10647 |
| **12/2019** | $11592 | $11556 | $11544 |
| **12/2020** | $12966 | $12424 | $12813 |
| **12/2021** | $13693 | $12232 | $13577 |
| **12/2022** | $12105 | $10641 | $11968 |
| **12/2023** | $12558 | $11229 | $12435 |
| **12/2024** | $12875 | $11369 | $12663 |
| **12/2025** | $13897 | $12199 | $13550 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Inflation Protected Bond Portfolio - Class A | 7.93% | 1.40% | 3.35% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1434984138 |
| # of Portfolio Investments | 599 |
| Portfolio Turnover Rate | 204% |
| Total Advisory Fees Paid | $7102449 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 67.0 |
| U.S. Treasury Inflation-Indexed Bonds | 29.8 |
| Uniform Mortgage-Backed Security, TBA | 11.9 |
| Japan Government CPI-Linked Bonds | 2.5 |
| Government National Mortgage Association REMICS | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Government National Mortgage Association | 1.5 |
| Government National Mortgage Association, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20o05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.9 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Short-Term Investments | 1.8 |
| Foreign Government | 5.0 |
| Asset-Backed Securities | 7.0 |
| Agency Sponsored Mortgage-Backed Securities | 18.6 |
| U.S. Treasury & Government Agencies | 96.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $142 | 1.37% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. TIPS Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year and modestly increased its overweight throughout the year. Similar to the prior calendar year, the Portfolio maintained a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio was overweight breakeven inflation due to sticky inflation and risk of inflation reaccelerating. In particular, the Portfolio favored U.S. and Japanese Inflation Linked Bonds.

**Top Contributors:**

* Interest rate strategies in Europe.

* Interest rate strategies in the U.S. 

* Holdings of securitized credit, particularly Agency Mortgage-Backed Securities, non-Agency Residential Mortgage-Backed Securities and Collateralized Loan Obligations. 

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the Offshore Chinese yuan (CNH), New Taiwanese dollar (TWD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar.

* Short exposure to Dollar Bloc currencies, particularly the Australian dollar (AUD) and Canadian dollar (CAD), as they appreciated relative to the U.S. dollar.

* Breakeven inflation strategies in the U.S.

## Portfolio Performance
![Growth of 10K Chart](g17207g03j99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $13,555** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. TIPS Index $13,550** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10498 | $10265 | $10468 |
| **12/2017** | $10862 | $10628 | $10783 |
| **12/2018** | $10601 | $10630 | $10647 |
| **12/2019** | $11477 | $11556 | $11544 |
| **12/2020** | $12802 | $12424 | $12813 |
| **12/2021** | $13496 | $12232 | $13577 |
| **12/2022** | $11893 | $10641 | $11968 |
| **12/2023** | $12320 | $11229 | $12435 |
| **12/2024** | $12581 | $11369 | $12663 |
| **12/2025** | $13555 | $12199 | $13550 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Inflation Protected Bond Portfolio - Class B | 7.74% | 1.15% | 3.09% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1434984138 |
| # of Portfolio Investments | 599 |
| Portfolio Turnover Rate | 204% |
| Total Advisory Fees Paid | $7102449 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 67.0 |
| U.S. Treasury Inflation-Indexed Bonds | 29.8 |
| Uniform Mortgage-Backed Security, TBA | 11.9 |
| Japan Government CPI-Linked Bonds | 2.5 |
| Government National Mortgage Association REMICS | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Government National Mortgage Association | 1.5 |
| Government National Mortgage Association, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20o05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.9 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Short-Term Investments | 1.8 |
| Foreign Government | 5.0 |
| Asset-Backed Securities | 7.0 |
| Agency Sponsored Mortgage-Backed Securities | 18.6 |
| U.S. Treasury & Government Agencies | 96.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class E
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $132 | 1.27% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. TIPS Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year and modestly increased its overweight throughout the year. Similar to the prior calendar year, the Portfolio maintained a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio was overweight breakeven inflation due to sticky inflation and risk of inflation reaccelerating. In particular, the Portfolio favored U.S. and Japanese Inflation Linked Bonds.

**Top Contributors:**

* Interest rate strategies in Europe.

* Interest rate strategies in the U.S. 

* Holdings of securitized credit, particularly Agency Mortgage-Backed Securities, non-Agency Residential Mortgage-Backed Securities and Collateralized Loan Obligations. 

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the Offshore Chinese yuan (CNH), New Taiwanese dollar (TWD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar.

* Short exposure to Dollar Bloc currencies, particularly the Australian dollar (AUD) and Canadian dollar (CAD), as they appreciated relative to the U.S. dollar.

* Breakeven inflation strategies in the U.S.

## Portfolio Performance
![Growth of 10K Chart](g17207g89v21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $13,686** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. TIPS Index $13,550** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10497 | $10265 | $10468 |
| **12/2017** | $10870 | $10628 | $10783 |
| **12/2018** | $10630 | $10630 | $10647 |
| **12/2019** | $11518 | $11556 | $11544 |
| **12/2020** | $12858 | $12424 | $12813 |
| **12/2021** | $13565 | $12232 | $13577 |
| **12/2022** | $11973 | $10641 | $11968 |
| **12/2023** | $12403 | $11229 | $12435 |
| **12/2024** | $12692 | $11369 | $12663 |
| **12/2025** | $13686 | $12199 | $13550 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Inflation Protected Bond Portfolio - Class E | 7.84% | 1.26% | 3.19% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1434984138 |
| # of Portfolio Investments | 599 |
| Portfolio Turnover Rate | 204% |
| Total Advisory Fees Paid | $7102449 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 67.0 |
| U.S. Treasury Inflation-Indexed Bonds | 29.8 |
| Uniform Mortgage-Backed Security, TBA | 11.9 |
| Japan Government CPI-Linked Bonds | 2.5 |
| Government National Mortgage Association REMICS | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Government National Mortgage Association | 1.5 |
| Government National Mortgage Association, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20o05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.9 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Short-Term Investments | 1.8 |
| Foreign Government | 5.0 |
| Asset-Backed Securities | 7.0 |
| Agency Sponsored Mortgage-Backed Securities | 18.6 |
| U.S. Treasury & Government Agencies | 96.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 0.57% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year, while maintaining a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio favored higher coupon Agency Mortgage-Backed Securities ("MBS") for their attractive spreads and defensive profile.

**Top Contributors:**

* Curve positioning in the U.S., including overweight exposure to the intermediate portion of the curve.

* Overweight exposure to Agency MBS and other securitized assets, particularly Residential MBS and Commercial MBS. 

* Long exposure to select emerging market currencies including the Brazilian real (BRL), Turkish lira (TRY) and the Mexican peso (MXN).

* Eurozone interest rate positioning, particularly an underweight to the long end of the curve, as yields rose.

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the New Taiwanese dollar (TWD), the Singaporean dollar (SGD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the Dollar Bloc, including the Australian dollar (AUD) and Canadian dollar (CAD), as well as short exposure to the Swiss franc (CHF), as they appreciated relative to the U.S. dollar. 

* Long exposure to duration in Australia.

* Exposure to U.S. Treasury Inflation Protected Securities.

## Portfolio Performance
![Growth of 10K Chart](g17207g74t15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $12,867** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10285 | $10265 |
| **12/2017** | $10776 | $10628 |
| **12/2018** | $10779 | $10630 |
| **12/2019** | $11715 | $11556 |
| **12/2020** | $12749 | $12424 |
| **12/2021** | $12604 | $12232 |
| **12/2022** | $10797 | $10641 |
| **12/2023** | $11469 | $11229 |
| **12/2024** | $11782 | $11369 |
| **12/2025** | $12867 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Total Return Portfolio - Class A | 9.21% | 0.19% | 2.55% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3537700457 |
| # of Portfolio Investments | 1535 |
| Portfolio Turnover Rate | 522% |
| Total Advisory Fees Paid | $16254718 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 30.2 |
| U.S. Treasury Bonds | 15.3 |
| Government National Mortgage Association, TBA | 5.0 |
| U.S. Treasury Notes | 3.2 |
| Federal National Mortgage Association | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.2 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 1.9 |
| Government National Mortgage Association | 1.6 |
| Benchmark Mortgage Trust | 1.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20c68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Short-Term Investments | 0.7 |
| Municipals | 1.1 |
| Asset-Backed Securities | 7.8 |
| Foreign Government | 8.9 |
| Non-Agency Mortgage-Backed Securities | 11.0 |
| U.S. Treasury & Government Agencies | 21.7 |
| Corporate Bonds & Notes | 40.7 |
| Agency Sponsored Mortgage-Backed Securities | 44.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $86 | 0.82% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year, while maintaining a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio favored higher coupon Agency Mortgage-Backed Securities ("MBS") for their attractive spreads and defensive profile.

**Top Contributors:**

* Curve positioning in the U.S., including overweight exposure to the intermediate portion of the curve.

* Overweight exposure to Agency MBS and other securitized assets, particularly Residential MBS and Commercial MBS. 

* Long exposure to select emerging market currencies including the Brazilian real (BRL), Turkish lira (TRY) and the Mexican peso (MXN).

* Eurozone interest rate positioning, particularly an underweight to the long end of the curve, as yields rose.

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the New Taiwanese dollar (TWD), the Singaporean dollar (SGD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the Dollar Bloc, including the Australian dollar (AUD) and Canadian dollar (CAD), as well as short exposure to the Swiss franc (CHF), as they appreciated relative to the U.S. dollar. 

* Long exposure to duration in Australia.

* Exposure to U.S. Treasury Inflation Protected Securities.

## Portfolio Performance
![Growth of 10K Chart](g17207g03v88.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $12,549** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10261 | $10265 |
| **12/2017** | $10723 | $10628 |
| **12/2018** | $10698 | $10630 |
| **12/2019** | $11603 | $11556 |
| **12/2020** | $12591 | $12424 |
| **12/2021** | $12416 | $12232 |
| **12/2022** | $10608 | $10641 |
| **12/2023** | $11250 | $11229 |
| **12/2024** | $11523 | $11369 |
| **12/2025** | $12549 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Total Return Portfolio - Class B | 8.90% | (0.07%) | 2.30% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3537700457 |
| # of Portfolio Investments | 1535 |
| Portfolio Turnover Rate | 522% |
| Total Advisory Fees Paid | $16254718 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 30.2 |
| U.S. Treasury Bonds | 15.3 |
| Government National Mortgage Association, TBA | 5.0 |
| U.S. Treasury Notes | 3.2 |
| Federal National Mortgage Association | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.2 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 1.9 |
| Government National Mortgage Association | 1.6 |
| Benchmark Mortgage Trust | 1.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20c68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Short-Term Investments | 0.7 |
| Municipals | 1.1 |
| Asset-Backed Securities | 7.8 |
| Foreign Government | 8.9 |
| Non-Agency Mortgage-Backed Securities | 11.0 |
| U.S. Treasury & Government Agencies | 21.7 |
| Corporate Bonds & Notes | 40.7 |
| Agency Sponsored Mortgage-Backed Securities | 44.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class E
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $75 | 0.72% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. Macroeconomic conditions, such as a cooling labor market, prompted three rate cuts from the U.S. Federal Reserve in 2025. The first rate cut occurred in September, with subsequent rate cuts in October and December. The Portfolio was overweight duration for the entire year, while maintaining a steepening bias, as expressed through an overweight to the intermediate portion of the curve and an underweight to the long end due to expected higher risk premiums. The Portfolio favored higher coupon Agency Mortgage-Backed Securities ("MBS") for their attractive spreads and defensive profile.

**Top Contributors:**

* Curve positioning in the U.S., including overweight exposure to the intermediate portion of the curve.

* Overweight exposure to Agency MBS and other securitized assets, particularly Residential MBS and Commercial MBS. 

* Long exposure to select emerging market currencies including the Brazilian real (BRL), Turkish lira (TRY) and the Mexican peso (MXN).

* Eurozone interest rate positioning, particularly an underweight to the long end of the curve, as yields rose.

**Top Detractors:**

* Short exposure to select emerging market currencies in Asia, particularly the New Taiwanese dollar (TWD), the Singaporean dollar (SGD) and the Korean won (KRW), as they appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the Dollar Bloc, including the Australian dollar (AUD) and Canadian dollar (CAD), as well as short exposure to the Swiss franc (CHF), as they appreciated relative to the U.S. dollar. 

* Long exposure to duration in Australia.

* Exposure to U.S. Treasury Inflation Protected Securities.

## Portfolio Performance
![Growth of 10K Chart](g17207g04k65.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $12,683** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10269 | $10265 |
| **12/2017** | $10746 | $10628 |
| **12/2018** | $10731 | $10630 |
| **12/2019** | $11653 | $11556 |
| **12/2020** | $12659 | $12424 |
| **12/2021** | $12494 | $12232 |
| **12/2022** | $10689 | $10641 |
| **12/2023** | $11344 | $11229 |
| **12/2024** | $11638 | $11369 |
| **12/2025** | $12683 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Total Return Portfolio - Class E | 8.98% | 0.04% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3537700457 |
| # of Portfolio Investments | 1535 |
| Portfolio Turnover Rate | 522% |
| Total Advisory Fees Paid | $16254718 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 30.2 |
| U.S. Treasury Bonds | 15.3 |
| Government National Mortgage Association, TBA | 5.0 |
| U.S. Treasury Notes | 3.2 |
| Federal National Mortgage Association | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.2 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 1.9 |
| Government National Mortgage Association | 1.6 |
| Benchmark Mortgage Trust | 1.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g20c68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Short-Term Investments | 0.7 |
| Municipals | 1.1 |
| Asset-Backed Securities | 7.8 |
| Foreign Government | 8.9 |
| Non-Agency Mortgage-Backed Securities | 11.0 |
| U.S. Treasury & Government Agencies | 21.7 |
| Corporate Bonds & Notes | 40.7 |
| Agency Sponsored Mortgage-Backed Securities | 44.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Schroders Global Multi-Asset Portfolio: Class B
![Image](g17207g43c05.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Schroders Global Multi-Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $101 | 0.96% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ending December 31, 2025. Equity exposures and the interest rate swap ("IRS") were the main contributors to performance. The volatility management overlay and fixed income exposures detracted from returns.

**Top Contributors:**

* Overall equity performance was additive to performance; gains came primarily from security selection which was further bolstered by positive asset allocation. Equity security selection was the largest contributor to performance, driven by strong selection in U.S. and Emerging Market equities which significantly outweighed a marginal drag from poor selection in Asia Pacific, Canadian, and European equities. Equity asset allocation was also positive as an overweight to U.S., Canadian, and European equities offset losses from an underweight to Asia Pacific equities. 

* The IRS overlay contributed positively to performance, as U.S. Treasury yields ended the year lower. Yields declined amid easing inflationary pressures and clearer signals from the Federal Reserve that it was progressing through its rate-cutting cycle.

* Fixed income security selection contributed due to positive selection in both U.S. and International bonds. 

**Top Detractors:**

* The volatility management overlay was the largest detractor, as it was activated in April 2025 post "Liberation Day" announcement, which caused heightened volatility, and remained on during the subsequent recovery in markets.

* Within fixed income, asset allocation detracted due to an overweight to U.S. bonds and an underweight to International bonds.

## Portfolio Performance
![Growth of 10K Chart](g17207g48n95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $16,729** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10565 | $10786 | $10209 | $10767 |
| **12/2017** | $12076 | $13372 | $10964 | $12397 |
| **12/2018** | $10938 | $12113 | $10832 | $11752 |
| **12/2019** | $13288 | $15335 | $11573 | $13938 |
| **12/2020** | $13568 | $17828 | $12637 | $15643 |
| **12/2021** | $15118 | $21133 | $12042 | $17114 |
| **12/2022** | $12069 | $17252 | $10086 | $14553 |
| **12/2023** | $13881 | $21082 | $10662 | $16401 |
| **12/2024** | $15228 | $24769 | $10482 | $17803 |
| **12/2025** | $16729 | $30302 | $11338 | $20263 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Schroders Global Multi-Asset Portfolio - Class B | 9.85% | 4.28% | 5.28% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $586806047 |
| # of Portfolio Investments | 1062 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $3825445 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.3 |
| Alphabet, Inc. | 2.7 |
| Apple, Inc. | 2.5 |
| Microsoft Corp. | 2.5 |
| Amazon.com, Inc. | 1.6 |
| Broadcom, Inc. | 1.2 |
| Meta Platforms, Inc. | 1.2 |
| JPMorgan Chase & Co. | 0.8 |
| Eli Lilly & Co. | 0.7 |
| Tesla, Inc. | 0.7 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Wells Fargo & Co. | 1.6 |
| JPMorgan Chase & Co. | 1.4 |
| Bank of America Corp. | 1.2 |
| Morgan Stanley | 1 |
| Oracle Corp. | 0.8 |
| General Motors Financial Co., Inc. | 0.7 |
| UnitedHealth Group, Inc. | 0.6 |
| AT&T, Inc. | 0.6 |
| Amazon.com, Inc. | 0.6 |
| Virginia Electric & Power Co. | 0.6 |

---

### Top 10 Countries
![Group By Country Chart](g17207g01m32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.8 |
| Ireland | 1 |
| Italy | 1.1 |
| Switzerland | 1.1 |
| France | 1.4 |
| Germany | 1.6 |
| Canada | 2.1 |
| United Kingdom | 2.4 |
| Japan | 2.4 |
| United States | 76.2 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g99m62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Investment Companies | 1 |
| Short-Term Investments | 3.9 |
| Corporate Bonds & Notes | 37.1 |
| Common Stocks | 55.1 |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Emerging Markets Enhanced Index Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 0.55% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the MSCI Emerging Markets Index over the 12-month period ending December 31, 2025. Emerging Market ("EM") equities delivered their best year of relative performance versus Developed Markets since 2017. The year began amid concerns surrounding tariffs, slowing Chinese growth, and softer earnings momentum. These concerns were outweighed by a weakening U.S dollar, January news around Deepseek highlighting China's role in the Artificial Intelligence ("AI") revolution alongside Taiwan and South Korea, and earnings that proved resilient. South Korea posted exceptional returns driven by its role in the AI server supply chain and accelerated capital market reforms. Latin America was the strongest performing region, supported by a weaker dollar and strong commodity prices, particularly metals. Mexico rebounded from early tariff-related pressure, as increased diplomatic cooperation with the U.S. improved investor sentiment.

**Top Contributors:**

* In India, relative outperformance was driven by underweight positions in HDFC Bank and ICICI Bank, which were negatively impacted by regulatory tightening, weaker deposit growth, and foreign investor outflows following U.S. tariff announcements. The Portfolio also benefited from an underweight position in Trent Limited, a retail store operator whose results disappointed.

* Within South Korea, a long-standing overweight to the Financials sector contributed positively, as political stabilization, improving loan quality and increased profitability supported performance. The Portfolio also benefited from the ongoing AI investment cycle through overweights in SK Hynix and Samsung Electronics.

**Top Detractors:**

* Within South Africa, underweights to Impala Platinum and Valterra Platinum detracted from the Portfolio's relative performance, as these positions rallied sharply on higher demand, as investors increasingly viewed platinum as undervalued relative to gold. 

* Underperformance in Brazil was primarily attributable to underweight positioning in the Utilities sector, which benefitted from tariff increases.

## Portfolio Performance
![Growth of 10K Chart](g17207g66o32.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $16,192** | **MSCI Emerging Markets Index $15,349** |
| **04/2019** | $10000 | $10000 |
| **12/2019** | $10380 | $10564 |
| **12/2020** | $11922 | $12498 |
| **12/2021** | $11998 | $12180 |
| **12/2022** | $9583 | $9733 |
| **12/2023** | $10810 | $10690 |
| **12/2024** | $12044 | $11492 |
| **12/2025** | $16192 | $15349 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 4/29/19** |
| SSGA Emerging Markets Enhanced Index Portfolio - Class A | 34.45% | 6.31% | 7.49% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 6.63% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1150436101 |
| # of Portfolio Investments | 564 |
| Portfolio Turnover Rate | 55% |
| Total Advisory Fees Paid | $4041210 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9 |
| Tencent Holdings Ltd. | 4.9 |
| Samsung Electronics Co. Ltd. | 4.5 |
| Alibaba Group Holding Ltd. | 3.2 |
| SK Hynix, Inc. | 2.6 |
| Hon Hai Precision Industry Co. Ltd. | 1.1 |
| HDFC Bank Ltd. | 1 |
| Reliance Industries Ltd. | 0.9 |
| Ping An Insurance Group Co. of China Ltd. | 0.9 |
| MediaTek, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g21x16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3 |
| Health Care | 3.1 |
| Consumer Staples | 3.5 |
| Energy | 3.9 |
| Industrials | 6.8 |
| Materials | 6.9 |
| Communication Services | 9.4 |
| Consumer Discretionary | 11.5 |
| Financials | 22.1 |
| Information Technology | 28.0 |

---

### Top 10 Countries
![Group By Country Chart](g17207g70r48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Malaysia | 1.1 |
| United Arab Emirates | 1.6 |
| Mexico | 2.0 |
| Saudi Arabia | 2.9 |
| South Africa | 3.0 |
| Brazil | 4.1 |
| South Korea | 13.5 |
| India | 15.1 |
| Taiwan | 20.5 |
| China | 26.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On April 28, 2025, Brighthouse Funds Trust I - SSGA Emerging Markets Enhanced Index Portfolio II merged into the Portfolio.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Emerging Markets Enhanced Index Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $94 | 0.80% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the MSCI Emerging Markets Index over the 12-month period ending December 31, 2025. Emerging Market ("EM") equities delivered their best year of relative performance versus Developed Markets since 2017. The year began amid concerns surrounding tariffs, slowing Chinese growth, and softer earnings momentum. These concerns were outweighed by a weakening U.S dollar, January news around Deepseek highlighting China's role in the Artificial Intelligence ("AI") revolution alongside Taiwan and South Korea, and earnings that proved resilient. South Korea posted exceptional returns driven by its role in the AI server supply chain and accelerated capital market reforms. Latin America was the strongest performing region, supported by a weaker dollar and strong commodity prices, particularly metals. Mexico rebounded from early tariff-related pressure, as increased diplomatic cooperation with the U.S. improved investor sentiment.

**Top Contributors:**

* In India, relative outperformance was driven by underweight positions in HDFC Bank and ICICI Bank, which were negatively impacted by regulatory tightening, weaker deposit growth, and foreign investor outflows following U.S. tariff announcements. The Portfolio also benefited from an underweight position in Trent Limited, a retail store operator whose results disappointed.

* Within South Korea, a long-standing overweight to the Financials sector contributed positively, as political stabilization, improving loan quality and increased profitability supported performance. The Portfolio also benefited from the ongoing AI investment cycle through overweights in SK Hynix and Samsung Electronics.

**Top Detractors:**

* Within South Africa, underweights to Impala Platinum and Valterra Platinum detracted from the Portfolio's relative performance, as these positions rallied sharply on higher demand, as investors increasingly viewed platinum as undervalued relative to gold. 

* Underperformance in Brazil was primarily attributable to underweight positioning in the Utilities sector, which benefitted from tariff increases.

## Portfolio Performance
![Growth of 10K Chart](g17207g70z71.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $15,936** | **MSCI Emerging Markets Index $15,349** |
| **04/2019** | $10000 | $10000 |
| **12/2019** | $10370 | $10564 |
| **12/2020** | $11888 | $12498 |
| **12/2021** | $11925 | $12180 |
| **12/2022** | $9502 | $9733 |
| **12/2023** | $10690 | $10690 |
| **12/2024** | $11880 | $11492 |
| **12/2025** | $15936 | $15349 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 4/29/19** |
| SSGA Emerging Markets Enhanced Index Portfolio - Class B | 34.14% | 6.04% | 7.23% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 6.63% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1150436101 |
| # of Portfolio Investments | 564 |
| Portfolio Turnover Rate | 55% |
| Total Advisory Fees Paid | $4041210 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9 |
| Tencent Holdings Ltd. | 4.9 |
| Samsung Electronics Co. Ltd. | 4.5 |
| Alibaba Group Holding Ltd. | 3.2 |
| SK Hynix, Inc. | 2.6 |
| Hon Hai Precision Industry Co. Ltd. | 1.1 |
| HDFC Bank Ltd. | 1 |
| Reliance Industries Ltd. | 0.9 |
| Ping An Insurance Group Co. of China Ltd. | 0.9 |
| MediaTek, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g21x16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3 |
| Health Care | 3.1 |
| Consumer Staples | 3.5 |
| Energy | 3.9 |
| Industrials | 6.8 |
| Materials | 6.9 |
| Communication Services | 9.4 |
| Consumer Discretionary | 11.5 |
| Financials | 22.1 |
| Information Technology | 28.0 |

---

### Top 10 Countries
![Group By Country Chart](g17207g70r48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Malaysia | 1.1 |
| United Arab Emirates | 1.6 |
| Mexico | 2.0 |
| Saudi Arabia | 2.9 |
| South Africa | 3.0 |
| Brazil | 4.1 |
| South Korea | 13.5 |
| India | 15.1 |
| Taiwan | 20.5 |
| China | 26.8 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On April 28, 2025, Brighthouse Funds Trust I - SSGA Emerging Markets Enhanced Index Portfolio II merged into the Portfolio.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.33% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International Developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g71d68.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $21,847** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10603 | $10786 |
| **12/2017** | $12322 | $13372 |
| **12/2018** | $11547 | $12113 |
| **12/2019** | $13842 | $15335 |
| **12/2020** | $15245 | $17828 |
| **12/2021** | $17320 | $21133 |
| **12/2022** | $14707 | $17252 |
| **12/2023** | $16784 | $21082 |
| **12/2024** | $18659 | $24769 |
| **12/2025** | $21847 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth and Income ETF Portfolio - Class A | 17.09% | 7.46% | 8.13% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1664567469 |
| # of Portfolio Investments | 47 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $5111246 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 18.7 |
| iShares Core S&P 500 ETF | 13.8 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 11.9 |
| Vanguard Total Bond Market ETF | 11.1 |
| iShares Core MSCI Emerging Markets ETF | 8.8 |
| iShares Core S&P Small-Cap ETF | 4.6 |
| SPDR Gold Shares | 4.5 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| iShares 20+ Year Treasury Bond ETF | 4.0 |
| State Street SPDR Bloomberg High Yield Bond ETF | 2.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g48r56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 2.6 |
| U.S. Small Cap Equities | 4.6 |
| Commodities | 7.0 |
| High Yield Fixed Income | 7.8 |
| Emerging Market Equities | 8.8 |
| International Developed Market Equities | 13.9 |
| Investment Grade Fixed Income | 20.2 |
| U.S. Large Cap Equities | 32.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $63 | 0.58% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International Developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g37b13.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $21,294** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10578 | $10786 |
| **12/2017** | $12256 | $13372 |
| **12/2018** | $11457 | $12113 |
| **12/2019** | $13704 | $15335 |
| **12/2020** | $15050 | $17828 |
| **12/2021** | $17064 | $21133 |
| **12/2022** | $14440 | $17252 |
| **12/2023** | $16457 | $21082 |
| **12/2024** | $18235 | $24769 |
| **12/2025** | $21294 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth and Income ETF Portfolio - Class B | 16.78% | 7.19% | 7.85% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1664567469 |
| # of Portfolio Investments | 47 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $5111246 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 18.7 |
| iShares Core S&P 500 ETF | 13.8 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 11.9 |
| Vanguard Total Bond Market ETF | 11.1 |
| iShares Core MSCI Emerging Markets ETF | 8.8 |
| iShares Core S&P Small-Cap ETF | 4.6 |
| SPDR Gold Shares | 4.5 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| iShares 20+ Year Treasury Bond ETF | 4.0 |
| State Street SPDR Bloomberg High Yield Bond ETF | 2.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g48r56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 2.6 |
| U.S. Small Cap Equities | 4.6 |
| Commodities | 7.0 |
| High Yield Fixed Income | 7.8 |
| Emerging Market Equities | 8.8 |
| International Developed Market Equities | 13.9 |
| Investment Grade Fixed Income | 20.2 |
| U.S. Large Cap Equities | 32.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class E
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $52 | 0.48% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International Developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g93p31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $21,510** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10587 | $10786 |
| **12/2017** | $12282 | $13372 |
| **12/2018** | $11498 | $12113 |
| **12/2019** | $13748 | $15335 |
| **12/2020** | $15125 | $17828 |
| **12/2021** | $17170 | $21133 |
| **12/2022** | $14550 | $17252 |
| **12/2023** | $16576 | $21082 |
| **12/2024** | $18395 | $24769 |
| **12/2025** | $21510 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth and Income ETF Portfolio - Class E | 16.93% | 7.30% | 7.96% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1664567469 |
| # of Portfolio Investments | 47 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $5111246 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 18.7 |
| iShares Core S&P 500 ETF | 13.8 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 11.9 |
| Vanguard Total Bond Market ETF | 11.1 |
| iShares Core MSCI Emerging Markets ETF | 8.8 |
| iShares Core S&P Small-Cap ETF | 4.6 |
| SPDR Gold Shares | 4.5 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| iShares 20+ Year Treasury Bond ETF | 4.0 |
| State Street SPDR Bloomberg High Yield Bond ETF | 2.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g48r56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 2.6 |
| U.S. Small Cap Equities | 4.6 |
| Commodities | 7.0 |
| High Yield Fixed Income | 7.8 |
| Emerging Market Equities | 8.8 |
| International Developed Market Equities | 13.9 |
| Investment Grade Fixed Income | 20.2 |
| U.S. Large Cap Equities | 32.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.36% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantitative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g30v83.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $24,954** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10704 | $10786 |
| **12/2017** | $12843 | $13372 |
| **12/2018** | $11759 | $12113 |
| **12/2019** | $14417 | $15335 |
| **12/2020** | $16011 | $17828 |
| **12/2021** | $18874 | $21133 |
| **12/2022** | $15916 | $17252 |
| **12/2023** | $18483 | $21082 |
| **12/2024** | $20878 | $24769 |
| **12/2025** | $24954 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth ETF Portfolio - Class A | 19.53% | 9.28% | 9.58% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $757364420 |
| # of Portfolio Investments | 31 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $2347526 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 23.2 |
| iShares Core S&P 500 ETF | 17.4 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 16.6 |
| iShares Core MSCI Emerging Markets ETF | 11.3 |
| iShares Core S&P Small-Cap ETF | 6.2 |
| iShares Core S&P Mid-Cap ETF | 4.2 |
| SPDR Gold Shares | 4.2 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.4 |
| iShares 20+ Year Treasury Bond ETF | 3.0 |
| Schwab International Small-Cap Equity ETF | 3.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g35g86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Grade Fixed Income | 3.5 |
| U.S. Mid Cap Equities | 4.2 |
| High Yield Fixed Income | 4.5 |
| U.S. Small Cap Equities | 6.2 |
| Commodities | 7.6 |
| Emerging Market Equities | 11.3 |
| International Developed Market Equities | 19.6 |
| U.S. Large Cap Equities | 40.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $67 | 0.61% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantitative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g77g75.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $24,354** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10688 | $10786 |
| **12/2017** | $12786 | $13372 |
| **12/2018** | $11668 | $12113 |
| **12/2019** | $14287 | $15335 |
| **12/2020** | $15823 | $17828 |
| **12/2021** | $18608 | $21133 |
| **12/2022** | $15654 | $17252 |
| **12/2023** | $18120 | $21082 |
| **12/2024** | $20426 | $24769 |
| **12/2025** | $24354 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth ETF Portfolio - Class B | 19.23% | 9.01% | 9.31% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $757364420 |
| # of Portfolio Investments | 31 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $2347526 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 23.2 |
| iShares Core S&P 500 ETF | 17.4 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 16.6 |
| iShares Core MSCI Emerging Markets ETF | 11.3 |
| iShares Core S&P Small-Cap ETF | 6.2 |
| iShares Core S&P Mid-Cap ETF | 4.2 |
| SPDR Gold Shares | 4.2 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.4 |
| iShares 20+ Year Treasury Bond ETF | 3.0 |
| Schwab International Small-Cap Equity ETF | 3.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g35g86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Grade Fixed Income | 3.5 |
| U.S. Mid Cap Equities | 4.2 |
| High Yield Fixed Income | 4.5 |
| U.S. Small Cap Equities | 6.2 |
| Commodities | 7.6 |
| Emerging Market Equities | 11.3 |
| International Developed Market Equities | 19.6 |
| U.S. Large Cap Equities | 40.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class E
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $56 | 0.51% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World Index over the 12-month period ending December 31, 2025. In 2025, the U.S. economy showed gradual progress on inflation while price levels remained above the U.S. Federal Reserve's preferred range. The U.S. Federal Reserve responded by easing policy later in the year, adjusting its approach as tariff-related uncertainty persisted. Strong corporate earnings supported by advances in artificial intelligence and increased demand for data center capacity helped maintain solid equity market performance. Despite ongoing inflation, the global economy showed resilience and solid corporate profitability helped sustain confidence in U.S. financial markets even as growth slowed.

**Top Contributors:**

* Allocation to U.S. and Emerging Market equities.

* Overweight to Gold, supported by technical and fundamental factors in its quantitative framework.

**Top Detractors:**

* Out of benchmark position in U.S. Long Treasuries and Intermediate Corporate bonds.

* Underweight to International developed equities.

* Overweight to broad Commodities.

## Portfolio Performance
![Growth of 10K Chart](g17207g31h91.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $24,580** | **MSCI All Country World Index $30,302** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10690 | $10786 |
| **12/2017** | $12807 | $13372 |
| **12/2018** | $11702 | $12113 |
| **12/2019** | $14339 | $15335 |
| **12/2020** | $15892 | $17828 |
| **12/2021** | $18713 | $21133 |
| **12/2022** | $15760 | $17252 |
| **12/2023** | $18270 | $21082 |
| **12/2024** | $20605 | $24769 |
| **12/2025** | $24580 | $30302 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SSGA Growth ETF Portfolio - Class E | 19.29% | 9.11% | 9.41% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $757364420 |
| # of Portfolio Investments | 31 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $2347526 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| State Street SPDR S&P 500 ETF Trust | 23.2 |
| iShares Core S&P 500 ETF | 17.4 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 16.6 |
| iShares Core MSCI Emerging Markets ETF | 11.3 |
| iShares Core S&P Small-Cap ETF | 6.2 |
| iShares Core S&P Mid-Cap ETF | 4.2 |
| SPDR Gold Shares | 4.2 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.4 |
| iShares 20+ Year Treasury Bond ETF | 3.0 |
| Schwab International Small-Cap Equity ETF | 3.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g35g86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Grade Fixed Income | 3.5 |
| U.S. Mid Cap Equities | 4.2 |
| High Yield Fixed Income | 4.5 |
| U.S. Small Cap Equities | 6.2 |
| Commodities | 7.6 |
| Emerging Market Equities | 11.3 |
| International Developed Market Equities | 19.6 |
| U.S. Large Cap Equities | 40.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class A

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 0.52% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Value Index over the 12-month period ending December 31, 2025. U.S. equities rose in 2025, rebounding from early tariff concerns after a temporary implementation pause that allowed for improved trade negotiations. Favorable corporate earnings, investor interest in artificial intelligence and high-growth companies, supportive tax legislation, and U.S. Federal Reserve interest rate cuts contributed to sustained market strength despite persistent elevated inflation throughout the year.

**Top Contributors:**

* Stock selection in Financials led contributors to relative performance. Shares of Citigroup rebounded from April lows, supported by rising net interest income, strong capital markets results, and optimism surrounding the business's restructuring efforts. Better-than-feared consumer credit trends also contributed to gains.

* Stock selection in Industrials and Business Services also added value. GE Aerospace shares rose over the year as robust commercial aviation demand drove strong financial results and consistent guidance raises. Solid aftermarket services, operational improvements, and a substantial order backlog aided revenue visibility, with increased share buybacks and dividends further supporting investor confidence.

**Top Detractors:**

* Stock selection in Health Care detracted from relative performance. Shares of Zimmer Biomet Holdings were pressured by a series of underwhelming quarterly results, which reflected tariff headwinds, missed revenue estimates, reduced annual guidance, and operational strains from the cancellation of international distributor orders. Competitive pressures in its core Hip and Knee segments exacerbated underperformance.

* Stock selection in Consumer Staples also hindered results. Shares of Kenvue declined amid operational challenges alongside regulatory concerns after U.S. health officials linked prenatal acetaminophen use to increased autism risk, reigniting litigation fears. While medical rebuttals sparked a partial recovery, a U.K. talc-related class action lawsuit renewed downward pressure.

## Portfolio Performance
![Growth of 10K Chart](g17207g11l96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,802** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11620 | $11274 | $11734 |
| **12/2017** | $13627 | $13656 | $13337 |
| **12/2018** | $12407 | $12940 | $12235 |
| **12/2019** | $15734 | $16954 | $15482 |
| **12/2020** | $16229 | $20495 | $15915 |
| **12/2021** | $20497 | $25754 | $19919 |
| **12/2022** | $19495 | $20808 | $18418 |
| **12/2023** | $21426 | $26209 | $20529 |
| **12/2024** | $23862 | $32448 | $23478 |
| **12/2025** | $26802 | $38012 | $27213 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Value Portfolio - Class A | 12.32% | 10.55% | 10.36% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2509688174 |
| # of Portfolio Investments | 112 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $12408542 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 4.4 |
| Bank of America Corp. | 4.3 |
| Charles Schwab Corp. | 3.1 |
| ConocoPhillips | 2.5 |
| Chubb Ltd. | 2.4 |
| Elevance Health, Inc. | 2.4 |
| CSX Corp. | 2.3 |
| Procter & Gamble Co. | 2.2 |
| Amazon.com, Inc. | 2.2 |
| U.S. Bancorp | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77h99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.6 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.6 |
| Consumer Staples | 6.7 |
| Communication Services | 7.6 |
| Energy | 7.6 |
| Information Technology | 12.3 |
| Health Care | 13.4 |
| Industrials | 13.6 |
| Financials | 22.0 |

---

### Top Countries
![Group By Country Chart](g17207g21w71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.3 |
| United Kingdom | 0.9 |
| Germany | 1.1 |
| France | 1.1 |
| South Korea | 1.7 |
| United States | 94.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class B

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $82 | 0.77% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Value Index over the 12-month period ending December 31, 2025. U.S. equities rose in 2025, rebounding from early tariff concerns after a temporary implementation pause that allowed for improved trade negotiations. Favorable corporate earnings, investor interest in artificial intelligence and high-growth companies, supportive tax legislation, and U.S. Federal Reserve interest rate cuts contributed to sustained market strength despite persistent elevated inflation throughout the year.

**Top Contributors:**

* Stock selection in Financials led contributors to relative performance. Shares of Citigroup rebounded from April lows, supported by rising net interest income, strong capital markets results, and optimism surrounding the business's restructuring efforts. Better-than-feared consumer credit trends also contributed to gains.

* Stock selection in Industrials and Business Services also added value. GE Aerospace shares rose over the year as robust commercial aviation demand drove strong financial results and consistent guidance raises. Solid aftermarket services, operational improvements, and a substantial order backlog aided revenue visibility, with increased share buybacks and dividends further supporting investor confidence.

**Top Detractors:**

* Stock selection in Health Care detracted from relative performance. Shares of Zimmer Biomet Holdings were pressured by a series of underwhelming quarterly results, which reflected tariff headwinds, missed revenue estimates, reduced annual guidance, and operational strains from the cancellation of international distributor orders. Competitive pressures in its core Hip and Knee segments exacerbated underperformance.

* Stock selection in Consumer Staples also hindered results. Shares of Kenvue declined amid operational challenges alongside regulatory concerns after U.S. health officials linked prenatal acetaminophen use to increased autism risk, reigniting litigation fears. While medical rebuttals sparked a partial recovery, a U.K. talc-related class action lawsuit renewed downward pressure.

## Portfolio Performance
![Growth of 10K Chart](g17207g91r74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $26,148** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11594 | $11274 | $11734 |
| **12/2017** | $13559 | $13656 | $13337 |
| **12/2018** | $12318 | $12940 | $12235 |
| **12/2019** | $15584 | $16954 | $15482 |
| **12/2020** | $16031 | $20495 | $15915 |
| **12/2021** | $20195 | $25754 | $19919 |
| **12/2022** | $19155 | $20808 | $18418 |
| **12/2023** | $21002 | $26209 | $20529 |
| **12/2024** | $23335 | $32448 | $23478 |
| **12/2025** | $26148 | $38012 | $27213 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Value Portfolio - Class B | 12.05% | 10.28% | 10.09% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2509688174 |
| # of Portfolio Investments | 112 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $12408542 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 4.4 |
| Bank of America Corp. | 4.3 |
| Charles Schwab Corp. | 3.1 |
| ConocoPhillips | 2.5 |
| Chubb Ltd. | 2.4 |
| Elevance Health, Inc. | 2.4 |
| CSX Corp. | 2.3 |
| Procter & Gamble Co. | 2.2 |
| Amazon.com, Inc. | 2.2 |
| U.S. Bancorp | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77h99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.6 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.6 |
| Consumer Staples | 6.7 |
| Communication Services | 7.6 |
| Energy | 7.6 |
| Information Technology | 12.3 |
| Health Care | 13.4 |
| Industrials | 13.6 |
| Financials | 22.0 |

---

### Top Countries
![Group By Country Chart](g17207g21w71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.3 |
| United Kingdom | 0.9 |
| Germany | 1.1 |
| France | 1.1 |
| South Korea | 1.7 |
| United States | 94.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class E

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $71 | 0.67% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Value Index over the 12-month period ending December 31, 2025. U.S. equities rose in 2025, rebounding from early tariff concerns after a temporary implementation pause that allowed for improved trade negotiations. Favorable corporate earnings, investor interest in artificial intelligence and high-growth companies, supportive tax legislation, and U.S. Federal Reserve interest rate cuts contributed to sustained market strength despite persistent elevated inflation throughout the year.

**Top Contributors:**

* Stock selection in Financials led contributors to relative performance. Shares of Citigroup rebounded from April lows, supported by rising net interest income, strong capital markets results, and optimism surrounding the business's restructuring efforts. Better-than-feared consumer credit trends also contributed to gains.

* Stock selection in Industrials and Business Services also added value. GE Aerospace shares rose over the year as robust commercial aviation demand drove strong financial results and consistent guidance raises. Solid aftermarket services, operational improvements, and a substantial order backlog aided revenue visibility, with increased share buybacks and dividends further supporting investor confidence.

**Top Detractors:**

* Stock selection in Health Care detracted from relative performance. Shares of Zimmer Biomet Holdings were pressured by a series of underwhelming quarterly results, which reflected tariff headwinds, missed revenue estimates, reduced annual guidance, and operational strains from the cancellation of international distributor orders. Competitive pressures in its core Hip and Knee segments exacerbated underperformance.

* Stock selection in Consumer Staples also hindered results. Shares of Kenvue declined amid operational challenges alongside regulatory concerns after U.S. health officials linked prenatal acetaminophen use to increased autism risk, reigniting litigation fears. While medical rebuttals sparked a partial recovery, a U.K. talc-related class action lawsuit renewed downward pressure.

## Portfolio Performance
![Growth of 10K Chart](g17207g34z72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $26,408** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11606 | $11274 | $11734 |
| **12/2017** | $13587 | $13656 | $13337 |
| **12/2018** | $12356 | $12940 | $12235 |
| **12/2019** | $15644 | $16954 | $15482 |
| **12/2020** | $16113 | $20495 | $15915 |
| **12/2021** | $20322 | $25754 | $19919 |
| **12/2022** | $19290 | $20808 | $18418 |
| **12/2023** | $21177 | $26209 | $20529 |
| **12/2024** | $23545 | $32448 | $23478 |
| **12/2025** | $26408 | $38012 | $27213 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Value Portfolio - Class E | 12.16% | 10.39% | 10.20% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2509688174 |
| # of Portfolio Investments | 112 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $12408542 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. | 4.4 |
| Bank of America Corp. | 4.3 |
| Charles Schwab Corp. | 3.1 |
| ConocoPhillips | 2.5 |
| Chubb Ltd. | 2.4 |
| Elevance Health, Inc. | 2.4 |
| CSX Corp. | 2.3 |
| Procter & Gamble Co. | 2.2 |
| Amazon.com, Inc. | 2.2 |
| U.S. Bancorp | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g77h99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.6 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.6 |
| Consumer Staples | 6.7 |
| Communication Services | 7.6 |
| Energy | 7.6 |
| Information Technology | 12.3 |
| Health Care | 13.4 |
| Industrials | 13.6 |
| Financials | 22.0 |

---

### Top Countries
![Group By Country Chart](g17207g21w71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.3 |
| United Kingdom | 0.9 |
| Germany | 1.1 |
| France | 1.1 |
| South Korea | 1.7 |
| United States | 94.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class A

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 0.66% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap Growth Index for the 12-month period ended December 31, 2025. After a challenging start to 2025, the market weathered concerns about tariffs, the economy, global conflicts, the longest federal government shutdown in U.S. history, and heightened valuations among artificial intelligence-related companies. Within the mid-cap space, growth stocks lagged value counterparts. Within the Russell Midcap Growth Index, speculative factors performed best.

**Top Contributors:**

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in Consumer Staples. 

* Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. 

* Stock selection in Energy, notably the Portfolio's holding in global offshore oil field service and equipment company, TechnipFMP, also added value. 

**Top Detractors:**

* On the negative side, the leading detractor from relative performance was stock selection in Health Care. 

* Shares of medical device manufacturing company, Teleflex, declined as investors took in announcements including a tax-free spin of a portion of its business and the retirement of its CFO. 

* Stock selection in Industrials and Business Services also weighed on relative results. The Portfolio's stake in human capital management software vendor, Paylocity, was a notable detractor in the sector, in addition to avoiding several names in the space with more speculative characteristics that had strong results. 

## Portfolio Performance
![Growth of 10K Chart](g17207g22u33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,056** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10652 | $11274 | $10733 |
| **12/2017** | $13329 | $13656 | $13445 |
| **12/2018** | $13061 | $12940 | $12806 |
| **12/2019** | $17164 | $16954 | $17348 |
| **12/2020** | $21336 | $20495 | $23522 |
| **12/2021** | $24567 | $25754 | $26516 |
| **12/2022** | $19081 | $20808 | $19431 |
| **12/2023** | $22918 | $26209 | $24457 |
| **12/2024** | $25116 | $32448 | $29863 |
| **12/2025** | $26056 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Mid Cap Growth Portfolio - Class A | 3.75% | 4.08% | 10.05% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1140449814 |
| # of Portfolio Investments | 162 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $7311644 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Hilton Worldwide Holdings, Inc. | 2.4 |
| Agilent Technologies, Inc. | 2.1 |
| PTC, Inc. | 2.0 |
| Yum! Brands, Inc. | 1.9 |
| Lattice Semiconductor Corp. | 1.9 |
| Mettler-Toledo International, Inc. | 1.8 |
| Assurant, Inc. | 1.7 |
| Viking Holdings Ltd. | 1.7 |
| Tyler Technologies, Inc. | 1.6 |
| Liberty Media Corp.-Liberty Formula One | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g15w02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.4 |
| Materials | 2.7 |
| Consumer Staples | 3.1 |
| Energy | 4.1 |
| Communication Services | 4.7 |
| Financials | 8.3 |
| Industrials | 15.0 |
| Consumer Discretionary | 18.2 |
| Information Technology | 19.2 |
| Health Care | 20.9 |

---

### Top Countries
![Group By Country Chart](g17207g19a49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.1 |
| Canada | 0.5 |
| Denmark | 0.7 |
| Netherlands | 0.7 |
| Switzerland | 0.7 |
| Germany | 1.1 |
| United Kingdom | 1.4 |
| United States | 91.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class B

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $93 | 0.91% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap Growth Index for the 12-month period ended December 31, 2025. After a challenging start to 2025, the market weathered concerns about tariffs, the economy, global conflicts, the longest federal government shutdown in U.S. history, and heightened valuations among artificial intelligence-related companies. Within the mid-cap space, growth stocks lagged value counterparts. Within the Russell Midcap Growth Index, speculative factors performed best.

**Top Contributors:**

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in Consumer Staples. 

* Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. 

* Stock selection in Energy, notably the Portfolio's holding in global offshore oil field service and equipment company, TechnipFMP, also added value. 

**Top Detractors:**

* On the negative side, the leading detractor from relative performance was stock selection in Health Care. 

* Shares of medical device manufacturing company, Teleflex, declined as investors took in announcements including a tax-free spin of a portion of its business and the retirement of its CFO. 

* Stock selection in Industrials and Business Services also weighed on relative results. The Portfolio's stake in human capital management software vendor, Paylocity, was a notable detractor in the sector, in addition to avoiding several names in the space with more speculative characteristics that had strong results. 

## Portfolio Performance
![Growth of 10K Chart](g17207g27n07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $25,399** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10622 | $11274 | $10733 |
| **12/2017** | $13250 | $13656 | $13445 |
| **12/2018** | $12959 | $12940 | $12806 |
| **12/2019** | $16985 | $16954 | $17348 |
| **12/2020** | $21048 | $20495 | $23522 |
| **12/2021** | $24200 | $25754 | $26516 |
| **12/2022** | $18748 | $20808 | $19431 |
| **12/2023** | $22468 | $26209 | $24457 |
| **12/2024** | $24560 | $32448 | $29863 |
| **12/2025** | $25399 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Mid Cap Growth Portfolio - Class B | 3.42% | 3.83% | 9.77% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1140449814 |
| # of Portfolio Investments | 162 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $7311644 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Hilton Worldwide Holdings, Inc. | 2.4 |
| Agilent Technologies, Inc. | 2.1 |
| PTC, Inc. | 2.0 |
| Yum! Brands, Inc. | 1.9 |
| Lattice Semiconductor Corp. | 1.9 |
| Mettler-Toledo International, Inc. | 1.8 |
| Assurant, Inc. | 1.7 |
| Viking Holdings Ltd. | 1.7 |
| Tyler Technologies, Inc. | 1.6 |
| Liberty Media Corp.-Liberty Formula One | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g15w02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.4 |
| Materials | 2.7 |
| Consumer Staples | 3.1 |
| Energy | 4.1 |
| Communication Services | 4.7 |
| Financials | 8.3 |
| Industrials | 15.0 |
| Consumer Discretionary | 18.2 |
| Information Technology | 19.2 |
| Health Care | 20.9 |

---

### Top Countries
![Group By Country Chart](g17207g19a49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.1 |
| Canada | 0.5 |
| Denmark | 0.7 |
| Netherlands | 0.7 |
| Switzerland | 0.7 |
| Germany | 1.1 |
| United Kingdom | 1.4 |
| United States | 91.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class E

![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $82 | 0.81% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap Growth Index for the 12-month period ended December 31, 2025. After a challenging start to 2025, the market weathered concerns about tariffs, the economy, global conflicts, the longest federal government shutdown in U.S. history, and heightened valuations among artificial intelligence-related companies. Within the mid-cap space, growth stocks lagged value counterparts. Within the Russell Midcap Growth Index, speculative factors performed best.

**Top Contributors:**

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in Consumer Staples. 

* Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. 

* Stock selection in Energy, notably the Portfolio's holding in global offshore oil field service and equipment company, TechnipFMP, also added value. 

**Top Detractors:**

* On the negative side, the leading detractor from relative performance was stock selection in Health Care. 

* Shares of medical device manufacturing company, Teleflex, declined as investors took in announcements including a tax-free spin of a portion of its business and the retirement of its CFO. 

* Stock selection in Industrials and Business Services also weighed on relative results. The Portfolio's stake in human capital management software vendor, Paylocity, was a notable detractor in the sector, in addition to avoiding several names in the space with more speculative characteristics that had strong results. 

## Portfolio Performance
![Growth of 10K Chart](g17207g73k44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,663** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10636 | $11274 | $10733 |
| **12/2017** | $13279 | $13656 | $13445 |
| **12/2018** | $12998 | $12940 | $12806 |
| **12/2019** | $17067 | $16954 | $17348 |
| **12/2020** | $21178 | $20495 | $23522 |
| **12/2021** | $24351 | $25754 | $26516 |
| **12/2022** | $18871 | $20808 | $19431 |
| **12/2023** | $22648 | $26209 | $24457 |
| **12/2024** | $24765 | $32448 | $29863 |
| **12/2025** | $25663 | $38012 | $32448 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Mid Cap Growth Portfolio - Class E | 3.62% | 3.92% | 9.88% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1140449814 |
| # of Portfolio Investments | 162 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $7311644 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Hilton Worldwide Holdings, Inc. | 2.4 |
| Agilent Technologies, Inc. | 2.1 |
| PTC, Inc. | 2.0 |
| Yum! Brands, Inc. | 1.9 |
| Lattice Semiconductor Corp. | 1.9 |
| Mettler-Toledo International, Inc. | 1.8 |
| Assurant, Inc. | 1.7 |
| Viking Holdings Ltd. | 1.7 |
| Tyler Technologies, Inc. | 1.6 |
| Liberty Media Corp.-Liberty Formula One | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g15w02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.4 |
| Materials | 2.7 |
| Consumer Staples | 3.1 |
| Energy | 4.1 |
| Communication Services | 4.7 |
| Financials | 8.3 |
| Industrials | 15.0 |
| Consumer Discretionary | 18.2 |
| Information Technology | 19.2 |
| Health Care | 20.9 |

---

### Top Countries
![Group By Country Chart](g17207g19a49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.1 |
| Canada | 0.5 |
| Denmark | 0.7 |
| Netherlands | 0.7 |
| Switzerland | 0.7 |
| Germany | 1.1 |
| United Kingdom | 1.4 |
| United States | 91.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# TCW Core Fixed Income Portfolio: Class A
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the TCW Core Fixed Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $48 | 0.46% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. As the U.S. Federal Reserve cut interest rates throughout the year, short and intermediate parts of the yield curve fell by more than long end rates, which contributed to a steeper Treasury curve. With that, interest rate volatility moderated and benefitted Agency Mortgage-Backed Securities ("MBS"), a sector that saw 171 basis points of excess returns over comparable Treasuries. Meanwhile, investment grade and high yield corporate sectors went through various periods of volatility, especially during April, but ultimately bested comparable Treasuries by 126 and 260 basis points, respectively.

**Top Contributors:**

* A longer than index duration position and emphasis on the 2- and 5-Year tenors rewarded relative performance as the curve steepened with short and intermediate maturities outperforming the long end.

* A sizeable overweight to securitized sectors boosted relative performance, particularly Agency MBS, which was one of the top-performing fixed income sectors as interest rate volatility moderated and nominal spreads tightened meaningfully. 

* Favorable issue selection among Asset-Backed Securities and Commercial Mortgage-Backed Securities contributed positively, reflecting a focus on higher-quality cash-flow profiles and structures with attractive carry and convexity. Additionally, corporate issue selection was positive as additions made amid early year volatility were subsequently trimmed at attractive levels to capture gains. 

**Top Detractors:**

* The Portfolio maintained an underweight to Investment Grade credit given historically tight spread levels. Although this underweight insulated Portfolio returns during the selloff in April, the position resulted in a small headwind for the full year period as spreads continued to grind tighter. 

* The Portfolio's underweight to government-related debt, particularly non-U.S. Sovereigns, detracted as the sector drove index performance for the year with 477 basis points of excess return versus duration-matched Treasuries.

## Portfolio Performance
![Growth of 10K Chart](g17207g22i24.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $12,272** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **05/2015** | $10000 | $10000 |
| **12/2016** | $10233 | $10265 |
| **12/2017** | $10558 | $10628 |
| **12/2018** | $10582 | $10630 |
| **12/2019** | $11497 | $11556 |
| **12/2020** | $12594 | $12424 |
| **12/2021** | $12443 | $12232 |
| **12/2022** | $10686 | $10641 |
| **12/2023** | $11319 | $11229 |
| **12/2024** | $11411 | $11369 |
| **12/2025** | $12272 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| TCW Core Fixed Income Portfolio - Class A | 7.55% | (0.52%) | 2.07% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1303365949 |
| # of Portfolio Investments | 434 |
| Portfolio Turnover Rate | 461% |
| Total Advisory Fees Paid | $5476558 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 23.6 |
| Federal National Mortgage Association | 12.1 |
| Federal Home Loan Mortgage Corp. | 8.4 |
| U.S. Treasury Bonds | 7.1 |
| Uniform Mortgage-Backed Security, TBA | 5.3 |
| Government National Mortgage Association, TBA | 4.4 |
| Government National Mortgage Association | 2.9 |
| CIM Trust | 1.4 |
| JP Morgan Mortgage Trust | 1 |
| JPMorgan Chase & Co. | 0.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g60e73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Government | 0.1 |
| Municipals | 0.8 |
| Short-Term Investments | 7.9 |
| Asset-Backed Securities | 8.9 |
| Non-Agency Mortgage-Backed Securities | 10.4 |
| Corporate Bonds & Notes | 17.0 |
| U.S. Treasury & Government Agencies | 30.7 |
| Agency Sponsored Mortgage-Backed Securities | 34.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# TCW Core Fixed Income Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the TCW Core Fixed Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $73 | 0.71% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. As the U.S. Federal Reserve cut interest rates throughout the year, short and intermediate parts of the yield curve fell by more than long end rates, which contributed to a steeper Treasury curve. With that, interest rate volatility moderated and benefitted Agency Mortgage-Backed Securities ("MBS"), a sector that saw 171 basis points of excess returns over comparable Treasuries. Meanwhile, investment grade and high yield corporate sectors went through various periods of volatility, especially during April, but ultimately bested comparable Treasuries by 126 and 260 basis points, respectively.

**Top Contributors:**

* A longer than index duration position and emphasis on the 2- and 5-Year tenors rewarded relative performance as the curve steepened with short and intermediate maturities outperforming the long end.

* A sizeable overweight to securitized sectors boosted relative performance, particularly Agency MBS, which was one of the top-performing fixed income sectors as interest rate volatility moderated and nominal spreads tightened meaningfully. 

* Favorable issue selection among Asset-Backed Securities and Commercial Mortgage-Backed Securities contributed positively, reflecting a focus on higher-quality cash-flow profiles and structures with attractive carry and convexity. Additionally, corporate issue selection was positive as additions made amid early year volatility were subsequently trimmed at attractive levels to capture gains. 

**Top Detractors:**

* The Portfolio maintained an underweight to Investment Grade credit given historically tight spread levels. Although this underweight insulated Portfolio returns during the selloff in April, the position resulted in a small headwind for the full year period as spreads continued to grind tighter. 

* The Portfolio's underweight to government-related debt, particularly non-U.S. Sovereigns, detracted as the sector drove index performance for the year with 477 basis points of excess return versus duration-matched Treasuries.

## Portfolio Performance
![Growth of 10K Chart](g17207g19o41.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $11,938** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **05/2015** | $10000 | $10000 |
| **12/2016** | $10221 | $10265 |
| **12/2017** | $10509 | $10628 |
| **12/2018** | $10516 | $10630 |
| **12/2019** | $11398 | $11556 |
| **12/2020** | $12439 | $12424 |
| **12/2021** | $12272 | $12232 |
| **12/2022** | $10509 | $10641 |
| **12/2023** | $11098 | $11229 |
| **12/2024** | $11177 | $11369 |
| **12/2025** | $11938 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| TCW Core Fixed Income Portfolio - Class B | 6.82% | (0.82%) | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1303365949 |
| # of Portfolio Investments | 434 |
| Portfolio Turnover Rate | 461% |
| Total Advisory Fees Paid | $5476558 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 23.6 |
| Federal National Mortgage Association | 12.1 |
| Federal Home Loan Mortgage Corp. | 8.4 |
| U.S. Treasury Bonds | 7.1 |
| Uniform Mortgage-Backed Security, TBA | 5.3 |
| Government National Mortgage Association, TBA | 4.4 |
| Government National Mortgage Association | 2.9 |
| CIM Trust | 1.4 |
| JP Morgan Mortgage Trust | 1 |
| JPMorgan Chase & Co. | 0.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g60e73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Government | 0.1 |
| Municipals | 0.8 |
| Short-Term Investments | 7.9 |
| Asset-Backed Securities | 8.9 |
| Non-Agency Mortgage-Backed Securities | 10.4 |
| Corporate Bonds & Notes | 17.0 |
| U.S. Treasury & Government Agencies | 30.7 |
| Agency Sponsored Mortgage-Backed Securities | 34.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class A
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 0.60% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Value Index over the 12-month period ending December 31, 2025. Both sector allocation and stock selection detracted from relative return, with stock selection having a larger impact on relative underperformance for the period. Given the valuation-centric fundamental investment approach, the outperformance of momentum stocks during the period created a stylistic headwind for the Portfolio.

**Top Contributors:**

* Franco-Nevada Corp., one of the world's largest royalty and streaming businesses, provides investors leverage to rising gold prices. With gold appreciating over 64% in 2025, the company was a clear beneficiary. 

* MKS, Inc. shares rallied following strong results in Q2 and Q3 driven by a NAND memory upgrade cycle and strength in its Electronics and Packaging business. The company is benefiting from its leading market share in the recovering semiconductor and electronics markets.

* Expedia Group, Inc. outperformed despite sluggish U.S. travel expectations. Its VRBO and Hotels.com bookings also showed strong improvement. Cost discipline and operating leverage drove EBITDA margin expansion and prompted management to raise full-year guidance again. 

**Top Detractors:**

* Globant SA declined amid macro, tariff, and geopolitical uncertainty that weighed on Latin America–exposed equities, compounded by rising concerns that generative artificial intelligence would pressure demand, shorten project durations, and weigh on margins for the company's IT services. 

* Westlake Corp. underperformed as both Housing & Infrastructure Products and Performance & Essential Materials segments faced margin pressures from unfavorable mix, global oversupply, and weak demand, leaving shares pressured despite cost actions and attractive valuation. 

* Zebra Technologies Corp., despite having solid long-term fundamentals, lagged due to tariff impacts, cautious customer spending, and disappointing guidance reflecting weakening core business demand. 

## Portfolio Performance
![Growth of 10K Chart](g17207g94t38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $25,602** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11578 | $11274 | $12000 |
| **12/2017** | $12709 | $13656 | $13601 |
| **12/2018** | $11444 | $12940 | $11930 |
| **12/2019** | $14804 | $16954 | $15158 |
| **12/2020** | $15969 | $20495 | $15910 |
| **12/2021** | $21100 | $25754 | $20419 |
| **12/2022** | $20583 | $20808 | $17962 |
| **12/2023** | $22683 | $26209 | $20246 |
| **12/2024** | $24975 | $32448 | $22892 |
| **12/2025** | $25602 | $38012 | $25421 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Victory Sycamore Mid Cap Value Portfolio - Class A | 2.51% | 9.90% | 9.86% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $840832868 |
| # of Portfolio Investments | 106 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $4830224 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4 |
| Packaging Corp. of America | 2.1 |
| Labcorp Holdings, Inc. | 1.9 |
| Hologic, Inc. | 1.9 |
| Willis Towers Watson PLC | 1.9 |
| Expedia Group, Inc. | 1.8 |
| Lincoln Electric Holdings, Inc. | 1.8 |
| Lamar Advertising Co. | 1.8 |
| Keysight Technologies, Inc. | 1.8 |
| Hartford Insurance Group, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g02a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7 |
| Energy | 5.9 |
| Real Estate | 6.6 |
| Consumer Staples | 7.1 |
| Health Care | 8.2 |
| Information Technology | 10.0 |
| Materials | 10.2 |
| Consumer Discretionary | 11.8 |
| Financials | 13.1 |
| Industrials | 18.8 |

---

### Top Countries
![Group By Country Chart](g17207g65g57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.2 |
| Israel | 1.3 |
| United States | 95.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class B
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $86 | 0.85% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Value Index over the 12-month period ending December 31, 2025. Both sector allocation and stock selection detracted from relative return, with stock selection having a larger impact on relative underperformance for the period. Given the valuation-centric fundamental investment approach, the outperformance of momentum stocks during the period created a stylistic headwind for the Portfolio.

**Top Contributors:**

* Franco-Nevada Corp., one of the world's largest royalty and streaming businesses, provides investors leverage to rising gold prices. With gold appreciating over 64% in 2025, the company was a clear beneficiary. 

* MKS, Inc. shares rallied following strong results in Q2 and Q3 driven by a NAND memory upgrade cycle and strength in its Electronics and Packaging business. The company is benefiting from its leading market share in the recovering semiconductor and electronics markets.

* Expedia Group, Inc. outperformed despite sluggish U.S. travel expectations. Its VRBO and Hotels.com bookings also showed strong improvement. Cost discipline and operating leverage drove EBITDA margin expansion and prompted management to raise full-year guidance again. 

**Top Detractors:**

* Globant SA declined amid macro, tariff, and geopolitical uncertainty that weighed on Latin America–exposed equities, compounded by rising concerns that generative artificial intelligence would pressure demand, shorten project durations, and weigh on margins for the company's IT services. 

* Westlake Corp. underperformed as both Housing & Infrastructure Products and Performance & Essential Materials segments faced margin pressures from unfavorable mix, global oversupply, and weak demand, leaving shares pressured despite cost actions and attractive valuation. 

* Zebra Technologies Corp., despite having solid long-term fundamentals, lagged due to tariff impacts, cautious customer spending, and disappointing guidance reflecting weakening core business demand. 

## Portfolio Performance
![Growth of 10K Chart](g17207g88n19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $24,975** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11550 | $11274 | $12000 |
| **12/2017** | $12645 | $13656 | $13601 |
| **12/2018** | $11362 | $12940 | $11930 |
| **12/2019** | $14655 | $16954 | $15158 |
| **12/2020** | $15774 | $20495 | $15910 |
| **12/2021** | $20790 | $25754 | $20419 |
| **12/2022** | $20229 | $20808 | $17962 |
| **12/2023** | $22240 | $26209 | $20246 |
| **12/2024** | $24415 | $32448 | $22892 |
| **12/2025** | $24975 | $38012 | $25421 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Victory Sycamore Mid Cap Value Portfolio - Class B | 2.29% | 9.62% | 9.58% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $840832868 |
| # of Portfolio Investments | 106 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $4830224 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4 |
| Packaging Corp. of America | 2.1 |
| Labcorp Holdings, Inc. | 1.9 |
| Hologic, Inc. | 1.9 |
| Willis Towers Watson PLC | 1.9 |
| Expedia Group, Inc. | 1.8 |
| Lincoln Electric Holdings, Inc. | 1.8 |
| Lamar Advertising Co. | 1.8 |
| Keysight Technologies, Inc. | 1.8 |
| Hartford Insurance Group, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g02a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7 |
| Energy | 5.9 |
| Real Estate | 6.6 |
| Consumer Staples | 7.1 |
| Health Care | 8.2 |
| Information Technology | 10.0 |
| Materials | 10.2 |
| Consumer Discretionary | 11.8 |
| Financials | 13.1 |
| Industrials | 18.8 |

---

### Top Countries
![Group By Country Chart](g17207g65g57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.2 |
| Israel | 1.3 |
| United States | 95.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class E
![Image](g17207g32d63.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $76 | 0.75% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Value Index over the 12-month period ending December 31, 2025. Both sector allocation and stock selection detracted from relative return, with stock selection having a larger impact on relative underperformance for the period. Given the valuation-centric fundamental investment approach, the outperformance of momentum stocks during the period created a stylistic headwind for the Portfolio.

**Top Contributors:**

* Franco-Nevada Corp., one of the world's largest royalty and streaming businesses, provides investors leverage to rising gold prices. With gold appreciating over 64% in 2025, the company was a clear beneficiary. 

* MKS, Inc. shares rallied following strong results in Q2 and Q3 driven by a NAND memory upgrade cycle and strength in its Electronics and Packaging business. The company is benefiting from its leading market share in the recovering semiconductor and electronics markets.

* Expedia Group, Inc. outperformed despite sluggish U.S. travel expectations. Its VRBO and Hotels.com bookings also showed strong improvement. Cost discipline and operating leverage drove EBITDA margin expansion and prompted management to raise full-year guidance again. 

**Top Detractors:**

* Globant SA declined amid macro, tariff, and geopolitical uncertainty that weighed on Latin America–exposed equities, compounded by rising concerns that generative artificial intelligence would pressure demand, shorten project durations, and weigh on margins for the company's IT services. 

* Westlake Corp. underperformed as both Housing & Infrastructure Products and Performance & Essential Materials segments faced margin pressures from unfavorable mix, global oversupply, and weak demand, leaving shares pressured despite cost actions and attractive valuation. 

* Zebra Technologies Corp., despite having solid long-term fundamentals, lagged due to tariff impacts, cautious customer spending, and disappointing guidance reflecting weakening core business demand. 

## Portfolio Performance
![Growth of 10K Chart](g17207g94t02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,232** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11565 | $11274 | $12000 |
| **12/2017** | $12674 | $13656 | $13601 |
| **12/2018** | $11394 | $12940 | $11930 |
| **12/2019** | $14718 | $16954 | $15158 |
| **12/2020** | $15854 | $20495 | $15910 |
| **12/2021** | $20912 | $25754 | $20419 |
| **12/2022** | $20365 | $20808 | $17962 |
| **12/2023** | $22411 | $26209 | $20246 |
| **12/2024** | $24635 | $32448 | $22892 |
| **12/2025** | $25232 | $38012 | $25421 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Victory Sycamore Mid Cap Value Portfolio - Class E | 2.42% | 9.74% | 9.70% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $840832868 |
| # of Portfolio Investments | 106 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $4830224 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4 |
| Packaging Corp. of America | 2.1 |
| Labcorp Holdings, Inc. | 1.9 |
| Hologic, Inc. | 1.9 |
| Willis Towers Watson PLC | 1.9 |
| Expedia Group, Inc. | 1.8 |
| Lincoln Electric Holdings, Inc. | 1.8 |
| Lamar Advertising Co. | 1.8 |
| Keysight Technologies, Inc. | 1.8 |
| Hartford Insurance Group, Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g17207g02a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7 |
| Energy | 5.9 |
| Real Estate | 6.6 |
| Consumer Staples | 7.1 |
| Health Care | 8.2 |
| Information Technology | 10.0 |
| Materials | 10.2 |
| Consumer Discretionary | 11.8 |
| Financials | 13.1 |
| Industrials | 18.8 |

---

### Top Countries
![Group By Country Chart](g17207g65g57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.2 |
| Israel | 1.3 |
| United States | 95.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Western Asset Management Government Income Portfolio: Class B
![Image](g17207g90n43.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management Government Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $77 | 0.74% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Government Bond Index but slightly underperformed its blended benchmark (40% Bloomberg Treasury 5+ Year, 35% Bloomberg U.S. MBS Index, and 25% Bloomberg U.S. Agency Index) for the 12-month period ended December 31, 2025. In 2025, inflation concerns driven by tariff announcements prompted the U.S. Federal Reserve (the "Fed") to maintain its policy rate throughout the first half of the year. As labor market conditions weakened, the Fed implemented three rate cuts during the latter half of 2025. These actions led to a decline in bond yields and a pronounced steepening of the U.S. Treasury yield curve.

**Top Contributors:**

* The Portfolio's rate positioning, including both duration and curve, was the most significant contributor to performance relative to the blended index, as the yield curve bull steepened (short-term rates fell faster than long-term rates).

* Exposure to Government Agency Securities was the second largest driver of outperformance.

* Additionally, the Portfolio's allocation to emerging market debt contributed positively to performance results.

**Top Detractors:**

* There were no significant detractors from excess return over the 12-month period.

* While yield curve positioning faced challenges during certain months when the curve flattened, it ultimately contributed positively to performance for the 12-month period.

## Portfolio Performance
![Growth of 10K Chart](g17207g63c26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $11,279** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Government Bond Index $11,473** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10132 | $10265 | $10105 |
| **12/2017** | $10395 | $10628 | $10337 |
| **12/2018** | $10388 | $10630 | $10429 |
| **12/2019** | $11167 | $11556 | $11141 |
| **12/2020** | $12024 | $12424 | $12026 |
| **12/2021** | $11787 | $12232 | $11752 |
| **12/2022** | $10056 | $10641 | $10304 |
| **12/2023** | $10497 | $11229 | $10725 |
| **12/2024** | $10521 | $11369 | $10792 |
| **12/2025** | $11279 | $12199 | $11473 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management Government Income Portfolio - Class B | 7.21% | (1.27%) | 1.21% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Government Bond Index | 6.31% | (0.94%) | 1.38% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $481705588 |
| # of Portfolio Investments | 784 |
| Portfolio Turnover Rate | 155% |
| Total Advisory Fees Paid | $2081919 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 17.7 |
| U.S. Treasury Bonds | 14.3 |
| Federal National Mortgage Association | 14.0 |
| Resolution Funding Corp. Principal STRIPS | 12.5 |
| Federal Farm Credit Banks Funding Corp. | 7.9 |
| Government National Mortgage Association | 4.4 |
| Government National Mortgage Association REMICS | 3.1 |
| Federal Home Loan Mortgage Corp. STRIPS | 2.7 |
| Federal Home Loan Mortgage Corp. REMICS | 2.4 |
| Government National Mortgage Association, TBA | 2.2 |

---

### Asset Allocation
![Group By Asset Type Chart](g17207g94u61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.9 |
| Non-Agency Mortgage-Backed Securities | 1.3 |
| Foreign Government | 6.2 |
| Agency Sponsored Mortgage-Backed Securities | 42.6 |
| U.S. Treasury & Government Agencies | 52.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g17207g51l54.jpg)

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

Phone: 1-888-243-1956

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the "Code of Ethics"). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Robert J. Boulware, Susan C. Gause, Nancy Hawthorne, and Dawn M. Vroegop have each been determined to be an "audit committee financial expert" and each is "independent" (as each term is defined in Item 3 of Form N-CSR).

#### Item 4. Principal Accountant Fees and Services.
Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP ("Deloitte"), the registrant's principal accountant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant's annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2024 and December 31, 2025 were $2,759,222 and $2,712,523, respectively.

(b) Audit-Related Fees

During the fiscal years ended December 31, 2024 and December 31, 2025, Deloitte billed $104,238 and $91,830, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant. Represent fees for services rendered to the registrant for Rule 17f-2 security count procedures for select portfolios for the years ended December 31, 2024 and 2025.

(c) Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2024 and December 31, 2025 were $318,050 and $320,050, respectively. Represent fees for services rendered to the registrant for review of tax returns for the fiscal years ended December 31, 2024 and December 31, 2025.

During the fiscal years ended December 31, 2024 and December 31, 2025, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

------

(d) All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2024 and December 31, 2025 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2024 and December 31, 2025, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

(e)(1) The registrant's Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2024 and 2025 were $137,630 and $136,434, respectively.

(h) The Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committees of Listed Registrants.
Not applicable to the registrant.

------

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

Brighthouse Funds Trust I

Annual Financial Statements

December 31, 2025

------

**Brighthouse Funds Trust I**

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ***Section*** A**Schedule of Investments (Item 6), Financial Statements and Financial Highlights (Item 7)** |  |
| Glossary of Abbreviations  | **BHFTI-**2 |
| AB Global Dynamic Allocation Portfolio  | **BHFTI-**3 |
| AB International Bond Portfolio  | **BHFTI-**32 |
| Allspring Mid Cap Value Portfolio  | **BHFTI-**51 |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio  | **BHFTI-**58 |
| American Funds<sup>®</sup> Balanced Allocation Portfolio  | **BHFTI-**63 |
| American Funds<sup>®</sup> Growth Portfolio  | **BHFTI-**68 |
| American Funds<sup>®</sup> Moderate Allocation Portfolio  | **BHFTI-**72 |
| BlackRock Global Tactical Strategies Portfolio  | **BHFTI-**76 |
| BlackRock High Yield Portfolio  | **BHFTI-**85 |
| Brighthouse Asset Allocation 100 Portfolio  | **BHFTI-**116 |
| Brighthouse Balanced Plus Portfolio  | **BHFTI-**122 |
| Brighthouse Small Cap Value Portfolio  | **BHFTI-**132 |
| Brighthouse/Artisan International Portfolio  | **BHFTI-**140 |
| Brighthouse/Eaton Vance Floating Rate Portfolio  | **BHFTI-**146 |
| Brighthouse/Franklin Low Duration Total Return Portfolio  | **BHFTI-**163 |
| Brighthouse/Templeton International Bond Portfolio  | **BHFTI-**187 |
| Brighthouse/Wellington Large Cap Research Portfolio  | **BHFTI-**195 |
| CBRE Global Real Estate Portfolio  | **BHFTI-**205 |
| Harris Oakmark International Portfolio  | **BHFTI-**213 |
| Invesco Balanced-Risk Allocation Portfolio  | **BHFTI-**220 |
| Invesco Comstock Portfolio  | **BHFTI-**229 |
| Invesco Global Equity Portfolio  | **BHFTI-**238 |
| Invesco Small Cap Growth Portfolio  | **BHFTI-**245 |
| JPMorgan Core Bond Portfolio  | **BHFTI-**253 |
| JPMorgan Global Active Allocation Portfolio  | **BHFTI-**272 |
| JPMorgan Small Cap Value Portfolio  | **BHFTI-**303 |
| Loomis Sayles Global Allocation Portfolio  | **BHFTI-**315 |
| Loomis Sayles Growth Portfolio  | **BHFTI-**332 |
| MetLife Multi-Index Targeted Risk Portfolio  | **BHFTI-**339 |
| MFS<sup>®</sup> Research International Portfolio  | **BHFTI-**345 |
| Morgan Stanley Discovery Portfolio  | **BHFTI-**353 |
| PanAgora Global Diversified Risk Portfolio  | **BHFTI-**363 |
| PIMCO Inflation Protected Bond Portfolio  | **BHFTI-**375 |
| PIMCO Total Return Portfolio  | **BHFTI-**394 |
| Schroders Global Multi-Asset Portfolio  | **BHFTI-**427 |
| SSGA Emerging Markets Enhanced Index Portfolio  | **BHFTI-**450 |
| SSGA Growth and Income ETF Portfolio  | **BHFTI-**462 |
| SSGA Growth ETF Portfolio  | **BHFTI-**469 |
| T. Rowe Price Large Cap Value Portfolio  | **BHFTI-**476 |
| T. Rowe Price Mid Cap Growth Portfolio  | **BHFTI-**485 |
| TCW Core Fixed Income Portfolio  | **BHFTI-**495 |
| Victory Sycamore Mid Cap Value Portfolio  | **BHFTI-**508 |
| Western Asset Management Government Income Portfolio  | **BHFTI-**516 |
| ***Section*** BNotes to Financial Statements | **BHFTI-**527 |
| ***Section*** CReport of Independent Registered Public Accounting Firm | **BHFTI-**555 |
| ***Section*** DBoard of Trustees' Consideration of Advisory and Sub-Advisory Agreements (Item 11) | **BHFTI-**557 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Item 8)** |  |
| Not applicable |  |
| **Proxy Disclosures for Open-End Management Investment Companies (Item 9)** |  |
| Not applicable |  |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Item 10)** |  |
| Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included under Statements of Operations in the Financial Statements under Item 7 above. |  |

---

------

**Brighthouse Funds Trust I**

**Glossary of Abbreviations**

Counterparties

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ANZ) — Australia & New Zealand Banking Corp.

&nbsp;&nbsp;&nbsp;&nbsp;(BBH) — Brown Brothers Harriman & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(BBP) — Barclays Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(BNP) — BNP Paribas SA

&nbsp;&nbsp;&nbsp;&nbsp;(BNY) — Bank of New York Mellon

&nbsp;&nbsp;&nbsp;&nbsp;(BOA) — Bank of America NA

&nbsp;&nbsp;&nbsp;&nbsp;(CBNA) — Citibank NA

&nbsp;&nbsp;&nbsp;&nbsp;(CIBC) — Canadian Imperial Bank of Commerce

&nbsp;&nbsp;&nbsp;&nbsp;(DBAG) — Deutsche Bank AG

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(GSBU) — Goldman Sachs Bank USA

&nbsp;&nbsp;&nbsp;&nbsp;(GSI) — Goldman Sachs International

&nbsp;&nbsp;&nbsp;&nbsp;(HSBC) — HSBC Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(HSBCU) — HSBC Bank USA

&nbsp;&nbsp;&nbsp;&nbsp;(JPMC) — JPMorgan Chase Bank NA

&nbsp;&nbsp;&nbsp;&nbsp;(MBL) — Macquarie Bank Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;(MLI) — Merrill Lynch International

&nbsp;&nbsp;&nbsp;&nbsp;(MSC) — Morgan Stanley & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(MSCS) — Morgan Stanley Capital Services LLC

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(MSIP) — Morgan Stanley & Co. International PLC

&nbsp;&nbsp;&nbsp;&nbsp;(NWM) — NatWest Markets PLC

&nbsp;&nbsp;&nbsp;&nbsp;(RBC) — Royal Bank of Canada

&nbsp;&nbsp;&nbsp;&nbsp;(SCB) — Standard Chartered Bank

&nbsp;&nbsp;&nbsp;&nbsp;(SG) — Societe Generale Paris

&nbsp;&nbsp;&nbsp;&nbsp;(SSBT) — State Street Bank and Trust Co.

&nbsp;&nbsp;&nbsp;&nbsp;(UBSA) — UBS AG

&nbsp;&nbsp;&nbsp;&nbsp;(WBC) — Westpac Banking Corp.

Currencies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(AUD) — Australian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(BRL) — Brazilian Real

&nbsp;&nbsp;&nbsp;&nbsp;(CAD) — Canadian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(CHF) — Swiss Franc

&nbsp;&nbsp;&nbsp;&nbsp;(CLP) — Chilean Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CNH) — Chinese Renminbi

&nbsp;&nbsp;&nbsp;&nbsp;(CNY) — Chinese Yuan

&nbsp;&nbsp;&nbsp;&nbsp;(COP) — Colombian Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CZK) — Czech Koruna

&nbsp;&nbsp;&nbsp;&nbsp;(DKK) — Danish Krone

&nbsp;&nbsp;&nbsp;&nbsp;(EGP) — Egypt Pound

&nbsp;&nbsp;&nbsp;&nbsp;(EUR) — Euro

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(GBP) — British Pound

&nbsp;&nbsp;&nbsp;&nbsp;(GHS) — Ghanaian Cedi

&nbsp;&nbsp;&nbsp;&nbsp;(HKD) — Hong Kong Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(HUF) — Hungarian Forint

&nbsp;&nbsp;&nbsp;&nbsp;(IDR) — Indonesian Rupiah

&nbsp;&nbsp;&nbsp;&nbsp;(ILS) — Israeli Shekel

&nbsp;&nbsp;&nbsp;&nbsp;(INR) — Indian Rupee

&nbsp;&nbsp;&nbsp;&nbsp;(JPY) — Japanese Yen

&nbsp;&nbsp;&nbsp;&nbsp;(KRW) — South Korean Won

&nbsp;&nbsp;&nbsp;&nbsp;(MXN) — Mexican Peso

&nbsp;&nbsp;&nbsp;&nbsp;(MYR) — Malaysian Ringgit

&nbsp;&nbsp;&nbsp;&nbsp;(NOK) — Norwegian Krone

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(NZD) — New Zealand Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(PEN) — Peruvian Nuevo Sol

&nbsp;&nbsp;&nbsp;&nbsp;(PLN) — Polish Zloty

&nbsp;&nbsp;&nbsp;&nbsp;(RSD) — Serbian Dinar

&nbsp;&nbsp;&nbsp;&nbsp;(SEK) — Swedish Krona

&nbsp;&nbsp;&nbsp;&nbsp;(SGD) — Singapore Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(THB) — Thai Baht

&nbsp;&nbsp;&nbsp;&nbsp;(TRY) — Turkish Lira

&nbsp;&nbsp;&nbsp;&nbsp;(TWD) — Taiwanese New Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(USD) — United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(UYU) — Uruguay Peso

&nbsp;&nbsp;&nbsp;&nbsp;(ZAR) — South African Rand

Index Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (BBSW) | — Australian 3 Month Bank Bill Rate |
| (CDI) | — Brazil Interbank Deposit Rate |
| (CDX.EM) | — Markit Emerging Market CDS Index |
| (CDX.NA.HY) | — Markit North America High Yield CDS Index |
| (CDX.NA.IG) | — Markit North America Investment Grade CDS <br> Index<br>|
| (CNRR) | — China 7 Day Reverse Repo Rates |
| (CORRA) | — Canadian Overnight Repo Rate Average |
| (CPALEMU) | — Euro Area All Items Index Non-Seasonally <br> Adjusted<br>|
| (CPURNSA) | — U.S. Consumer Price for All Urban Consumers <br> Non-Seasonally Adjusted<br>|
| (ECOFC) | — Enterprise 11th District COFI Replacement Index |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (ESTR) | — Euro Short Term Rate |
| (EURIBOR) | — Euro Interbank Offered Rate |
| (FRCPXT) | — France Consumer Price ex-Tobacco Index |
| (H15) | — U.S. Treasury Yield Curve Rate T-Note Constant <br> Maturity Index<br>|
| (HICP) | — Harmonized Index of Consumer Prices |
| (ITRX.AUS) | — Markit iTraxx Australia Index |
| (MTA) | — Monthly Treasury Average Index |
| (NZDBB) | — New Zealand Dollar Bank Bill Index |
| (OBFR) | — U.S. Overnight Bank Funding Rate |
| (PRIME) | — U.S. Federal Reserve Prime Rate |
| (RFUCCT) | — Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| (SOFR) | — Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A) — Secured Overnight Financing Rate 30-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR90A) — Secured Overnight Financing Rate 90-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONIA) — Sterling Overnight Interbank Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TONA) — Tokyo Overnight Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR) — Term Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKG) — U.K. Government Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKRPI) — United Kingdom Retail Price Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UST) — U.S. Treasury Bill Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USTBMM) — U.S. Treasury Bill Money Market Yield

Other Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ACES) — Alternative Credit Enhancement Securities

&nbsp;&nbsp;&nbsp;&nbsp;(ADR) — American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(ARM) — Adjustable-Rate Mortgage

&nbsp;&nbsp;&nbsp;&nbsp;(CLO) — Collateralized Loan Obligation

&nbsp;&nbsp;&nbsp;&nbsp;(DAC) — Designated Activity Company

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ETF) — Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;(GDR) — Global Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(ICE) — Intercontinental Exchange, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(IG) — Investment Grade

&nbsp;&nbsp;&nbsp;&nbsp;(IRS) — Interest Rate Swap

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(MTN) — Medium-Term Note

&nbsp;&nbsp;&nbsp;&nbsp;(NVDR) — Non-Voting Depository Receipts

&nbsp;&nbsp;&nbsp;&nbsp;(REIT) — Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(REMICS) — Real Estate Mortgage Investment Conduit

&nbsp;&nbsp;&nbsp;&nbsp;(STACR) — Structured Agency Credit Risk

**BHFTI-2**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—58.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Airbus SE | 8760 | &nbsp;&nbsp; $2031911 |
| Axon Enterprise, Inc. (a) | 830 | &nbsp;&nbsp; 471382 |
| BAE Systems PLC | 44297 | &nbsp;&nbsp; 1018345 |
| Boeing Co. (a) | 8235 | &nbsp;&nbsp; 1787983 |
| Dassault Aviation SA | 289 | &nbsp;&nbsp; 92608 |
| Elbit Systems Ltd.  | 410 | &nbsp;&nbsp; 236419 |
| General Dynamics Corp.  | 2666 | &nbsp;&nbsp; 897536 |
| General Electric Co.  | 11092 | &nbsp;&nbsp; 3416669 |
| Hensoldt AG | 937 | &nbsp;&nbsp; 80973 |
| Howmet Aerospace, Inc.  | 4228 | &nbsp;&nbsp; 866825 |
| Huntington Ingalls Industries, Inc.  | 413 | &nbsp;&nbsp; 140449 |
| Kongsberg Gruppen ASA | 6485 | &nbsp;&nbsp; 166253 |
| L3Harris Technologies, Inc.  | 1967 | &nbsp;&nbsp; 577452 |
| Leonardo SpA | 5966 | &nbsp;&nbsp; 341766 |
| Lockheed Martin Corp.  | 2141 | &nbsp;&nbsp; 1035537 |
| Melrose Industries PLC | 18606 | &nbsp;&nbsp; 146385 |
| MTU Aero Engines AG | 793 | &nbsp;&nbsp; 330774 |
| Northrop Grumman Corp.  | 1411 | &nbsp;&nbsp; 804566 |
| Rheinmetall AG | 678 | &nbsp;&nbsp; 1243250 |
| Rolls-Royce Holdings PLC | 124072 | &nbsp;&nbsp; 1928469 |
| RTX Corp.  | 14100 | &nbsp;&nbsp; 2585940 |
| Saab AB - Class B | 4722 | &nbsp;&nbsp; 274661 |
| Safran SA | 5308 | &nbsp;&nbsp; 1847083 |
| Singapore Technologies Engineering Ltd.  | 23071 | &nbsp;&nbsp; 150524 |
| Textron, Inc.  | 1853 | &nbsp;&nbsp; 161526 |
| Thales SA | 1366 | &nbsp;&nbsp; 368957 |
| TransDigm Group, Inc.  | 592 | &nbsp;&nbsp; 787271 |
|  |  | &nbsp;&nbsp; 23791514 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| CH Robinson Worldwide, Inc.  | 1242 | &nbsp;&nbsp; 199664 |
| Deutsche Post AG | 14150 | &nbsp;&nbsp; 775027 |
| DSV AS | 3012 | &nbsp;&nbsp; 757958 |
| Expeditors International of Washington, Inc.  | 1409 | &nbsp;&nbsp; 209955 |
| FedEx Corp.  | 2283 | &nbsp;&nbsp; 659467 |
| InPost SA (a) | 3686 | &nbsp;&nbsp; 45149 |
| SG Holdings Co. Ltd.  | 4226 | &nbsp;&nbsp; 38745 |
| United Parcel Service, Inc. - Class B | 7771 | &nbsp;&nbsp; 770806 |
|  |  | &nbsp;&nbsp; 3456771 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aisin Corp.  | 7298 | &nbsp;&nbsp; 136486 |
| Aptiv PLC (a) | 2272 | &nbsp;&nbsp; 172876 |
| Bridgestone Corp. (b) | 16742 | &nbsp;&nbsp; 376593 |
| Cie Generale des Etablissements Michelin SCA | 9884 | &nbsp;&nbsp; 327792 |
| Continental AG | 1622 | &nbsp;&nbsp; 129485 |
| Denso Corp.  | 25734 | &nbsp;&nbsp; 354985 |
| Sumitomo Electric Industries Ltd.  | 10501 | &nbsp;&nbsp; 425175 |
|  |  | &nbsp;&nbsp; 1923392 |
| **Automobiles — 1.2%** | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| Bayerische Motoren Werke AG | 4136 | &nbsp;&nbsp; 452216 |
| Ferrari NV | 1858 | &nbsp;&nbsp; 691797 |
| Ford Motor Co.  | 41156 | &nbsp;&nbsp; 539967 |
| General Motors Co.  | 9810 | &nbsp;&nbsp; 797749 |
| Honda Motor Co. Ltd.  | 58247 | &nbsp;&nbsp; 570172 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
| Isuzu Motors Ltd.  | 7892 | &nbsp;&nbsp; $123032 |
| Mercedes-Benz Group AG | 10645 | &nbsp;&nbsp; 751206 |
| Nissan Motor Co. Ltd. (a) | 32761 | &nbsp;&nbsp; 81372 |
| Renault SA | 2834 | &nbsp;&nbsp; 117325 |
| Stellantis NV | 29725 | &nbsp;&nbsp; 328165 |
| Subaru Corp.  | 8626 | &nbsp;&nbsp; 185261 |
| Suzuki Motor Corp.  | 23118 | &nbsp;&nbsp; 343347 |
| Tesla, Inc. (a) | 29549 | &nbsp;&nbsp; 13288776 |
| Toyota Motor Corp.  | 139342 | &nbsp;&nbsp; 2980779 |
| Yamaha Motor Co. Ltd.  | 13482 | &nbsp;&nbsp; 99576 |
|  |  | &nbsp;&nbsp; 21350740 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| ABN AMRO Bank NV | 8596 | &nbsp;&nbsp; 300044 |
| AIB Group PLC | 31500 | &nbsp;&nbsp; 338489 |
| ANZ Group Holdings Ltd.  | 43981 | &nbsp;&nbsp; 1064226 |
| Banca Monte dei Paschi di Siena SpA | 29115 | &nbsp;&nbsp; 309948 |
| Banco Bilbao Vizcaya Argentaria SA | 84961 | &nbsp;&nbsp; 1987250 |
| Banco BPM SpA | 16751 | &nbsp;&nbsp; 254443 |
| Banco Comercial Portugues SA - Class R | 111422 | &nbsp;&nbsp; 116759 |
| Banco de Sabadell SA | 74054 | &nbsp;&nbsp; 290396 |
| Banco Santander SA | 219435 | &nbsp;&nbsp; 2575035 |
| Bank Hapoalim BM | 18436 | &nbsp;&nbsp; 417096 |
| Bank Leumi Le-Israel BM | 21627 | &nbsp;&nbsp; 476725 |
| Bank of America Corp.  | 70650 | &nbsp;&nbsp; 3885750 |
| Bank of Ireland Group PLC | 14065 | &nbsp;&nbsp; 269083 |
| Bankinter SA | 9940 | &nbsp;&nbsp; 164587 |
| Banque Cantonale Vaudoise | 444 | &nbsp;&nbsp; 56164 |
| Barclays PLC | 205832 | &nbsp;&nbsp; 1306632 |
| BNP Paribas SA | 14816 | &nbsp;&nbsp; 1401973 |
| BOC Hong Kong Holdings Ltd.  | 54314 | &nbsp;&nbsp; 274620 |
| BPER Banca SpA | 21717 | &nbsp;&nbsp; 293668 |
| CaixaBank SA | 57441 | &nbsp;&nbsp; 701483 |
| Chiba Bank Ltd.  | 8293 | &nbsp;&nbsp; 92197 |
| Citigroup, Inc.  | 18816 | &nbsp;&nbsp; 2195639 |
| Citizens Financial Group, Inc.  | 4516 | &nbsp;&nbsp; 263780 |
| Commerzbank AG | 10804 | &nbsp;&nbsp; 457399 |
| Commonwealth Bank of Australia | 24670 | &nbsp;&nbsp; 2637574 |
| Credit Agricole SA | 15731 | &nbsp;&nbsp; 322912 |
| Danske Bank AS | 9847 | &nbsp;&nbsp; 491220 |
| DBS Group Holdings Ltd.  | 31167 | &nbsp;&nbsp; 1364004 |
| DNB Bank ASA | 13069 | &nbsp;&nbsp; 363956 |
| Erste Group Bank AG | 4539 | &nbsp;&nbsp; 546085 |
| Fifth Third Bancorp (b) | 6951 | &nbsp;&nbsp; 325376 |
| FinecoBank Banca Fineco SpA | 9018 | &nbsp;&nbsp; 234189 |
| Hang Seng Bank Ltd.  | 11103 | &nbsp;&nbsp; 218987 |
| HSBC Holdings PLC | 253769 | &nbsp;&nbsp; 3978540 |
| Huntington Bancshares, Inc.  | 16533 | &nbsp;&nbsp; 286848 |
| ING Groep NV | 44541 | &nbsp;&nbsp; 1252101 |
| Intesa Sanpaolo SpA | 209966 | &nbsp;&nbsp; 1454203 |
| Israel Discount Bank Ltd. - Class A | 18036 | &nbsp;&nbsp; 191534 |
| Japan Post Bank Co. Ltd.  | 26257 | &nbsp;&nbsp; 369278 |
| JPMorgan Chase & Co.  | 28627 | &nbsp;&nbsp; 9224192 |
| KBC Group NV | 3385 | &nbsp;&nbsp; 439993 |
| KeyCorp | 9769 | &nbsp;&nbsp; 201632 |
| Lloyds Banking Group PLC | 872736 | &nbsp;&nbsp; 1150128 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-3**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| M&T Bank Corp.  | 1616 | &nbsp;&nbsp; $325592 |
| Mitsubishi UFJ Financial Group, Inc.  | 168578 | &nbsp;&nbsp; 2677069 |
| Mizrahi Tefahot Bank Ltd.  | 2271 | &nbsp;&nbsp; 158593 |
| Mizuho Financial Group, Inc.  | 37002 | &nbsp;&nbsp; 1343606 |
| National Australia Bank Ltd.  | 45153 | &nbsp;&nbsp; 1271560 |
| NatWest Group PLC | 118437 | &nbsp;&nbsp; 1033003 |
| Nordea Bank Abp | 45775 | &nbsp;&nbsp; 862874 |
| Oversea-Chinese Banking Corp. Ltd.  | 49871 | &nbsp;&nbsp; 766067 |
| PNC Financial Services Group, Inc.  | 4124 | &nbsp;&nbsp; 860802 |
| Raiffeisen Bank International AG | 1940 | &nbsp;&nbsp; 86753 |
| Regions Financial Corp.  | 9221 | &nbsp;&nbsp; 249889 |
| Resona Holdings, Inc.  | 30561 | &nbsp;&nbsp; 289770 |
| Skandinaviska Enskilda Banken AB - Class A | 22316 | &nbsp;&nbsp; 471103 |
| Societe Generale SA | 10416 | &nbsp;&nbsp; 839195 |
| Standard Chartered PLC | 28685 | &nbsp;&nbsp; 700517 |
| Sumitomo Mitsui Financial Group, Inc.  | 54279 | &nbsp;&nbsp; 1746881 |
| Sumitomo Mitsui Trust Group, Inc.  | 9478 | &nbsp;&nbsp; 287999 |
| Svenska Handelsbanken AB - A Shares | 21502 | &nbsp;&nbsp; 313574 |
| Swedbank AB - A Shares | 12516 | &nbsp;&nbsp; 435421 |
| Truist Financial Corp.  | 13453 | &nbsp;&nbsp; 662022 |
| U.S. Bancorp | 16346 | &nbsp;&nbsp; 872223 |
| UniCredit SpA | 20665 | &nbsp;&nbsp; 1715520 |
| United Overseas Bank Ltd.  | 18875 | &nbsp;&nbsp; 514031 |
| Wells Fargo & Co.  | 33011 | &nbsp;&nbsp; 3076625 |
| Westpac Banking Corp.  | 50420 | &nbsp;&nbsp; 1294708 |
| Yokohama Financial Group, Inc.  | 15156 | &nbsp;&nbsp; 124918 |
|  |  | &nbsp;&nbsp; 67526453 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Anheuser-Busch InBev SA | 14570 | &nbsp;&nbsp; 934817 |
| Asahi Group Holdings Ltd.  | 21227 | &nbsp;&nbsp; 222049 |
| Brown-Forman Corp. - Class B (b) | 1852 | &nbsp;&nbsp; 48263 |
| Carlsberg AS - Class B | 1386 | &nbsp;&nbsp; 181693 |
| Coca-Cola Co.  | 40712 | &nbsp;&nbsp; 2846176 |
| Coca-Cola Europacific Partners PLC | 3063 | &nbsp;&nbsp; 277814 |
| Coca-Cola HBC AG | 3216 | &nbsp;&nbsp; 166546 |
| Constellation Brands, Inc. - Class A | 1482 | &nbsp;&nbsp; 204457 |
| Davide Campari-Milano NV | 9077 | &nbsp;&nbsp; 58935 |
| Diageo PLC | 32817 | &nbsp;&nbsp; 706901 |
| Heineken Holding NV | 1911 | &nbsp;&nbsp; 140178 |
| Heineken NV | 4246 | &nbsp;&nbsp; 347329 |
| Keurig Dr. Pepper, Inc.  | 14287 | &nbsp;&nbsp; 400179 |
| Kirin Holdings Co. Ltd.  | 11383 | &nbsp;&nbsp; 171209 |
| Molson Coors Beverage Co. - Class B | 1780 | &nbsp;&nbsp; 83090 |
| Monster Beverage Corp. (a) | 7500 | &nbsp;&nbsp; 575025 |
| PepsiCo, Inc.  | 14379 | &nbsp;&nbsp; 2063674 |
| Pernod Ricard SA | 2975 | &nbsp;&nbsp; 254687 |
| Suntory Beverage & Food Ltd.  | 2065 | &nbsp;&nbsp; 62402 |
|  |  | &nbsp;&nbsp; 9745424 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| AbbVie, Inc.  | 18586 | &nbsp;&nbsp; 4246715 |
| Amgen, Inc.  | 5663 | &nbsp;&nbsp; 1853557 |
| Argenx SE (a) | 908 | &nbsp;&nbsp; 764222 |
| Biogen, Inc. (a) | 1543 | &nbsp;&nbsp; 271553 |
| CSL Ltd.  | 7151 | &nbsp;&nbsp; 823885 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Genmab AS (a) | 899 | &nbsp;&nbsp; $277804 |
| Gilead Sciences, Inc.  | 13047 | &nbsp;&nbsp; 1601389 |
| Grifols SA | 4398 | &nbsp;&nbsp; 55033 |
| Incyte Corp. (a) | 1734 | &nbsp;&nbsp; 171267 |
| Moderna, Inc. (a) (b) | 3656 | &nbsp;&nbsp; 107815 |
| Regeneron Pharmaceuticals, Inc.  | 1060 | &nbsp;&nbsp; 818182 |
| Swedish Orphan Biovitrum AB (a) | 2898 | &nbsp;&nbsp; 104199 |
| Vertex Pharmaceuticals, Inc. (a) | 2668 | &nbsp;&nbsp; 1209565 |
|  |  | &nbsp;&nbsp; 12305186 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Amazon.com, Inc. (a) | 102301 | &nbsp;&nbsp; 23613117 |
| eBay, Inc.  | 4753 | &nbsp;&nbsp; 413986 |
| Next PLC | 1715 | &nbsp;&nbsp; 315534 |
| Pan Pacific International Holdings Corp.  | 27930 | &nbsp;&nbsp; 166441 |
| Prosus NV | 19288 | &nbsp;&nbsp; 1191298 |
| Rakuten Group, Inc. (a) | 22261 | &nbsp;&nbsp; 142829 |
| Ryohin Keikaku Co. Ltd.  | 7400 | &nbsp;&nbsp; 131476 |
| Sea Ltd. (ADR) (a) | 5639 | &nbsp;&nbsp; 719367 |
| Wesfarmers Ltd.  | 16727 | &nbsp;&nbsp; 901635 |
|  |  | &nbsp;&nbsp; 27595683 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| A.O. Smith Corp.  | 1192 | &nbsp;&nbsp; 79721 |
| AGC, Inc.  | 2866 | &nbsp;&nbsp; 95085 |
| Allegion PLC | 905 | &nbsp;&nbsp; 144094 |
| Assa Abloy AB - Class B | 14774 | &nbsp;&nbsp; 572780 |
| Belimo Holding AG | 145 | &nbsp;&nbsp; 141189 |
| Builders FirstSource, Inc. (a) | 1163 | &nbsp;&nbsp; 119661 |
| Carrier Global Corp.  | 8325 | &nbsp;&nbsp; 439893 |
| Cie de Saint-Gobain SA | 6620 | &nbsp;&nbsp; 672016 |
| Daikin Industries Ltd.  | 3929 | &nbsp;&nbsp; 504378 |
| Geberit AG | 500 | &nbsp;&nbsp; 389486 |
| Johnson Controls International PLC | 6405 | &nbsp;&nbsp; 766999 |
| Kingspan Group PLC | 2265 | &nbsp;&nbsp; 195719 |
| Lennox International, Inc.  | 336 | &nbsp;&nbsp; 163155 |
| Masco Corp.  | 2184 | &nbsp;&nbsp; 138597 |
| Nibe Industrier AB - B Shares | 22344 | &nbsp;&nbsp; 85725 |
| Rockwool AS - B Shares | 1426 | &nbsp;&nbsp; 50193 |
| Trane Technologies PLC | 2332 | &nbsp;&nbsp; 907614 |
|  |  | &nbsp;&nbsp; 5466305 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| 3i Group PLC | 14641 | &nbsp;&nbsp; 636991 |
| Ameriprise Financial, Inc.  | 977 | &nbsp;&nbsp; 479062 |
| Amundi SA | 909 | &nbsp;&nbsp; 75178 |
| ARES Management Corp. - Class A | 2166 | &nbsp;&nbsp; 350091 |
| ASX Ltd.  | 2865 | &nbsp;&nbsp; 98297 |
| Bank of New York Mellon Corp.  | 7333 | &nbsp;&nbsp; 851288 |
| Blackrock, Inc.  | 1517 | &nbsp;&nbsp; 1623706 |
| Blackstone, Inc.  | 7766 | &nbsp;&nbsp; 1197051 |
| Cboe Global Markets, Inc.  | 1100 | &nbsp;&nbsp; 276100 |
| Charles Schwab Corp.  | 17565 | &nbsp;&nbsp; 1754919 |
| CME Group, Inc.  | 3792 | &nbsp;&nbsp; 1035519 |
| Coinbase Global, Inc. - Class A (a) | 2399 | &nbsp;&nbsp; 542510 |
| CVC Capital Partners PLC | 3134 | &nbsp;&nbsp; 52480 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-4**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Daiwa Securities Group, Inc.  | 19658 | &nbsp;&nbsp; $172202 |
| Deutsche Bank AG | 27282 | &nbsp;&nbsp; 1061124 |
| Deutsche Boerse AG | 2775 | &nbsp;&nbsp; 728885 |
| EQT AB | 7280 | &nbsp;&nbsp; 284044 |
| Euronext NV | 1123 | &nbsp;&nbsp; 168555 |
| FactSet Research Systems, Inc.  | 394 | &nbsp;&nbsp; 114335 |
| Franklin Resources, Inc.  | 3232 | &nbsp;&nbsp; 77212 |
| Futu Holdings Ltd. (ADR) (a) | 792 | &nbsp;&nbsp; 130054 |
| Goldman Sachs Group, Inc.  | 3154 | &nbsp;&nbsp; 2772366 |
| Hong Kong Exchanges & Clearing Ltd.  | 17727 | &nbsp;&nbsp; 926235 |
| Interactive Brokers Group, Inc. - Class A | 4683 | &nbsp;&nbsp; 301164 |
| Intercontinental Exchange, Inc.  | 5996 | &nbsp;&nbsp; 971112 |
| Invesco Ltd.  | 4681 | &nbsp;&nbsp; 122970 |
| Japan Exchange Group, Inc.  | 14629 | &nbsp;&nbsp; 156140 |
| Julius Baer Group Ltd.  | 3037 | &nbsp;&nbsp; 237429 |
| KKR & Co., Inc.  | 7218 | &nbsp;&nbsp; 920151 |
| London Stock Exchange Group PLC | 6887 | &nbsp;&nbsp; 829295 |
| Macquarie Group Ltd.  | 5337 | &nbsp;&nbsp; 718273 |
| Moody's Corp.  | 1613 | &nbsp;&nbsp; 824001 |
| Morgan Stanley | 12702 | &nbsp;&nbsp; 2254986 |
| MSCI, Inc.  | 790 | &nbsp;&nbsp; 453247 |
| Nasdaq, Inc. (b) | 4744 | &nbsp;&nbsp; 460785 |
| Nomura Holdings, Inc.  | 44187 | &nbsp;&nbsp; 367566 |
| Northern Trust Corp.  | 1989 | &nbsp;&nbsp; 271677 |
| Partners Group Holding AG | 335 | &nbsp;&nbsp; 411517 |
| Raymond James Financial, Inc.  | 1854 | &nbsp;&nbsp; 297734 |
| Robinhood Markets, Inc. - Class A (a) | 8269 | &nbsp;&nbsp; 935224 |
| S&P Global, Inc.  | 3260 | &nbsp;&nbsp; 1703643 |
| SBI Holdings, Inc.  | 8286 | &nbsp;&nbsp; 178823 |
| Schroders PLC | 10687 | &nbsp;&nbsp; 58246 |
| Singapore Exchange Ltd.  | 13119 | &nbsp;&nbsp; 172385 |
| State Street Corp.  | 2937 | &nbsp;&nbsp; 378902 |
| T. Rowe Price Group, Inc.  | 2295 | &nbsp;&nbsp; 234962 |
| UBS Group AG | 46798 | &nbsp;&nbsp; 2163334 |
|  |  | &nbsp;&nbsp; 30831770 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Air Liquide SA | 8528 | &nbsp;&nbsp; 1604840 |
| Air Products & Chemicals, Inc.  | 2340 | &nbsp;&nbsp; 578027 |
| Akzo Nobel NV | 2522 | &nbsp;&nbsp; 175162 |
| Albemarle Corp.  | 1238 | &nbsp;&nbsp; 175103 |
| Asahi Kasei Corp.  | 18035 | &nbsp;&nbsp; 160057 |
| BASF SE | 13155 | &nbsp;&nbsp; 687252 |
| CF Industries Holdings, Inc.  | 1640 | &nbsp;&nbsp; 126838 |
| Corteva, Inc.  | 7106 | &nbsp;&nbsp; 476315 |
| Dow, Inc.  | 7474 | &nbsp;&nbsp; 174742 |
| DSM-Firmenich AG | 2546 | &nbsp;&nbsp; 205743 |
| DuPont de Nemours, Inc.  | 4406 | &nbsp;&nbsp; 177121 |
| Ecolab, Inc.  | 2681 | &nbsp;&nbsp; 703816 |
| EMS-Chemie Holding AG | 103 | &nbsp;&nbsp; 71270 |
| Evonik Industries AG | 3779 | &nbsp;&nbsp; 59306 |
| Givaudan SA | 136 | &nbsp;&nbsp; 540683 |
| ICL Group Ltd.  | 11418 | &nbsp;&nbsp; 65485 |
| International Flavors & Fragrances, Inc. (b) | 2710 | &nbsp;&nbsp; 182627 |
| Linde PLC | 4910 | &nbsp;&nbsp; 2093575 |
| LyondellBasell Industries NV - Class A | 2708 | &nbsp;&nbsp; 117256 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Mitsubishi Chemical Group Corp.  | 18865 | &nbsp;&nbsp; $110183 |
| Mosaic Co.  | 3338 | &nbsp;&nbsp; 80412 |
| Nippon Paint Holdings Co. Ltd.  | 13904 | &nbsp;&nbsp; 92874 |
| Nippon Sanso Holdings Corp.  | 2549 | &nbsp;&nbsp; 76115 |
| Nitto Denko Corp.  | 10391 | &nbsp;&nbsp; 246900 |
| Novonesis (Novozymes) - B Shares | 5195 | &nbsp;&nbsp; 332687 |
| PPG Industries, Inc.  | 2360 | &nbsp;&nbsp; 241806 |
| Sherwin-Williams Co.  | 2424 | &nbsp;&nbsp; 785449 |
| Shin-Etsu Chemical Co. Ltd.  | 24768 | &nbsp;&nbsp; 770238 |
| Sika AG | 2247 | &nbsp;&nbsp; 460535 |
| Syensqo SA | 1073 | &nbsp;&nbsp; 86175 |
| Symrise AG | 1958 | &nbsp;&nbsp; 158443 |
| Toray Industries, Inc.  | 20404 | &nbsp;&nbsp; 132979 |
| Yara International ASA | 2441 | &nbsp;&nbsp; 100015 |
|  |  | &nbsp;&nbsp; 12050029 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Brambles Ltd.  | 20085 | &nbsp;&nbsp; 307869 |
| Cintas Corp.  | 3592 | &nbsp;&nbsp; 675547 |
| Copart, Inc. (a) | 9364 | &nbsp;&nbsp; 366601 |
| Dai Nippon Printing Co. Ltd.  | 5787 | &nbsp;&nbsp; 99608 |
| Rentokil Initial PLC | 37244 | &nbsp;&nbsp; 222453 |
| Republic Services, Inc.  | 2116 | &nbsp;&nbsp; 448444 |
| Rollins, Inc.  | 3086 | &nbsp;&nbsp; 185222 |
| Secom Co. Ltd.  | 6136 | &nbsp;&nbsp; 218069 |
| Securitas AB - B Shares | 7251 | &nbsp;&nbsp; 115539 |
| TOPPAN Holdings, Inc.  | 3479 | &nbsp;&nbsp; 103307 |
| Veralto Corp.  | 2611 | &nbsp;&nbsp; 260525 |
| Waste Management, Inc.  | 3898 | &nbsp;&nbsp; 856429 |
|  |  | &nbsp;&nbsp; 3859613 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 10859 | &nbsp;&nbsp; 1422855 |
| Cisco Systems, Inc.  | 41441 | &nbsp;&nbsp; 3192200 |
| F5, Inc. (a) | 607 | &nbsp;&nbsp; 154943 |
| Motorola Solutions, Inc.  | 1751 | &nbsp;&nbsp; 671193 |
| Nokia OYJ | 78084 | &nbsp;&nbsp; 505752 |
| Telefonaktiebolaget LM Ericsson - B Shares | 41257 | &nbsp;&nbsp; 402758 |
|  |  | &nbsp;&nbsp; 6349701 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| ACS Actividades de Construccion y Servicios SA | 2604 | &nbsp;&nbsp; 258262 |
| Bouygues SA | 2828 | &nbsp;&nbsp; 146602 |
| Comfort Systems USA, Inc.  | 370 | &nbsp;&nbsp; 345317 |
| Eiffage SA | 1011 | &nbsp;&nbsp; 145005 |
| EMCOR Group, Inc.  | 471 | &nbsp;&nbsp; 288153 |
| Ferrovial SE | 7571 | &nbsp;&nbsp; 489653 |
| HOCHTIEF AG | 229 | &nbsp;&nbsp; 90638 |
| Kajima Corp.  | 6205 | &nbsp;&nbsp; 231388 |
| Obayashi Corp.  | 9580 | &nbsp;&nbsp; 200113 |
| Quanta Services, Inc. (b) | 1568 | &nbsp;&nbsp; 661790 |
| Skanska AB - B Shares | 5018 | &nbsp;&nbsp; 136939 |
| Taisei Corp.  | 2251 | &nbsp;&nbsp; 213394 |
| Vinci SA | 7354 | &nbsp;&nbsp; 1032702 |
|  |  | &nbsp;&nbsp; 4239956 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-5**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Buzzi SpA | 1136 | &nbsp;&nbsp; $69051 |
| CRH PLC | 7049 | &nbsp;&nbsp; 879715 |
| Heidelberg Materials AG | 1973 | &nbsp;&nbsp; 516669 |
| Holcim AG | 7520 | &nbsp;&nbsp; 737211 |
| Martin Marietta Materials, Inc.  | 634 | &nbsp;&nbsp; 394766 |
| Vulcan Materials Co.  | 1389 | &nbsp;&nbsp; 396171 |
|  |  | &nbsp;&nbsp; 2993583 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| American Express Co.  | 5650 | &nbsp;&nbsp; 2090217 |
| Capital One Financial Corp.  | 6685 | &nbsp;&nbsp; 1620177 |
| Synchrony Financial | 3788 | &nbsp;&nbsp; 316033 |
|  |  | &nbsp;&nbsp; 4026427 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Aeon Co. Ltd.  | 32832 | &nbsp;&nbsp; 518934 |
| Carrefour SA | 8685 | &nbsp;&nbsp; 144870 |
| Coles Group Ltd.  | 19786 | &nbsp;&nbsp; 283099 |
| Costco Wholesale Corp.  | 4660 | &nbsp;&nbsp; 4018504 |
| Dollar General Corp.  | 2315 | &nbsp;&nbsp; 307363 |
| Dollar Tree, Inc. (a) | 1995 | &nbsp;&nbsp; 245405 |
| J Sainsbury PLC | 25344 | &nbsp;&nbsp; 111693 |
| Jeronimo Martins SGPS SA | 4175 | &nbsp;&nbsp; 99450 |
| Kesko OYJ - B Shares | 4027 | &nbsp;&nbsp; 91096 |
| Kobe Bussan Co. Ltd.  | 2227 | &nbsp;&nbsp; 53850 |
| Koninklijke Ahold Delhaize NV | 13221 | &nbsp;&nbsp; 542230 |
| Kroger Co.  | 6411 | &nbsp;&nbsp; 400559 |
| Marks & Spencer Group PLC | 30331 | &nbsp;&nbsp; 134923 |
| MatsukiyoCocokara & Co.  | 4850 | &nbsp;&nbsp; 84197 |
| Seven & i Holdings Co. Ltd.  | 30597 | &nbsp;&nbsp; 439401 |
| Sysco Corp.  | 5036 | &nbsp;&nbsp; 371103 |
| Target Corp.  | 4778 | &nbsp;&nbsp; 467049 |
| Tesco PLC | 95811 | &nbsp;&nbsp; 570447 |
| Tsuruha Holdings, Inc.  | 3891 | &nbsp;&nbsp; 71426 |
| Walmart, Inc.  | 46113 | &nbsp;&nbsp; 5137449 |
| Woolworths Group Ltd.  | 18009 | &nbsp;&nbsp; 352708 |
|  |  | &nbsp;&nbsp; 14445756 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor PLC | 24275 | &nbsp;&nbsp; 202454 |
| Avery Dennison Corp.  | 813 | &nbsp;&nbsp; 147868 |
| Ball Corp.  | 2818 | &nbsp;&nbsp; 149269 |
| International Paper Co. (b) | 5553 | &nbsp;&nbsp; 218733 |
| Packaging Corp. of America | 940 | &nbsp;&nbsp; 193856 |
| Smurfit WestRock PLC | 5491 | &nbsp;&nbsp; 212337 |
|  |  | &nbsp;&nbsp; 1124517 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| D'ieteren Group | 317 | &nbsp;&nbsp; 57103 |
| Genuine Parts Co.  | 1463 | &nbsp;&nbsp; 179890 |
| Pool Corp.  | 345 | &nbsp;&nbsp; 78919 |
|  |  | &nbsp;&nbsp; 315912 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Pearson PLC | 8500 | &nbsp;&nbsp; 119958 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| Activia Properties, Inc.  | 96 | &nbsp;&nbsp; $86260 |
| AEW U.K. REIT PLC | 5659 | &nbsp;&nbsp; 8224 |
| Alexander & Baldwin, Inc.  | 3344 | &nbsp;&nbsp; 69020 |
| American Assets Trust, Inc.  | 2382 | &nbsp;&nbsp; 45091 |
| Argosy Property Ltd.  | 34846 | &nbsp;&nbsp; 24972 |
| Aspen Group Ltd.  | 9476 | &nbsp;&nbsp; 36434 |
| British Land Co. PLC | 44983 | &nbsp;&nbsp; 243302 |
| Broadstone Net Lease, Inc.  | 8690 | &nbsp;&nbsp; 150945 |
| CapitaLand Integrated Commercial Trust | 363666 | &nbsp;&nbsp; 674557 |
| Charter Hall Group | 21712 | &nbsp;&nbsp; 352999 |
| Charter Hall Long Wale REIT | 31407 | &nbsp;&nbsp; 85348 |
| Covivio SA | 3315 | &nbsp;&nbsp; 220309 |
| Custodian Property Income REIT PLC | 19197 | &nbsp;&nbsp; 22296 |
| Daiwa House REIT Investment Corp.  | 191 | &nbsp;&nbsp; 174507 |
| Essential Properties Realty Trust, Inc.  | 9103 | &nbsp;&nbsp; 269995 |
| Global Net Lease, Inc.  | 9079 | &nbsp;&nbsp; 78079 |
| GPT Group | 88822 | &nbsp;&nbsp; 320099 |
| Growthpoint Properties Australia Ltd.  | 12071 | &nbsp;&nbsp; 19627 |
| H&R Real Estate Investment Trust | 11992 | &nbsp;&nbsp; 89380 |
| Hankyu Hanshin REIT, Inc.  | 30 | &nbsp;&nbsp; 31858 |
| Heiwa Real Estate REIT, Inc.  | 47 | &nbsp;&nbsp; 47176 |
| Hulic Reit, Inc.  | 57 | &nbsp;&nbsp; 64237 |
| ICADE | 2115 | &nbsp;&nbsp; 54504 |
| KDX Realty Investment Corp.  | 171 | &nbsp;&nbsp; 191852 |
| Land Securities Group PLC | 44775 | &nbsp;&nbsp; 372641 |
| Mapletree Pan Asia Commercial Trust | 104014 | &nbsp;&nbsp; 118790 |
| Merlin Properties Socimi SA | 17431 | &nbsp;&nbsp; 253796 |
| Mirai Corp.  | 82 | &nbsp;&nbsp; 26348 |
| MIRARTH Real Estate Investment Corp.  | 40 | &nbsp;&nbsp; 23880 |
| Mirvac Group | 182163 | &nbsp;&nbsp; 248613 |
| Mori Trust Reit, Inc.  | 109 | &nbsp;&nbsp; 54351 |
| NIPPON REIT Investment Corp.  | 75 | &nbsp;&nbsp; 47283 |
| Nomura Real Estate Master Fund, Inc.  | 190 | &nbsp;&nbsp; 210005 |
| NTT UD REIT Investment Corp.  | 59 | &nbsp;&nbsp; 52822 |
| OUE Real Estate Investment Trust | 102830 | &nbsp;&nbsp; 28783 |
| Picton Property Income Ltd.  | 24100 | &nbsp;&nbsp; 24027 |
| Schroder Real Estate Investment Trust Ltd.  | 20504 | &nbsp;&nbsp; 14982 |
| Sekisui House Reit, Inc.  | 177 | &nbsp;&nbsp; 101683 |
| Shaftesbury Capital PLC | 67918 | &nbsp;&nbsp; 132221 |
| SK REITs Co. Ltd.  | 8940 | &nbsp;&nbsp; 35931 |
| Star Asia Investment Corp.  | 112 | &nbsp;&nbsp; 44125 |
| Stockland | 147362 | &nbsp;&nbsp; 561596 |
| Stoneweg Europe Stapled Trust | 16650 | &nbsp;&nbsp; 31887 |
| Stride Property Group | 22211 | &nbsp;&nbsp; 17613 |
| Sunlight Real Estate Investment Trust | 45350 | &nbsp;&nbsp; 13680 |
| Suntec Real Estate Investment Trust | 96798 | &nbsp;&nbsp; 108254 |
| United Urban Investment Corp.  | 141 | &nbsp;&nbsp; 164768 |
| WP Carey, Inc.  | 10032 | &nbsp;&nbsp; 645660 |
|  |  | &nbsp;&nbsp; 6694810 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc.  | 74553 | &nbsp;&nbsp; 1851896 |
| BT Group PLC | 88179 | &nbsp;&nbsp; 218047 |
| Cellnex Telecom SA (a) | 7292 | &nbsp;&nbsp; 234559 |
| Deutsche Telekom AG | 54230 | &nbsp;&nbsp; 1759077 |
| Elisa OYJ | 2097 | &nbsp;&nbsp; 93065 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-6**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** |
| HKT Trust & HKT Ltd.  | 55578 | &nbsp;&nbsp; $82138 |
| Infrastrutture Wireless Italiane SpA | 4112 | &nbsp;&nbsp; 38105 |
| Koninklijke KPN NV | 57326 | &nbsp;&nbsp; 268180 |
| NTT, Inc.  | 439441 | &nbsp;&nbsp; 443351 |
| Orange SA | 27448 | &nbsp;&nbsp; 457975 |
| Singapore Telecommunications Ltd.  | 109561 | &nbsp;&nbsp; 388180 |
| Swisscom AG | 382 | &nbsp;&nbsp; 277597 |
| Telecom Italia SpA (a) | 169512 | &nbsp;&nbsp; 101686 |
| Telefonica SA | 54343 | &nbsp;&nbsp; 223078 |
| Telenor ASA | 9079 | &nbsp;&nbsp; 132154 |
| Telia Co. AB | 34787 | &nbsp;&nbsp; 148623 |
| Telstra Group Ltd.  | 58574 | &nbsp;&nbsp; 190011 |
| Verizon Communications, Inc.  | 44340 | &nbsp;&nbsp; 1805968 |
|  |  | &nbsp;&nbsp; 8713690 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Acciona SA | 364 | &nbsp;&nbsp; 79096 |
| Alliant Energy Corp. (b) | 2703 | &nbsp;&nbsp; 175722 |
| American Electric Power Co., Inc.  | 5629 | &nbsp;&nbsp; 649080 |
| BKW AG | 311 | &nbsp;&nbsp; 65998 |
| Chubu Electric Power Co., Inc.  | 10008 | &nbsp;&nbsp; 154058 |
| CK Infrastructure Holdings Ltd.  | 9405 | &nbsp;&nbsp; 69606 |
| CLP Holdings Ltd.  | 24215 | &nbsp;&nbsp; 216360 |
| Constellation Energy Corp. (b) | 3284 | &nbsp;&nbsp; 1160139 |
| Contact Energy Ltd.  | 12452 | &nbsp;&nbsp; 66317 |
| Duke Energy Corp.  | 8178 | &nbsp;&nbsp; 958543 |
| Edison International | 4046 | &nbsp;&nbsp; 242841 |
| EDP SA | 46268 | &nbsp;&nbsp; 212668 |
| Elia Group SA | 643 | &nbsp;&nbsp; 82904 |
| Endesa SA | 4683 | &nbsp;&nbsp; 168574 |
| Enel SpA | 119895 | &nbsp;&nbsp; 1249200 |
| Entergy Corp.  | 4696 | &nbsp;&nbsp; 434051 |
| Evergy, Inc. (b) | 2421 | &nbsp;&nbsp; 175498 |
| Eversource Energy (b) | 3945 | &nbsp;&nbsp; 265617 |
| Exelon Corp.  | 10624 | &nbsp;&nbsp; 463100 |
| FirstEnergy Corp.  | 5467 | &nbsp;&nbsp; 244758 |
| Fortum OYJ | 6615 | &nbsp;&nbsp; 140774 |
| Iberdrola SA | 93568 | &nbsp;&nbsp; 2025291 |
| Kansai Electric Power Co., Inc.  | 13953 | &nbsp;&nbsp; 218935 |
| NextEra Energy, Inc.  | 21901 | &nbsp;&nbsp; 1758212 |
| NRG Energy, Inc.  | 2015 | &nbsp;&nbsp; 320869 |
| Origin Energy Ltd.  | 25401 | &nbsp;&nbsp; 194561 |
| PG&E Corp.  | 23113 | &nbsp;&nbsp; 371426 |
| Pinnacle West Capital Corp.  | 1259 | &nbsp;&nbsp; 111673 |
| Power Assets Holdings Ltd.  | 20583 | &nbsp;&nbsp; 145786 |
| PPL Corp.  | 7779 | &nbsp;&nbsp; 272421 |
| Redeia Corp. SA | 5983 | &nbsp;&nbsp; 106664 |
| Southern Co. (b) | 11579 | &nbsp;&nbsp; 1009689 |
| SSE PLC | 17774 | &nbsp;&nbsp; 521175 |
| Terna - Rete Elettrica Nazionale | 20746 | &nbsp;&nbsp; 220598 |
| Verbund AG | 1004 | &nbsp;&nbsp; 73293 |
| Xcel Energy, Inc. (b) | 6221 | &nbsp;&nbsp; 459483 |
|  |  | &nbsp;&nbsp; 15084980 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| ABB Ltd.  | 23104 | &nbsp;&nbsp; 1707878 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** |
| AMETEK, Inc.  | 2421 | &nbsp;&nbsp; $497056 |
| Eaton Corp. PLC | 4084 | &nbsp;&nbsp; 1300795 |
| Emerson Electric Co.  | 5908 | &nbsp;&nbsp; 784110 |
| Fuji Electric Co. Ltd.  | 1999 | &nbsp;&nbsp; 151540 |
| Fujikura Ltd.  | 3700 | &nbsp;&nbsp; 413235 |
| GE Vernova, Inc.  | 2853 | &nbsp;&nbsp; 1864635 |
| Generac Holdings, Inc. (a) | 617 | &nbsp;&nbsp; 84140 |
| Hubbell, Inc.  | 559 | &nbsp;&nbsp; 248257 |
| Legrand SA | 3865 | &nbsp;&nbsp; 574362 |
| Mitsubishi Electric Corp.  | 27987 | &nbsp;&nbsp; 821040 |
| NIDEC Corp.  | 12301 | &nbsp;&nbsp; 166581 |
| Prysmian SpA | 4150 | &nbsp;&nbsp; 413804 |
| Rockwell Automation, Inc.  | 1181 | &nbsp;&nbsp; 459492 |
| Schneider Electric SE | 8082 | &nbsp;&nbsp; 2215287 |
| Siemens Energy AG (a) | 11425 | &nbsp;&nbsp; 1614669 |
| Vestas Wind Systems AS | 14887 | &nbsp;&nbsp; 401929 |
|  |  | &nbsp;&nbsp; 13718810 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp. - Class A | 12872 | &nbsp;&nbsp; 1739522 |
| CDW Corp.  | 1369 | &nbsp;&nbsp; 186458 |
| Corning, Inc.  | 8205 | &nbsp;&nbsp; 718430 |
| Halma PLC | 5596 | &nbsp;&nbsp; 265197 |
| Hexagon AB - B Shares | 30606 | &nbsp;&nbsp; 362009 |
| Jabil, Inc.  | 1124 | &nbsp;&nbsp; 256294 |
| Keyence Corp.  | 2850 | &nbsp;&nbsp; 1032569 |
| Keysight Technologies, Inc. (a) | 1807 | &nbsp;&nbsp; 367164 |
| Kyocera Corp.  | 18850 | &nbsp;&nbsp; 264618 |
| Murata Manufacturing Co. Ltd.  | 24520 | &nbsp;&nbsp; 509026 |
| Shimadzu Corp.  | 3448 | &nbsp;&nbsp; 91827 |
| TDK Corp.  | 28580 | &nbsp;&nbsp; 404368 |
| TE Connectivity PLC | 3094 | &nbsp;&nbsp; 703916 |
| Teledyne Technologies, Inc. (a) | 494 | &nbsp;&nbsp; 252301 |
| Trimble, Inc. (a) | 2502 | &nbsp;&nbsp; 196032 |
| Yokogawa Electric Corp.  | 3327 | &nbsp;&nbsp; 106701 |
| Zebra Technologies Corp. - Class A (a) | 533 | &nbsp;&nbsp; 129423 |
|  |  | &nbsp;&nbsp; 7585855 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co.  | 10377 | &nbsp;&nbsp; 472569 |
| Halliburton Co.  | 8851 | &nbsp;&nbsp; 250129 |
| SLB Ltd.  | 15710 | &nbsp;&nbsp; 602950 |
| Tenaris SA | 5532 | &nbsp;&nbsp; 106713 |
|  |  | &nbsp;&nbsp; 1432361 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Bollore SE | 10354 | &nbsp;&nbsp; 58224 |
| Capcom Co. Ltd.  | 5097 | &nbsp;&nbsp; 118584 |
| CTS Eventim AG & Co. KGaA | 920 | &nbsp;&nbsp; 84449 |
| Electronic Arts, Inc.  | 2365 | &nbsp;&nbsp; 483240 |
| Konami Group Corp.  | 1520 | &nbsp;&nbsp; 207181 |
| Live Nation Entertainment, Inc. (a) (b) | 1661 | &nbsp;&nbsp; 236692 |
| Netflix, Inc. (a) | 44560 | &nbsp;&nbsp; 4177946 |
| Nexon Co. Ltd.  | 4856 | &nbsp;&nbsp; 119127 |
| Nintendo Co. Ltd.  | 16187 | &nbsp;&nbsp; 1093421 |
| Spotify Technology SA (a) | 2305 | &nbsp;&nbsp; 1338537 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-7**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Take-Two Interactive Software, Inc. (a) | 1827 | &nbsp;&nbsp; $467767 |
| TKO Group Holdings, Inc. (b) | 697 | &nbsp;&nbsp; 145673 |
| Toho Co. Ltd.  | 1581 | &nbsp;&nbsp; 80618 |
| Universal Music Group NV | 16222 | &nbsp;&nbsp; 423808 |
| Walt Disney Co.  | 18774 | &nbsp;&nbsp; 2135918 |
| Warner Bros Discovery, Inc. (a) | 26058 | &nbsp;&nbsp; 750992 |
|  |  | &nbsp;&nbsp; 11922177 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| Adyen NV (a) | 372 | &nbsp;&nbsp; 596864 |
| Apollo Global Management, Inc. (b) | 4883 | &nbsp;&nbsp; 706863 |
| Banca Mediolanum SpA | 3297 | &nbsp;&nbsp; 75074 |
| Berkshire Hathaway, Inc. - Class B (a) | 19284 | &nbsp;&nbsp; 9693103 |
| Block, Inc. (a) | 5759 | &nbsp;&nbsp; 374853 |
| Corpay, Inc. (a) | 736 | &nbsp;&nbsp; 221484 |
| Edenred SE | 3537 | &nbsp;&nbsp; 78576 |
| EXOR NV | 1379 | &nbsp;&nbsp; 116869 |
| Fidelity National Information Services, Inc.  | 5446 | &nbsp;&nbsp; 361941 |
| Fiserv, Inc. (a) | 5656 | &nbsp;&nbsp; 379913 |
| Global Payments, Inc.  | 2490 | &nbsp;&nbsp; 192726 |
| Groupe Bruxelles Lambert NV | 1178 | &nbsp;&nbsp; 104851 |
| Industrivarden AB - A Shares | 1745 | &nbsp;&nbsp; 78425 |
| Industrivarden AB - C Shares | 2301 | &nbsp;&nbsp; 103196 |
| Infratil Ltd.  | 13721 | &nbsp;&nbsp; 87513 |
| Investor AB - B Shares | 26855 | &nbsp;&nbsp; 958358 |
| Jack Henry & Associates, Inc.  | 761 | &nbsp;&nbsp; 138867 |
| L E Lundbergforetagen AB - B Shares | 1121 | &nbsp;&nbsp; 62029 |
| M&G PLC | 33687 | &nbsp;&nbsp; 129368 |
| Mastercard, Inc. - Class A | 8623 | &nbsp;&nbsp; 4922698 |
| Mitsubishi HC Capital, Inc.  | 12905 | &nbsp;&nbsp; 108017 |
| Nexi SpA | 7780 | &nbsp;&nbsp; 38384 |
| ORIX Corp.  | 17117 | &nbsp;&nbsp; 497622 |
| PayPal Holdings, Inc.  | 9839 | &nbsp;&nbsp; 574401 |
| Poste Italiane SpA | 6740 | &nbsp;&nbsp; 169562 |
| Sofina SA | 243 | &nbsp;&nbsp; 70297 |
| Sony Financial Group, Inc. (a) | 90459 | &nbsp;&nbsp; 95721 |
| Visa, Inc. - Class A (b) | 17747 | &nbsp;&nbsp; 6224050 |
| Washington H Soul Pattinson & Co. Ltd.  | 5041 | &nbsp;&nbsp; 124660 |
| Wise PLC - Class A (a) | 9823 | &nbsp;&nbsp; 117988 |
|  |  | &nbsp;&nbsp; 27404273 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Ajinomoto Co., Inc.  | 13322 | &nbsp;&nbsp; 281771 |
| Archer-Daniels-Midland Co.  | 5054 | &nbsp;&nbsp; 290554 |
| Associated British Foods PLC | 4750 | &nbsp;&nbsp; 136209 |
| Barry Callebaut AG | 53 | &nbsp;&nbsp; 87103 |
| Bunge Global SA (b) | 1423 | &nbsp;&nbsp; 126761 |
| Campbell's Co.  | 2066 | &nbsp;&nbsp; 57579 |
| Chocoladefabriken Lindt & Spruengli AG | 2 | &nbsp;&nbsp; 292979 |
| Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 14 | &nbsp;&nbsp; 204751 |
| Conagra Brands, Inc.  | 5030 | &nbsp;&nbsp; 87069 |
| Danone SA | 9542 | &nbsp;&nbsp; 860969 |
| General Mills, Inc.  | 5609 | &nbsp;&nbsp; 260818 |
| Hershey Co. (b) | 1558 | &nbsp;&nbsp; 283525 |
| Hormel Foods Corp.  | 3065 | &nbsp;&nbsp; 72641 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
| J.M. Smucker Co.  | 1122 | &nbsp;&nbsp; $109743 |
| JDE Peet's NV | 2519 | &nbsp;&nbsp; 94316 |
| Kerry Group PLC - Class A | 2391 | &nbsp;&nbsp; 219175 |
| Kikkoman Corp. (b) | 9993 | &nbsp;&nbsp; 90617 |
| Kraft Heinz Co.  | 8962 | &nbsp;&nbsp; 217328 |
| Lamb Weston Holdings, Inc.  | 1465 | &nbsp;&nbsp; 61369 |
| Lotus Bakeries NV | 6 | &nbsp;&nbsp; 55353 |
| Magnum Ice Cream Co. NV (a) | 7229 | &nbsp;&nbsp; 115675 |
| McCormick & Co., Inc.  | 2663 | &nbsp;&nbsp; 181377 |
| Mondelez International, Inc. - Class A | 13569 | &nbsp;&nbsp; 730419 |
| Mowi ASA | 6862 | &nbsp;&nbsp; 165684 |
| Nestle SA | 37982 | &nbsp;&nbsp; 3775161 |
| Orkla ASA | 10336 | &nbsp;&nbsp; 115382 |
| Salmar ASA | 998 | &nbsp;&nbsp; 61136 |
| Tyson Foods, Inc. - Class A | 2977 | &nbsp;&nbsp; 174512 |
| WH Group Ltd.  | 122898 | &nbsp;&nbsp; 136826 |
| Wilmar International Ltd.  | 28157 | &nbsp;&nbsp; 67313 |
|  |  | &nbsp;&nbsp; 9414115 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| APA Group | 19391 | &nbsp;&nbsp; 115992 |
| Atmos Energy Corp. (b) | 1688 | &nbsp;&nbsp; 282959 |
| Hong Kong & China Gas Co. Ltd.  | 165278 | &nbsp;&nbsp; 148722 |
| Naturgy Energy Group SA | 2859 | &nbsp;&nbsp; 87053 |
| Osaka Gas Co. Ltd.  | 5315 | &nbsp;&nbsp; 184480 |
| Snam SpA | 29732 | &nbsp;&nbsp; 197527 |
| Tokyo Gas Co. Ltd.  | 4595 | &nbsp;&nbsp; 181691 |
|  |  | &nbsp;&nbsp; 1198424 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Central Japan Railway Co.  | 11320 | &nbsp;&nbsp; 313811 |
| CSX Corp.  | 19582 | &nbsp;&nbsp; 709847 |
| East Japan Railway Co.  | 14229 | &nbsp;&nbsp; 376568 |
| Grab Holdings Ltd. - Class A (a) | 34971 | &nbsp;&nbsp; 174505 |
| Hankyu Hanshin Holdings, Inc.  | 3535 | &nbsp;&nbsp; 88905 |
| JB Hunt Transport Services, Inc.  | 791 | &nbsp;&nbsp; 153723 |
| MTR Corp. Ltd.  | 23000 | &nbsp;&nbsp; 87951 |
| Norfolk Southern Corp.  | 2360 | &nbsp;&nbsp; 681379 |
| Old Dominion Freight Line, Inc.  | 1935 | &nbsp;&nbsp; 303408 |
| Seibu Holdings, Inc.  | 3100 | &nbsp;&nbsp; 85231 |
| Tokyo Metro Co. Ltd.  | 4300 | &nbsp;&nbsp; 43766 |
| Tokyu Corp.  | 7367 | &nbsp;&nbsp; 86204 |
| Uber Technologies, Inc. (a) | 21851 | &nbsp;&nbsp; 1785445 |
| Union Pacific Corp.  | 6238 | &nbsp;&nbsp; 1442974 |
| West Japan Railway Co.  | 6209 | &nbsp;&nbsp; 124160 |
|  |  | &nbsp;&nbsp; 6457877 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Abbott Laboratories | 18286 | &nbsp;&nbsp; 2291053 |
| Alcon AG | 7365 | &nbsp;&nbsp; 585027 |
| Align Technology, Inc. (a) | 702 | &nbsp;&nbsp; 109617 |
| Baxter International, Inc. (b) | 5406 | &nbsp;&nbsp; 103309 |
| Becton Dickinson & Co.  | 3014 | &nbsp;&nbsp; 584927 |
| BioMerieux | 611 | &nbsp;&nbsp; 79108 |
| Boston Scientific Corp. (a) | 15589 | &nbsp;&nbsp; 1486411 |
| Cochlear Ltd.  | 964 | &nbsp;&nbsp; 167070 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-8**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Coloplast AS - Class B | 1860 | &nbsp;&nbsp; $159655 |
| Cooper Cos., Inc. (a) | 2091 | &nbsp;&nbsp; 171378 |
| Demant AS (a) | 1418 | &nbsp;&nbsp; 47866 |
| Dexcom, Inc. (a) | 4101 | &nbsp;&nbsp; 272183 |
| Edwards Lifesciences Corp. (a) | 6102 | &nbsp;&nbsp; 520196 |
| EssilorLuxottica SA | 4438 | &nbsp;&nbsp; 1403180 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 8659 | &nbsp;&nbsp; 187881 |
| GE HealthCare Technologies, Inc.  | 4790 | &nbsp;&nbsp; 392876 |
| Hologic, Inc. (a) | 2341 | &nbsp;&nbsp; 174381 |
| Hoya Corp.  | 5061 | &nbsp;&nbsp; 766585 |
| IDEXX Laboratories, Inc. (a) | 840 | &nbsp;&nbsp; 568285 |
| Insulet Corp. (a) | 740 | &nbsp;&nbsp; 210338 |
| Intuitive Surgical, Inc. (a) | 3728 | &nbsp;&nbsp; 2111390 |
| Koninklijke Philips NV | 11356 | &nbsp;&nbsp; 307350 |
| Medtronic PLC | 13488 | &nbsp;&nbsp; 1295657 |
| Olympus Corp.  | 16749 | &nbsp;&nbsp; 213353 |
| ResMed, Inc.  | 1535 | &nbsp;&nbsp; 369735 |
| Siemens Healthineers AG | 4988 | &nbsp;&nbsp; 261757 |
| Smith & Nephew PLC | 11886 | &nbsp;&nbsp; 197873 |
| Solventum Corp. (a) | 1550 | &nbsp;&nbsp; 122822 |
| Sonova Holding AG | 747 | &nbsp;&nbsp; 192738 |
| STERIS PLC | 1032 | &nbsp;&nbsp; 261633 |
| Straumann Holding AG | 1646 | &nbsp;&nbsp; 192746 |
| Stryker Corp.  | 3619 | &nbsp;&nbsp; 1271970 |
| Sysmex Corp.  | 7417 | &nbsp;&nbsp; 73107 |
| Terumo Corp.  | 19566 | &nbsp;&nbsp; 285064 |
| Zimmer Biomet Holdings, Inc. (b) | 2084 | &nbsp;&nbsp; 187393 |
|  |  | &nbsp;&nbsp; 17625914 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cardinal Health, Inc.  | 2499 | &nbsp;&nbsp; 513545 |
| Cencora, Inc.  | 2039 | &nbsp;&nbsp; 688672 |
| Centene Corp. (a) | 4910 | &nbsp;&nbsp; 202047 |
| Chartwell Retirement Residences | 14005 | &nbsp;&nbsp; 205093 |
| Cigna Group | 2809 | &nbsp;&nbsp; 773121 |
| CVS Health Corp.  | 13349 | &nbsp;&nbsp; 1059377 |
| DaVita, Inc. (a) (b) | 371 | &nbsp;&nbsp; 42149 |
| Elevance Health, Inc.  | 2337 | &nbsp;&nbsp; 819235 |
| Fresenius Medical Care AG | 3245 | &nbsp;&nbsp; 155468 |
| Fresenius SE & Co. KGaA | 6227 | &nbsp;&nbsp; 358397 |
| HCA Healthcare, Inc.  | 1680 | &nbsp;&nbsp; 784325 |
| Henry Schein, Inc. (a) | 1052 | &nbsp;&nbsp; 79510 |
| Humana, Inc.  | 1265 | &nbsp;&nbsp; 324004 |
| Labcorp Holdings, Inc.  | 872 | &nbsp;&nbsp; 218767 |
| McKesson Corp.  | 1298 | &nbsp;&nbsp; 1064736 |
| Molina Healthcare, Inc. (a) | 541 | &nbsp;&nbsp; 93885 |
| NMC Health PLC (a) (c) (d) | 8180 | &nbsp;&nbsp; 0 |
| Quest Diagnostics, Inc.  | 1170 | &nbsp;&nbsp; 203030 |
| Sigma Healthcare Ltd.  | 76594 | &nbsp;&nbsp; 150242 |
| Sonic Healthcare Ltd.  | 6923 | &nbsp;&nbsp; 104396 |
| UnitedHealth Group, Inc.  | 9526 | &nbsp;&nbsp; 3144628 |
| Universal Health Services, Inc. - Class B | 581 | &nbsp;&nbsp; 126670 |
|  |  | &nbsp;&nbsp; 11111297 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Aedifica SA | 2203 | &nbsp;&nbsp; 174289 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** |
| Alexandria Real Estate Equities, Inc.  | 9575 | &nbsp;&nbsp; $468600 |
| American Healthcare REIT, Inc.  | 7748 | &nbsp;&nbsp; 364621 |
| Care Property Invest NV | 1957 | &nbsp;&nbsp; 27277 |
| CareTrust REIT, Inc.  | 10299 | &nbsp;&nbsp; 372412 |
| Cofinimmo SA | 1766 | &nbsp;&nbsp; 164068 |
| Health Care & Medical Investment Corp.  | 15 | &nbsp;&nbsp; 11255 |
| Healthcare Realty Trust, Inc.  | 15188 | &nbsp;&nbsp; 257437 |
| Healthpeak Properties, Inc.  | 39437 | &nbsp;&nbsp; 634147 |
| Life Science REIT PLC (a) | 13265 | &nbsp;&nbsp; 7013 |
| LTC Properties, Inc.  | 2084 | &nbsp;&nbsp; 71648 |
| Medical Properties Trust, Inc. (b) | 23088 | &nbsp;&nbsp; 115440 |
| National Health Investors, Inc.  | 2153 | &nbsp;&nbsp; 164425 |
| Northwest Healthcare Properties Real Estate Investment Trust | 10189 | &nbsp;&nbsp; 37934 |
| Omega Healthcare Investors, Inc.  | 13655 | &nbsp;&nbsp; 605463 |
| Parkway Life Real Estate Investment Trust | 20090 | &nbsp;&nbsp; 63768 |
| Primary Health Properties PLC | 116453 | &nbsp;&nbsp; 153679 |
| Sabra Health Care REIT, Inc.  | 10892 | &nbsp;&nbsp; 206294 |
| Sila Realty Trust, Inc.  | 2549 | &nbsp;&nbsp; 59417 |
| Target Healthcare REIT PLC | 28748 | &nbsp;&nbsp; 37904 |
| Ventas, Inc.  | 26613 | &nbsp;&nbsp; 2059314 |
| Vital Healthcare Property Trust | 20502 | &nbsp;&nbsp; 23550 |
| Welltower, Inc.  | 39046 | &nbsp;&nbsp; 7247328 |
|  |  | &nbsp;&nbsp; 13327283 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| M3, Inc.  | 6540 | &nbsp;&nbsp; 88566 |
| Pro Medicus Ltd.  | 848 | &nbsp;&nbsp; 124173 |
|  |  | &nbsp;&nbsp; 212739 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Apple Hospitality REIT, Inc.  | 10259 | &nbsp;&nbsp; 121569 |
| CapitaLand Ascott Trust | 120968 | &nbsp;&nbsp; 89737 |
| CDL Hospitality Trusts | 36804 | &nbsp;&nbsp; 23895 |
| DiamondRock Hospitality Co.  | 9445 | &nbsp;&nbsp; 84627 |
| Far East Hospitality Trust | 44210 | &nbsp;&nbsp; 20981 |
| Hoshino Resorts REIT, Inc.  | 25 | &nbsp;&nbsp; 41642 |
| Host Hotels & Resorts, Inc.  | 38465 | &nbsp;&nbsp; 681984 |
| Invincible Investment Corp. (b) | 336 | &nbsp;&nbsp; 138147 |
| Japan Hotel REIT Investment Corp.  | 224 | &nbsp;&nbsp; 117009 |
| Park Hotels & Resorts, Inc. (b) | 9088 | &nbsp;&nbsp; 95061 |
| Pebblebrook Hotel Trust | 5385 | &nbsp;&nbsp; 60958 |
| RLJ Lodging Trust | 6290 | &nbsp;&nbsp; 46861 |
| Ryman Hospitality Properties, Inc.  | 2830 | &nbsp;&nbsp; 267775 |
| Sunstone Hotel Investors, Inc.  | 8333 | &nbsp;&nbsp; 74497 |
| Xenia Hotels & Resorts, Inc.  | 4353 | &nbsp;&nbsp; 61551 |
|  |  | &nbsp;&nbsp; 1926294 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Accor SA | 2890 | &nbsp;&nbsp; 163750 |
| Airbnb, Inc. - Class A (a) | 4472 | &nbsp;&nbsp; 606940 |
| Amadeus IT Group SA | 6641 | &nbsp;&nbsp; 487109 |
| Aristocrat Leisure Ltd.  | 8116 | &nbsp;&nbsp; 314739 |
| Booking Holdings, Inc.  | 339 | &nbsp;&nbsp; 1815457 |
| Carnival Corp. (a) | 11418 | &nbsp;&nbsp; 348706 |
| Chipotle Mexican Grill, Inc. (a) | 13905 | &nbsp;&nbsp; 514485 |
| Compass Group PLC | 25020 | &nbsp;&nbsp; 796012 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-9**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Darden Restaurants, Inc.  | 1223 | &nbsp;&nbsp; $225056 |
| Delivery Hero SE (a) | 2858 | &nbsp;&nbsp; 76305 |
| Domino's Pizza, Inc.  | 327 | &nbsp;&nbsp; 136300 |
| DoorDash, Inc. - Class A (a) | 3931 | &nbsp;&nbsp; 890293 |
| Entain PLC | 8959 | &nbsp;&nbsp; 92253 |
| Evolution AB | 1960 | &nbsp;&nbsp; 133390 |
| Expedia Group, Inc.  | 1230 | &nbsp;&nbsp; 348471 |
| FDJ United | 1639 | &nbsp;&nbsp; 45441 |
| Galaxy Entertainment Group Ltd.  | 28915 | &nbsp;&nbsp; 141820 |
| Hilton Worldwide Holdings, Inc.  | 2444 | &nbsp;&nbsp; 702039 |
| InterContinental Hotels Group PLC | 2134 | &nbsp;&nbsp; 298925 |
| Las Vegas Sands Corp.  | 3200 | &nbsp;&nbsp; 208288 |
| Lottery Corp. Ltd.  | 32818 | &nbsp;&nbsp; 112827 |
| Marriott International, Inc. - Class A | 2342 | &nbsp;&nbsp; 726582 |
| McDonald's Corp.  | 7489 | &nbsp;&nbsp; 2288863 |
| MGM Resorts International (a) | 2157 | &nbsp;&nbsp; 78709 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 4788 | &nbsp;&nbsp; 106868 |
| Oriental Land Co. Ltd. (b) | 15924 | &nbsp;&nbsp; 294556 |
| PPHE Hotel Group Ltd.  | 1063 | &nbsp;&nbsp; 25689 |
| Royal Caribbean Cruises Ltd.  | 2667 | &nbsp;&nbsp; 743880 |
| Sands China Ltd.  | 35925 | &nbsp;&nbsp; 90538 |
| Sodexo SA (b) | 1304 | &nbsp;&nbsp; 66804 |
| Starbucks Corp. (b) | 11956 | &nbsp;&nbsp; 1006815 |
| Whitbread PLC | 2551 | &nbsp;&nbsp; 87085 |
| Wynn Resorts Ltd.  | 888 | &nbsp;&nbsp; 106853 |
| Yum! Brands, Inc.  | 2920 | &nbsp;&nbsp; 441738 |
| Zensho Holdings Co. Ltd.  | 1463 | &nbsp;&nbsp; 83850 |
|  |  | &nbsp;&nbsp; 14607436 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| Barratt Redrow PLC | 20047 | &nbsp;&nbsp; 102711 |
| DR Horton, Inc.  | 2880 | &nbsp;&nbsp; 414807 |
| Garmin Ltd.  | 1719 | &nbsp;&nbsp; 348699 |
| Lennar Corp. - Class A | 2269 | &nbsp;&nbsp; 233253 |
| NVR, Inc. (a) | 30 | &nbsp;&nbsp; 218783 |
| Panasonic Holdings Corp.  | 34263 | &nbsp;&nbsp; 448230 |
| PulteGroup, Inc.  | 2050 | &nbsp;&nbsp; 240383 |
| Sekisui House Ltd.  | 8735 | &nbsp;&nbsp; 194977 |
| Sony Group Corp.  | 90459 | &nbsp;&nbsp; 2312146 |
|  |  | &nbsp;&nbsp; 4513989 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc.  | 2525 | &nbsp;&nbsp; 211721 |
| Clorox Co.  | 1283 | &nbsp;&nbsp; 129365 |
| Colgate-Palmolive Co.  | 8477 | &nbsp;&nbsp; 669853 |
| Essity AB - Class B | 8886 | &nbsp;&nbsp; 255985 |
| Henkel AG & Co. KGaA | 1532 | &nbsp;&nbsp; 117039 |
| Kimberly-Clark Corp.  | 3490 | &nbsp;&nbsp; 352106 |
| Procter & Gamble Co.  | 24573 | &nbsp;&nbsp; 3521557 |
| Reckitt Benckiser Group PLC | 9951 | &nbsp;&nbsp; 805645 |
| Unicharm Corp.  | 16412 | &nbsp;&nbsp; 94067 |
|  |  | &nbsp;&nbsp; 6157338 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp.  | 7489 | &nbsp;&nbsp; 107392 |
| EDP Renovaveis SA | 4649 | &nbsp;&nbsp; 65579 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Independent Power and Renewable Electricity Producers—(Continued)** | **Independent Power and Renewable Electricity Producers—(Continued)** | **Independent Power and Renewable Electricity Producers—(Continued)** |
| Meridian Energy Ltd.  | 19448 | &nbsp;&nbsp; $62644 |
| Orsted AS (a) | 7792 | &nbsp;&nbsp; 149527 |
| RWE AG | 9319 | &nbsp;&nbsp; 495871 |
| Vistra Corp.  | 3345 | &nbsp;&nbsp; 539649 |
|  |  | &nbsp;&nbsp; 1420662 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co.  | 5586 | &nbsp;&nbsp; 894319 |
| CK Hutchison Holdings Ltd.  | 39402 | &nbsp;&nbsp; 268446 |
| DCC PLC | 1429 | &nbsp;&nbsp; 88813 |
| Hikari Tsushin, Inc.  | 250 | &nbsp;&nbsp; 69860 |
| Hitachi Ltd.  | 67347 | &nbsp;&nbsp; 2089349 |
| Honeywell International, Inc.  | 6676 | &nbsp;&nbsp; 1302421 |
| Investment AB Latour - B Shares | 2183 | &nbsp;&nbsp; 53140 |
| Jardine Matheson Holdings Ltd.  | 2360 | &nbsp;&nbsp; 160961 |
| Keppel Ltd.  | 21590 | &nbsp;&nbsp; 173303 |
| Lifco AB - B Shares | 3437 | &nbsp;&nbsp; 129892 |
| Sekisui Chemical Co. Ltd.  | 5541 | &nbsp;&nbsp; 92961 |
| Siemens AG | 11203 | &nbsp;&nbsp; 3146206 |
| Smiths Group PLC | 4812 | &nbsp;&nbsp; 151631 |
| Swire Pacific Ltd. - Class A | 5365 | &nbsp;&nbsp; 43148 |
|  |  | &nbsp;&nbsp; 8664450 |
| **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** |
| AIMS APAC REIT | 27860 | &nbsp;&nbsp; 32512 |
| Americold Realty Trust, Inc. (b) | 13194 | &nbsp;&nbsp; 169675 |
| ARGAN SA | 760 | &nbsp;&nbsp; 58840 |
| CapitaLand Ascendas | 230350 | &nbsp;&nbsp; 506312 |
| Centuria Industrial REIT | 28762 | &nbsp;&nbsp; 63481 |
| CRE Logistics REIT, Inc.  | 26 | &nbsp;&nbsp; 27937 |
| Dexus Industria REIT | 14712 | &nbsp;&nbsp; 26343 |
| Dream Industrial Real Estate Investment Trust | 13189 | &nbsp;&nbsp; 120883 |
| EastGroup Properties, Inc.  | 2450 | &nbsp;&nbsp; 436443 |
| ESR Kendall Square REIT Co. Ltd.  | 7707 | &nbsp;&nbsp; 22821 |
| ESR-REIT | 26065 | &nbsp;&nbsp; 54898 |
| First Industrial Realty Trust, Inc.  | 5924 | &nbsp;&nbsp; 339267 |
| Frasers Logistics & Commercial Trust | 127900 | &nbsp;&nbsp; 99006 |
| GLP J-Reit | 202 | &nbsp;&nbsp; 192046 |
| Goodman Group | 121985 | &nbsp;&nbsp; 2507927 |
| Goodman Property Trust | 44640 | &nbsp;&nbsp; 50506 |
| Granite Real Estate Investment Trust | 2791 | &nbsp;&nbsp; 166152 |
| Industrial & Infrastructure Fund Investment Corp.  | 110 | &nbsp;&nbsp; 108053 |
| Innovative Industrial Properties, Inc.  | 1272 | &nbsp;&nbsp; 60242 |
| Japan Logistics Fund, Inc.  | 119 | &nbsp;&nbsp; 79098 |
| LaSalle Logiport REIT | 75 | &nbsp;&nbsp; 75945 |
| Lineage, Inc. (b) | 3269 | &nbsp;&nbsp; 114415 |
| LondonMetric Property PLC | 103599 | &nbsp;&nbsp; 263876 |
| LXP Industrial Trust | 2671 | &nbsp;&nbsp; 132428 |
| Mapletree Industrial Trust | 95792 | &nbsp;&nbsp; 155009 |
| Mapletree Logistics Trust | 156349 | &nbsp;&nbsp; 160280 |
| Mitsubishi Estate Logistics REIT Investment Corp.  | 61 | &nbsp;&nbsp; 51754 |
| Mitsui Fudosan Logistics Park, Inc.  | 138 | &nbsp;&nbsp; 107408 |
| Montea NV | 964 | &nbsp;&nbsp; 82929 |
| Nippon Prologis REIT, Inc.  | 332 | &nbsp;&nbsp; 196764 |
| Prologis, Inc.  | 52706 | &nbsp;&nbsp; 6728448 |
| Rexford Industrial Realty, Inc. (b) | 10789 | &nbsp;&nbsp; 417750 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-10**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| Segro PLC | 81396 | &nbsp;&nbsp; $787394 |
| SOSiLA Logistics REIT, Inc.  | 30 | &nbsp;&nbsp; 24157 |
| STAG Industrial, Inc.  | 8640 | &nbsp;&nbsp; 317606 |
| Terreno Realty Corp.  | 4686 | &nbsp;&nbsp; 275115 |
| Tritax Big Box REIT PLC | 113016 | &nbsp;&nbsp; 231228 |
| Warehouses De Pauw CVA | 8543 | &nbsp;&nbsp; 221687 |
|  |  | &nbsp;&nbsp; 15466635 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Admiral Group PLC | 3839 | &nbsp;&nbsp; 164349 |
| Aegon Ltd.  | 19496 | &nbsp;&nbsp; 150462 |
| Aflac, Inc.  | 4960 | &nbsp;&nbsp; 546939 |
| Ageas SA | 2200 | &nbsp;&nbsp; 154226 |
| AIA Group Ltd.  | 154927 | &nbsp;&nbsp; 1591332 |
| Allianz SE | 5693 | &nbsp;&nbsp; 2611198 |
| Allstate Corp.  | 2752 | &nbsp;&nbsp; 572829 |
| American International Group, Inc.  | 5674 | &nbsp;&nbsp; 485411 |
| Aon PLC - Class A | 2260 | &nbsp;&nbsp; 797509 |
| Arch Capital Group Ltd. (a) | 3797 | &nbsp;&nbsp; 364208 |
| Arthur J Gallagher & Co.  | 2701 | &nbsp;&nbsp; 698992 |
| ASR Nederland NV | 2313 | &nbsp;&nbsp; 164192 |
| Assurant, Inc.  | 527 | &nbsp;&nbsp; 126928 |
| Aviva PLC | 45066 | &nbsp;&nbsp; 412604 |
| AXA SA | 25570 | &nbsp;&nbsp; 1229784 |
| Brown & Brown, Inc.  | 3088 | &nbsp;&nbsp; 246114 |
| Chubb Ltd.  | 3849 | &nbsp;&nbsp; 1201350 |
| Cincinnati Financial Corp.  | 1632 | &nbsp;&nbsp; 266538 |
| Dai-ichi Life Holdings, Inc.  | 51676 | &nbsp;&nbsp; 429026 |
| Erie Indemnity Co. - Class A | 267 | &nbsp;&nbsp; 76536 |
| Everest Group Ltd.  | 441 | &nbsp;&nbsp; 149653 |
| Generali | 12565 | &nbsp;&nbsp; 527428 |
| Gjensidige Forsikring ASA | 2949 | &nbsp;&nbsp; 88346 |
| Globe Life, Inc.  | 837 | &nbsp;&nbsp; 117063 |
| Hannover Rueck SE | 889 | &nbsp;&nbsp; 277762 |
| Hartford Insurance Group, Inc.  | 2930 | &nbsp;&nbsp; 403754 |
| Helvetia Baloise Holding AG | 1162 | &nbsp;&nbsp; 306338 |
| Insurance Australia Group Ltd.  | 34875 | &nbsp;&nbsp; 185412 |
| Japan Post Holdings Co. Ltd.  | 26196 | &nbsp;&nbsp; 275473 |
| Japan Post Insurance Co. Ltd.  | 2708 | &nbsp;&nbsp; 81257 |
| Legal & General Group PLC | 83985 | &nbsp;&nbsp; 294901 |
| Loews Corp.  | 1782 | &nbsp;&nbsp; 187662 |
| Mapfre SA | 13621 | &nbsp;&nbsp; 68549 |
| Marsh & McLennan Cos., Inc.  | 5152 | &nbsp;&nbsp; 955799 |
| Medibank Pvt Ltd.  | 40606 | &nbsp;&nbsp; 129547 |
| MetLife, Inc. (e) | 5820 | &nbsp;&nbsp; 459431 |
| MS&AD Insurance Group Holdings, Inc.  | 18888 | &nbsp;&nbsp; 444758 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1926 | &nbsp;&nbsp; 1271889 |
| NN Group NV | 3965 | &nbsp;&nbsp; 305239 |
| Phoenix Financial Ltd.  | 3373 | &nbsp;&nbsp; 139586 |
| Phoenix Group Holdings PLC | 10360 | &nbsp;&nbsp; 102126 |
| Principal Financial Group, Inc.  | 2102 | &nbsp;&nbsp; 185417 |
| Progressive Corp.  | 6167 | &nbsp;&nbsp; 1404349 |
| Prudential Financial, Inc.  | 3681 | &nbsp;&nbsp; 415511 |
| Prudential PLC | 37770 | &nbsp;&nbsp; 582763 |
| QBE Insurance Group Ltd.  | 22263 | &nbsp;&nbsp; 294936 |
| Sampo OYJ - A Shares | 35691 | &nbsp;&nbsp; 432626 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Sompo Holdings, Inc.  | 13002 | &nbsp;&nbsp; $442650 |
| Suncorp Group Ltd.  | 15966 | &nbsp;&nbsp; 187543 |
| Swiss Life Holding AG | 421 | &nbsp;&nbsp; 486384 |
| Swiss Re AG | 4404 | &nbsp;&nbsp; 734385 |
| T&D Holdings, Inc.  | 7221 | &nbsp;&nbsp; 166400 |
| Talanx AG | 952 | &nbsp;&nbsp; 127078 |
| Tokio Marine Holdings, Inc.  | 27065 | &nbsp;&nbsp; 1004811 |
| Travelers Cos., Inc.  | 2346 | &nbsp;&nbsp; 680481 |
| Tryg AS | 4958 | &nbsp;&nbsp; 129764 |
| Unipol Assicurazioni SpA | 5289 | &nbsp;&nbsp; 127224 |
| W.R. Berkley Corp.  | 3157 | &nbsp;&nbsp; 221369 |
| Willis Towers Watson PLC (b) | 1007 | &nbsp;&nbsp; 330900 |
| Zurich Insurance Group AG | 2157 | &nbsp;&nbsp; 1637200 |
|  |  | &nbsp;&nbsp; 28654291 |
| **Interactive Media & Services — 2.9%** | **Interactive Media & Services — 2.9%** | **Interactive Media & Services — 2.9%** |
| Alphabet, Inc. - Class A | 61182 | &nbsp;&nbsp; 19149966 |
| Alphabet, Inc. - Class C | 48900 | &nbsp;&nbsp; 15344820 |
| Auto Trader Group PLC | 12757 | &nbsp;&nbsp; 100599 |
| CAR Group Ltd.  | 5580 | &nbsp;&nbsp; 114183 |
| LY Corp.  | 40889 | &nbsp;&nbsp; 108873 |
| Match Group, Inc.  | 2483 | &nbsp;&nbsp; 80176 |
| Meta Platforms, Inc. - Class A | 22903 | &nbsp;&nbsp; 15118041 |
| REA Group Ltd.  | 779 | &nbsp;&nbsp; 95351 |
| Scout24 SE | 1106 | &nbsp;&nbsp; 111480 |
|  |  | &nbsp;&nbsp; 50223489 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Accenture PLC - Class A | 6521 | &nbsp;&nbsp; 1749584 |
| Akamai Technologies, Inc. (a) | 1513 | &nbsp;&nbsp; 132009 |
| Capgemini SE | 2273 | &nbsp;&nbsp; 376438 |
| Cognizant Technology Solutions Corp. - Class A | 5076 | &nbsp;&nbsp; 421308 |
| EPAM Systems, Inc. (a) | 581 | &nbsp;&nbsp; 119035 |
| Fujitsu Ltd.  | 25923 | &nbsp;&nbsp; 710747 |
| Gartner, Inc. (a) | 758 | &nbsp;&nbsp; 191228 |
| GoDaddy, Inc. - Class A (a) | 1421 | &nbsp;&nbsp; 176318 |
| International Business Machines Corp.  | 9830 | &nbsp;&nbsp; 2911744 |
| NEC Corp.  | 19055 | &nbsp;&nbsp; 642517 |
| NEXTDC Ltd. (a) | 29462 | &nbsp;&nbsp; 245167 |
| Nomura Research Institute Ltd.  | 5541 | &nbsp;&nbsp; 213310 |
| Obic Co. Ltd.  | 4776 | &nbsp;&nbsp; 150079 |
| Otsuka Corp.  | 3323 | &nbsp;&nbsp; 68408 |
| SUNeVision Holdings Ltd.  | 28180 | &nbsp;&nbsp; 16620 |
| TIS, Inc.  | 3105 | &nbsp;&nbsp; 103935 |
| VeriSign, Inc.  | 877 | &nbsp;&nbsp; 213067 |
| Wix.com Ltd. (a) | 821 | &nbsp;&nbsp; 85294 |
|  |  | &nbsp;&nbsp; 8526808 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Bandai Namco Holdings, Inc.  | 8597 | &nbsp;&nbsp; 229139 |
| Hasbro, Inc.  | 1402 | &nbsp;&nbsp; 114964 |
| Shimano, Inc.  | 1079 | &nbsp;&nbsp; 113920 |
|  |  | &nbsp;&nbsp; 458023 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-11**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Agilent Technologies, Inc.  | 2981 | &nbsp;&nbsp; $405625 |
| Bio-Techne Corp.  | 1639 | &nbsp;&nbsp; 96389 |
| Charles River Laboratories International, Inc. (a) | 518 | &nbsp;&nbsp; 103331 |
| Danaher Corp.  | 6611 | &nbsp;&nbsp; 1513390 |
| Eurofins Scientific SE | 1746 | &nbsp;&nbsp; 127696 |
| IQVIA Holdings, Inc. (a) | 1791 | &nbsp;&nbsp; 403709 |
| Lonza Group AG | 1035 | &nbsp;&nbsp; 700237 |
| Mettler-Toledo International, Inc. (a) | 215 | &nbsp;&nbsp; 299751 |
| Qiagen NV | 3193 | &nbsp;&nbsp; 145737 |
| Revvity, Inc.  | 1192 | &nbsp;&nbsp; 115326 |
| Sartorius Stedim Biotech | 431 | &nbsp;&nbsp; 106050 |
| Thermo Fisher Scientific, Inc.  | 3951 | &nbsp;&nbsp; 2289407 |
| Waters Corp. (a) | 626 | &nbsp;&nbsp; 237773 |
| West Pharmaceutical Services, Inc.  | 757 | &nbsp;&nbsp; 208281 |
|  |  | &nbsp;&nbsp; 6752702 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Alfa Laval AB | 4266 | &nbsp;&nbsp; 215561 |
| Alstom SA (a) | 5109 | &nbsp;&nbsp; 151241 |
| Atlas Copco AB - A Shares | 39499 | &nbsp;&nbsp; 707655 |
| Atlas Copco AB - B Shares | 22956 | &nbsp;&nbsp; 368155 |
| Caterpillar, Inc.  | 4921 | &nbsp;&nbsp; 2819093 |
| Cummins, Inc.  | 1452 | &nbsp;&nbsp; 741173 |
| Daifuku Co. Ltd.  | 4764 | &nbsp;&nbsp; 150174 |
| Daimler Truck Holding AG | 7004 | &nbsp;&nbsp; 307122 |
| Deere & Co.  | 2644 | &nbsp;&nbsp; 1230967 |
| Dover Corp.  | 1442 | &nbsp;&nbsp; 281536 |
| Ebara Corp.  | 6900 | &nbsp;&nbsp; 162747 |
| Epiroc AB - A Shares | 9717 | &nbsp;&nbsp; 219866 |
| Epiroc AB - B Shares | 5750 | &nbsp;&nbsp; 116030 |
| FANUC Corp.  | 13768 | &nbsp;&nbsp; 535846 |
| Fortive Corp.  | 3340 | &nbsp;&nbsp; 184401 |
| GEA Group AG | 2160 | &nbsp;&nbsp; 146650 |
| IDEX Corp.  | 787 | &nbsp;&nbsp; 140039 |
| IHI Corp.  | 15400 | &nbsp;&nbsp; 271535 |
| Illinois Tool Works, Inc.  | 2776 | &nbsp;&nbsp; 683729 |
| Indutrade AB | 4029 | &nbsp;&nbsp; 104425 |
| Ingersoll Rand, Inc.  | 3781 | &nbsp;&nbsp; 299531 |
| Kawasaki Heavy Industries Ltd.  | 2200 | &nbsp;&nbsp; 145526 |
| Knorr-Bremse AG | 1070 | &nbsp;&nbsp; 119655 |
| Komatsu Ltd.  | 13978 | &nbsp;&nbsp; 446835 |
| Kone OYJ - Class B | 5011 | &nbsp;&nbsp; 355421 |
| Kubota Corp.  | 14439 | &nbsp;&nbsp; 203891 |
| Makita Corp.  | 3264 | &nbsp;&nbsp; 98593 |
| Metso OYJ | 9778 | &nbsp;&nbsp; 170596 |
| Minebea Mitsumi, Inc.  | 5332 | &nbsp;&nbsp; 107087 |
| Mitsubishi Heavy Industries Ltd.  | 47109 | &nbsp;&nbsp; 1153792 |
| Nordson Corp.  | 561 | &nbsp;&nbsp; 134881 |
| Otis Worldwide Corp.  | 4098 | &nbsp;&nbsp; 357960 |
| PACCAR, Inc.  | 5593 | &nbsp;&nbsp; 612489 |
| Parker-Hannifin Corp.  | 1327 | &nbsp;&nbsp; 1166380 |
| Pentair PLC | 1721 | &nbsp;&nbsp; 179225 |
| Rational AG | 75 | &nbsp;&nbsp; 58053 |
| Sandvik AB | 15717 | &nbsp;&nbsp; 509077 |
| Schindler Holding AG | 346 | &nbsp;&nbsp; 122640 |
| Schindler Holding AG (Participation Certificate) | 600 | &nbsp;&nbsp; 226116 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| SKF AB - B Shares | 5030 | &nbsp;&nbsp; $133684 |
| SMC Corp.  | 809 | &nbsp;&nbsp; 281691 |
| Snap-on, Inc.  | 547 | &nbsp;&nbsp; 188496 |
| Spirax Group PLC | 1085 | &nbsp;&nbsp; 99226 |
| Stanley Black & Decker, Inc.  | 1629 | &nbsp;&nbsp; 121002 |
| Techtronic Industries Co. Ltd.  | 21429 | &nbsp;&nbsp; 246193 |
| Toyota Industries Corp.  | 2372 | &nbsp;&nbsp; 269346 |
| Trelleborg AB - B Shares | 2991 | &nbsp;&nbsp; 126569 |
| VAT Group AG | 398 | &nbsp;&nbsp; 191118 |
| Volvo AB - B Shares | 23421 | &nbsp;&nbsp; 750735 |
| Wartsila OYJ Abp | 7414 | &nbsp;&nbsp; 262307 |
| Westinghouse Air Brake Technologies Corp.  | 1798 | &nbsp;&nbsp; 383783 |
| Xylem, Inc.  | 2560 | &nbsp;&nbsp; 348621 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 38000 | &nbsp;&nbsp; 102883 |
|  |  | &nbsp;&nbsp; 19511347 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| AP Moller - Maersk AS - Class A | 43 | &nbsp;&nbsp; 99028 |
| AP Moller - Maersk AS - Class B | 58 | &nbsp;&nbsp; 133686 |
| Kawasaki Kisen Kaisha Ltd.  | 5157 | &nbsp;&nbsp; 71705 |
| Kuehne & Nagel International AG | 712 | &nbsp;&nbsp; 153369 |
| Mitsui OSK Lines Ltd.  | 5067 | &nbsp;&nbsp; 152125 |
| Nippon Yusen KK | 6417 | &nbsp;&nbsp; 207763 |
| SITC International Holdings Co. Ltd.  | 19964 | &nbsp;&nbsp; 71326 |
|  |  | &nbsp;&nbsp; 889002 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications, Inc. - Class A (a) | 925 | &nbsp;&nbsp; 193094 |
| Comcast Corp. - Class A | 38220 | &nbsp;&nbsp; 1142396 |
| Fox Corp. - Class A | 2191 | &nbsp;&nbsp; 160096 |
| Fox Corp. - Class B | 1561 | &nbsp;&nbsp; 101356 |
| Informa PLC | 19084 | &nbsp;&nbsp; 226371 |
| News Corp. - Class A | 3938 | &nbsp;&nbsp; 102860 |
| News Corp. - Class B | 1298 | &nbsp;&nbsp; 38460 |
| Omnicom Group, Inc.  | 3388 | &nbsp;&nbsp; 273581 |
| Paramount Skydance Corp. - Class B (b) | 3268 | &nbsp;&nbsp; 43791 |
| Publicis Groupe SA | 3374 | &nbsp;&nbsp; 350023 |
| Trade Desk, Inc. - Class A (a) | 4630 | &nbsp;&nbsp; 175755 |
|  |  | &nbsp;&nbsp; 2807783 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| Anglo American PLC | 16496 | &nbsp;&nbsp; 679790 |
| Antofagasta PLC | 5814 | &nbsp;&nbsp; 255177 |
| ArcelorMittal SA | 6914 | &nbsp;&nbsp; 314880 |
| BHP Group Ltd.  | 74872 | &nbsp;&nbsp; 2259342 |
| Boliden AB (a) | 4191 | &nbsp;&nbsp; 231930 |
| Endeavour Mining PLC | 2848 | &nbsp;&nbsp; 147467 |
| Evolution Mining Ltd.  | 29939 | &nbsp;&nbsp; 251877 |
| Fortescue Ltd.  | 24964 | &nbsp;&nbsp; 365016 |
| Freeport-McMoRan, Inc.  | 15100 | &nbsp;&nbsp; 766929 |
| Fresnillo PLC | 3259 | &nbsp;&nbsp; 145116 |
| Glencore PLC (a) | 148165 | &nbsp;&nbsp; 805978 |
| JFE Holdings, Inc.  | 8435 | &nbsp;&nbsp; 107333 |
| JX Advanced Metals Corp.  | 8600 | &nbsp;&nbsp; 107917 |
| Lynas Rare Earths Ltd. (a) | 13357 | &nbsp;&nbsp; 110182 |
| Newmont Corp.  | 11476 | &nbsp;&nbsp; 1145879 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-12**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Nippon Steel Corp.  | 71200 | &nbsp;&nbsp; $291182 |
| Norsk Hydro ASA | 20421 | &nbsp;&nbsp; 157786 |
| Northern Star Resources Ltd.  | 20037 | &nbsp;&nbsp; 355425 |
| Nucor Corp.  | 2407 | &nbsp;&nbsp; 392606 |
| Rio Tinto Ltd.  | 5472 | &nbsp;&nbsp; 536244 |
| Rio Tinto PLC | 16639 | &nbsp;&nbsp; 1327541 |
| South32 Ltd.  | 66344 | &nbsp;&nbsp; 157505 |
| Steel Dynamics, Inc.  | 1444 | &nbsp;&nbsp; 244686 |
| Sumitomo Metal Mining Co. Ltd.  | 3594 | &nbsp;&nbsp; 144509 |
|  |  | &nbsp;&nbsp; 11302297 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp.  | 2845 | &nbsp;&nbsp; 284102 |
| CenterPoint Energy, Inc. (b) | 6866 | &nbsp;&nbsp; 263242 |
| Centrica PLC | 69598 | &nbsp;&nbsp; 158471 |
| CMS Energy Corp.  | 3200 | &nbsp;&nbsp; 223776 |
| Consolidated Edison, Inc.  | 3796 | &nbsp;&nbsp; 377019 |
| Dominion Energy, Inc.  | 8980 | &nbsp;&nbsp; 526138 |
| DTE Energy Co.  | 2184 | &nbsp;&nbsp; 281692 |
| E.ON SE | 33092 | &nbsp;&nbsp; 627322 |
| Engie SA | 26921 | &nbsp;&nbsp; 707850 |
| National Grid PLC | 73138 | &nbsp;&nbsp; 1127138 |
| NiSource, Inc.  | 5018 | &nbsp;&nbsp; 209552 |
| Public Service Enterprise Group, Inc.  | 5249 | &nbsp;&nbsp; 421495 |
| Sembcorp Industries Ltd.  | 13635 | &nbsp;&nbsp; 63652 |
| Sempra | 6864 | &nbsp;&nbsp; 606022 |
| Veolia Environnement SA | 9294 | &nbsp;&nbsp; 323819 |
| WEC Energy Group, Inc.  | 3421 | &nbsp;&nbsp; 360779 |
|  |  | &nbsp;&nbsp; 6562069 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Abacus Group | 19331 | &nbsp;&nbsp; 15604 |
| Allied Properties Real Estate Investment Trust (b) | 5847 | &nbsp;&nbsp; 56956 |
| BXP, Inc. (b) | 8881 | &nbsp;&nbsp; 599290 |
| Centuria Office REIT | 22903 | &nbsp;&nbsp; 17568 |
| Champion REIT | 82186 | &nbsp;&nbsp; 26884 |
| Colonial SFL Socimi SA | 17496 | &nbsp;&nbsp; 111993 |
| COPT Defense Properties | 5220 | &nbsp;&nbsp; 145116 |
| Cousins Properties, Inc.  | 7723 | &nbsp;&nbsp; 199099 |
| Cromwell Property Group | 75301 | &nbsp;&nbsp; 23060 |
| Daiwa Office Investment Corp.  | 23 | &nbsp;&nbsp; 54955 |
| Derwent London PLC | 4919 | &nbsp;&nbsp; 114515 |
| Dexus | 48789 | &nbsp;&nbsp; 224983 |
| Douglas Emmett, Inc.  | 7421 | &nbsp;&nbsp; 81557 |
| Easterly Government Properties, Inc.  | 1944 | &nbsp;&nbsp; 41193 |
| Empire State Realty Trust, Inc. - Class A | 6409 | &nbsp;&nbsp; 41787 |
| Gecina SA | 3045 | &nbsp;&nbsp; 288902 |
| Global One Real Estate Investment Corp.  | 43 | &nbsp;&nbsp; 37805 |
| Great Portland Estates PLC | 17932 | &nbsp;&nbsp; 76547 |
| Helical PLC | 4867 | &nbsp;&nbsp; 12419 |
| Highwoods Properties, Inc.  | 5001 | &nbsp;&nbsp; 129126 |
| Ichigo Office REIT Investment Corp.  | 42 | &nbsp;&nbsp; 26094 |
| Japan Excellent, Inc.  | 51 | &nbsp;&nbsp; 48521 |
| Japan Prime Realty Investment Corp.  | 165 | &nbsp;&nbsp; 111354 |
| Japan Real Estate Investment Corp.  | 310 | &nbsp;&nbsp; 258911 |
| JBG SMITH Properties | 2741 | &nbsp;&nbsp; 46624 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Office REITs—(Continued)** | **Office REITs—(Continued)** | **Office REITs—(Continued)** |
| JR Global Reit | 8638 | &nbsp;&nbsp; $16782 |
| Keppel REIT | 138752 | &nbsp;&nbsp; 105070 |
| Kilroy Realty Corp. (b) | 5428 | &nbsp;&nbsp; 202844 |
| Mori Hills REIT Investment Corp.  | 64 | &nbsp;&nbsp; 60886 |
| Nippon Building Fund, Inc.  | 481 | &nbsp;&nbsp; 438517 |
| NSI NV | 702 | &nbsp;&nbsp; 15989 |
| One REIT, Inc.  | 30 | &nbsp;&nbsp; 17399 |
| Orix JREIT, Inc.  | 242 | &nbsp;&nbsp; 164092 |
| Piedmont Realty Trust, Inc. - Class A | 5693 | &nbsp;&nbsp; 47480 |
| Precinct Properties Group | 77638 | &nbsp;&nbsp; 53667 |
| Prosperity REIT | 60340 | &nbsp;&nbsp; 11089 |
| Regional REIT Ltd.  | 5792 | &nbsp;&nbsp; 8338 |
| Sankei Real Estate, Inc.  | 18 | &nbsp;&nbsp; 11942 |
| Shinhan Alpha REIT Co. Ltd.  | 5330 | &nbsp;&nbsp; 20683 |
| SL Green Realty Corp.  | 3292 | &nbsp;&nbsp; 151004 |
| Tokyu REIT, Inc.  | 38 | &nbsp;&nbsp; 50194 |
| Vornado Realty Trust | 8343 | &nbsp;&nbsp; 277655 |
| Workspace Group PLC | 6035 | &nbsp;&nbsp; 32436 |
|  |  | &nbsp;&nbsp; 4476930 |
| **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| Aker BP ASA | 4659 | &nbsp;&nbsp; 118551 |
| APA Corp.  | 3730 | &nbsp;&nbsp; 91236 |
| BP PLC | 231933 | &nbsp;&nbsp; 1346367 |
| Chevron Corp.  | 19904 | &nbsp;&nbsp; 3033569 |
| ConocoPhillips | 12995 | &nbsp;&nbsp; 1216462 |
| Coterra Energy, Inc.  | 8007 | &nbsp;&nbsp; 210744 |
| Devon Energy Corp.  | 6597 | &nbsp;&nbsp; 241648 |
| Diamondback Energy, Inc.  | 1959 | &nbsp;&nbsp; 294496 |
| ENEOS Holdings, Inc.  | 39832 | &nbsp;&nbsp; 281480 |
| Eni SpA | 30148 | &nbsp;&nbsp; 571851 |
| EOG Resources, Inc.  | 5706 | &nbsp;&nbsp; 599187 |
| EQT Corp.  | 6563 | &nbsp;&nbsp; 351777 |
| Equinor ASA | 11307 | &nbsp;&nbsp; 267315 |
| Expand Energy Corp.  | 2505 | &nbsp;&nbsp; 276452 |
| Exxon Mobil Corp.  | 44348 | &nbsp;&nbsp; 5336838 |
| Galp Energia SGPS SA | 6152 | &nbsp;&nbsp; 104803 |
| Idemitsu Kosan Co. Ltd.  | 11381 | &nbsp;&nbsp; 85848 |
| Inpex Corp. (b) | 12950 | &nbsp;&nbsp; 256274 |
| Kinder Morgan, Inc.  | 20588 | &nbsp;&nbsp; 565964 |
| Marathon Petroleum Corp.  | 3161 | &nbsp;&nbsp; 514073 |
| Neste OYJ | 6238 | &nbsp;&nbsp; 141162 |
| Occidental Petroleum Corp.  | 7563 | &nbsp;&nbsp; 310991 |
| OMV AG | 2171 | &nbsp;&nbsp; 120764 |
| ONEOK, Inc.  | 6617 | &nbsp;&nbsp; 486349 |
| Phillips 66 Co.  | 4237 | &nbsp;&nbsp; 546742 |
| Repsol SA | 16634 | &nbsp;&nbsp; 311546 |
| Santos Ltd.  | 47886 | &nbsp;&nbsp; 196407 |
| Shell PLC | 85388 | &nbsp;&nbsp; 3136664 |
| Targa Resources Corp.  | 2257 | &nbsp;&nbsp; 416417 |
| Texas Pacific Land Corp. (b) | 609 | &nbsp;&nbsp; 174917 |
| TotalEnergies SE | 29276 | &nbsp;&nbsp; 1908147 |
| Valero Energy Corp. (b) | 3207 | &nbsp;&nbsp; 522068 |
| Williams Cos., Inc.  | 12842 | &nbsp;&nbsp; 771933 |
| Woodside Energy Group Ltd.  | 28024 | &nbsp;&nbsp; 438818 |
|  |  | &nbsp;&nbsp; 25247860 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-13**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Holmen AB - B Shares | 1037 | &nbsp;&nbsp; $39854 |
| Stora Enso OYJ - R Shares | 8587 | &nbsp;&nbsp; 107516 |
| Svenska Cellulosa AB SCA - Class B | 8957 | &nbsp;&nbsp; 118975 |
| UPM-Kymmene OYJ | 7781 | &nbsp;&nbsp; 225487 |
|  |  | &nbsp;&nbsp; 491832 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings, Inc.  | 2359 | &nbsp;&nbsp; 44807 |
| Delta Air Lines, Inc.  | 6821 | &nbsp;&nbsp; 473377 |
| Deutsche Lufthansa AG | 8848 | &nbsp;&nbsp; 87493 |
| International Consolidated Airlines Group SA | 17424 | &nbsp;&nbsp; 96610 |
| Japan Airlines Co. Ltd.  | 2139 | &nbsp;&nbsp; 39815 |
| Qantas Airways Ltd.  | 10932 | &nbsp;&nbsp; 75419 |
| Ryanair Holdings PLC | 12438 | &nbsp;&nbsp; 431945 |
| Singapore Airlines Ltd.  | 23047 | &nbsp;&nbsp; 114640 |
| Southwest Airlines Co.  | 5438 | &nbsp;&nbsp; 224753 |
| United Airlines Holdings, Inc. (a) | 3404 | &nbsp;&nbsp; 380635 |
|  |  | &nbsp;&nbsp; 1969494 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Beiersdorf AG | 1431 | &nbsp;&nbsp; 157476 |
| Estee Lauder Cos., Inc. - Class A | 2585 | &nbsp;&nbsp; 270701 |
| Kao Corp.  | 6886 | &nbsp;&nbsp; 275549 |
| Kenvue, Inc.  | 20147 | &nbsp;&nbsp; 347536 |
| L'Oreal SA | 3541 | &nbsp;&nbsp; 1520977 |
| Shiseido Co. Ltd.  | 5854 | &nbsp;&nbsp; 85448 |
| Unilever PLC | 32128 | &nbsp;&nbsp; 2100572 |
|  |  | &nbsp;&nbsp; 4758259 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Astellas Pharma, Inc.  | 26583 | &nbsp;&nbsp; 355176 |
| AstraZeneca PLC | 22860 | &nbsp;&nbsp; 4210628 |
| Bayer AG | 14482 | &nbsp;&nbsp; 624713 |
| Bristol-Myers Squibb Co.  | 21408 | &nbsp;&nbsp; 1154747 |
| Chugai Pharmaceutical Co. Ltd.  | 9894 | &nbsp;&nbsp; 520108 |
| Daiichi Sankyo Co. Ltd.  | 25049 | &nbsp;&nbsp; 533485 |
| Eisai Co. Ltd.  | 3863 | &nbsp;&nbsp; 114607 |
| Eli Lilly & Co.  | 8351 | &nbsp;&nbsp; 8974653 |
| Financiere de Tubize SA | 295 | &nbsp;&nbsp; 72170 |
| Galderma Group AG | 2279 | &nbsp;&nbsp; 462599 |
| GSK PLC | 59920 | &nbsp;&nbsp; 1472567 |
| Haleon PLC | 131277 | &nbsp;&nbsp; 664281 |
| Hikma Pharmaceuticals PLC | 2454 | &nbsp;&nbsp; 51272 |
| Ipsen SA | 556 | &nbsp;&nbsp; 77654 |
| Johnson & Johnson | 25336 | &nbsp;&nbsp; 5243285 |
| Kyowa Kirin Co. Ltd.  | 3435 | &nbsp;&nbsp; 55298 |
| Merck & Co., Inc.  | 26101 | &nbsp;&nbsp; 2747391 |
| Merck KGaA | 1905 | &nbsp;&nbsp; 273446 |
| Novartis AG | 28026 | &nbsp;&nbsp; 3871461 |
| Novo Nordisk AS - Class B | 47477 | &nbsp;&nbsp; 2420035 |
| Orion OYJ - Class B | 1611 | &nbsp;&nbsp; 120299 |
| Otsuka Holdings Co. Ltd.  | 6414 | &nbsp;&nbsp; 362357 |
| Pfizer, Inc.  | 59791 | &nbsp;&nbsp; 1488796 |
| Recordati Industria Chimica e Farmaceutica SpA | 1696 | &nbsp;&nbsp; 96606 |
| Roche Holding AG | 10357 | &nbsp;&nbsp; 4280217 |
| Roche Holding AG (Bearer Shares) | 472 | &nbsp;&nbsp; 199295 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Sandoz Group AG | 6162 | &nbsp;&nbsp; $449095 |
| Sanofi SA | 16285 | &nbsp;&nbsp; 1579934 |
| Shionogi & Co. Ltd.  | 11090 | &nbsp;&nbsp; 200664 |
| Takeda Pharmaceutical Co. Ltd.  | 23391 | &nbsp;&nbsp; 726688 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 16905 | &nbsp;&nbsp; 527605 |
| UCB SA | 1864 | &nbsp;&nbsp; 519902 |
| Viatris, Inc.  | 12112 | &nbsp;&nbsp; 150794 |
| Zoetis, Inc.  | 4634 | &nbsp;&nbsp; 583050 |
|  |  | &nbsp;&nbsp; 45184878 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Automatic Data Processing, Inc.  | 4253 | &nbsp;&nbsp; 1093999 |
| Broadridge Financial Solutions, Inc.  | 1228 | &nbsp;&nbsp; 274053 |
| Bureau Veritas SA | 5019 | &nbsp;&nbsp; 159833 |
| Computershare Ltd.  | 7675 | &nbsp;&nbsp; 174303 |
| Dayforce, Inc. (a) | 1683 | &nbsp;&nbsp; 116396 |
| Equifax, Inc.  | 1287 | &nbsp;&nbsp; 279253 |
| Experian PLC | 13524 | &nbsp;&nbsp; 611643 |
| Intertek Group PLC | 2277 | &nbsp;&nbsp; 141215 |
| Jacobs Solutions, Inc.  | 1257 | &nbsp;&nbsp; 166502 |
| Leidos Holdings, Inc.  | 1345 | &nbsp;&nbsp; 242638 |
| Paychex, Inc.  | 3406 | &nbsp;&nbsp; 382085 |
| Paycom Software, Inc.  | 514 | &nbsp;&nbsp; 81911 |
| Randstad NV | 1600 | &nbsp;&nbsp; 60828 |
| Recruit Holdings Co. Ltd.  | 19591 | &nbsp;&nbsp; 1117609 |
| RELX PLC | 26905 | &nbsp;&nbsp; 1088261 |
| SGS SA | 2441 | &nbsp;&nbsp; 279847 |
| Verisk Analytics, Inc.  | 1466 | &nbsp;&nbsp; 327929 |
| Wolters Kluwer NV | 3428 | &nbsp;&nbsp; 355917 |
|  |  | &nbsp;&nbsp; 6954222 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| abrdn European Logistics Income PLC | 15121 | &nbsp;&nbsp; 5422 |
| Allreal Holding AG | 680 | &nbsp;&nbsp; 175152 |
| Amot Investments Ltd.  | 11075 | &nbsp;&nbsp; 86939 |
| Aroundtown SA (a) | 32862 | &nbsp;&nbsp; 102234 |
| Atrium Ljungberg AB - B Shares | 10603 | &nbsp;&nbsp; 38248 |
| Azrieli Group Ltd.  | 2321 | &nbsp;&nbsp; 262732 |
| CA Immobilien Anlagen AG | 1401 | &nbsp;&nbsp; 36966 |
| CapitaLand Investment Ltd.  | 139261 | &nbsp;&nbsp; 293609 |
| Castellum AB | 15871 | &nbsp;&nbsp; 183020 |
| Catena AB | 1949 | &nbsp;&nbsp; 95435 |
| CBRE Group, Inc. - Class A (a) | 3083 | &nbsp;&nbsp; 495716 |
| Cibus Nordic Real Estate AB publ | 3565 | &nbsp;&nbsp; 56849 |
| City Developments Ltd.  | 18236 | &nbsp;&nbsp; 113268 |
| Citycon OYJ (a) | 3595 | &nbsp;&nbsp; 16829 |
| CK Asset Holdings Ltd.  | 28214 | &nbsp;&nbsp; 142116 |
| Corem Property Group AB - Class B | 36822 | &nbsp;&nbsp; 17358 |
| CoStar Group, Inc. (a) | 4457 | &nbsp;&nbsp; 299689 |
| Daito Trust Construction Co. Ltd.  | 4140 | &nbsp;&nbsp; 78956 |
| Daiwa House Industry Co. Ltd.  | 8223 | &nbsp;&nbsp; 273082 |
| Deutsche EuroShop AG | 472 | &nbsp;&nbsp; 10433 |
| Deutsche Wohnen SE | 2282 | &nbsp;&nbsp; 55499 |
| Dios Fastigheter AB | 4661 | &nbsp;&nbsp; 33225 |
| Entra ASA | 2042 | &nbsp;&nbsp; 23419 |
| Fabege AB | 8721 | &nbsp;&nbsp; 78205 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-14**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** |
| Fastighets AB Balder - B Shares (a) | 42637 | &nbsp;&nbsp; $315085 |
| FastPartner AB - Class A | 2170 | &nbsp;&nbsp; 11182 |
| Grainger PLC | 32512 | &nbsp;&nbsp; 79528 |
| Grand City Properties SA | 3157 | &nbsp;&nbsp; 36437 |
| Heba Fastighets AB - Class B | 2345 | &nbsp;&nbsp; 7820 |
| Heiwa Real Estate Co. Ltd.  | 1817 | &nbsp;&nbsp; 25870 |
| Henderson Land Development Co. Ltd.  | 82313 | &nbsp;&nbsp; 296967 |
| Hiag Immobilien Holding AG | 195 | &nbsp;&nbsp; 29213 |
| Hongkong Land Holdings Ltd.  | 63152 | &nbsp;&nbsp; 438304 |
| Hufvudstaden AB - A Shares | 4691 | &nbsp;&nbsp; 63073 |
| Hulic Co. Ltd. (b) | 28154 | &nbsp;&nbsp; 307784 |
| Hysan Development Co. Ltd.  | 27399 | &nbsp;&nbsp; 66399 |
| Intea Fastigheter AB | 2929 | &nbsp;&nbsp; 21164 |
| Intershop Holding AG | 249 | &nbsp;&nbsp; 51665 |
| Investis Holding SA | 90 | &nbsp;&nbsp; 16412 |
| Kennedy-Wilson Holdings, Inc.  | 5541 | &nbsp;&nbsp; 53581 |
| Kojamo OYJ (a) | 7050 | &nbsp;&nbsp; 84721 |
| LEG Immobilien SE | 4618 | &nbsp;&nbsp; 337257 |
| Lifestyle Communities Ltd. (a) | 4436 | &nbsp;&nbsp; 14950 |
| Logistea AB - Class B | 12811 | &nbsp;&nbsp; 19941 |
| Melisron Ltd.  | 1117 | &nbsp;&nbsp; 144723 |
| Mitsubishi Estate Co. Ltd.  | 66184 | &nbsp;&nbsp; 1611927 |
| Mitsui Fudosan Co. Ltd.  | 159769 | &nbsp;&nbsp; 1817756 |
| Mobimo Holding AG | 344 | &nbsp;&nbsp; 158955 |
| Neobo Fastigheter AB (a) | 4030 | &nbsp;&nbsp; 8105 |
| New World Development Co. Ltd. (a) | 63366 | &nbsp;&nbsp; 59071 |
| Nomura Real Estate Holdings, Inc.  | 24133 | &nbsp;&nbsp; 148694 |
| NP3 Fastigheter AB | 1455 | &nbsp;&nbsp; 40934 |
| Nyfosa AB | 7377 | &nbsp;&nbsp; 59525 |
| Pandox AB | 4899 | &nbsp;&nbsp; 107957 |
| Peach Property Group AG (a) | 2014 | &nbsp;&nbsp; 16029 |
| Platzer Fastigheter Holding AB - Class B | 2904 | &nbsp;&nbsp; 23449 |
| PSP Swiss Property AG | 2114 | &nbsp;&nbsp; 382981 |
| Public Property Invest AS | 7069 | &nbsp;&nbsp; 16274 |
| Sagax AB - Class B | 13111 | &nbsp;&nbsp; 281261 |
| Samhallsbyggnadsbolaget i Norden AB (a) | 44249 | &nbsp;&nbsp; 22103 |
| Sino Land Co. Ltd.  | 220213 | &nbsp;&nbsp; 288573 |
| Sirius Real Estate Ltd.  | 68494 | &nbsp;&nbsp; 88566 |
| Stendorren Fastigheter AB (a) | 786 | &nbsp;&nbsp; 17241 |
| StorageVault Canada, Inc.  | 10343 | &nbsp;&nbsp; 35191 |
| Sumitomo Realty & Development Co. Ltd.  | 39124 | &nbsp;&nbsp; 980480 |
| Sun Hung Kai Properties Ltd.  | 85835 | &nbsp;&nbsp; 1041309 |
| Sveafastigheter AB (a) | 2574 | &nbsp;&nbsp; 11422 |
| Swedish Logistic Property AB - Class B (a) | 7809 | &nbsp;&nbsp; 35050 |
| Swire Properties Ltd.  | 45299 | &nbsp;&nbsp; 121979 |
| Swiss Prime Site AG | 4705 | &nbsp;&nbsp; 731112 |
| TAG Immobilien AG | 8352 | &nbsp;&nbsp; 129533 |
| Tokyo Tatemono Co. Ltd.  | 8876 | &nbsp;&nbsp; 200426 |
| UOL Group Ltd.  | 21045 | &nbsp;&nbsp; 142922 |
| VGP NV | 621 | &nbsp;&nbsp; 71700 |
| Vonovia SE | 44044 | &nbsp;&nbsp; 1269884 |
| Wallenstam AB - Class B | 15248 | &nbsp;&nbsp; 68441 |
| Wharf Holdings Ltd.  | 16121 | &nbsp;&nbsp; 45032 |
| Wharf Real Estate Investment Co. Ltd.  | 96194 | &nbsp;&nbsp; 303106 |
| Wihlborgs Fastigheter AB | 12478 | &nbsp;&nbsp; 123426 |
|  |  | &nbsp;&nbsp; 15856891 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Residential REITs — 0.6%** | **Residential REITs — 0.6%** | **Residential REITs — 0.6%** |
| Advance Residence Investment Corp.  | 121 | &nbsp;&nbsp; $132322 |
| Altarea SCA | 294 | &nbsp;&nbsp; 37783 |
| American Homes 4 Rent - Class A | 15813 | &nbsp;&nbsp; 507597 |
| Apartment Investment & Management Co. - Class A | 6047 | &nbsp;&nbsp; 35919 |
| AvalonBay Communities, Inc.  | 8070 | &nbsp;&nbsp; 1463172 |
| Boardwalk Real Estate Investment Trust | 1870 | &nbsp;&nbsp; 87849 |
| Camden Property Trust | 6005 | &nbsp;&nbsp; 661030 |
| Canadian Apartment Properties REIT | 7261 | &nbsp;&nbsp; 195048 |
| Centerspace | 772 | &nbsp;&nbsp; 51508 |
| Comforia Residential REIT, Inc.  | 30 | &nbsp;&nbsp; 63823 |
| Daiwa Securities Living Investments Corp.  | 89 | &nbsp;&nbsp; 64712 |
| Elme Communities | 4031 | &nbsp;&nbsp; 70139 |
| Empiric Student Property PLC | 30762 | &nbsp;&nbsp; 32237 |
| Equity LifeStyle Properties, Inc.  | 8893 | &nbsp;&nbsp; 539005 |
| Equity Residential | 21173 | &nbsp;&nbsp; 1334746 |
| Essex Property Trust, Inc.  | 3627 | &nbsp;&nbsp; 949113 |
| Home Invest Belgium SA | 446 | &nbsp;&nbsp; 9635 |
| Home REIT PLC (a) (c) (d) | 72879 | &nbsp;&nbsp; 0 |
| Independence Realty Trust, Inc.  | 11022 | &nbsp;&nbsp; 192665 |
| Ingenia Communities Group | 18720 | &nbsp;&nbsp; 64340 |
| InterRent Real Estate Investment Trust | 6195 | &nbsp;&nbsp; 59533 |
| Invitation Homes, Inc.  | 34252 | &nbsp;&nbsp; 951863 |
| Irish Residential Properties REIT PLC | 23501 | &nbsp;&nbsp; 25870 |
| Killam Apartment Real Estate Investment Trust | 5546 | &nbsp;&nbsp; 66267 |
| Mid-America Apartment Communities, Inc.  | 6616 | &nbsp;&nbsp; 919028 |
| Mitsui Fudosan Accommodations Fund, Inc.  | 108 | &nbsp;&nbsp; 92686 |
| NexPoint Residential Trust, Inc.  | 1030 | &nbsp;&nbsp; 31003 |
| Residential Secure Income PLC | 8536 | &nbsp;&nbsp; 6627 |
| Samty Residential Investment Corp.  | 16 | &nbsp;&nbsp; 11892 |
| Social Housing Reit PLC | 17190 | &nbsp;&nbsp; 16065 |
| Starts Proceed Investment Corp.  | 11 | &nbsp;&nbsp; 14146 |
| Sun Communities, Inc.  | 5668 | &nbsp;&nbsp; 702322 |
| UDR, Inc.  | 18453 | &nbsp;&nbsp; 676856 |
| UMH Properties, Inc.  | 3678 | &nbsp;&nbsp; 58517 |
| UNITE Group PLC | 19243 | &nbsp;&nbsp; 144671 |
| Veris Residential, Inc.  | 3457 | &nbsp;&nbsp; 51440 |
| Xior Student Housing NV | 1792 | &nbsp;&nbsp; 60969 |
|  |  | &nbsp;&nbsp; 10382398 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Acadia Realty Trust | 6046 | &nbsp;&nbsp; 124185 |
| AEON REIT Investment Corp.  | 78 | &nbsp;&nbsp; 68302 |
| Agree Realty Corp. (b) | 5234 | &nbsp;&nbsp; 377005 |
| Ascencio | 274 | &nbsp;&nbsp; 17196 |
| Brixmor Property Group, Inc.  | 14091 | &nbsp;&nbsp; 369466 |
| BWP Property Group Ltd.  | 25878 | &nbsp;&nbsp; 67796 |
| Carmila SA (a) | 2918 | &nbsp;&nbsp; 58227 |
| Charter Hall Retail REIT | 26225 | &nbsp;&nbsp; 71114 |
| Choice Properties Real Estate Investment Trust | 12800 | &nbsp;&nbsp; 138114 |
| Crombie Real Estate Investment Trust | 4999 | &nbsp;&nbsp; 55615 |
| Curbline Properties Corp.  | 4423 | &nbsp;&nbsp; 102658 |
| Eurocommercial Properties NV | 1944 | &nbsp;&nbsp; 59514 |
| Federal Realty Investment Trust | 4763 | &nbsp;&nbsp; 480110 |
| First Capital Real Estate Investment Trust | 9804 | &nbsp;&nbsp; 135001 |
| Fortune Real Estate Investment Trust | 70110 | &nbsp;&nbsp; 43997 |
| Frasers Centrepoint Trust | 59020 | &nbsp;&nbsp; 106907 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-15**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Retail REITs—(Continued)** | **Retail REITs—(Continued)** | **Retail REITs—(Continued)** |
| Frontier Real Estate Investment Corp.  | 113 | &nbsp;&nbsp; $67054 |
| Fukuoka REIT Corp.  | 33 | &nbsp;&nbsp; 39631 |
| Getty Realty Corp.  | 2475 | &nbsp;&nbsp; 67741 |
| Hamborner REIT AG | 3312 | &nbsp;&nbsp; 17395 |
| Hammerson PLC | 23641 | &nbsp;&nbsp; 104496 |
| HomeCo Daily Needs REIT | 81524 | &nbsp;&nbsp; 74095 |
| Immobiliare Grande Distribuzione SIIQ SpA | 2513 | &nbsp;&nbsp; 10243 |
| InvenTrust Properties Corp.  | 3574 | &nbsp;&nbsp; 100823 |
| Japan Metropolitan Fund Invest | 310 | &nbsp;&nbsp; 245337 |
| Kimco Realty Corp. (b) | 38049 | &nbsp;&nbsp; 771253 |
| Kite Realty Group Trust | 9966 | &nbsp;&nbsp; 238885 |
| Kiwi Property Group Ltd.  | 66014 | &nbsp;&nbsp; 40013 |
| Klepierre SA | 12776 | &nbsp;&nbsp; 505853 |
| Lendlease Global Commercial REIT | 79764 | &nbsp;&nbsp; 38423 |
| Link REIT | 158165 | &nbsp;&nbsp; 704473 |
| LOTTE REIT Co. Ltd.  | 6918 | &nbsp;&nbsp; 19021 |
| Macerich Co.  | 11635 | &nbsp;&nbsp; 214782 |
| Mercialys SA | 4312 | &nbsp;&nbsp; 55947 |
| NETSTREIT Corp. (b) | 3852 | &nbsp;&nbsp; 67949 |
| NewRiver REIT PLC | 18191 | &nbsp;&nbsp; 16875 |
| NNN REIT, Inc.  | 8654 | &nbsp;&nbsp; 342958 |
| Phillips Edison & Co., Inc.  | 5785 | &nbsp;&nbsp; 205772 |
| Primaris Real Estate Investment Trust | 5457 | &nbsp;&nbsp; 61983 |
| Realty Income Corp.  | 52060 | &nbsp;&nbsp; 2934622 |
| Regency Centers Corp.  | 10092 | &nbsp;&nbsp; 696651 |
| Region RE Ltd.  | 53350 | &nbsp;&nbsp; 83524 |
| Retail Estates NV | 535 | &nbsp;&nbsp; 40074 |
| RioCan Real Estate Investment Trust | 13739 | &nbsp;&nbsp; 187184 |
| Scentre Group | 317950 | &nbsp;&nbsp; 887896 |
| Simon Property Group, Inc.  | 18430 | &nbsp;&nbsp; 3411577 |
| SmartCentres Real Estate Investment Trust | 5963 | &nbsp;&nbsp; 111870 |
| Starhill Global REIT | 65180 | &nbsp;&nbsp; 30172 |
| Supermarket Income REIT PLC | 56892 | &nbsp;&nbsp; 62500 |
| Tanger, Inc.  | 5120 | &nbsp;&nbsp; 170854 |
| Unibail-Rodamco-Westfield (a) | 7425 | &nbsp;&nbsp; 806991 |
| Urban Edge Properties | 5828 | &nbsp;&nbsp; 111839 |
| Vastned NV (a) | 374 | &nbsp;&nbsp; 13669 |
| Vicinity Ltd.  | 235241 | &nbsp;&nbsp; 400230 |
| Waypoint REIT Ltd.  | 28707 | &nbsp;&nbsp; 48791 |
| Wereldhave NV | 1681 | &nbsp;&nbsp; 37964 |
|  |  | &nbsp;&nbsp; 16322617 |
| **Semiconductors & Semiconductor Equipment — 5.8%** | **Semiconductors & Semiconductor Equipment — 5.8%** | **Semiconductors & Semiconductor Equipment — 5.8%** |
| Advanced Micro Devices, Inc. (a) | 17121 | &nbsp;&nbsp; 3666633 |
| Advantest Corp.  | 11231 | &nbsp;&nbsp; 1417846 |
| Analog Devices, Inc.  | 5173 | &nbsp;&nbsp; 1402918 |
| Applied Materials, Inc.  | 8378 | &nbsp;&nbsp; 2153062 |
| ASM International NV | 691 | &nbsp;&nbsp; 416548 |
| ASML Holding NV | 5722 | &nbsp;&nbsp; 6116337 |
| BE Semiconductor Industries NV | 1077 | &nbsp;&nbsp; 167480 |
| Broadcom, Inc.  | 49563 | &nbsp;&nbsp; 17153754 |
| Disco Corp.  | 1402 | &nbsp;&nbsp; 432364 |
| First Solar, Inc. (a) | 1128 | &nbsp;&nbsp; 294667 |
| Infineon Technologies AG | 19249 | &nbsp;&nbsp; 852901 |
| Intel Corp. (a) | 47152 | &nbsp;&nbsp; 1739909 |
| Kioxia Holdings Corp. (a) | 2100 | &nbsp;&nbsp; 140597 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| KLA Corp.  | 1382 | &nbsp;&nbsp; $1679241 |
| Lam Research Corp.  | 13208 | &nbsp;&nbsp; 2260945 |
| Lasertec Corp. (b) | 1133 | &nbsp;&nbsp; 215027 |
| Microchip Technology, Inc.  | 5683 | &nbsp;&nbsp; 362121 |
| Micron Technology, Inc.  | 11804 | &nbsp;&nbsp; 3368980 |
| Monolithic Power Systems, Inc.  | 504 | &nbsp;&nbsp; 456805 |
| Nova Ltd. (a) | 434 | &nbsp;&nbsp; 144641 |
| NVIDIA Corp.  | 255539 | &nbsp;&nbsp; 47658024 |
| NXP Semiconductors NV | 2647 | &nbsp;&nbsp; 574558 |
| ON Semiconductor Corp. (a) | 4231 | &nbsp;&nbsp; 229109 |
| Qnity Electronics, Inc. - Class W/I | 2202 | &nbsp;&nbsp; 179793 |
| QUALCOMM, Inc.  | 11263 | &nbsp;&nbsp; 1926536 |
| Renesas Electronics Corp. (a) | 24800 | &nbsp;&nbsp; 339643 |
| SCREEN Holdings Co. Ltd.  | 1148 | &nbsp;&nbsp; 111302 |
| Skyworks Solutions, Inc.  | 1564 | &nbsp;&nbsp; 99173 |
| STMicroelectronics NV | 9983 | &nbsp;&nbsp; 258719 |
| Teradyne, Inc.  | 1647 | &nbsp;&nbsp; 318793 |
| Texas Instruments, Inc.  | 9555 | &nbsp;&nbsp; 1657697 |
| Tokyo Electron Ltd.  | 6634 | &nbsp;&nbsp; 1456943 |
|  |  | &nbsp;&nbsp; 99253066 |
| **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| Adobe, Inc. (a) | 4402 | &nbsp;&nbsp; 1540656 |
| AppLovin Corp. - Class A (a) | 2847 | &nbsp;&nbsp; 1918366 |
| Autodesk, Inc. (a) | 2240 | &nbsp;&nbsp; 663062 |
| Cadence Design Systems, Inc. (a) | 2862 | &nbsp;&nbsp; 894604 |
| Check Point Software Technologies Ltd. (a) | 1266 | &nbsp;&nbsp; 234919 |
| Crowdstrike Holdings, Inc. - Class A (a) | 2639 | &nbsp;&nbsp; 1237058 |
| CyberArk Software Ltd. (a) | 744 | &nbsp;&nbsp; 331869 |
| Dassault Systemes SE | 9887 | &nbsp;&nbsp; 276147 |
| Datadog, Inc. - Class A (a) | 3422 | &nbsp;&nbsp; 465358 |
| Fair Isaac Corp. (a) | 249 | &nbsp;&nbsp; 420964 |
| Fortinet, Inc. (a) | 6647 | &nbsp;&nbsp; 527838 |
| Gen Digital, Inc. (b) | 5902 | &nbsp;&nbsp; 160475 |
| Intuit, Inc.  | 2932 | &nbsp;&nbsp; 1942215 |
| Microsoft Corp.  | 78159 | &nbsp;&nbsp; 37799256 |
| Monday.com Ltd. (a) | 636 | &nbsp;&nbsp; 93848 |
| Nebius Group NV (a) (b) | 3127 | &nbsp;&nbsp; 261746 |
| Nemetschek SE | 851 | &nbsp;&nbsp; 92792 |
| Nice Ltd. (a) | 910 | &nbsp;&nbsp; 103258 |
| Oracle Corp.  | 17688 | &nbsp;&nbsp; 3447568 |
| Oracle Corp. Japan | 544 | &nbsp;&nbsp; 45849 |
| Palantir Technologies, Inc. - Class A (a) | 24022 | &nbsp;&nbsp; 4269910 |
| Palo Alto Networks, Inc. (a) | 7193 | &nbsp;&nbsp; 1324951 |
| PTC, Inc. (a) | 1260 | &nbsp;&nbsp; 219505 |
| Roper Technologies, Inc.  | 1132 | &nbsp;&nbsp; 503887 |
| Sage Group PLC | 14205 | &nbsp;&nbsp; 206849 |
| Salesforce, Inc.  | 10011 | &nbsp;&nbsp; 2652014 |
| SAP SE | 15393 | &nbsp;&nbsp; 3766334 |
| ServiceNow, Inc. (a) | 10925 | &nbsp;&nbsp; 1673601 |
| Synopsys, Inc. (a) | 1953 | &nbsp;&nbsp; 917363 |
| Trend Micro, Inc.  | 1892 | &nbsp;&nbsp; 78342 |
| Tyler Technologies, Inc. (a) | 452 | &nbsp;&nbsp; 205185 |
| WiseTech Global Ltd.  | 2973 | &nbsp;&nbsp; 134744 |
| Workday, Inc. - Class A (a) | 2282 | &nbsp;&nbsp; 490128 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-16**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Xero Ltd. (a) | 2439 | &nbsp;&nbsp; $184417 |
|  |  | &nbsp;&nbsp; 69085078 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| Abacus Storage King | 18572 | &nbsp;&nbsp; 18775 |
| American Tower Corp.  | 4923 | &nbsp;&nbsp; 864331 |
| Arena REIT | 18067 | &nbsp;&nbsp; 42818 |
| Big Yellow Group PLC | 8575 | &nbsp;&nbsp; 120411 |
| Charter Hall Social Infrastructure REIT | 15307 | &nbsp;&nbsp; 31440 |
| Crown Castle, Inc.  | 4580 | &nbsp;&nbsp; 407025 |
| CubeSmart | 10477 | &nbsp;&nbsp; 377696 |
| DigiCo Infrastructure REIT | 19259 | &nbsp;&nbsp; 35483 |
| Digital Core REIT Management Pte. Ltd.  | 39390 | &nbsp;&nbsp; 20042 |
| Digital Realty Trust, Inc.  | 19322 | &nbsp;&nbsp; 2989307 |
| EPR Properties | 3453 | &nbsp;&nbsp; 172305 |
| Equinix, Inc.  | 5557 | &nbsp;&nbsp; 4257551 |
| Extra Space Storage, Inc.  | 11984 | &nbsp;&nbsp; 1560556 |
| Four Corners Property Trust, Inc.  | 4850 | &nbsp;&nbsp; 111841 |
| Gaming & Leisure Properties, Inc.  | 12567 | &nbsp;&nbsp; 561619 |
| Iron Mountain, Inc.  | 16689 | &nbsp;&nbsp; 1384353 |
| Keppel DC REIT | 89757 | &nbsp;&nbsp; 156937 |
| National Storage Affiliates Trust | 3259 | &nbsp;&nbsp; 91936 |
| National Storage REIT | 56120 | &nbsp;&nbsp; 102031 |
| Public Storage | 8972 | &nbsp;&nbsp; 2328234 |
| Safehold, Inc.  | 2572 | &nbsp;&nbsp; 35211 |
| Safestore Holdings PLC | 9841 | &nbsp;&nbsp; 97621 |
| SBA Communications Corp.  | 1120 | &nbsp;&nbsp; 216642 |
| Shurgard Self Storage Ltd.  | 1506 | &nbsp;&nbsp; 51731 |
| VICI Properties, Inc.  | 60686 | &nbsp;&nbsp; 1706490 |
| Weyerhaeuser Co.  | 7581 | &nbsp;&nbsp; 179594 |
|  |  | &nbsp;&nbsp; 17921980 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. (a) | 175 | &nbsp;&nbsp; 593512 |
| Avolta AG | 1296 | &nbsp;&nbsp; 76862 |
| Best Buy Co., Inc.  | 2055 | &nbsp;&nbsp; 137541 |
| Carvana Co. (a) | 1487 | &nbsp;&nbsp; 627544 |
| Fast Retailing Co. Ltd.  | 2799 | &nbsp;&nbsp; 1015064 |
| H & M Hennes & Mauritz AB - B Shares (b) | 7277 | &nbsp;&nbsp; 146377 |
| Home Depot, Inc.  | 10468 | &nbsp;&nbsp; 3602039 |
| Industria de Diseno Textil SA | 16079 | &nbsp;&nbsp; 1059130 |
| JD Sports Fashion PLC | 37150 | &nbsp;&nbsp; 42182 |
| Kingfisher PLC | 25639 | &nbsp;&nbsp; 107507 |
| Lowe's Cos., Inc.  | 5898 | &nbsp;&nbsp; 1422362 |
| Nitori Holdings Co. Ltd.  | 5660 | &nbsp;&nbsp; 99079 |
| O'Reilly Automotive, Inc. (a) | 8877 | &nbsp;&nbsp; 809671 |
| Ross Stores, Inc.  | 3420 | &nbsp;&nbsp; 616079 |
| Sanrio Co. Ltd.  | 2600 | &nbsp;&nbsp; 81571 |
| TJX Cos., Inc.  | 11704 | &nbsp;&nbsp; 1797851 |
| Tractor Supply Co.  | 5557 | &nbsp;&nbsp; 277905 |
| Ulta Beauty, Inc. (a) | 472 | &nbsp;&nbsp; 285565 |
| Williams-Sonoma, Inc.  | 1281 | &nbsp;&nbsp; 228774 |
| Zalando SE (a) | 3311 | &nbsp;&nbsp; 98307 |
| ZOZO, Inc.  | 6533 | &nbsp;&nbsp; 54031 |
|  |  | &nbsp;&nbsp; 13178953 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** |
| Apple, Inc.  | 155389 | &nbsp;&nbsp; $42244053 |
| Canon, Inc.  | 12798 | &nbsp;&nbsp; 378852 |
| Dell Technologies, Inc. - Class C | 3169 | &nbsp;&nbsp; 398914 |
| FUJIFILM Holdings Corp.  | 16426 | &nbsp;&nbsp; 350961 |
| Hewlett Packard Enterprise Co.  | 13958 | &nbsp;&nbsp; 335271 |
| HP, Inc.  | 9829 | &nbsp;&nbsp; 218990 |
| Logitech International SA | 2252 | &nbsp;&nbsp; 229350 |
| NetApp, Inc.  | 2099 | &nbsp;&nbsp; 224782 |
| Sandisk Corp. (a) | 1464 | &nbsp;&nbsp; 347524 |
| Seagate Technology Holdings PLC (b) | 2291 | &nbsp;&nbsp; 630918 |
| Super Micro Computer, Inc. (a) (b) | 5273 | &nbsp;&nbsp; 154341 |
| Western Digital Corp.  | 3595 | &nbsp;&nbsp; 619311 |
|  |  | &nbsp;&nbsp; 46133267 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| adidas AG | 2521 | &nbsp;&nbsp; 496256 |
| Asics Corp.  | 10263 | &nbsp;&nbsp; 247243 |
| Cie Financiere Richemont SA - Class A | 7924 | &nbsp;&nbsp; 1710128 |
| Deckers Outdoor Corp. (a) | 1533 | &nbsp;&nbsp; 158926 |
| Hermes International SCA | 467 | &nbsp;&nbsp; 1153817 |
| Kering SA | 1097 | &nbsp;&nbsp; 387089 |
| Lululemon Athletica, Inc. (a) | 1135 | &nbsp;&nbsp; 235864 |
| LVMH Moet Hennessy Louis Vuitton SE | 3687 | &nbsp;&nbsp; 2779630 |
| Moncler SpA | 3444 | &nbsp;&nbsp; 221349 |
| NIKE, Inc. - Class B | 12507 | &nbsp;&nbsp; 796821 |
| Pandora AS | 1165 | &nbsp;&nbsp; 128858 |
| Ralph Lauren Corp.  | 408 | &nbsp;&nbsp; 144273 |
| Swatch Group AG (Bearer Shares) | 427 | &nbsp;&nbsp; 90624 |
| Tapestry, Inc.  | 2152 | &nbsp;&nbsp; 274961 |
|  |  | &nbsp;&nbsp; 8825839 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Altria Group, Inc.  | 17653 | &nbsp;&nbsp; 1017872 |
| British American Tobacco PLC | 32227 | &nbsp;&nbsp; 1826551 |
| Imperial Brands PLC | 11281 | &nbsp;&nbsp; 474274 |
| Japan Tobacco, Inc. (b) | 17664 | &nbsp;&nbsp; 635675 |
| Philip Morris International, Inc.  | 16370 | &nbsp;&nbsp; 2625748 |
|  |  | &nbsp;&nbsp; 6580120 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| AddTech AB - B Shares | 3832 | &nbsp;&nbsp; 136176 |
| AerCap Holdings NV | 2601 | &nbsp;&nbsp; 373920 |
| Ashtead Group PLC | 6215 | &nbsp;&nbsp; 424019 |
| Beijer Ref AB | 6030 | &nbsp;&nbsp; 97008 |
| Brenntag SE | 1810 | &nbsp;&nbsp; 105420 |
| Bunzl PLC | 4789 | &nbsp;&nbsp; 133646 |
| Fastenal Co.  | 12073 | &nbsp;&nbsp; 484489 |
| IMCD NV | 871 | &nbsp;&nbsp; 79240 |
| ITOCHU Corp.  | 87520 | &nbsp;&nbsp; 1104733 |
| Marubeni Corp.  | 20743 | &nbsp;&nbsp; 577214 |
| Mitsubishi Corp.  | 47363 | &nbsp;&nbsp; 1085292 |
| Mitsui & Co. Ltd.  | 36278 | &nbsp;&nbsp; 1072222 |
| MonotaRO Co. Ltd.  | 3643 | &nbsp;&nbsp; 58509 |
| Rexel SA | 3307 | &nbsp;&nbsp; 129988 |
| SGH Ltd.  | 3000 | &nbsp;&nbsp; 92455 |
| Sumitomo Corp.  | 15997 | &nbsp;&nbsp; 553254 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-17**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
| Toyota Tsusho Corp.  | 10109 | &nbsp;&nbsp; $340908 |
| United Rentals, Inc.  | 669 | &nbsp;&nbsp; 541435 |
| WW Grainger, Inc. (b) | 460 | &nbsp;&nbsp; 464163 |
|  |  | &nbsp;&nbsp; 7854091 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Aena SME SA | 11056 | &nbsp;&nbsp; 309500 |
| Aeroports de Paris SA | 511 | &nbsp;&nbsp; 66761 |
| Auckland International Airport Ltd.  | 24991 | &nbsp;&nbsp; 119811 |
| Getlink SE | 4460 | &nbsp;&nbsp; 82443 |
| Transurban Group | 45906 | &nbsp;&nbsp; 434145 |
|  |  | &nbsp;&nbsp; 1012660 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Works Co., Inc.  | 2052 | &nbsp;&nbsp; 267786 |
| Severn Trent PLC | 3995 | &nbsp;&nbsp; 150183 |
| United Utilities Group PLC | 10054 | &nbsp;&nbsp; 161739 |
|  |  | &nbsp;&nbsp; 579708 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| KDDI Corp.  | 46180 | &nbsp;&nbsp; 798838 |
| SoftBank Corp.  | 421715 | &nbsp;&nbsp; 578955 |
| SoftBank Group Corp.  | 56188 | &nbsp;&nbsp; 1584068 |
| Tele2 AB - B Shares | 8072 | &nbsp;&nbsp; 135446 |
| T-Mobile U.S., Inc.  | 5058 | &nbsp;&nbsp; 1026976 |
| Vodafone Group PLC | 282326 | &nbsp;&nbsp; 375131 |
|  |  | &nbsp;&nbsp; 4499414 |
| Total Common Stocks <br>(Cost $597,929,988) <br>|  | &nbsp;&nbsp; 1000437467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Treasury & Government Agencies—30.5%** | **U.S. Treasury & Government Agencies—30.5%** | **U.S. Treasury & Government Agencies—30.5%** |
| **Federal Agencies — 2.2%** | **Federal Agencies — 2.2%** | **Federal Agencies — 2.2%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 4.125%, 01/22/26 | 2135000 | &nbsp;&nbsp; 2135542 |
| 4.625%, 03/05/26 | 1425000 | &nbsp;&nbsp; 1427547 |
| Federal Home Loan Banks |  |  |
| 4.125%, 01/15/27 | 1565000 | &nbsp;&nbsp; 1575019 |
| 4.625%, 11/17/26 | 5685000 | &nbsp;&nbsp; 5733557 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.250%, 07/15/32 (b) | 2554000 | &nbsp;&nbsp; 2892726 |
| 6.750%, 03/15/31 (b) | 2509000 | &nbsp;&nbsp; 2859239 |
| Federal National Mortgage Association |  |  |
| 6.625%, 11/15/30 (b) | 10946000 | &nbsp;&nbsp; 12342090 |
| 7.250%, 05/15/30 | 7228000 | &nbsp;&nbsp; 8256704 |
|  |  | &nbsp;&nbsp; 37222424 |
| **U.S. Treasury — 28.3%** | **U.S. Treasury — 28.3%** | **U.S. Treasury — 28.3%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 5291000 | &nbsp;&nbsp; 3357098 |
| 1.250%, 05/15/50 | 1371200 | &nbsp;&nbsp; 656355 |
| 2.250%, 08/15/46 | 12501700 | &nbsp;&nbsp; 8227193 |
| 2.250%, 08/15/49 | 3018100 | &nbsp;&nbsp; 1892797 |
| 2.250%, 02/15/52 | 10134700 | &nbsp;&nbsp; 6148912 |
| 2.375%, 11/15/49 | 3241800 | &nbsp;&nbsp; 2082223 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 2.500%, 02/15/45 | 3923400 | &nbsp;&nbsp; $2778564 |
| 2.750%, 08/15/47 | 2487400 | &nbsp;&nbsp; 1777131 |
| 2.875%, 05/15/43 | 3596200 | &nbsp;&nbsp; 2791691 |
| 2.875%, 08/15/45 | 6735300 | &nbsp;&nbsp; 5052001 |
| 2.875%, 05/15/49 | 2619500 | &nbsp;&nbsp; 1879184 |
| 2.875%, 05/15/52 | 6427100 | &nbsp;&nbsp; 4490936 |
| 3.000%, 05/15/45 | 1975000 | &nbsp;&nbsp; 1519979 |
| 3.000%, 02/15/47 | 2293600 | &nbsp;&nbsp; 1726740 |
| 3.000%, 05/15/47 | 2558200 | &nbsp;&nbsp; 1921048 |
| 3.000%, 02/15/48 | 1892700 | &nbsp;&nbsp; 1408435 |
| 3.000%, 08/15/48 | 6630600 | &nbsp;&nbsp; 4909493 |
| 3.000%, 02/15/49 | 1948700 | &nbsp;&nbsp; 1435492 |
| 3.125%, 02/15/43 | 5073900 | &nbsp;&nbsp; 4103715 |
| 3.625%, 08/15/43 | 5467900 | &nbsp;&nbsp; 4719908 |
| 3.625%, 02/15/53 | 1898200 | &nbsp;&nbsp; 1536801 |
| 3.625%, 05/15/53 | 7244800 | &nbsp;&nbsp; 5860647 |
| 3.750%, 08/15/41 | 2588700 | &nbsp;&nbsp; 2333066 |
| 4.000%, 11/15/52 (b) | 2014500 | &nbsp;&nbsp; 1746871 |
| 4.250%, 08/15/54 | 3462400 | &nbsp;&nbsp; 3130496 |
| 4.375%, 05/15/41 | 873000 | &nbsp;&nbsp; 850629 |
| 4.500%, 02/15/36 (b) | 4310500 | &nbsp;&nbsp; 4448907 |
| 4.500%, 08/15/39 | 3327600 | &nbsp;&nbsp; 3333319 |
| 4.500%, 11/15/54 | 1031300 | &nbsp;&nbsp; 972725 |
| 4.625%, 02/15/55 | 2319300 | &nbsp;&nbsp; 2234048 |
| 4.750%, 02/15/37 | 2305700 | &nbsp;&nbsp; 2415041 |
| 4.750%, 11/15/53 (b) | 3149500 | &nbsp;&nbsp; 3091800 |
| 4.750%, 05/15/55 (b) | 6944000 | &nbsp;&nbsp; 6823565 |
| 4.750%, 08/15/55 (b) | 3334000 | &nbsp;&nbsp; 3277739 |
| 5.250%, 11/15/28 (f) | 12075700 | &nbsp;&nbsp; 12636088 |
| 5.250%, 02/15/29 (b) | 4385300 | &nbsp;&nbsp; 4612102 |
| 5.500%, 08/15/28 (b) | 4001800 | &nbsp;&nbsp; 4199389 |
| 6.125%, 11/15/27 (f) | 13259200 | &nbsp;&nbsp; 13886940 |
| 6.250%, 05/15/30 | 2878800 | &nbsp;&nbsp; 3173989 |
| 6.375%, 08/15/27 (b) | 1831000 | &nbsp;&nbsp; 1913824 |
| U.S. Treasury Notes |  |  |
| 0.625%, 08/15/30 | 2950500 | &nbsp;&nbsp; 2567396 |
| 1.250%, 06/30/28 | 13853000 | &nbsp;&nbsp; 13111107 |
| 1.375%, 11/15/31 | 8003800 | &nbsp;&nbsp; 6971748 |
| 1.500%, 01/31/27 | 4730000 | &nbsp;&nbsp; 4628933 |
| 1.500%, 02/15/30 | 4515500 | &nbsp;&nbsp; 4147557 |
| 1.875%, 02/28/27 | 9607700 | &nbsp;&nbsp; 9430183 |
| 1.875%, 02/15/32 (f) | 14127500 | &nbsp;&nbsp; 12599412 |
| 2.250%, 02/15/27 | 6859800 | &nbsp;&nbsp; 6764942 |
| 2.250%, 08/15/27 (g) | 22370000 | &nbsp;&nbsp; 21934834 |
| 2.250%, 11/15/27 (g) | 23594500 | &nbsp;&nbsp; 23070997 |
| 2.375%, 05/15/29 | 13154000 | &nbsp;&nbsp; 12647366 |
| 2.625%, 02/15/29 | 6069100 | &nbsp;&nbsp; 5901251 |
| 2.750%, 08/15/32 | 7848700 | &nbsp;&nbsp; 7316153 |
| 2.875%, 05/15/28 | 2762800 | &nbsp;&nbsp; 2723408 |
| 2.875%, 05/15/32 | 16169900 | &nbsp;&nbsp; 15246447 |
| 3.125%, 11/15/28 | 4377400 | &nbsp;&nbsp; 4328496 |
| 3.375%, 09/15/28 (b) | 3882000 | &nbsp;&nbsp; 3866078 |
| 3.375%, 05/15/33 | 8062700 | &nbsp;&nbsp; 7751215 |
| 3.500%, 04/30/28 | 2837900 | &nbsp;&nbsp; 2837457 |
| 3.500%, 09/30/29 | 2654500 | &nbsp;&nbsp; 2642161 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-18**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 3.500%, 02/15/33 | 6097900 | &nbsp;&nbsp; $5926158 |
| 3.625%, 03/31/28 | 2769200 | &nbsp;&nbsp; 2776556 |
| 3.625%, 05/31/28 | 1413400 | &nbsp;&nbsp; 1417099 |
| 3.625%, 08/31/29 | 3972900 | &nbsp;&nbsp; 3972279 |
| 3.625%, 09/30/31 | 5842600 | &nbsp;&nbsp; 5784174 |
| 3.750%, 12/31/28 | 5386100 | &nbsp;&nbsp; 5416607 |
| 3.750%, 12/31/30 | 7674300 | &nbsp;&nbsp; 7678197 |
| 3.875%, 12/31/27 | 5689200 | &nbsp;&nbsp; 5731647 |
| 3.875%, 09/30/32 | 11397000 | &nbsp;&nbsp; 11361830 |
| 3.875%, 08/15/33 | 6278300 | &nbsp;&nbsp; 6226063 |
| 3.875%, 08/15/34 | 7095700 | &nbsp;&nbsp; 6986493 |
| 4.000%, 02/29/28 | 5184800 | &nbsp;&nbsp; 5238876 |
| 4.000%, 06/30/28 | 5729100 | &nbsp;&nbsp; 5796238 |
| 4.000%, 01/31/29 | 3185500 | &nbsp;&nbsp; 3226065 |
| 4.000%, 07/31/32 | 6525500 | &nbsp;&nbsp; 6559657 |
| 4.000%, 02/15/34 | 8198600 | &nbsp;&nbsp; 8172979 |
| 4.125%, 10/31/27 | 4147900 | &nbsp;&nbsp; 4193916 |
| 4.125%, 03/31/29 | 3453300 | &nbsp;&nbsp; 3510495 |
| 4.125%, 10/31/31 | 1985600 | &nbsp;&nbsp; 2016160 |
| 4.125%, 11/15/32 (b) | 6941500 | &nbsp;&nbsp; 7020948 |
| 4.250%, 02/28/29 | 5982100 | &nbsp;&nbsp; 6103144 |
| 4.250%, 06/30/29 | 7470400 | &nbsp;&nbsp; 7628271 |
| 4.250%, 11/15/34 | 1518800 | &nbsp;&nbsp; 1534759 |
| 4.250%, 05/15/35 | 5767200 | &nbsp;&nbsp; 5814960 |
| 4.375%, 08/31/28 | 9731800 | &nbsp;&nbsp; 9937460 |
| 4.375%, 11/30/28 | 3178900 | &nbsp;&nbsp; 3251046 |
| 4.375%, 05/15/34 | 3233200 | &nbsp;&nbsp; 3304053 |
| 4.500%, 05/31/29 | 3715100 | &nbsp;&nbsp; 3821909 |
| 4.500%, 11/15/33 | 6607100 | &nbsp;&nbsp; 6822089 |
| 4.625%, 09/30/28 (b) | 3891900 | &nbsp;&nbsp; 4001968 |
| 4.625%, 04/30/29 | 2504200 | &nbsp;&nbsp; 2585097 |
| 4.625%, 05/31/31 | 2124200 | &nbsp;&nbsp; 2210994 |
| 4.625%, 02/15/35 | 3176500 | &nbsp;&nbsp; 3297232 |
|  |  | &nbsp;&nbsp; 485169441 |
| Total U.S. Treasury & Government Agencies <br>(Cost $547,359,535) <br>|  | &nbsp;&nbsp; 522391865 |
| **Foreign Government—8.5%** | **Foreign Government—8.5%** | **Foreign Government—8.5%** |
| **Sovereign — 8.5%** | **Sovereign — 8.5%** | **Sovereign — 8.5%** |
| Australia Government Bonds |  |  |
| 2.500%, 05/21/30 (AUD) | 1867000 | &nbsp;&nbsp; 1159536 |
| 2.750%, 05/21/41 (AUD) | 224000 | &nbsp;&nbsp; 113616 |
| 3.000%, 11/21/33 (AUD) | 884000 | &nbsp;&nbsp; 528106 |
| 3.750%, 04/21/37 (AUD) | 1257000 | &nbsp;&nbsp; 760661 |
| 4.750%, 06/21/54 (AUD) | 151000 | &nbsp;&nbsp; 93753 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| Zero Coupon, 02/15/31 (EUR) | 1527148 | &nbsp;&nbsp; 1585809 |
| Zero Coupon, 08/15/50 (EUR) | 1204444 | &nbsp;&nbsp; 608223 |
| 1.250%, 08/15/48 (EUR) | 263072 | &nbsp;&nbsp; 204261 |
| 2.200%, 02/15/34 (EUR) | 1214529 | &nbsp;&nbsp; 1370617 |
| 2.500%, 08/15/54 (EUR) | 389451 | &nbsp;&nbsp; 377259 |
| 3.250%, 07/04/42 (EUR) | 353597 | &nbsp;&nbsp; 414491 |
| 4.250%, 07/04/39 (EUR) | 1677500 | &nbsp;&nbsp; 2215339 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 5.500%, 01/04/31 (EUR) | 2536600 | &nbsp;&nbsp; $3402826 |
| Bundesschatzanweisungen |  |  |
| 2.200%, 03/11/27 (EUR) | 6185000 | &nbsp;&nbsp; 7282124 |
| Canada Government Bonds |  |  |
| 1.250%, 03/01/27 (CAD) | 3601000 | &nbsp;&nbsp; 2587457 |
| 2.750%, 06/01/33 (CAD) | 2578000 | &nbsp;&nbsp; 1818640 |
| 3.500%, 12/01/45 (CAD) | 1363000 | &nbsp;&nbsp; 959537 |
| 5.750%, 06/01/29 (CAD) | 1511000 | &nbsp;&nbsp; 1205398 |
| Denmark Government Bonds |  |  |
| 0.500%, 11/15/29 (DKK) | 2246769 | &nbsp;&nbsp; 332163 |
| 4.500%, 11/15/39 (DKK) | 2059107 | &nbsp;&nbsp; 381130 |
| Finland Government Bonds |  |  |
| 0.125%, 09/15/31 (144A) (EUR) | 852000 | &nbsp;&nbsp; 863975 |
| 1.375%, 04/15/27 (144A) (EUR) | 1294000 | &nbsp;&nbsp; 1507597 |
| 1.375%, 04/15/47 (144A) (EUR) | 224000 | &nbsp;&nbsp; 172199 |
| French Republic Government Bonds OAT |  |  |
| Zero Coupon, 05/25/32 (144A) (EUR) | 309077 | &nbsp;&nbsp; 299702 |
| 0.250%, 11/25/26 (144A) (EUR) | 7907000 | &nbsp;&nbsp; 9139355 |
| 1.250%, 05/25/36 (144A) (EUR) | 2117382 | &nbsp;&nbsp; 1982840 |
| 1.500%, 05/25/50 (144A) (EUR) | 1594779 | &nbsp;&nbsp; 1080843 |
| 2.500%, 05/25/30 (144A) (EUR) | 4343067 | &nbsp;&nbsp; 5061568 |
| 3.000%, 05/25/33 (144A) (EUR) | 3353071 | &nbsp;&nbsp; 3885685 |
| 3.250%, 05/25/45 (144A) (EUR) | 1471647 | &nbsp;&nbsp; 1522962 |
| 4.000%, 04/25/60 (144A) (EUR) | 292000 | &nbsp;&nbsp; 313142 |
| Ireland Government Bonds |  |  |
| 0.200%, 10/18/30 (EUR) | 539399 | &nbsp;&nbsp; 567672 |
| 1.300%, 05/15/33 (EUR) | 355000 | &nbsp;&nbsp; 375038 |
| 2.000%, 02/18/45 (EUR) | 193922 | &nbsp;&nbsp; 179651 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.850%, 01/15/27 (EUR) | 4133000 | &nbsp;&nbsp; 4798127 |
| 1.650%, 03/01/32 (144A) (EUR) | 8320000 | &nbsp;&nbsp; 9054312 |
| 1.800%, 03/01/41 (144A) (EUR) | 529000 | &nbsp;&nbsp; 471794 |
| 3.250%, 09/01/46 (144A) (EUR) | 196000 | &nbsp;&nbsp; 202525 |
| 3.800%, 08/01/28 (EUR) | 773000 | &nbsp;&nbsp; 940642 |
| 3.850%, 09/01/49 (144A) (EUR) | 1487000 | &nbsp;&nbsp; 1662768 |
| 5.000%, 08/01/39 (144A) (EUR) | 482000 | &nbsp;&nbsp; 639016 |
| Japan Government Forty Year Bonds |  |  |
| 1.700%, 03/20/54 (JPY) | 262150000 | &nbsp;&nbsp; 1167307 |
| Japan Government Ten Year Bonds |  |  |
| 0.100%, 06/20/31 (JPY) | 510050000 | &nbsp;&nbsp; 3002275 |
| 1.200%, 12/20/34 (JPY) | 162150000 | &nbsp;&nbsp; 969960 |
| Japan Government Thirty Year Bonds |  |  |
| 0.400%, 12/20/49 (JPY) | 513900000 | &nbsp;&nbsp; 1747207 |
| 0.500%, 09/20/46 (JPY) | 196300000 | &nbsp;&nbsp; 774159 |
| 0.700%, 06/20/51 (JPY) | 105450000 | &nbsp;&nbsp; 368994 |
| 0.700%, 12/20/51 (JPY) | 228000000 | &nbsp;&nbsp; 786981 |
| 1.800%, 09/20/43 (JPY) | 35400000 | &nbsp;&nbsp; 194329 |
| 1.900%, 09/20/42 (JPY) | 354800000 | &nbsp;&nbsp; 2013236 |
| 2.300%, 03/20/40 (JPY) | 34600000 | &nbsp;&nbsp; 214839 |
| Japan Government Twenty Year Bonds |  |  |
| 0.500%, 09/20/36 (JPY) | 732900000 | &nbsp;&nbsp; 3947713 |
| 1.500%, 03/20/33 (JPY) | 274550000 | &nbsp;&nbsp; 1719303 |
| 1.700%, 09/20/32 (JPY) | 125600000 | &nbsp;&nbsp; 800291 |
| 1.700%, 09/20/33 (JPY) | 119000000 | &nbsp;&nbsp; 752038 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-19**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

**Preferred Stocks—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Japan Government Two Year Bonds |  |  |
| 0.600%, 12/01/26 (JPY) | 706200000 | &nbsp;&nbsp; $4497066 |
| 0.600%, 01/01/27 (JPY) | 510100000 | &nbsp;&nbsp; 3246742 |
| 0.700%, 02/01/27 (JPY) | 509600000 | &nbsp;&nbsp; 3245447 |
| 0.800%, 03/01/27 (JPY) | 509000000 | &nbsp;&nbsp; 3244745 |
| Kingdom of Belgium Government Bonds |  |  |
| 0.800%, 06/22/27 (144A) (EUR) | 569000 | &nbsp;&nbsp; 656334 |
| 0.900%, 06/22/29 (144A) (EUR) | 663616 | &nbsp;&nbsp; 739887 |
| 1.250%, 04/22/33 (144A) (EUR) | 1077905 | &nbsp;&nbsp; 1122852 |
| 1.600%, 06/22/47 (144A) (EUR) | 967081 | &nbsp;&nbsp; 733331 |
| 4.250%, 03/28/41 (144A) (EUR) | 185177 | &nbsp;&nbsp; 227891 |
| 5.000%, 03/28/35 (144A) (EUR) | 202222 | &nbsp;&nbsp; 269672 |
| Mexico Bonos |  |  |
| 7.500%, 05/26/33 (MXN) | 20731700 | &nbsp;&nbsp; 1070772 |
| 7.750%, 05/29/31 (MXN) | 19804200 | &nbsp;&nbsp; 1059468 |
| Netherlands Government Bonds |  |  |
| Zero Coupon, 07/15/31 (144A) (EUR) | 1572533 | &nbsp;&nbsp; 1602076 |
| Zero Coupon, 01/15/52 (144A) (EUR) | 233051 | &nbsp;&nbsp; 109660 |
| 2.750%, 01/15/47 (144A) (EUR) | 210328 | &nbsp;&nbsp; 220426 |
| 3.750%, 01/15/42 (144A) (EUR) | 472291 | &nbsp;&nbsp; 581374 |
| 5.500%, 01/15/28 (144A) (EUR) | 581117 | &nbsp;&nbsp; 727975 |
| New Zealand Government Bonds |  |  |
| 2.000%, 05/15/32 (NZD) | 1354000 | &nbsp;&nbsp; 690169 |
| Norway Government Bonds |  |  |
| 1.250%, 09/17/31 (144A) (NOK) | 3871000 | &nbsp;&nbsp; 331752 |
| Portugal Obrigacoes do Tesouro OT |  |  |
| 2.875%, 10/20/34 (144A) (EUR) | 1056858 | &nbsp;&nbsp; 1224221 |
| Republic of Austria Government Bonds |  |  |
| Zero Coupon, 02/20/31 (144A) (EUR) | 786000 | &nbsp;&nbsp; 807533 |
| 0.500%, 04/20/27 (144A) (EUR) | 1545000 | &nbsp;&nbsp; 1780449 |
| 3.150%, 06/20/44 (144A) (EUR) | 729000 | &nbsp;&nbsp; 801646 |
| 4.150%, 03/15/37 (144A) (EUR) | 329000 | &nbsp;&nbsp; 418716 |
| Republic of Poland Government Bonds |  |  |
| 5.750%, 04/25/29 (PLN) | 5998000 | &nbsp;&nbsp; 1751759 |
| Singapore Government Bonds |  |  |
| 2.750%, 03/01/46 (SGD) | 252000 | &nbsp;&nbsp; 213694 |
| 2.875%, 08/01/28 (SGD) | 560000 | &nbsp;&nbsp; 449805 |
| 3.375%, 09/01/33 (SGD) | 497000 | &nbsp;&nbsp; 422117 |
| Spain Government Bonds |  |  |
| 1.000%, 10/31/50 (144A) (EUR) | 759000 | &nbsp;&nbsp; 475608 |
| 1.450%, 10/31/27 (144A) (EUR) | 658000 | &nbsp;&nbsp; 764072 |
| 1.950%, 07/30/30 (144A) (EUR) | 3180000 | &nbsp;&nbsp; 3636611 |
| 2.900%, 10/31/46 (144A) (EUR) | 778000 | &nbsp;&nbsp; 787772 |
| 3.550%, 10/31/33 (144A) (EUR) | 1105000 | &nbsp;&nbsp; 1342650 |
| 4.200%, 01/31/37 (144A) (EUR) | 1781000 | &nbsp;&nbsp; 2245252 |
| Sweden Government Bonds |  |  |
| 1.750%, 11/11/33 (SEK) | 2965000 | &nbsp;&nbsp; 302287 |
| U.K. Gilts |  |  |
| 1.000%, 01/31/32 (GBP) | 5456787 | &nbsp;&nbsp; 6143347 |
| 1.750%, 01/22/49 (GBP) | 527490 | &nbsp;&nbsp; 386242 |
| 4.250%, 12/07/46 (GBP) | 3527007 | &nbsp;&nbsp; 4218182 |
| 4.500%, 03/07/35 (GBP) | 1519410 | &nbsp;&nbsp; 2051518 |
| Total Foreign Government <br>(Cost $160,470,577) <br>|  | &nbsp;&nbsp; 145182111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Bayerische Motoren Werke AG | 806 | &nbsp;&nbsp; $86624 |
| Dr. Ing hc F Porsche AG | 1679 | &nbsp;&nbsp; 89966 |
| Porsche Automobil Holding SE | 2258 | &nbsp;&nbsp; 105886 |
| Volkswagen AG | 3040 | &nbsp;&nbsp; 369736 |
|  |  | &nbsp;&nbsp; 652212 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Henkel AG & Co. KGaA | 2364 | &nbsp;&nbsp; 193208 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Sartorius AG | 386 | &nbsp;&nbsp; 111601 |
| Total Preferred Stocks <br>(Cost $1,163,566) <br>|  | &nbsp;&nbsp; 957021 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** | **Investment Companies—0.0%** |
| **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** |
| iShares U.S. Real Estate ETF | 1287 | &nbsp;&nbsp; 120837 |
| Vanguard Global ex-U.S. Real Estate ETF | 1704 | &nbsp;&nbsp; 78111 |
| Total Investment Companies <br>(Cost $199,253) <br>|  | &nbsp;&nbsp; 198948 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Keppel DC REIT (a) <br>(Cost $0)<br>| 25081 | &nbsp;&nbsp; 261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** |
| **Repurchase Agreement—1.7%** | **Repurchase Agreement—1.7%** | **Repurchase Agreement—1.7%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $28,946,799; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $29,521,743<br>| 28942779 | &nbsp;&nbsp; 28942779 |
| Total Short-Term Investments <br>(Cost $28,942,779) <br>|  | &nbsp;&nbsp; 28942779 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—0.6%** | **Securities Lending Reinvestments (h)—0.6%** | **Securities Lending Reinvestments (h)—0.6%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (i)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (i)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (i)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (i)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (i)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-20**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $1,000,209; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,676<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,903,535; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.750%, maturity dates ranging <br> from 02/05/26 - 11/15/55, and an aggregate market <br> value of $1,941,605<br>| 1903130 | &nbsp;&nbsp; 1903130 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $900,196; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,000,110<br>| 900000 | &nbsp;&nbsp; 900000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $1,000,214; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,111,232<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $26,602; collateralized <br> by U.S. Treasury Obligations with rates ranging from <br> 0.000% - 4.625%, maturity dates ranging from 02/26/26 <br> - 02/15/55, and an aggregate market value of $27,129<br>| 26597 | &nbsp;&nbsp; 26597 |
|  |  | &nbsp;&nbsp; 4829727 |
| Total Securities Lending Reinvestments <br>(Cost $9,829,727) <br>|  | &nbsp;&nbsp; 9829727 |
| Total Investments—99.6% <br>(Cost $1,345,895,425) <br>|  | &nbsp;&nbsp; 1707940179 |
| Other assets and liabilities (net)—0.4%  |  | &nbsp;&nbsp; 7089073 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1715029252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value 

---

| | |
|:---|:---|
|  | of securities loaned was $55,038,150 and the collateral received consisted of cash in the <br> amount of $9,829,727 and non-cash collateral with a value of $47,268,040. The cash <br> collateral investments are disclosed in the Consolidated Schedule of Investments and <br> categorized as Securities Lending Reinvestments. The non-cash collateral received consists of <br> U.S. government securities that are held in safe-keeping by the lending agent, or a third-<br> party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Consolidated Statement of Assets and Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (e) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated <br> issuers.)<br>|
| (f) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $24,136,211.<br>|
| (g) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was <br> $23,609,305.<br>|
| (h) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (i) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $59,468,043, which is 3.5% of net assets.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $599362 | &nbsp;&nbsp; $(120571)<br>| &nbsp;&nbsp; $60490 | &nbsp;&nbsp; $(79850)<br>| &nbsp;&nbsp; $459431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $15885 | &nbsp;&nbsp; 5820 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-21**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $127482443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165625673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186 <br>,142366<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $284178582 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(3997004)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3997004)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (5832723)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5832723)<br>|
| Total Borrowings | &nbsp;&nbsp; $(9829727)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9829727)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(9829727)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 12446248 | BOA | 01/28/26 | USD | 8088543 | &nbsp;&nbsp; $218586 |
| CAD | &nbsp;&nbsp; 22943419 | BOA | 02/05/26 | USD | 16607386 | &nbsp;&nbsp; 134099 |
| CAD | &nbsp;&nbsp; 23053761 | BBP | 02/05/26 | USD | 16517705 | &nbsp;&nbsp; 304295 |
| CAD | &nbsp;&nbsp; 4843868 | UBSA | 02/05/26 | USD | 3471971 | &nbsp;&nbsp; 62530 |
| EUR | &nbsp;&nbsp; 17915865 | BBP | 01/29/26 | USD | 21101412 | &nbsp;&nbsp; (22739)<br>|
| EUR | &nbsp;&nbsp; 2982079 | BBP | 01/29/26 | USD | 3447902 | &nbsp;&nbsp; 60623 |
| EUR | &nbsp;&nbsp; 14293223 | GSBU | 01/29/26 | USD | 16686080 | &nbsp;&nbsp; 130422 |
| EUR | &nbsp;&nbsp; 350527 | SSBT | 01/29/26 | USD | 409407 | &nbsp;&nbsp; 3000 |
| EUR | &nbsp;&nbsp; 350270 | SSBT | 01/29/26 | USD | 408560 | &nbsp;&nbsp; 3545 |
| EUR | &nbsp;&nbsp; 359688 | SSBT | 01/29/26 | USD | 416419 | &nbsp;&nbsp; 6766 |
| JPY | &nbsp;&nbsp; 59463354 | SSBT | 01/23/26 | USD | 382166 | &nbsp;&nbsp; (1967)<br>|
| JPY | &nbsp;&nbsp; 62104925 | SSBT | 01/23/26 | USD | 397829 | &nbsp;&nbsp; (741)<br>|
| NOK | &nbsp;&nbsp; 169327659 | MSIP | 02/13/26 | USD | 16736229 | &nbsp;&nbsp; 62698 |
| NZD | &nbsp;&nbsp; 1993688 | HSBCU | 01/28/26 | USD | 1122522 | &nbsp;&nbsp; 26341 |
| NZD | &nbsp;&nbsp; 14070372 | HSBCU | 01/28/26 | USD | 7922154 | &nbsp;&nbsp; 185897 |
| SEK | &nbsp;&nbsp; 135848193 | UBSA | 02/13/26 | USD | 14420410 | &nbsp;&nbsp; 365788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 4194762 | BOA | 01/28/26 | USD | 2726084 | &nbsp;&nbsp; (73670)<br>|
| AUD | &nbsp;&nbsp; 25968764 | HSBCU | 01/28/26 | USD | 17222484 | &nbsp;&nbsp; (110117)<br>|
| AUD | &nbsp;&nbsp; 12446248 | UBSA | 01/28/26 | USD | 8041695 | &nbsp;&nbsp; (265433)<br>|
| AUD | &nbsp;&nbsp; 1032780 | UBSA | 01/28/26 | USD | 667294 | &nbsp;&nbsp; (22025)<br>|
| CAD | &nbsp;&nbsp; 459089 | SSBT | 02/05/26 | USD | 329393 | &nbsp;&nbsp; (5598)<br>|
| CAD | &nbsp;&nbsp; 8699920 | UBSA | 02/05/26 | USD | 6235898 | &nbsp;&nbsp; (112309)<br>|
| CHF | &nbsp;&nbsp; 22645689 | BOA | 01/29/26 | USD | 28444034 | &nbsp;&nbsp; (216486)<br>|
| DKK | &nbsp;&nbsp; 4633522 | SSBT | 02/13/26 | USD | 723465 | &nbsp;&nbsp; (7254)<br>|
| EUR | &nbsp;&nbsp; 11903865 | CBNA | 02/19/26 | USD | 14032396 | &nbsp;&nbsp; 13238 |
| EUR | &nbsp;&nbsp; 2988382 | JPMC | 01/29/26 | USD | 3480169 | &nbsp;&nbsp; (35772)<br>|
| EUR | &nbsp;&nbsp; 73356525 | MSIP | 01/29/26 | USD | 85141105 | &nbsp;&nbsp; (1165541)<br>|
| EUR | &nbsp;&nbsp; 9687509 | MSIP | 01/29/26 | USD | 11243787 | &nbsp;&nbsp; (153922)<br>|
| EUR | &nbsp;&nbsp; 17403764 | NWM | 02/12/26 | USD | 20323958 | &nbsp;&nbsp; (165707)<br>|
| EUR | &nbsp;&nbsp; 9687509 | SG | 02/05/26 | USD | 11225352 | &nbsp;&nbsp; (176138)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-22**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 12050834 | SCB | 02/26/26 | USD | 14174374 | &nbsp;&nbsp; $(22519)<br>|
| EUR | &nbsp;&nbsp; 11237440 | SSBT | 01/29/26 | USD | 13095778 | &nbsp;&nbsp; (125482)<br>|
| EUR | &nbsp;&nbsp; 348349 | SSBT | 01/29/26 | USD | 405140 | &nbsp;&nbsp; (4705)<br>|
| EUR | &nbsp;&nbsp; 220091 | SSBT | 01/29/26 | USD | 255460 | &nbsp;&nbsp; (3486)<br>|
| EUR | &nbsp;&nbsp; 386298 | SSBT | 01/29/26 | USD | 454956 | &nbsp;&nbsp; 462 |
| GBP | &nbsp;&nbsp; 3126815 | BBP | 02/26/26 | USD | 4130534 | &nbsp;&nbsp; (83793)<br>|
| GBP | &nbsp;&nbsp; 30481629 | DBAG | 02/26/26 | USD | 40584612 | &nbsp;&nbsp; (498588)<br>|
| GBP | &nbsp;&nbsp; 9578328 | DBAG | 02/26/26 | USD | 12753017 | &nbsp;&nbsp; (156673)<br>|
| JPY | &nbsp;&nbsp; 2502428536 | BOA | 01/23/26 | USD | 16603713 | &nbsp;&nbsp; 603600 |
| JPY | &nbsp;&nbsp; 2591919973 | BOA | 01/23/26 | USD | 17197492 | &nbsp;&nbsp; 625186 |
| JPY | &nbsp;&nbsp; 308626362 | BBP | 01/23/26 | USD | 2018251 | &nbsp;&nbsp; 44946 |
| JPY | &nbsp;&nbsp; 2605772250 | DBAG | 01/23/26 | USD | 16701149 | &nbsp;&nbsp; 40275 |
| JPY | &nbsp;&nbsp; 983883002 | DBAG | 01/23/26 | USD | 6430900 | &nbsp;&nbsp; 140116 |
| JPY | &nbsp;&nbsp; 1150466379 | JPMC | 01/23/26 | USD | 7384544 | &nbsp;&nbsp; 28654 |
| JPY | &nbsp;&nbsp; 418829445 | JPMC | 01/23/26 | USD | 2707773 | &nbsp;&nbsp; 29847 |
| JPY | &nbsp;&nbsp; 2586356556 | JPMC | 03/12/26 | USD | 16712404 | &nbsp;&nbsp; 106885 |
| JPY | &nbsp;&nbsp; 11425238 | SSBT | 01/23/26 | USD | 74777 | &nbsp;&nbsp; 1726 |
| JPY | &nbsp;&nbsp; 46561638 | SSBT | 01/23/26 | USD | 299556 | &nbsp;&nbsp; 1849 |
| MXN | &nbsp;&nbsp; 33123160 | BNP | 03/12/26 | USD | 1827233 | &nbsp;&nbsp; (270)<br>|
| MXN | &nbsp;&nbsp; 3414666 | SSBT | 03/12/26 | USD | 188455 | &nbsp;&nbsp; 58 |
| NOK | &nbsp;&nbsp; 88620309 | BOA | 02/13/26 | USD | 8743777 | &nbsp;&nbsp; (48207)<br>|
| NOK | &nbsp;&nbsp; 80707350 | MSIP | 02/13/26 | USD | 7933728 | &nbsp;&nbsp; (73215)<br>|
| NOK | &nbsp;&nbsp; 6457198 | MSIP | 02/13/26 | USD | 634758 | &nbsp;&nbsp; (5858)<br>|
| NOK | &nbsp;&nbsp; 3337805 | SSBT | 02/13/26 | USD | 329732 | &nbsp;&nbsp; (1411)<br>|
| NZD | &nbsp;&nbsp; 1993688 | CBNA | 01/28/26 | USD | 1130834 | &nbsp;&nbsp; (18029)<br>|
| NZD | &nbsp;&nbsp; 1160121 | SSBT | 01/28/26 | USD | 657272 | &nbsp;&nbsp; (11248)<br>|
| PLN | &nbsp;&nbsp; 6179293 | GSBU | 01/22/26 | USD | 1693286 | &nbsp;&nbsp; (27791)<br>|
| SEK | &nbsp;&nbsp; 86873503 | BOA | 02/13/26 | USD | 9284482 | &nbsp;&nbsp; (171138)<br>|
| SEK | &nbsp;&nbsp; 2807637 | SSBT | 02/13/26 | USD | 297865 | &nbsp;&nbsp; (7728)<br>|
| SGD | &nbsp;&nbsp; 1363870 | BBH | 02/26/26 | USD | 1063598 | &nbsp;&nbsp; (1092)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(595220)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 323 | AUD | 35363351 | &nbsp;&nbsp; $67068 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 375 | CAD | 45341250 | &nbsp;&nbsp; (27733)<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 11 | USD | 1596155 | &nbsp;&nbsp; 3565 |
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 497 | USD | 35073290 | &nbsp;&nbsp; 498243 |
| MSCI Singapore Index Futures. | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; 4 | SGD | 178300 | &nbsp;&nbsp; 86 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 441 | USD | 55080900 | &nbsp;&nbsp; (1672442)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 77 | USD | 26536125 | &nbsp;&nbsp; (287459)<br>|
| S&P Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 168 | USD | 55863360 | &nbsp;&nbsp; (1635407)<br>|
| S&P TSX 60 Index Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 86 | CAD | 32024680 | &nbsp;&nbsp; 94035 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 36 | GBP | 3289320 | &nbsp;&nbsp; 34745 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 28 | USD | 5846094 | &nbsp;&nbsp; 2754 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 8 | USD | 874438 | &nbsp;&nbsp; (1261)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 56 | USD | 6296500 | &nbsp;&nbsp; (23803)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 22 | USD | 2596000 | &nbsp;&nbsp; (36069)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-23**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (742)<br>| EUR | (43340220)<br>| &nbsp;&nbsp; $(842661)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (104)<br>| EUR | (13267280)<br>| &nbsp;&nbsp; 19529 |
| FTSE 100 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (127)<br>| GBP | (12625070)<br>| &nbsp;&nbsp; (391293)<br>|
| Hang Seng Index Futures | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; (6)<br>| HKD | (7694400)<br>| &nbsp;&nbsp; 11736 |
| Japanese Government 10 Year Bond Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; (65)<br>| JPY | (8606650000)<br>| &nbsp;&nbsp; 439735 |
| OMX Stockholm 30 Index Futures | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; (22)<br>| SEK | (6369550)<br>| &nbsp;&nbsp; (18261)<br>|
| SPI 200 Index Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; (124)<br>| AUD | (26895600)<br>| &nbsp;&nbsp; (138841)<br>|
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; (24)<br>| JPY | (819240000)<br>| &nbsp;&nbsp; (44163)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(3947897)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 12M SOFR | Annually | 3.743<br> %<br>| Annually | 12/22/35 | USD | 425500000 | $(2042017)<br>| $— | $(2042017)<br>|

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Fixed Rate** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premium** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Receive | 0.000% | Maturity | 03/20/26 | MSCS | Swiss Market Index Futures<br> CHF | 5699810 | $(140475)<br>| $— | $(140475)<br>|
| Receive | 0.000% | Maturity | 03/20/26 | MSCS | Swiss Market Index Futures<br> CHF | 1690783 | (32985)<br>|  | (32985)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(173460)<br>| $— | $(173460)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Securities in the amount of $25,395 have been received at the custodian bank as collateral for forward foreign currency exchange contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity |  |  | OTC swap contracts at market value | &nbsp;&nbsp; $173460 |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $607665 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 5030527 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 3201432 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 3796652 |
| Interest Rate |  |  | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 2042017 |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 563831 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 88866 |
| Total |  | &nbsp;&nbsp; $4372928 |  | &nbsp;&nbsp; $11131522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

*See accompanying notes to financial statements.*

**BHFTI-24**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $1581471 | &nbsp;&nbsp;&nbsp;&nbsp; $(509501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1071970 |
| Barclays Bank PLC | &nbsp;&nbsp; 409864 | &nbsp;&nbsp;&nbsp;&nbsp; (106532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303332 |
| Citibank NA | &nbsp;&nbsp; 13238 | &nbsp;&nbsp;&nbsp;&nbsp; (13238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 180391 | &nbsp;&nbsp;&nbsp;&nbsp; (180391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 130422 | &nbsp;&nbsp;&nbsp;&nbsp; (27791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102631 |
| HSBC Bank USA | &nbsp;&nbsp; 212238 | &nbsp;&nbsp;&nbsp;&nbsp; (110117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102121 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 165386 | &nbsp;&nbsp;&nbsp;&nbsp; (35772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104219 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 62698 | &nbsp;&nbsp;&nbsp;&nbsp; (62698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 17406 | &nbsp;&nbsp;&nbsp;&nbsp; (17406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 428318 | &nbsp;&nbsp;&nbsp;&nbsp; (399767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28551 |
|  | &nbsp;&nbsp; $3201432 | &nbsp;&nbsp;&nbsp;&nbsp; $(1463213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1712824 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $509501 | &nbsp;&nbsp;&nbsp;&nbsp; $(509501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 106532 | &nbsp;&nbsp;&nbsp;&nbsp; (106532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
| Brown Brothers Harriman & Co. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| Citibank NA | &nbsp;&nbsp; 18029 | &nbsp;&nbsp;&nbsp;&nbsp; (13238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4791 |
| Deutsche Bank AG | &nbsp;&nbsp; 655261 | &nbsp;&nbsp;&nbsp;&nbsp; (180391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 474870 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 27791 | &nbsp;&nbsp;&nbsp;&nbsp; (27791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA | &nbsp;&nbsp; 110117 | &nbsp;&nbsp;&nbsp;&nbsp; (110117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 35772 | &nbsp;&nbsp;&nbsp;&nbsp; (35772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1398536 | &nbsp;&nbsp;&nbsp;&nbsp; (62698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335838 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 173460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 165707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165707 |
| Societe Generale Paris | &nbsp;&nbsp; 176138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176138 |
| Standard Chartered Bank | &nbsp;&nbsp; 22519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22519 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 169620 | &nbsp;&nbsp;&nbsp;&nbsp; (17406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152214 |
| UBS AG | &nbsp;&nbsp; 399767 | &nbsp;&nbsp;&nbsp;&nbsp; (399767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3970112 | &nbsp;&nbsp;&nbsp;&nbsp; $(1463213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(173460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2333439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12306428)<br>| &nbsp;&nbsp;&nbsp; $(12306428)<br>|
| Futures contracts | &nbsp;&nbsp; 406438 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31283035)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30876597)<br>|
| Swap contracts | &nbsp;&nbsp; 11598596 | &nbsp;&nbsp;&nbsp; 419873 | &nbsp;&nbsp;&nbsp; (1136636)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10881833 |
|  | &nbsp;&nbsp; $12005034 | &nbsp;&nbsp;&nbsp; $419873 | &nbsp;&nbsp;&nbsp; $(32419671)<br>| &nbsp;&nbsp;&nbsp; $(12306428)<br>| &nbsp;&nbsp;&nbsp; $(32301192)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-25**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4384722)<br>| &nbsp;&nbsp;&nbsp; $(4384722)<br>|
| Futures contracts | &nbsp;&nbsp; 443550 | &nbsp;&nbsp;&nbsp; 4322761 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4766311 |
| Swap contracts | &nbsp;&nbsp; (1928213)<br>| &nbsp;&nbsp;&nbsp; (183426)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2111639)<br>|
|  | &nbsp;&nbsp; $(1484663)<br>| &nbsp;&nbsp;&nbsp; $4139335 | &nbsp;&nbsp;&nbsp; $(4384722)<br>| &nbsp;&nbsp;&nbsp; $(1730050)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $490187399 |
| Futures contracts long | &nbsp;&nbsp; 227125443 |
| Futures contracts short | &nbsp;&nbsp; (143965010)<br>|
| Swap contracts | &nbsp;&nbsp; 483876283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $13533136 | &nbsp;&nbsp; $10258378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23791514 |
| Air Freight & Logistics | &nbsp;&nbsp; 1839892 | &nbsp;&nbsp; 1616879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3456771 |
| Automobile Components | &nbsp;&nbsp; 172876 | &nbsp;&nbsp; 1750516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1923392 |
| Automobiles | &nbsp;&nbsp; 14626492 | &nbsp;&nbsp; 6724248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21350740 |
| Banks | &nbsp;&nbsp; 22430370 | &nbsp;&nbsp; 45096083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67526453 |
| Beverages | &nbsp;&nbsp; 6498678 | &nbsp;&nbsp; 3246746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9745424 |
| Biotechnology | &nbsp;&nbsp; 10280043 | &nbsp;&nbsp; 2025143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12305186 |
| Broadline Retail | &nbsp;&nbsp; 24746470 | &nbsp;&nbsp; 2849213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27595683 |
| Building Products | &nbsp;&nbsp; 2759734 | &nbsp;&nbsp; 2706571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5466305 |
| Capital Markets | &nbsp;&nbsp; 21334771 | &nbsp;&nbsp; 9496999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30831770 |
| Chemicals | &nbsp;&nbsp; 5913087 | &nbsp;&nbsp; 6136942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12050029 |
| Commercial Services & Supplies | &nbsp;&nbsp; 2792768 | &nbsp;&nbsp; 1066845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3859613 |
| Communications Equipment | &nbsp;&nbsp; 5441191 | &nbsp;&nbsp; 908510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6349701 |
| Construction & Engineering | &nbsp;&nbsp; 1295260 | &nbsp;&nbsp; 2944696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4239956 |
| Construction Materials | &nbsp;&nbsp; 1670652 | &nbsp;&nbsp; 1322931 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2993583 |
| Consumer Finance | &nbsp;&nbsp; 4026427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4026427 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 10947432 | &nbsp;&nbsp; 3498324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14445756 |
| Containers & Packaging | &nbsp;&nbsp; 1124517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1124517 |
| Distributors | &nbsp;&nbsp; 258809 | &nbsp;&nbsp; 57103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 315912 |
| Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 119958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119958 |
| Diversified REITs | &nbsp;&nbsp; 1348170 | &nbsp;&nbsp; 5346640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6694810 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 3657864 | &nbsp;&nbsp; 5055826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8713690 |
| Electric Utilities | &nbsp;&nbsp; 9073122 | &nbsp;&nbsp; 6011858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15084980 |
| Electrical Equipment | &nbsp;&nbsp; 5238485 | &nbsp;&nbsp; 8480325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13718810 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4549540 | &nbsp;&nbsp; 3036315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7585855 |
| Energy Equipment & Services | &nbsp;&nbsp; 1325648 | &nbsp;&nbsp; 106713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1432361 |
| Entertainment | &nbsp;&nbsp; 9736765 | &nbsp;&nbsp; 2185412 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11922177 |
| Financial Services | &nbsp;&nbsp; 23790899 | &nbsp;&nbsp; 3613374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27404273 |
| Food Products | &nbsp;&nbsp; 2769370 | &nbsp;&nbsp; 6644745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9414115 |
| Gas Utilities | &nbsp;&nbsp; 282959 | &nbsp;&nbsp; 915465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1198424 |
| Ground Transportation | &nbsp;&nbsp; 5251281 | &nbsp;&nbsp; 1206596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6457877 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 12505554 | &nbsp;&nbsp; 5120360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17625914 |
| Health Care Providers & Services | &nbsp;&nbsp; 10342794 | &nbsp;&nbsp; 768503 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 11111297 |
| Health Care REITs | &nbsp;&nbsp; 12664480 | &nbsp;&nbsp; 662803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13327283 |
| Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 212739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212739 |
| Hotel & Resort REITs | &nbsp;&nbsp; 1494883 | &nbsp;&nbsp; 431411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1926294 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 11296343 | &nbsp;&nbsp; 3311093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14607436 |
| Household Durables | &nbsp;&nbsp; 1455925 | &nbsp;&nbsp; 3058064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4513989 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-26**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Household Products | &nbsp;&nbsp; $4884602 | &nbsp;&nbsp; $1272736 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6157338 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 647041 | &nbsp;&nbsp; 773621 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1420662 |
| Industrial Conglomerates | &nbsp;&nbsp; 2196740 | &nbsp;&nbsp; 6467710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8664450 |
| Industrial REITs | &nbsp;&nbsp; 9278424 | &nbsp;&nbsp; 6188211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15466635 |
| Insurance | &nbsp;&nbsp; 10894743 | &nbsp;&nbsp; 17759548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28654291 |
| Interactive Media & Services | &nbsp;&nbsp; 49693003 | &nbsp;&nbsp; 530486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50223489 |
| IT Services | &nbsp;&nbsp; 5999587 | &nbsp;&nbsp; 2527221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8526808 |
| Leisure Products | &nbsp;&nbsp; 114964 | &nbsp;&nbsp; 343059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 458023 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 5672982 | &nbsp;&nbsp; 1079720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6752702 |
| Machinery | &nbsp;&nbsp; 9873306 | &nbsp;&nbsp; 9638041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19511347 |
| Marine Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 889002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 889002 |
| Media | &nbsp;&nbsp; 2231389 | &nbsp;&nbsp; 576394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2807783 |
| Metals & Mining | &nbsp;&nbsp; 2550100 | &nbsp;&nbsp; 8752197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11302297 |
| Multi-Utilities | &nbsp;&nbsp; 3553817 | &nbsp;&nbsp; 3008252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6562069 |
| Office REITs | &nbsp;&nbsp; 2019731 | &nbsp;&nbsp; 2457199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4476930 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 15961863 | &nbsp;&nbsp; 9285997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25247860 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 491832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 491832 |
| Passenger Airlines | &nbsp;&nbsp; 1078765 | &nbsp;&nbsp; 890729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1969494 |
| Personal Care Products | &nbsp;&nbsp; 618237 | &nbsp;&nbsp; 4140022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4758259 |
| Pharmaceuticals | &nbsp;&nbsp; 20870321 | &nbsp;&nbsp; 24314557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45184878 |
| Professional Services | &nbsp;&nbsp; 2964766 | &nbsp;&nbsp; 3989456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6954222 |
| Real Estate Management & Development | &nbsp;&nbsp; 884177 | &nbsp;&nbsp; 14972714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15856891 |
| Residential REITs | &nbsp;&nbsp; 9604620 | &nbsp;&nbsp; 777778 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 10382398 |
| Retail REITs | &nbsp;&nbsp; 11478897 | &nbsp;&nbsp; 4843720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16322617 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 87182718 | &nbsp;&nbsp; 12070348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99253066 |
| Software | &nbsp;&nbsp; 64196346 | &nbsp;&nbsp; 4888732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69085078 |
| Specialized REITs | &nbsp;&nbsp; 17244691 | &nbsp;&nbsp; 677289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17921980 |
| Specialty Retail | &nbsp;&nbsp; 10398843 | &nbsp;&nbsp; 2780110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13178953 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 45174104 | &nbsp;&nbsp; 959163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46133267 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1610845 | &nbsp;&nbsp; 7214994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8825839 |
| Tobacco | &nbsp;&nbsp; 3643620 | &nbsp;&nbsp; 2936500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6580120 |
| Trading Companies & Distributors | &nbsp;&nbsp; 1864007 | &nbsp;&nbsp; 5990084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7854091 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012660 |
| Water Utilities | &nbsp;&nbsp; 267786 | &nbsp;&nbsp; 311922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 579708 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1026976 | &nbsp;&nbsp; 3472438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4499414 |
| Total Common Stocks | &nbsp;&nbsp; 674158698 | &nbsp;&nbsp; 326278769 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1000437467 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 522391865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 522391865 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 145182111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145182111 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 957021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 957021 |
| Total Investment Companies\* | &nbsp;&nbsp; 198948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198948 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 261 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 28942779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28942779 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4829727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4829727 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4829727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9829727 |
| Total Investments | &nbsp;&nbsp; $679357646 | &nbsp;&nbsp; $1028582533 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1707940179 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9829727)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9829727)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3201432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3201432 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3796652)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3796652)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(595220)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(595220)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1171496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1171496 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (5119393)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5119393)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(3947897)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3947897)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2042017)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2042017)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-27**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(173460)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(173460)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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

*See accompanying notes to financial statements.*

**BHFTI-28**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1707480748 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 459431 |
| Cash | &nbsp;&nbsp; 11647129 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 1839044 |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 510000 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3201432 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 18918763 |
| Fund shares sold | &nbsp;&nbsp; 608 |
| Dividends and interest | &nbsp;&nbsp; 8690506 |
| Prepaid expenses | &nbsp;&nbsp; 5788 |
| Total Assets | &nbsp;&nbsp; 1752753449 |
| **Liabilities** |  |
| OTC swap contracts at market value | &nbsp;&nbsp; 173460 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3796652 |
| Collateral for securities loaned | &nbsp;&nbsp; 9829727 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 18823352 |
| Fund shares redeemed | &nbsp;&nbsp; 442677 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1353879 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1046136 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 912531 |
| Distribution and service fees | &nbsp;&nbsp; 366951 |
| Deferred trustees' fees | &nbsp;&nbsp; 237806 |
| Other expenses | &nbsp;&nbsp; 741026 |
| Total Liabilities | &nbsp;&nbsp; 37724197 |
| **Net Assets**  | &nbsp;&nbsp; $1715029252 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1324257703 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 390771549 |
| **Net Assets**  | &nbsp;&nbsp; $1715029252 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1715029252 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 178247606 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,345,610,272.

(b) Includes securities loaned at value of $55,038,150.

(c) Identified cost of affiliated investments was $285,153.

(d) Identified cost of cash denominated in foreign currencies was $1,815,700.

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $19318270 |
| Dividends from affiliated investments | &nbsp;&nbsp; 15885 |
| Interest | &nbsp;&nbsp; 22393522 |
| Securities lending income | &nbsp;&nbsp; 65530 |
| Total investment income | &nbsp;&nbsp; 41793207 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10934800 |
| Administration fees | &nbsp;&nbsp; 106330 |
| Custodian and accounting fees | &nbsp;&nbsp; 293881 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 4347834 |
| Audit and tax services | &nbsp;&nbsp; 113557 |
| Legal | &nbsp;&nbsp; 57359 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 31300 |
| Insurance | &nbsp;&nbsp; 18299 |
| Miscellaneous | &nbsp;&nbsp; 84955 |
| Total expenses | &nbsp;&nbsp; 16050408 |
| Less management fee waiver | &nbsp;&nbsp; (125000)<br>|
| Net expenses | &nbsp;&nbsp; 15925408 |
| **Net Investment Income** | &nbsp;&nbsp; 25867799 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 68622399 |
| Affiliated investments | &nbsp;&nbsp; 60490 |
| Futures contracts | &nbsp;&nbsp; (30876597)<br>|
| Swap contracts | &nbsp;&nbsp; 10881833 |
| Foreign currency transactions | &nbsp;&nbsp; (74814)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (12306428)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 36306883 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 130308525 |
| Affiliated investments | &nbsp;&nbsp; (79850)<br>|
| Futures contracts | &nbsp;&nbsp; 4766311 |
| Swap contracts | &nbsp;&nbsp; (2111639)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 479211 |
| Forward foreign currency transactions | &nbsp;&nbsp; (4384722)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 128977836 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 165284719 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $191152518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $913,946.

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

*See accompanying notes to financial statements.*

**BHFTI-29**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $25867799 | &nbsp;&nbsp; $41771707 |
| Net realized gain (loss) | &nbsp;&nbsp; 36306883 | &nbsp;&nbsp; 317374617 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 128977836 | &nbsp;&nbsp; (156764342)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 191152518 | &nbsp;&nbsp; 202381982 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (284738357)<br>| &nbsp;&nbsp; (33463713)<br>|
| **Total distributions** | &nbsp;&nbsp; (284738357)<br>| &nbsp;&nbsp; (33463713)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 26486778 | &nbsp;&nbsp; (1079496536)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (67099061)<br>| &nbsp;&nbsp; (910578267)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1782128313 | &nbsp;&nbsp; 2692706580 |
| End of period | &nbsp;&nbsp; $1715029252 | &nbsp;&nbsp; $1782128313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 363223 | &nbsp;&nbsp; $3586249 | &nbsp;&nbsp; 485152 | &nbsp;&nbsp; $4972240 |
| Reinvestments | &nbsp;&nbsp; 32210221 | &nbsp;&nbsp; 284738357 | &nbsp;&nbsp; 3343028 | &nbsp;&nbsp; 33463713 |
| Redemptions | &nbsp;&nbsp; (26916870)<br>| &nbsp;&nbsp; (261837828)<br>| &nbsp;&nbsp; (107523436)<br>| &nbsp;&nbsp; (1117932489)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5656574 | &nbsp;&nbsp; $26486778 | &nbsp;&nbsp; (103695256)<br>| &nbsp;&nbsp; $(1079496536)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $26486778 |  | &nbsp;&nbsp; $(1079496536)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-30**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Total income (loss) from investment operations | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.03)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.77)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $12.83 |
| **Total Return (%)** (b) | 11.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp; (20.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net ratio of expenses to average net assets (%) (c) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1715.0 | &nbsp;&nbsp; $1782.1 | &nbsp;&nbsp; $2692.7 | &nbsp;&nbsp; $2771.8 | &nbsp;&nbsp; $3934.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to financial statements.*

**BHFTI-31**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—61.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank Gospodarstwa Krajowego |  |  |
| 5.375%, 05/22/33 (144A) (a) | 552000 | &nbsp;&nbsp; $567184 |
| 6.250%, 07/09/54 (144A) (a) | 1465000 | &nbsp;&nbsp; 1520435 |
|  |  | &nbsp;&nbsp; 2087619 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Hydro Quebec Interest STRIPS |  |  |
| Zero Coupon, 02/15/42 (CAD) (b) | 273300 | &nbsp;&nbsp; 93922 |
| Zero Coupon, 08/15/42 (CAD) (b) | 273299 | &nbsp;&nbsp; 91485 |
| Zero Coupon, 02/15/44 (CAD) (b) | 273299 | &nbsp;&nbsp; 84071 |
| Zero Coupon, 08/15/44 (CAD) (b) | 273299 | &nbsp;&nbsp; 81708 |
|  |  | &nbsp;&nbsp; 351186 |
| **Regional Government — 0.6%** | **Regional Government — 0.6%** | **Regional Government — 0.6%** |
| Province of Alberta |  |  |
| 3.100%, 06/01/50 (CAD) | 801000 | &nbsp;&nbsp; 454438 |
| Province of Quebec |  |  |
| 4.400%, 12/01/55 (CAD) | 614000 | &nbsp;&nbsp; 426635 |
| Treasury Corp. of Victoria |  |  |
| 2.000%, 11/20/37 (AUD) | 3545000 | &nbsp;&nbsp; 1620093 |
|  |  | &nbsp;&nbsp; 2501166 |
| **Sovereign — 60.5%** | **Sovereign — 60.5%** | **Sovereign — 60.5%** |
| Angola Government International Bonds |  |  |
| 8.000%, 11/26/29 | 2530000 | &nbsp;&nbsp; 2471459 |
| 8.250%, 05/09/28 | 738000 | &nbsp;&nbsp; 740223 |
| Argentina Republic Government International Bonds |  |  |
| 0.750%, 07/09/30 (c) | 2431022 | &nbsp;&nbsp; 2066368 |
| 1.000%, 07/09/29 | 655966 | &nbsp;&nbsp; 582498 |
| 4.125%, 07/09/35 (c) | 4561329 | &nbsp;&nbsp; 3393629 |
| 5.000%, 01/09/38 (c) | 1411508 | &nbsp;&nbsp; 1095330 |
| Bahrain Government International Bonds |  |  |
| 6.625%, 10/06/37 (144A) | 610000 | &nbsp;&nbsp; 610536 |
| Baiterek National Managing Holding JSC |  |  |
| 4.650%, 10/01/30 (144A) | 333000 | &nbsp;&nbsp; 332191 |
| 5.450%, 05/08/28 (144A) | 210000 | &nbsp;&nbsp; 213039 |
| Brazil Government International Bonds |  |  |
| 5.500%, 02/04/33 | 924000 | &nbsp;&nbsp; 910787 |
| 7.125%, 05/13/54 (a) | 1886000 | &nbsp;&nbsp; 1864311 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 14520000 | &nbsp;&nbsp; 2326952 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 2.600%, 05/15/41 (EUR) | 1450000 | &nbsp;&nbsp; 1573231 |
| 3.250%, 07/04/42 (EUR) | 1761917 | &nbsp;&nbsp; 2065341 |
| Caisse Francaise de Financement Local SA |  |  |
| 0.010%, 02/22/28 (EUR) | 800000 | &nbsp;&nbsp; 892267 |
| 3.250%, 02/19/29 (EUR) | 200000 | &nbsp;&nbsp; 239090 |
| Canada Government Bonds |  |  |
| 2.750%, 12/01/55 (CAD) | 1403000 | &nbsp;&nbsp; 822890 |
| Canada Housing Trust No. 1 |  |  |
| 3.550%, 09/15/32 (144A) (CAD) | 6005000 | &nbsp;&nbsp; 4434744 |
| CBB International Sukuk Programme Co. WLL |  |  |
| 5.874%, 02/06/34 (144A) | 508000 | &nbsp;&nbsp; 504935 |
| Chile Government International Bonds |  |  |
| 3.750%, 01/14/32 (EUR) | 127000 | &nbsp;&nbsp; 151480 |
| 4.125%, 07/05/34 (EUR) | 321000 | &nbsp;&nbsp; 388602 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| China Government Bonds |  |  |
| 1.610%, 02/15/35 (CNY) | 14460000 | &nbsp;&nbsp; $2024705 |
| 1.900%, 07/15/55 (CNY) | 10280000 | &nbsp;&nbsp; 1333315 |
| 2.110%, 08/25/34 (CNY) | 22700000 | &nbsp;&nbsp; 3316400 |
| 2.120%, 06/25/31 (CNY) | 4450000 | &nbsp;&nbsp; 651261 |
| 2.490%, 05/25/44 (CNY) | 7920000 | &nbsp;&nbsp; 1157193 |
| 2.800%, 11/15/32 (CNY) | 33460000 | &nbsp;&nbsp; 5118266 |
| 3.000%, 10/15/53 (CNY) | 4210000 | &nbsp;&nbsp; 679901 |
| Colombia Government International Bonds |  |  |
| 3.250%, 04/22/32 (a) | 1701000 | &nbsp;&nbsp; 1433092 |
| 5.625%, 02/19/36 (EUR) | 729000 | &nbsp;&nbsp; 801920 |
| 6.500%, 11/26/38 (EUR) | 434000 | &nbsp;&nbsp; 492889 |
| 7.375%, 04/25/30 | 639000 | &nbsp;&nbsp; 674784 |
| 8.000%, 04/20/33 | 1285000 | &nbsp;&nbsp; 1381375 |
| 8.000%, 11/14/35 (a) | 1297000 | &nbsp;&nbsp; 1381953 |
| Colombia TES |  |  |
| 6.250%, 07/09/36 (COP) | 14910400000 | &nbsp;&nbsp; 2443390 |
| Costa Rica Government International Bonds |  |  |
| 7.300%, 11/13/54 | 900000 | &nbsp;&nbsp; 1010250 |
| 7.300%, 11/13/54 (144A) | 285000 | &nbsp;&nbsp; 319912 |
| Dominican Republic International Bonds |  |  |
| 4.875%, 09/23/32 (a) | 1066000 | &nbsp;&nbsp; 1024639 |
| 5.950%, 01/25/27 | 1381000 | &nbsp;&nbsp; 1393498 |
| 6.000%, 02/22/33 | 1323000 | &nbsp;&nbsp; 1353892 |
| 6.500%, 02/15/48 | 354000 | &nbsp;&nbsp; 353965 |
| 6.950%, 03/15/37 (144A) | 1848000 | &nbsp;&nbsp; 1983089 |
| 8.625%, 04/20/27 | 1840000 | &nbsp;&nbsp; 1896396 |
| Ecuador Government International Bonds |  |  |
| 6.900%, 07/31/30 (c) | 1364194 | &nbsp;&nbsp; 1344768 |
| 6.900%, 07/31/35 (c) | 1311058 | &nbsp;&nbsp; 1155698 |
| 6.900%, 07/31/35 (144A) (c) | 1419278 | &nbsp;&nbsp; 1251094 |
| Egypt Government International Bonds |  |  |
| 5.800%, 09/30/27 | 495000 | &nbsp;&nbsp; 500118 |
| 5.875%, 02/16/31 | 556000 | &nbsp;&nbsp; 555688 |
| 7.053%, 01/15/32 | 1539000 | &nbsp;&nbsp; 1600623 |
| 7.300%, 09/30/33 | 1594000 | &nbsp;&nbsp; 1641140 |
| 7.500%, 01/31/27 | 420000 | &nbsp;&nbsp; 430788 |
| 8.500%, 01/31/47 | 1086000 | &nbsp;&nbsp; 1065347 |
| 8.625%, 02/04/30 (144A) | 711000 | &nbsp;&nbsp; 788739 |
| Egyptian Financial Co. for Sovereign Taskeek |  |  |
| 7.950%, 10/07/32 (144A) | 400000 | &nbsp;&nbsp; 424450 |
| El Salvador Government International Bonds |  |  |
| 8.625%, 02/28/29 | 2119000 | &nbsp;&nbsp; 2256735 |
| 9.650%, 11/21/54 | 487000 | &nbsp;&nbsp; 556397 |
| European Union |  |  |
| 3.375%, 10/05/54 (EUR) | 2644306 | &nbsp;&nbsp; 2751459 |
| 4.000%, 04/04/44 (EUR) | 1313000 | &nbsp;&nbsp; 1583956 |
| Finland Government Bonds |  |  |
| 1.500%, 09/15/32 (144A) (EUR) | 892000 | &nbsp;&nbsp; 962515 |
| French Republic Government Bonds OAT |  |  |
| 2.500%, 05/25/43 (144A) (EUR) | 913278 | &nbsp;&nbsp; 861437 |
| 3.500%, 11/25/35 (144A) (EUR) | 2841333 | &nbsp;&nbsp; 3322773 |
| Ghana Government International Bonds |  |  |
| Zero Coupon, 07/03/26 (144A) | 76752 | &nbsp;&nbsp; 75341 |
| Zero Coupon, 01/03/30 (144A) | 236004 | &nbsp;&nbsp; 208407 |
| 5.000%, 07/03/35 (c) | 1416000 | &nbsp;&nbsp; 1293910 |

---

*See accompanying notes to financial statements.*

**BHFTI-32**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Ghana Government International Bonds |  |  |
| 5.000%, 07/03/35 (144A) (c) | 423356 | &nbsp;&nbsp; $386781 |
| Guatemala Government Bonds |  |  |
| 6.050%, 08/06/31 (144A) | 641000 | &nbsp;&nbsp; 668563 |
| Hazine Mustesarligi Varlik Kiralama AS |  |  |
| 6.750%, 09/01/30 | 362000 | &nbsp;&nbsp; 379393 |
| 8.509%, 01/14/29 (144A) | 770000 | &nbsp;&nbsp; 847606 |
| Hungary Government Bonds |  |  |
| 7.000%, 10/24/35 (HUF) | 1250710000 | &nbsp;&nbsp; 3874238 |
| Hungary Government International Bonds |  |  |
| 5.375%, 09/12/33 (EUR) | 418000 | &nbsp;&nbsp; 526155 |
| 5.500%, 06/16/34 | 955000 | &nbsp;&nbsp; 970163 |
| 5.500%, 03/26/36 | 2444000 | &nbsp;&nbsp; 2442236 |
| Indonesia Government International Bonds |  |  |
| 2.500%, 10/31/30 (CNY) | 1000000 | &nbsp;&nbsp; 143099 |
| 2.900%, 10/31/35 (CNY) | 1000000 | &nbsp;&nbsp; 142742 |
| 3.750%, 10/16/33 (EUR) | 374000 | &nbsp;&nbsp; 436465 |
| Indonesia Treasury Bonds |  |  |
| 6.875%, 04/15/29 (IDR) | 49670000000 | &nbsp;&nbsp; 3103641 |
| Israel Government International Bonds |  |  |
| 5.375%, 02/19/30 (a) | 575000 | &nbsp;&nbsp; 594733 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 3.250%, 03/01/38 (144A) (EUR) | 897000 | &nbsp;&nbsp; 1009319 |
| 3.450%, 07/15/31 (EUR) | 3237000 | &nbsp;&nbsp; 3912673 |
| 4.050%, 10/30/37 (144A) (EUR) | 1387000 | &nbsp;&nbsp; 1690522 |
| 4.200%, 03/01/34 (EUR) | 1908000 | &nbsp;&nbsp; 2390032 |
| Ivory Coast Government International Bonds |  |  |
| 5.750%, 12/31/32 (c) | 277269 | &nbsp;&nbsp; 277968 |
| 6.125%, 06/15/33 | 812000 | &nbsp;&nbsp; 811158 |
| 6.375%, 03/03/28 | 1032000 | &nbsp;&nbsp; 1046627 |
| 7.625%, 01/30/33 | 223000 | &nbsp;&nbsp; 241160 |
| Jamaica Government International Bonds |  |  |
| 7.875%, 07/28/45 | 573000 | &nbsp;&nbsp; 692115 |
| Japan Government Five Year Bonds |  |  |
| 0.300%, 06/20/28 (JPY) | 1161050000 | &nbsp;&nbsp; 7251819 |
| 1.000%, 06/20/30 (JPY) | 317600000 | &nbsp;&nbsp; 1983094 |
| Japan Government Forty Year Bonds |  |  |
| 1.300%, 03/20/63 (JPY) | 151800000 | &nbsp;&nbsp; 534798 |
| 2.200%, 03/20/51 (JPY) | 273650000 | &nbsp;&nbsp; 1413917 |
| Japan Government Thirty Year Bonds |  |  |
| 0.400%, 12/20/49 (JPY) | 264800000 | &nbsp;&nbsp; 900293 |
| 0.600%, 09/20/50 (JPY) | 219600000 | &nbsp;&nbsp; 768950 |
| 1.600%, 12/20/53 (JPY) | 199550000 | &nbsp;&nbsp; 865349 |
| 1.800%, 03/20/54 (JPY) | 286450000 | &nbsp;&nbsp; 1305959 |
| 3.200%, 09/20/55 (JPY) | 12100000 | &nbsp;&nbsp; 74921 |
| Japan Government Twenty Year Bonds |  |  |
| 0.500%, 09/20/36 (JPY) | 541250000 | &nbsp;&nbsp; 2915404 |
| 1.400%, 12/20/42 (JPY) | 541450000 | &nbsp;&nbsp; 2826712 |
| Japan Government Two Year Bonds |  |  |
| 0.700%, 02/01/27 (JPY) | 1420150000 | &nbsp;&nbsp; 9044390 |
| Jordan Government International Bonds |  |  |
| 7.500%, 01/13/29 (144A) | 1196000 | &nbsp;&nbsp; 1258532 |
| 7.750%, 01/15/28 | 617000 | &nbsp;&nbsp; 642891 |
| Kazakhstan Government International Bonds |  |  |
| 4.412%, 10/28/30 (144A) | 1395000 | &nbsp;&nbsp; 1386361 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Kingdom of Belgium Government Bonds |  |  |
| 3.300%, 06/22/54 (144A) (EUR) | 1167905 | &nbsp;&nbsp; $1149968 |
| Korea Treasury Bonds |  |  |
| 2.625%, 06/10/35 (KRW) | 2030850000 | &nbsp;&nbsp; 1323031 |
| 2.625%, 03/10/55 (KRW) | 2256390000 | &nbsp;&nbsp; 1375851 |
| Lebanon Government International Bonds |  |  |
| 6.000%, 01/27/23 (d) | 4888000 | &nbsp;&nbsp; 1130717 |
| Malaysia Government Bonds |  |  |
| 4.642%, 11/07/33 (MYR) | 6977000 | &nbsp;&nbsp; 1855014 |
| Mexico Bonos |  |  |
| 8.000%, 02/21/36 (MXN) | 108317800 | &nbsp;&nbsp; 5569126 |
| 8.000%, 07/31/53 (MXN) | 40360900 | &nbsp;&nbsp; 1910405 |
| 8.500%, 02/28/30 (MXN) | 37514500 | &nbsp;&nbsp; 2088542 |
| 10.000%, 11/20/36 (MXN) | 53101000 | &nbsp;&nbsp; 3133423 |
| Mexico Government International Bonds |  |  |
| 4.500%, 03/19/34 (EUR) | 465000 | &nbsp;&nbsp; 545021 |
| 5.625%, 09/22/35 | 1749000 | &nbsp;&nbsp; 1724514 |
| Morocco Government International Bonds |  |  |
| 4.000%, 12/15/50 | 625000 | &nbsp;&nbsp; 453747 |
| Nigeria Government International Bonds |  |  |
| 6.125%, 09/28/28 | 4477000 | &nbsp;&nbsp; 4492999 |
| 7.625%, 11/28/47 | 822000 | &nbsp;&nbsp; 776692 |
| 8.250%, 09/28/51 | 497000 | &nbsp;&nbsp; 487380 |
| 8.375%, 03/24/29 | 386000 | &nbsp;&nbsp; 411071 |
| Oman Government International Bonds |  |  |
| 7.375%, 10/28/32 | 1055000 | &nbsp;&nbsp; 1209396 |
| Pakistan Government International Bonds |  |  |
| 6.000%, 04/08/26 | 598000 | &nbsp;&nbsp; 596482 |
| 8.875%, 04/08/51 | 760000 | &nbsp;&nbsp; 748275 |
| Panama Government International Bonds |  |  |
| 3.870%, 07/23/60 | 1588000 | &nbsp;&nbsp; 1049827 |
| 4.500%, 04/01/56 (a) | 1292000 | &nbsp;&nbsp; 967966 |
| 9.375%, 04/01/29 | 215000 | &nbsp;&nbsp; 244724 |
| Paraguay Government International Bonds |  |  |
| 5.400%, 03/30/50 | 1431000 | &nbsp;&nbsp; 1337153 |
| Republic of Austria Government Bonds |  |  |
| 0.900%, 02/20/32 (144A) (EUR) | 2234000 | &nbsp;&nbsp; 2350242 |
| Republic of Kenya Government International Bonds |  |  |
| 8.000%, 05/22/32 | 400000 | &nbsp;&nbsp; 414425 |
| 8.800%, 10/09/38 (144A) | 771000 | &nbsp;&nbsp; 780659 |
| Republic of Poland Government Bonds |  |  |
| 5.000%, 10/25/35 (PLN) | 2246000 | &nbsp;&nbsp; 617614 |
| Republic of South Africa Government Bonds |  |  |
| 8.750%, 02/28/48 (ZAR) | 36192000 | &nbsp;&nbsp; 2100859 |
| Republic of South Africa Government International Bonds |  |  |
| 4.850%, 09/30/29 | 1501000 | &nbsp;&nbsp; 1501952 |
| 5.650%, 09/27/47 (a) | 2455000 | &nbsp;&nbsp; 2074512 |
| 7.300%, 04/20/52 | 245000 | &nbsp;&nbsp; 247550 |
| Republic of Uzbekistan International Bonds |  |  |
| 5.100%, 02/25/29 (EUR) | 300000 | &nbsp;&nbsp; 364335 |
| 6.900%, 02/28/32 | 642000 | &nbsp;&nbsp; 689563 |
| 6.947%, 05/25/32 (144A) | 1391000 | &nbsp;&nbsp; 1501821 |
| Romania Government International Bonds |  |  |
| 3.000%, 02/14/31 | 800000 | &nbsp;&nbsp; 725449 |
| 3.624%, 05/26/30 (EUR) | 400000 | &nbsp;&nbsp; 463154 |
| 3.625%, 03/27/32 | 558000 | &nbsp;&nbsp; 510577 |

---

*See accompanying notes to financial statements.*

**BHFTI-33**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Romania Government International Bonds |  |  |
| 3.625%, 03/27/32 (144A) | 434000 | &nbsp;&nbsp; $396636 |
| 4.000%, 02/14/51 | 868000 | &nbsp;&nbsp; 594909 |
| 5.125%, 06/15/48 | 778000 | &nbsp;&nbsp; 642989 |
| 5.750%, 09/16/30 (144A) (a) | 1144000 | &nbsp;&nbsp; 1180019 |
| 6.000%, 05/25/34 | 400000 | &nbsp;&nbsp; 406386 |
| 7.500%, 02/10/37 | 1540000 | &nbsp;&nbsp; 1706571 |
| 7.625%, 01/17/53 | 248000 | &nbsp;&nbsp; 272969 |
| Saudi Government International Bonds |  |  |
| 3.375%, 03/05/32 (144A) (EUR) | 268000 | &nbsp;&nbsp; 316135 |
| 3.450%, 02/02/61 | 1407000 | &nbsp;&nbsp; 897642 |
| 3.750%, 01/21/55 | 756000 | &nbsp;&nbsp; 534872 |
| Senegal Government International Bonds |  |  |
| 4.750%, 03/13/28 (EUR) | 740000 | &nbsp;&nbsp; 602037 |
| 6.750%, 03/13/48 | 610000 | &nbsp;&nbsp; 327772 |
| 7.750%, 06/10/31 | 1919000 | &nbsp;&nbsp; 1136792 |
| Serbia International Bonds |  |  |
| 6.500%, 09/26/33 (144A) | 262000 | &nbsp;&nbsp; 280336 |
| Spain Government Bonds |  |  |
| 3.200%, 10/31/35 (144A) (EUR) | 4268000 | &nbsp;&nbsp; 4982951 |
| 3.450%, 07/30/43 (144A) (EUR) | 1918000 | &nbsp;&nbsp; 2146462 |
| Sri Lanka Government International Bonds |  |  |
| 3.100%, 01/15/30 (144A) (c) | 192441 | &nbsp;&nbsp; 183146 |
| 3.350%, 03/15/33 (144A) (c) | 1611766 | &nbsp;&nbsp; 1385998 |
| 3.600%, 05/15/36 (144A) (c) | 367167 | &nbsp;&nbsp; 333621 |
| 3.600%, 02/15/38 (144A) (c) | 624642 | &nbsp;&nbsp; 569211 |
| 4.000%, 04/15/28 (144A) | 392041 | &nbsp;&nbsp; 375715 |
| Suriname Government International Bonds |  |  |
| 7.700%, 11/06/30 (144A) | 421000 | &nbsp;&nbsp; 434682 |
| Sweden Government Bonds |  |  |
| 2.500%, 10/15/36 (SEK) | 10985000 | &nbsp;&nbsp; 1156453 |
| Thailand Government Bonds |  |  |
| 2.410%, 03/17/35 (THB) | 94647000 | &nbsp;&nbsp; 3211687 |
| Trinidad & Tobago Government International Bonds |  |  |
| 4.500%, 08/04/26 | 218000 | &nbsp;&nbsp; 216365 |
| 6.400%, 06/26/34 (144A) | 905000 | &nbsp;&nbsp; 911787 |
| Turkiye Government International Bonds |  |  |
| 4.875%, 04/16/43 | 714000 | &nbsp;&nbsp; 550470 |
| 5.250%, 03/13/30 (a) | 970000 | &nbsp;&nbsp; 964180 |
| 5.875%, 06/26/31 | 874000 | &nbsp;&nbsp; 877127 |
| 6.125%, 10/24/28 | 1008000 | &nbsp;&nbsp; 1041759 |
| 6.500%, 01/03/35 | 801000 | &nbsp;&nbsp; 805675 |
| 6.625%, 02/17/45 | 403000 | &nbsp;&nbsp; 374659 |
| 6.950%, 09/16/35 | 343000 | &nbsp;&nbsp; 353317 |
| 7.250%, 05/29/32 | 628000 | &nbsp;&nbsp; 668212 |
| Turkiye Ihracat Kredi Bankasi AS |  |  |
| 6.875%, 07/03/28 (144A) | 306000 | &nbsp;&nbsp; 315997 |
| 9.000%, 01/28/27 (144A) | 600000 | &nbsp;&nbsp; 630369 |
| U.K. Gilts |  |  |
| 1.500%, 07/31/53 (GBP) | 680710 | &nbsp;&nbsp; 421925 |
| 3.500%, 01/22/45 (GBP) | 1778938 | &nbsp;&nbsp; 1930321 |
| 4.000%, 10/22/31 (GBP) | 4308182 | &nbsp;&nbsp; 5780828 |
| 4.250%, 12/07/40 (GBP) | 1643000 | &nbsp;&nbsp; 2059307 |
| 4.375%, 03/07/30 (GBP) | 1305000 | &nbsp;&nbsp; 1788857 |
| 4.375%, 07/31/54 (GBP) | 466141 | &nbsp;&nbsp; 550839 |
| 4.750%, 12/07/30 (GBP) | 240000 | &nbsp;&nbsp; 335937 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Ukraine Government International Bonds |  |  |
| 3.000%, 02/01/35 (c) | 719487 | &nbsp;&nbsp; $406988 |
| 4.500%, 02/01/29 (c) | 618707 | &nbsp;&nbsp; 461014 |
| 4.500%, 02/01/34 (c) | 1085203 | &nbsp;&nbsp; 662306 |
| 4.500%, 02/01/35 (c) | 1013561 | &nbsp;&nbsp; 606445 |
| 4.500%, 02/01/35 (144A) (c) | 8989 | &nbsp;&nbsp; 5380 |
| 4.500%, 02/01/36 (c) | 429359 | &nbsp;&nbsp; 252783 |
| 4.500%, 02/01/36 (144A) (c) | 190250 | &nbsp;&nbsp; 111821 |
| Venezuela Government International Bonds |  |  |
| 9.250%, 09/15/27 (d) | 4149000 | &nbsp;&nbsp; 1369170 |
| Zambia Government International Bonds |  |  |
| 0.500%, 12/31/53 (c) | 517861 | &nbsp;&nbsp; 363730 |
| 5.750%, 06/30/33 (c) | 461089 | &nbsp;&nbsp; 453596 |
|  |  | &nbsp;&nbsp; 242569341 |
| Total Foreign Government <br>(Cost $249,917,047) <br>|  | &nbsp;&nbsp; 247509312 |
| **Corporate Bonds & Notes—31.3%** | **Corporate Bonds & Notes—31.3%** | **Corporate Bonds & Notes—31.3%** |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| Altria Group, Inc. |  |  |
| 3.125%, 06/15/31 (EUR) | 560000 | &nbsp;&nbsp; 649109 |
| BAT International Finance PLC |  |  |
| 4.125%, 04/12/32 (EUR) | 544000 | &nbsp;&nbsp; 656699 |
| Imperial Brands Finance Netherlands BV |  |  |
| 5.250%, 02/15/31 (EUR) | 443000 | &nbsp;&nbsp; 561388 |
|  |  | &nbsp;&nbsp; 1867196 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| Ford Credit Canada Co. |  |  |
| 6.382%, 11/10/28 (CAD) | 756000 | &nbsp;&nbsp; 579325 |
| General Motors Financial of Canada Ltd. |  |  |
| 5.100%, 07/14/28 (CAD) | 648000 | &nbsp;&nbsp; 490810 |
| Hyundai Capital Canada, Inc. |  |  |
| 4.583%, 07/24/29 (CAD) | 709000 | &nbsp;&nbsp; 534714 |
| Uzauto Motors AJ |  |  |
| 7.375%, 11/19/30 (144A) | 280000 | &nbsp;&nbsp; 280357 |
|  |  | &nbsp;&nbsp; 1885206 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| LG Energy Solution Ltd. |  |  |
| 5.375%, 04/02/30 (144A) | 330000 | &nbsp;&nbsp; 338397 |
| Schaeffler AG |  |  |
| 5.375%, 04/01/31 (EUR) | 300000 | &nbsp;&nbsp; 371719 |
|  |  | &nbsp;&nbsp; 710116 |
| **Banks — 7.0%** | **Banks — 7.0%** | **Banks — 7.0%** |
| ABN AMRO Bank NV |  |  |
| 4.750%, 5Y EUR Swap + 3.898%, 09/22/27 (EUR) (e) | 400000 | &nbsp;&nbsp; 474106 |
| 5.500%, 5Y EUR Swap + 2.450%, 09/21/33 (EUR) (e) | 300000 | &nbsp;&nbsp; 371676 |
| Akbank TAS |  |  |
| 7.498%, 01/20/30 (144A) | 340000 | &nbsp;&nbsp; 359639 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 8.250%, 5Y UKG + 3.600%, 11/30/33 (GBP) (e) | 300000 | &nbsp;&nbsp; 439014 |

---

*See accompanying notes to financial statements.*

**BHFTI-34**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Banco Nacional de Panama |  |  |
| 2.500%, 08/11/30 | 506000 | &nbsp;&nbsp; $448255 |
| Banco Santander SA |  |  |
| 5.750%, 5Y EUR Swap + 2.850%, 08/23/33 (EUR) (e) | 400000 | &nbsp;&nbsp; 497106 |
| Bank Leumi Le-Israel BM |  |  |
| 7.129%, 5Y H15 + 3.466%, 07/18/33 (144A) (e) | 341000 | &nbsp;&nbsp; 355922 |
| Bank of America Corp. |  |  |
| 3.261%, 3M EURIBOR + 0.900%, 01/28/31 (EUR) (e) | 170000 | &nbsp;&nbsp; 200661 |
| Bank of East Asia Ltd. |  |  |
| 4.875%, 5Y H15 + 2.300%, 04/22/32 (e) | 410000 | &nbsp;&nbsp; 409869 |
| Bank of Ireland Group PLC |  |  |
| 4.625%, 1Y EUR Swap + 1.550%, 11/13/29 (EUR) (e) | 691000 | &nbsp;&nbsp; 850811 |
| Banque Federative du Credit Mutuel SA |  |  |
| 3.875%, 5Y EUR Swap + 2.200%, 06/16/32 (EUR) (e) | 300000 | &nbsp;&nbsp; 356741 |
| Barclays PLC |  |  |
| 5.262%, 1Y EUR Swap + 2.550%, 01/29/34 (EUR) (e) | 210000 | &nbsp;&nbsp; 270202 |
| 7.090%, 1Y GBP Swap + 2.553%, 11/06/29 (GBP) (e) | 100000 | &nbsp;&nbsp; 143485 |
| BNP Paribas SA |  |  |
| 2.000%, 5Y UKG + 1.650%, 05/24/31 (GBP) (e) | 200000 | &nbsp;&nbsp; 266890 |
| BPCE SA |  |  |
| 6.000%, 1Y GBP Swap + 2.650%, 09/29/28 (GBP) (e) | 200000 | &nbsp;&nbsp; 275855 |
| Caixa Economica Federal |  |  |
| 5.625%, 05/13/30 (144A) | 378000 | &nbsp;&nbsp; 383840 |
| CaixaBank SA |  |  |
| 6.875%, 5Y UKG + 3.700%, 10/25/33 (GBP) (e) | 100000 | &nbsp;&nbsp; 141723 |
| Canadian Imperial Bank of Commerce |  |  |
| 0.010%, 04/30/29 (EUR) | 400000 | &nbsp;&nbsp; 431352 |
| Cie de Financement Foncier SA |  |  |
| 2.625%, 03/05/30 (EUR) | 400000 | &nbsp;&nbsp; 466549 |
| Citigroup, Inc. |  |  |
| 1.750%, 10/23/26 (GBP) | 408000 | &nbsp;&nbsp; 539946 |
| 2.928%, 3M EURIBOR + 0.784%, 10/22/30 (EUR) (e) | 400000 | &nbsp;&nbsp; 466620 |
| 6.625%, 5Y H15 + 3.001%, 02/15/31 (e) | 156000 | &nbsp;&nbsp; 158538 |
| 7.625%, 5Y H15 + 3.211%, 11/15/28 (e) | 55000 | &nbsp;&nbsp; 57669 |
| Commonwealth Bank of Australia |  |  |
| 0.750%, 02/28/28 (EUR) | 235000 | &nbsp;&nbsp; 266794 |
| 0.875%, 02/19/29 (EUR) | 540000 | &nbsp;&nbsp; 603567 |
| Cooperatieve Rabobank UA |  |  |
| 4.408%, 3M BBSW + 0.910%, 07/17/29 (AUD) (e) | 1260000 | &nbsp;&nbsp; 846243 |
| Credit Agricole SA |  |  |
| 5.364%, 06/01/28 (AUD) | 650000 | &nbsp;&nbsp; 438363 |
| 6.064%, 3M BBSW + 2.050%, 01/16/35 (AUD) (e) | 400000 | &nbsp;&nbsp; 268403 |
| Danske Bank AS |  |  |
| 2.250%, 1Y UKG + 1.650%, 01/14/28 (GBP) (e) | 280000 | &nbsp;&nbsp; 369906 |
| Deutsche Bank AG |  |  |
| 4.125%, 3M EURIBOR + 1.500%, 04/04/30 (EUR) (e) | 100000 | &nbsp;&nbsp; 120854 |
| 5.000%, 3M EURIBOR + 2.950%, 09/05/30 (EUR) (e) | 500000 | &nbsp;&nbsp; 620876 |
| HSBC Holdings PLC |  |  |
| 4.856%, 3M EURIBOR + 1.943%, 05/23/33 (EUR) (e) | 163000 | &nbsp;&nbsp; 205385 |
| 6.364%, 5Y EUR Swap + 3.300%, 11/16/32 (EUR) (e) | 499000 | &nbsp;&nbsp; 621517 |
| ING Groep NV |  |  |
| 4.125%, 5Y EUR Swap + 1.800%, 05/20/36 (EUR) (e) | 200000 | &nbsp;&nbsp; 239240 |
| 4.125%, 5Y EUR Swap + 2.500%, 08/24/33 (EUR) (e) | 200000 | &nbsp;&nbsp; 239911 |
| 5.000%, 06/05/29 (AUD) | 600000 | &nbsp;&nbsp; 391805 |
| Intesa Sanpaolo SpA |  |  |
| 5.148%, 06/10/30 (GBP) | 360000 | &nbsp;&nbsp; 489368 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 4.457%, 3M EURIBOR + 1.280%, 11/13/31 (EUR) (e) | 678000 | &nbsp;&nbsp; $840400 |
| KBC Group NV |  |  |
| 4.875%, 5Y EUR Swap + 2.250%, 04/25/33 (EUR) (e) | 600000 | &nbsp;&nbsp; 732411 |
| Lloyds Banking Group PLC |  |  |
| 4.750%, 1Y EUR Swap + 1.600%, 09/21/31 (EUR) (e) | 370000 | &nbsp;&nbsp; 462607 |
| 6.625%, 5Y UKG + 3.100%, 06/02/33 (GBP) (e) | 235000 | &nbsp;&nbsp; 329090 |
| Morgan Stanley |  |  |
| 3.521%, 3M EURIBOR + 1.315%, 05/22/31 (EUR) (e) | 710000 | &nbsp;&nbsp; 843554 |
| NatWest Group PLC |  |  |
| 0.780%, 3M EURIBOR + 0.949%, 02/26/30 (EUR) (e) | 243000 | &nbsp;&nbsp; 266422 |
| 5.763%, 5Y EUR Swap + 2.600%, 02/28/34 (EUR) (e) | 127000 | &nbsp;&nbsp; 159144 |
| Santander U.K. Group Holdings PLC |  |  |
| 7.098%, 1Y GBP Swap + 2.866%, 11/16/27 (GBP) (e) | 345000 | &nbsp;&nbsp; 476484 |
| 7.482%, 1Y GBP Swap + 2.371%, 08/29/29 (GBP) (e) | 107000 | &nbsp;&nbsp; 154744 |
| Santander U.K. PLC |  |  |
| 3.000%, 03/12/29 (EUR) | 320000 | &nbsp;&nbsp; 379833 |
| Shinhan Financial Group Co. Ltd. |  |  |
| 2.875%, 5Y H15 + 2.064%, 05/12/26 (e) | 201000 | &nbsp;&nbsp; 199494 |
| Societe Generale SA |  |  |
| 4.875%, 3M EURIBOR + 1.900%, 11/21/31 (EUR) (e) | 600000 | &nbsp;&nbsp; 748953 |
| Standard Chartered PLC |  |  |
| 4.874%, 1Y EUR Swap + 1.850%, 05/10/31 (EUR) (e) | 340000 | &nbsp;&nbsp; 425006 |
| 5.610%, 3M TSFR + 1.772%, 01/30/27 (144A) (e) | 400000 | &nbsp;&nbsp; 384528 |
| Svenska Handelsbanken AB |  |  |
| 5.000%, 5Y EUR Swap + 1.900%, 08/16/34 (EUR) (e) | 500000 | &nbsp;&nbsp; 620173 |
| Swedbank AB |  |  |
| 3.625%, 5Y EUR Swap + 2.150%, 08/23/32 (EUR) (e) | 534000 | &nbsp;&nbsp; 634169 |
| TC Ziraat Bankasi AS |  |  |
| 8.000%, 01/16/29 | 1015000 | &nbsp;&nbsp; 1078674 |
| 8.375%, 5Y H15 + 4.616%, 11/05/30 (144A) (e) | 376000 | &nbsp;&nbsp; 381564 |
| Toronto-Dominion Bank |  |  |
| 3.191%, 02/16/29 (EUR) | 430000 | &nbsp;&nbsp; 514141 |
| Turkiye Vakiflar Bankasi TAO |  |  |
| 9.000%, 10/12/28 (144A) (a) | 375000 | &nbsp;&nbsp; 407373 |
| UBS Group AG |  |  |
| 7.750%, 1Y EUR Swap + 4.950%, 03/01/29 (EUR) (e) | 486000 | &nbsp;&nbsp; 628964 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (e) | 243000 | &nbsp;&nbsp; 266632 |
| UniCredit SpA |  |  |
| 3.800%, 3M EURIBOR + 1.400%, 01/16/33 (EUR) (e) | 262000 | &nbsp;&nbsp; 311393 |
| 5.375%, 5Y EUR Swap + 2.800%, 04/16/34 (EUR) (e) | 285000 | &nbsp;&nbsp; 353744 |
| Uzbek Industrial & Construction Bank ATB |  |  |
| 8.950%, 07/24/29 | 257000 | &nbsp;&nbsp; 275558 |
| Wells Fargo & Co. |  |  |
| 1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR) (e) | 549000 | &nbsp;&nbsp; 618967 |
| Westpac Banking Corp. |  |  |
| 0.010%, 09/22/28 (EUR) | 479000 | &nbsp;&nbsp; 527025 |
| Woori Bank |  |  |
| 6.375%, 5Y H15 + 2.277%, 07/24/29 (144A) (e) | 228000 | &nbsp;&nbsp; 236646 |
| Yapi ve Kredi Bankasi AS |  |  |
| 7.250%, 03/03/30 (144A) | 400000 | &nbsp;&nbsp; 415908 |
| 9.250%, 10/16/28 (144A) | 390000 | &nbsp;&nbsp; 427844 |
|  |  | &nbsp;&nbsp; 28190146 |

---

*See accompanying notes to financial statements.*

**BHFTI-35**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anadolu Efes Biracilik Ve Malt Sanayii AS |  |  |
| 3.375%, 06/29/28 | 431000 | &nbsp;&nbsp; $403078 |
| Molson Coors Beverage Co. |  |  |
| 3.800%, 06/15/32 (EUR) | 390000 | &nbsp;&nbsp; 464103 |
|  |  | &nbsp;&nbsp; 867181 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| 6.375%, 12/15/30 (EUR) | 180000 | &nbsp;&nbsp; 220401 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Braskem Idesa SAPI |  |  |
| 6.990%, 02/20/32 (144A) (d) | 292000 | &nbsp;&nbsp; 169360 |
| Braskem Netherlands Finance BV |  |  |
| 4.500%, 01/10/28 | 2273000 | &nbsp;&nbsp; 932344 |
| GC Treasury Center Co. Ltd. |  |  |
| 6.500%, 5Y H15 + 2.815%, 09/10/30 (144A) (e) | 275000 | &nbsp;&nbsp; 277900 |
| INEOS Quattro Finance 2 PLC |  |  |
| 8.500%, 03/15/29 (EUR) | 285000 | &nbsp;&nbsp; 266097 |
| OCP SA |  |  |
| 7.500%, 05/02/54 (144A) | 470000 | &nbsp;&nbsp; 520488 |
| Orbia Advance Corp. SAB de CV |  |  |
| 2.875%, 05/11/31 | 400000 | &nbsp;&nbsp; 324977 |
| 6.800%, 05/13/30 (144A) (a) | 200000 | &nbsp;&nbsp; 197516 |
| 7.500%, 05/13/35 (144A) | 247000 | &nbsp;&nbsp; 239617 |
| Sasol Financing USA LLC |  |  |
| 8.750%, 05/03/29 (144A) | 285000 | &nbsp;&nbsp; 289339 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.500%, 09/10/34 (144A) | 355000 | &nbsp;&nbsp; 359626 |
| UPL Corp. Ltd. |  |  |
| 4.500%, 03/08/28 | 325000 | &nbsp;&nbsp; 315717 |
|  |  | &nbsp;&nbsp; 3892981 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 3.100%, 02/02/31 | 350000 | &nbsp;&nbsp; 310201 |
| 4.375%, 07/03/29 | 280000 | &nbsp;&nbsp; 271684 |
| Bidvest Group U.K. PLC |  |  |
| 6.200%, 09/17/32 (144A) | 280000 | &nbsp;&nbsp; 285282 |
| Boels Topholding BV |  |  |
| 6.250%, 02/15/29 (EUR) | 307000 | &nbsp;&nbsp; 372135 |
| DP World Ltd. |  |  |
| 5.625%, 09/25/48 | 600000 | &nbsp;&nbsp; 589597 |
| Fiserv Funding ULC |  |  |
| 3.500%, 06/15/32 (EUR) | 295000 | &nbsp;&nbsp; 339518 |
| Global Payments, Inc. |  |  |
| 4.875%, 03/17/31 (EUR) | 455000 | &nbsp;&nbsp; 556516 |
| Q-Park Holding I BV |  |  |
| 2.000%, 03/01/27 (EUR) | 206000 | &nbsp;&nbsp; 240373 |
| TransJamaican Highway Ltd. |  |  |
| 5.750%, 10/10/36 | 498106 | &nbsp;&nbsp; 460748 |
|  |  | &nbsp;&nbsp; 3426054 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |
| 5.000%, 10/30/30 (EUR) | 298000 | &nbsp;&nbsp; 353115 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| DXC Capital Funding DAC |  |  |
| 4.250%, 12/09/30 (144A) (EUR) | 127000 | &nbsp;&nbsp; $149192 |
| OVH Groupe SA |  |  |
| 4.750%, 02/05/31 (EUR) | 275000 | &nbsp;&nbsp; 322782 |
|  |  | &nbsp;&nbsp; 825089 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| Natura &Co. Luxembourg Holdings SARL |  |  |
| 4.125%, 05/03/28 | 400000 | &nbsp;&nbsp; 376907 |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
| American Express Co. |  |  |
| 3.433%, 3M EURIBOR + 1.102%, 05/20/32 (EUR) (e) | 275000 | &nbsp;&nbsp; 324901 |
| BPCE SFH SA |  |  |
| 0.010%, 01/29/29 (EUR) | 700000 | &nbsp;&nbsp; 760669 |
| 0.010%, 05/27/30 (EUR) | 200000 | &nbsp;&nbsp; 207776 |
| Caisse de Refinancement de l'Habitat SA |  |  |
| 0.010%, 10/08/29 (EUR) | 600000 | &nbsp;&nbsp; 637256 |
| Credicorp Capital Sociedad Titulizadora SA |  |  |
| 10.100%, 12/15/43 (144A) (PEN) | 3100000 | &nbsp;&nbsp; 996102 |
| Credit Agricole Home Loan SFH SA |  |  |
| 0.875%, 08/31/27 (EUR) | 800000 | &nbsp;&nbsp; 917789 |
| Credit Mutuel Home Loan SFH SA |  |  |
| 3.250%, 04/20/29 (EUR) | 400000 | &nbsp;&nbsp; 479130 |
| 3.250%, 10/31/29 (EUR) | 300000 | &nbsp;&nbsp; 359266 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 1802000 | &nbsp;&nbsp; 1835499 |
| Muthoot Finance Ltd. |  |  |
| 6.375%, 03/02/30 (144A) | 258000 | &nbsp;&nbsp; 262012 |
| Sammaan Capital Ltd. |  |  |
| 7.500%, 10/16/30 (144A) | 278000 | &nbsp;&nbsp; 273171 |
| Societe Generale SFH SA |  |  |
| 1.375%, 05/05/28 (EUR) | 600000 | &nbsp;&nbsp; 687448 |
| 3.375%, 07/31/30 (EUR) | 100000 | &nbsp;&nbsp; 119967 |
|  |  | &nbsp;&nbsp; 7860986 |
| **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
| Adani Electricity Mumbai Ltd. |  |  |
| 3.949%, 02/12/30 | 300000 | &nbsp;&nbsp; 279609 |
| AES Panama Generation Holdings SRL |  |  |
| 4.375%, 05/31/30 | 387406 | &nbsp;&nbsp; 363978 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.580%, 10/20/35 (144A) | 586503 | &nbsp;&nbsp; 601057 |
| 5.672%, 10/20/35 (144A) (a) | 466018 | &nbsp;&nbsp; 483978 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa |  |  |
| 8.650%, 01/24/33 | 640000 | &nbsp;&nbsp; 686400 |
| 8.650%, 01/24/33 (144A) (a) | 860000 | &nbsp;&nbsp; 922350 |
| Comision Federal de Electricidad |  |  |
| 5.000%, 09/29/36 | 622000 | &nbsp;&nbsp; 577936 |
| 5.700%, 01/24/30 | 200000 | &nbsp;&nbsp; 203630 |
| Continuum Energy Aura Pte. Ltd. |  |  |
| 9.500%, 02/24/27 | 270000 | &nbsp;&nbsp; 273968 |
| Diamond II Ltd. |  |  |
| 7.950%, 07/28/26 | 230000 | &nbsp;&nbsp; 230404 |
| E.ON International Finance BV |  |  |
| 6.375%, 06/07/32 (GBP) | 380000 | &nbsp;&nbsp; 553311 |

---

*See accompanying notes to financial statements.*

**BHFTI-36**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| EDP Finance BV |  |  |
| 3.875%, 03/11/30 (EUR) | 300000 | &nbsp;&nbsp; $363584 |
| EDP Servicios Financieros Espana SA |  |  |
| 3.500%, 07/16/30 (EUR) | 107000 | &nbsp;&nbsp; 128008 |
| 3.500%, 07/21/31 (EUR) | 130000 | &nbsp;&nbsp; 154307 |
| Empresa Distribuidora Y Comercializadora Norte |  |  |
| 9.750%, 10/24/30 (144A) | 280000 | &nbsp;&nbsp; 272300 |
| Empresas Publicas de Medellin ESP |  |  |
| 4.250%, 07/18/29 (144A) | 592000 | &nbsp;&nbsp; 556273 |
| Enel Finance International NV |  |  |
| 4.000%, 02/20/31 (EUR) | 365000 | &nbsp;&nbsp; 444968 |
| Iberdrola Finanzas SA |  |  |
| 4.247%, 5Y EUR Swap + 1.983%, 05/28/30 (EUR) (e) | 500000 | &nbsp;&nbsp; 600398 |
| Investment Energy Resources Ltd. |  |  |
| 6.250%, 04/26/29 | 245000 | &nbsp;&nbsp; 246115 |
| Limak Yenilenebilir Enerji AS |  |  |
| 9.625%, 08/12/30 (144A) | 220000 | &nbsp;&nbsp; 215963 |
| Minejesa Capital BV |  |  |
| 4.625%, 08/10/30 | 179800 | &nbsp;&nbsp; 178831 |
| 5.625%, 08/10/37 | 225000 | &nbsp;&nbsp; 222752 |
| National Grid Electricity Distribution PLC |  |  |
| 3.500%, 10/16/26 (GBP) | 451000 | &nbsp;&nbsp; 605733 |
| National Grid PLC |  |  |
| 0.553%, 09/18/29 (EUR) | 134000 | &nbsp;&nbsp; 144201 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 3.996%, 5Y EUR Swap + 1.587%, 05/15/56 (EUR) (e) | 190000 | &nbsp;&nbsp; 222529 |
| Saavi Energia SARL |  |  |
| 8.875%, 02/10/35 (144A) | 330000 | &nbsp;&nbsp; 357902 |
| Sorik Marapi Geothermal Power PT |  |  |
| 7.750%, 08/05/31 (144A) | 220869 | &nbsp;&nbsp; 225613 |
| Trinidad Generation Unlimited |  |  |
| 7.750%, 06/16/33 (144A) | 211000 | &nbsp;&nbsp; 218649 |
| Zorlu Enerji Elektrik Uretim AS |  |  |
| 11.000%, 04/23/30 | 340000 | &nbsp;&nbsp; 293937 |
|  |  | &nbsp;&nbsp; 10628684 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Honeywell International, Inc. |  |  |
| 0.750%, 03/10/32 (EUR) | 374000 | &nbsp;&nbsp; 376935 |
| 3.750%, 05/17/32 (EUR) | 239000 | &nbsp;&nbsp; 284491 |
|  |  | &nbsp;&nbsp; 661426 |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| Greenko Dutch BV |  |  |
| 3.850%, 03/29/26 | 346000 | &nbsp;&nbsp; 342817 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.250%, 09/27/28 (144A) | 308000 | &nbsp;&nbsp; 311275 |
| UEP Penonome II SA |  |  |
| 6.500%, 10/01/38 | 449034 | &nbsp;&nbsp; 399865 |
|  |  | &nbsp;&nbsp; 1053957 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| Heathrow Funding Ltd. |  |  |
| 6.450%, 12/10/33 (GBP) | 435000 | &nbsp;&nbsp; 630053 |
| IRB Infrastructure Developers Ltd. |  |  |
| 7.110%, 03/11/32 | 220000 | &nbsp;&nbsp; 227224 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** |
| TAV Havalimanlari Holding AS |  |  |
| 8.500%, 12/07/28 (144A) | 375000 | &nbsp;&nbsp; $391345 |
|  |  | &nbsp;&nbsp; 1248622 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Allwyn Entertainment Financing U.K. PLC |  |  |
| 4.125%, 02/15/31 (EUR) | 114000 | &nbsp;&nbsp; 131963 |
| Flutter Treasury DAC |  |  |
| 4.000%, 06/04/31 (144A) (EUR) | 283000 | &nbsp;&nbsp; 331733 |
| 6.125%, 06/04/31 (144A) (GBP) | 154000 | &nbsp;&nbsp; 209035 |
| GENM Capital Labuan Ltd. |  |  |
| 3.882%, 04/19/31 (a) | 400000 | &nbsp;&nbsp; 362419 |
|  |  | &nbsp;&nbsp; 1035150 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Ambipar Lux SARL |  |  |
| 10.875%, 02/05/33 (d) | 248000 | &nbsp;&nbsp; 43400 |
| Luna 2 5SARL |  |  |
| 5.500%, 07/01/32 (144A) (EUR) | 179000 | &nbsp;&nbsp; 214207 |
|  |  | &nbsp;&nbsp; 257607 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| General Mills, Inc. |  |  |
| 3.600%, 04/17/32 (EUR) | 579000 | &nbsp;&nbsp; 683514 |
| Loblaw Cos. Ltd. |  |  |
| 6.540%, 02/17/33 (144A) (CAD) | 604000 | &nbsp;&nbsp; 498769 |
| Nestle Finance International Ltd. |  |  |
| 2.800%, 05/29/35 (CNY) | 2440000 | &nbsp;&nbsp; 350036 |
|  |  | &nbsp;&nbsp; 1532319 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 6.180%, 05/05/32 (144A) | 259000 | &nbsp;&nbsp; 267301 |
| Inversiones CMPC SA |  |  |
| 6.700%, 5Y H15 + 2.834%, 12/09/57 (144A) (e) | 276000 | &nbsp;&nbsp; 276845 |
| Sappi Papier Holding GmbH |  |  |
| 4.500%, 03/15/32 (EUR) | 190000 | &nbsp;&nbsp; 216750 |
|  |  | &nbsp;&nbsp; 760896 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Cadent Finance PLC |  |  |
| 3.750%, 04/16/33 (EUR) | 458000 | &nbsp;&nbsp; 540884 |
| National Grid North America, Inc. |  |  |
| 3.631%, 09/03/31 (EUR) | 100000 | &nbsp;&nbsp; 119304 |
|  |  | &nbsp;&nbsp; 660188 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| Progroup AG |  |  |
| 5.125%, 04/15/29 (EUR) | 180000 | &nbsp;&nbsp; 217224 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Athene Global Funding |  |  |
| 1.875%, 11/30/28 (GBP) | 360000 | &nbsp;&nbsp; 448075 |
| 3.716%, 08/22/32 (EUR) | 376000 | &nbsp;&nbsp; 437350 |

---

*See accompanying notes to financial statements.*

**BHFTI-37**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Chubb INA Holdings LLC |  |  |
| 2.750%, 08/06/35 (CNY) | 2000000 | &nbsp;&nbsp; $278328 |
|  |  | &nbsp;&nbsp; 1163753 |
| **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.800%, 11/28/29 (CNY) | 4500000 | &nbsp;&nbsp; 652801 |
| Alphabet, Inc. |  |  |
| 2.500%, 05/06/29 (EUR) | 271000 | &nbsp;&nbsp; 316851 |
| Baidu, Inc. |  |  |
| 2.700%, 03/12/30 (CNY) | 3330000 | &nbsp;&nbsp; 481882 |
| 3.000%, 03/12/35 (CNY) | 1330000 | &nbsp;&nbsp; 193177 |
| Booking Holdings, Inc. |  |  |
| 3.625%, 11/07/35 (EUR) | 192000 | &nbsp;&nbsp; 220934 |
| 4.500%, 11/15/31 (EUR) | 338000 | &nbsp;&nbsp; 420720 |
| Meta Platforms, Inc. |  |  |
| 5.750%, 11/15/65 (a) | 333000 | &nbsp;&nbsp; 317517 |
| Prosus NV |  |  |
| 3.832%, 02/08/51 | 480000 | &nbsp;&nbsp; 319584 |
| 4.987%, 01/19/52 | 200000 | &nbsp;&nbsp; 158424 |
| Tencent Holdings Ltd. |  |  |
| 3.100%, 09/23/55 (CNY) | 1100000 | &nbsp;&nbsp; 158196 |
|  |  | &nbsp;&nbsp; 3240086 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Gaci First Investment Co. |  |  |
| 5.375%, 10/13/2122 | 400000 | &nbsp;&nbsp; 351128 |
| Temasek Financial I Ltd. |  |  |
| 2.750%, 08/28/34 (CNY) | 1000000 | &nbsp;&nbsp; 147035 |
| 3.100%, 08/28/54 (CNY) | 3430000 | &nbsp;&nbsp; 510464 |
|  |  | &nbsp;&nbsp; 1008627 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| CSN Inova Ventures |  |  |
| 6.750%, 01/28/28 | 325000 | &nbsp;&nbsp; 300939 |
| Vale Overseas Ltd. |  |  |
| 6.000%, 5Y H15 + 2.431%, 02/25/56 (144A) (a) (e) | 277000 | &nbsp;&nbsp; 277083 |
|  |  | &nbsp;&nbsp; 578022 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Melco Resorts Finance Ltd. |  |  |
| 6.500%, 09/24/33 (144A) (a) | 280000 | &nbsp;&nbsp; 280717 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Grupo Televisa SAB |  |  |
| 4.625%, 01/30/26 | 360000 | &nbsp;&nbsp; 359450 |
| 6.625%, 01/15/40 (a) | 71000 | &nbsp;&nbsp; 61244 |
| 8.500%, 03/11/32 | 20000 | &nbsp;&nbsp; 21300 |
|  |  | &nbsp;&nbsp; 441994 |
| **Mining — 1.4%** | **Mining — 1.4%** | **Mining — 1.4%** |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.700%, 01/30/50 | 555000 | &nbsp;&nbsp; 396436 |
| 5.950%, 01/08/34 | 1740000 | &nbsp;&nbsp; 1819366 |
| 5.950%, 01/08/34 (144A) | 1144000 | &nbsp;&nbsp; 1196181 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Glencore Capital Finance DAC |  |  |
| 3.750%, 02/04/32 (EUR) | 651000 | &nbsp;&nbsp; $771145 |
| Navoi Mining & Metallurgical Combinat |  |  |
| 6.700%, 10/17/28 (144A) | 245000 | &nbsp;&nbsp; 253305 |
| Stillwater Mining Co. |  |  |
| 4.000%, 11/16/26 | 575000 | &nbsp;&nbsp; 569205 |
| Vedanta Resources Finance II PLC |  |  |
| 10.875%, 09/17/29 (144A) | 355000 | &nbsp;&nbsp; 374594 |
| Volcan Cia Minera SAA |  |  |
| 8.500%, 10/28/32 (144A) | 361000 | &nbsp;&nbsp; 371426 |
|  |  | &nbsp;&nbsp; 5751658 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Parker-Hannifin Corp. |  |  |
| 2.900%, 03/01/30 (EUR) | 326000 | &nbsp;&nbsp; 380652 |
| **Oil & Gas — 5.4%** | **Oil & Gas — 5.4%** | **Oil & Gas — 5.4%** |
| Bapco Energies BSC Closed |  |  |
| 7.500%, 10/25/27 | 1276000 | &nbsp;&nbsp; 1322255 |
| BP Capital Markets PLC |  |  |
| 3.250%, 5Y EUR Swap + 3.520%, 03/22/26 (EUR) (e) | 234000 | &nbsp;&nbsp; 275050 |
| 3.625%, 5Y EUR Swap + 3.780%, 03/22/29 (EUR) (e) | 301000 | &nbsp;&nbsp; 353640 |
| Ecopetrol SA |  |  |
| 5.875%, 05/28/45 | 569000 | &nbsp;&nbsp; 423248 |
| 8.375%, 01/19/36 | 528000 | &nbsp;&nbsp; 543196 |
| 8.625%, 01/19/29 (a) | 2218000 | &nbsp;&nbsp; 2377190 |
| Empresa Nacional del Petroleo |  |  |
| 4.500%, 09/14/47 | 1375000 | &nbsp;&nbsp; 1155206 |
| Gran Tierra Energy, Inc. |  |  |
| 9.500%, 10/15/29 (144A) (a) | 419000 | &nbsp;&nbsp; 294733 |
| Leviathan Bond Ltd. |  |  |
| 6.750%, 06/30/30 (144A) | 246793 | &nbsp;&nbsp; 251142 |
| Medco Cypress Tree Pte. Ltd. |  |  |
| 8.625%, 05/19/30 (144A) | 310000 | &nbsp;&nbsp; 325685 |
| Petroleos de Venezuela SA |  |  |
| 5.375%, 04/12/27 (d) | 987800 | &nbsp;&nbsp; 229170 |
| 6.000%, 11/15/26 (d) | 2005965 | &nbsp;&nbsp; 476417 |
| Petroleos Mexicanos |  |  |
| 5.500%, 06/27/44 | 1702000 | &nbsp;&nbsp; 1282355 |
| 5.625%, 01/23/46 | 1563000 | &nbsp;&nbsp; 1174383 |
| 6.350%, 02/12/48 | 1749000 | &nbsp;&nbsp; 1372773 |
| 6.375%, 01/23/45 | 1940000 | &nbsp;&nbsp; 1562490 |
| 6.500%, 01/23/29 | 1620000 | &nbsp;&nbsp; 1645920 |
| 7.690%, 01/23/50 | 149000 | &nbsp;&nbsp; 133533 |
| 8.750%, 06/02/29 | 935000 | &nbsp;&nbsp; 1002410 |
| Petronas Capital Ltd. |  |  |
| 3.404%, 04/28/61 | 1734000 | &nbsp;&nbsp; 1178181 |
| 5.340%, 04/03/35 (144A) (a) | 1515000 | &nbsp;&nbsp; 1575548 |
| Raizen Fuels Finance SA |  |  |
| 5.700%, 01/17/35 | 200000 | &nbsp;&nbsp; 153013 |
| 6.250%, 07/08/32 | 985000 | &nbsp;&nbsp; 827400 |
| 6.700%, 02/25/37 (144A) | 440000 | &nbsp;&nbsp; 355896 |
| SierraCol Energy Andina LLC/SierraCol Energy <br> Arauca/Colombia Energy Development<br>|  |  |
| 9.000%, 11/14/30 (144A) | 278000 | &nbsp;&nbsp; 264290 |

---

*See accompanying notes to financial statements.*

**BHFTI-38**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| TotalEnergies SE |  |  |
| 1.625%, 5Y EUR Swap + 1.993%, 10/25/27 (EUR) (e) | 478000 | &nbsp;&nbsp; $544504 |
| Wintershall Dea Finance BV |  |  |
| 1.823%, 09/25/31 (EUR) | 600000 | &nbsp;&nbsp; 624380 |
|  |  | &nbsp;&nbsp; 21724008 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Deepocean Ltd. |  |  |
| 6.000%, 04/08/31 (EUR) | 180000 | &nbsp;&nbsp; 217032 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor U.K. Finance PLC |  |  |
| 3.200%, 11/17/29 (EUR) | 171000 | &nbsp;&nbsp; 200953 |
| Smurfit Kappa Treasury ULC |  |  |
| 3.489%, 11/24/31 (EUR) | 118000 | &nbsp;&nbsp; 138537 |
|  |  | &nbsp;&nbsp; 339490 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| BMS Ireland Capital Funding DAC |  |  |
| 3.363%, 11/10/33 (EUR) | 189000 | &nbsp;&nbsp; 219498 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| 2.875%, 04/30/28 (EUR) | 190000 | &nbsp;&nbsp; 216744 |
|  |  | &nbsp;&nbsp; 436242 |
| **Pipelines — 0.0%** | **Pipelines — 0.0%** | **Pipelines — 0.0%** |
| Transportadora de Gas del Sur SA |  |  |
| 7.750%, 11/20/35 (144A) | 209000 | &nbsp;&nbsp; 206463 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Alstria Office AG |  |  |
| 4.250%, 10/15/29 (EUR) | 200000 | &nbsp;&nbsp; 232243 |
| Mobiliare Latam SA/Mobiliare Latam Mexico SA de CV |  |  |
| 6.750%, 11/10/32 (144A) | 200000 | &nbsp;&nbsp; 199000 |
| Port of Spain Waterfront Development |  |  |
| 7.875%, 02/19/40 (144A) | 1063333 | &nbsp;&nbsp; 1060675 |
| Prologis International Funding II SA |  |  |
| 1.625%, 06/17/32 (EUR) | 191000 | &nbsp;&nbsp; 199804 |
| Swire Properties MTN Financing Ltd. |  |  |
| 3.400%, 09/03/29 (CNY) | 2810000 | &nbsp;&nbsp; 410553 |
|  |  | &nbsp;&nbsp; 2102275 |
| **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| American Tower Corp. |  |  |
| 0.875%, 05/21/29 (EUR) | 197000 | &nbsp;&nbsp; 216249 |
| Champion MTN Ltd. |  |  |
| 2.950%, 06/15/30 | 320000 | &nbsp;&nbsp; 275182 |
| Digital Dutch Finco BV |  |  |
| 1.000%, 01/15/32 (EUR) | 100000 | &nbsp;&nbsp; 100503 |
| Digital Intrepid Holding BV |  |  |
| 1.375%, 07/18/32 (EUR) | 543000 | &nbsp;&nbsp; 548922 |
| Fibra Soma Trust F/6185 |  |  |
| 4.375%, 07/22/31 | 280000 | &nbsp;&nbsp; 246002 |
| Iron Mountain, Inc. |  |  |
| 4.750%, 01/15/34 (EUR) | 190000 | &nbsp;&nbsp; 217131 |
| Trust 2401 |  |  |
| 4.869%, 01/15/30 (144A) | 849000 | &nbsp;&nbsp; 835705 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Trust Fibra Uno |  |  |
| 4.869%, 01/15/30 | 439000 | &nbsp;&nbsp; $429603 |
| Westfield America Management Ltd. |  |  |
| 2.625%, 03/30/29 (GBP) | 195000 | &nbsp;&nbsp; 247011 |
|  |  | &nbsp;&nbsp; 3116308 |
| **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** |
| Nationwide Building Society |  |  |
| 1.125%, 05/31/28 (EUR) | 1000000 | &nbsp;&nbsp; 1139305 |
| 4.000%, 5Y EUR Swap + 1.850%, 07/30/35 (EUR) (e) | 224000 | &nbsp;&nbsp; 266429 |
|  |  | &nbsp;&nbsp; 1405734 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Fiserv, Inc. |  |  |
| 4.500%, 05/24/31 (EUR) | 200000 | &nbsp;&nbsp; 242795 |
| Oracle Corp. |  |  |
| 5.950%, 09/26/55 (a) | 353000 | &nbsp;&nbsp; 312763 |
|  |  | &nbsp;&nbsp; 555558 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
| AT&T, Inc. |  |  |
| 4.100%, 01/19/26 (AUD) | 1530000 | &nbsp;&nbsp; 1020930 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.850%, 11/10/32 (CAD) | 671000 | &nbsp;&nbsp; 536507 |
| Fibercop SpA |  |  |
| 4.750%, 06/30/30 (EUR) | 375000 | &nbsp;&nbsp; 447809 |
| Sable International Finance Ltd. |  |  |
| 7.125%, 10/15/32 (144A) | 365000 | &nbsp;&nbsp; 369350 |
| Telecommunications Co. Telekom Srbija AD Belgrade |  |  |
| 7.000%, 10/28/29 (144A) | 283000 | &nbsp;&nbsp; 282647 |
| TELUS Corp. |  |  |
| 4.950%, 02/18/31 (CAD) | 8000 | &nbsp;&nbsp; 6117 |
| 5.750%, 09/08/33 (CAD) | 726000 | &nbsp;&nbsp; 577246 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 5.625%, 04/15/32 (EUR) | 275000 | &nbsp;&nbsp; 324936 |
|  |  | &nbsp;&nbsp; 3565542 |
| **Transportation — 2.2%** | **Transportation — 2.2%** | **Transportation — 2.2%** |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| 5.000%, 01/25/47 | 200000 | &nbsp;&nbsp; 186938 |
| FedEx Corp. |  |  |
| 3.500%, 07/30/32 (EUR) | 176000 | &nbsp;&nbsp; 205574 |
| Guangzhou Metro Investment Finance BVI Ltd. |  |  |
| 2.150%, 08/19/28 (CNY) | 1060000 | &nbsp;&nbsp; 150927 |
| 2.150%, 09/04/28 (CNY) | 1940000 | &nbsp;&nbsp; 276225 |
| Lima Metro Line 2 Finance Ltd. |  |  |
| 4.350%, 04/05/36 | 783849 | &nbsp;&nbsp; 763054 |
| 5.875%, 07/05/34 | 552747 | &nbsp;&nbsp; 572765 |
| MTR Corp. Ltd. |  |  |
| 3.050%, 09/20/54 (CNY) | 4650000 | &nbsp;&nbsp; 678720 |
| SNCF Reseau |  |  |
| 1.125%, 05/25/30 (EUR) | 4100000 | &nbsp;&nbsp; 4454033 |
| Transnet SOC Ltd. |  |  |
| 8.250%, 02/06/28 | 1633000 | &nbsp;&nbsp; 1724128 |
|  |  | &nbsp;&nbsp; 9012364 |

---

*See accompanying notes to financial statements.*

**BHFTI-39**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
| Aegea Finance SARL |  |  |
| 7.625%, 01/20/36 (144A) | 280000 | &nbsp;&nbsp; $267007 |
| Anglian Water Services Financing PLC |  |  |
| 5.875%, 06/20/31 (GBP) | 225000 | &nbsp;&nbsp; 313542 |
| Holding d'Infrastructures des Metiers de l'Environnement SAS |  |  |
| 4.875%, 10/24/29 (EUR) | 180000 | &nbsp;&nbsp; 219295 |
| Suez SACA |  |  |
| 4.500%, 11/13/33 (EUR) | 500000 | &nbsp;&nbsp; 614242 |
| Veolia Environnement SA |  |  |
| 1.625%, 09/21/32 (EUR) | 200000 | &nbsp;&nbsp; 210479 |
|  |  | &nbsp;&nbsp; 1624565 |
| Total Corporate Bonds & Notes <br>(Cost $121,811,596) <br>|  | &nbsp;&nbsp; 125329426 |
| **Asset-Backed Securities—1.4%** | **Asset-Backed Securities—1.4%** | **Asset-Backed Securities—1.4%** |
| **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** |
| Ally Bank Auto Credit-Linked Notes |  |  |
| 5.117%, 09/15/32 (144A) | 151062 | &nbsp;&nbsp; 152467 |
| BOF VII AL Funding Trust I |  |  |
| 6.291%, 07/26/32 (144A) | 118516 | &nbsp;&nbsp; 120581 |
| PenFed Auto Receivables Owner Trust |  |  |
| 4.700%, 06/15/29 (144A) | 157000 | &nbsp;&nbsp; 157695 |
| Securitized Term Auto Receivables Trust |  |  |
| 5.038%, 07/25/31 (144A) | 112658 | &nbsp;&nbsp; 113644 |
| Tesla Auto Lease Trust |  |  |
| 5.110%, 08/21/28 (144A) | 386000 | &nbsp;&nbsp; 389299 |
|  |  | &nbsp;&nbsp; 933686 |
| **Asset-Backed - Other — 1.0%** | **Asset-Backed - Other — 1.0%** | **Asset-Backed - Other — 1.0%** |
| Affirm Asset Securitization Trust |  |  |
| 4.620%, 09/15/29 (144A) | 108000 | &nbsp;&nbsp; 108286 |
| AGL CLO 16 Ltd. |  |  |
| 5.284%, 3M TSFR + 1.400%, 01/20/35 (144A) (e) | 375000 | &nbsp;&nbsp; 375034 |
| AGL CLO 17 Ltd. |  |  |
| 5.270%, 3M TSFR + 1.400%, 01/21/35 (144A) (e) | 500000 | &nbsp;&nbsp; 499707 |
| Amur Equipment Finance Receivables XI LLC |  |  |
| 5.300%, 06/21/28 (144A) | 58865 | &nbsp;&nbsp; 58982 |
| Amur Equipment Finance Receivables XII LLC |  |  |
| 6.090%, 12/20/29 (144A) | 64600 | &nbsp;&nbsp; 65135 |
| Auxilior Term Funding LLC |  |  |
| 6.180%, 12/15/28 (144A) | 104057 | &nbsp;&nbsp; 104573 |
| BHG Securitization Trust |  |  |
| 5.550%, 04/17/36 (144A) | 24377 | &nbsp;&nbsp; 24398 |
| Capital Street Master Trust |  |  |
| 5.324%, SOFR30A + 1.350%, 10/16/28 (144A) (e) | 189362 | &nbsp;&nbsp; 189361 |
| Clarus Capital Funding LLC |  |  |
| 4.790%, 08/20/32 (144A) | 102000 | &nbsp;&nbsp; 102463 |
| Clover CLO LLC |  |  |
| 5.308%, 3M TSFR + 1.450%, 01/25/35 (144A) (e) | 456364 | &nbsp;&nbsp; 456696 |
| Dell Equipment Finance Trust |  |  |
| 4.820%, 08/22/30 (144A) | 250000 | &nbsp;&nbsp; 252371 |
| HINNT LLC |  |  |
| 5.490%, 03/15/43 (144A) | 98498 | &nbsp;&nbsp; 100385 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Lendmark Funding Trust |  |  |
| 4.860%, 02/21/34 (144A) | 101000 | &nbsp;&nbsp; $101469 |
| M&T Equipment Notes |  |  |
| 4.990%, 08/18/31 (144A) | 91680 | &nbsp;&nbsp; 91968 |
| Magnetite XIX Ltd. |  |  |
| 5.332%, 3M TSFR + 1.450%, 04/17/34 (144A) (e) | 272765 | &nbsp;&nbsp; 272828 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| 5.384%, 3M TSFR + 1.500%, 01/20/37 (144A) (e) | 470000 | &nbsp;&nbsp; 469164 |
| NMEF Funding LLC |  |  |
| 5.150%, 12/15/31 (144A) | 159835 | &nbsp;&nbsp; 160828 |
| 6.570%, 06/17/30 (144A) | 82083 | &nbsp;&nbsp; 82521 |
| OCP CLO Ltd. |  |  |
| 5.432%, 3M TSFR + 1.550%, 01/17/37 (144A) (e) | 360000 | &nbsp;&nbsp; 360463 |
| PEAC Solutions Receivables LLC |  |  |
| 5.200%, 07/20/32 (144A) | 126000 | &nbsp;&nbsp; 128290 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| 5.140%, 06/20/41 (144A) | 80649 | &nbsp;&nbsp; 81903 |
|  |  | &nbsp;&nbsp; 4086825 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| Nelnet Student Loan Trust |  |  |
| 2.530%, 04/20/62 (144A) | 548158 | &nbsp;&nbsp; 481721 |
| Total Asset-Backed Securities <br>(Cost $5,548,011) <br>|  | &nbsp;&nbsp; 5502232 |
| **Non-Agency Mortgage-Backed Securities—1.1%** | **Non-Agency Mortgage-Backed Securities—1.1%** | **Non-Agency Mortgage-Backed Securities—1.1%** |
| **Commercial Mortgage-Backed Securities — 1.1%** | **Commercial Mortgage-Backed Securities — 1.1%** | **Commercial Mortgage-Backed Securities — 1.1%** |
| BAMLL Trust |  |  |
| 5.601%, 1M TSFR + 1.850%, 02/15/42 (144A) (e) | 755000 | &nbsp;&nbsp; 754999 |
| BX Commercial Mortgage Trust |  |  |
| 5.243%, 1M TSFR + 1.492%, 10/15/41 (144A) (e) | 256101 | &nbsp;&nbsp; 256419 |
| DTP Commercial Mortgage Trust |  |  |
| 5.843%, 01/15/41 (144A) (e) | 144000 | &nbsp;&nbsp; 148045 |
| Fashion Show Mall LLC |  |  |
| 5.104%, 10/10/41 (144A) (e) | 250000 | &nbsp;&nbsp; 253760 |
| Great Wolf Trust |  |  |
| 5.292%, 1M TSFR + 1.542%, 03/15/39 (144A) (e) | 688000 | &nbsp;&nbsp; 689062 |
| HILT Commercial Mortgage Trust |  |  |
| 5.291%, 1M TSFR + 1.541%, 05/15/37 (144A) (e) | 260000 | &nbsp;&nbsp; 260323 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 3.571%, 12/15/47 (144A) (e) | 1500000 | &nbsp;&nbsp; 877455 |
| NJ Trust |  |  |
| 6.481%, 01/06/29 (144A) (e) | 301751 | &nbsp;&nbsp; 316359 |
| ORL Trust |  |  |
| 5.243%, 1M TSFR + 1.493%, 12/15/39 (144A) (e) | 227270 | &nbsp;&nbsp; 227622 |
| SWCH Commercial Mortgage Trust |  |  |
| 5.193%, 1M TSFR + 1.443%, 02/15/42 (144A) (e) | 675231 | &nbsp;&nbsp; 668944 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $4,838,239) <br>|  | &nbsp;&nbsp; 4452988 |

---

*See accompanying notes to financial statements.*

**BHFTI-40**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—0.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 0.7%** | **Agency Collateralized Mortgage Obligations — 0.7%** | **Agency Collateralized Mortgage Obligations — 0.7%** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 4.874%, SOFR30A + 1.000%, 10/25/44 (144A) (e) | 837 | &nbsp;&nbsp; $837 |
| 5.074%, SOFR30A + 1.200%, 08/25/44 (144A) (e) | 324303 | &nbsp;&nbsp; 324561 |
| 5.374%, SOFR30A + 1.500%, 10/25/41 (144A) (e) | 624006 | &nbsp;&nbsp; 625783 |
| 5.965%, SOFR30A + 2.100%, 03/25/43 (144A) (e) | 208798 | &nbsp;&nbsp; 211374 |
| 8.224%, SOFR30A + 4.350%, 04/25/42 (144A) (e) | 208229 | &nbsp;&nbsp; 216886 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 4.724%, SOFR30A + 0.850%, 12/25/41 (144A) (e) | 15294 | &nbsp;&nbsp; 15286 |
| 4.874%, SOFR30A + 1.000%, 07/25/44 (144A) (e) | 38433 | &nbsp;&nbsp; 38409 |
| 4.924%, SOFR30A + 1.050%, 09/25/44 (144A) (e) | 11814 | &nbsp;&nbsp; 11810 |
| 4.974%, SOFR30A + 1.100%, 01/25/45 (144A) (e) | 143360 | &nbsp;&nbsp; 143402 |
| 5.424%, SOFR30A + 1.550%, 10/25/41 (144A) (e) | 33075 | &nbsp;&nbsp; 33209 |
| 5.774%, SOFR30A + 1.900%, 06/25/43 (144A) (e) | 159380 | &nbsp;&nbsp; 160631 |
| 6.089%, SOFR30A + 2.214%, 03/25/31 (e) | 857042 | &nbsp;&nbsp; 872287 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $2,639,548) <br>|  | &nbsp;&nbsp; 2654475 |
| **U.S. Treasury & Government Agencies—0.1%** | **U.S. Treasury & Government Agencies—0.1%** | **U.S. Treasury & Government Agencies—0.1%** |
| **U.S. Treasury — 0.1%** | **U.S. Treasury — 0.1%** | **U.S. Treasury — 0.1%** |
| U.S. Treasury Bonds |  |  |
| 4.500%, 11/15/54 <br>(Cost $476,265)<br>| 500000 | &nbsp;&nbsp; 471601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** |
| **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $7,905,079; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $8,062,082<br>| 7903981 | &nbsp;&nbsp; 7903981 |
| Total Short-Term Investments <br>(Cost $7,903,981) <br>|  | &nbsp;&nbsp; 7903981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—0.3%** | **Securities Lending Reinvestments (f)—0.3%** | **Securities Lending Reinvestments (f)—0.3%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| HSBC U.S. Government Money Market Fund, <br>Class I 3.690% (g)<br>| 20000 | &nbsp;&nbsp; 20000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (g)<br>| 100000 | &nbsp;&nbsp; 100000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class 3.670% (g)<br>| 20000 | &nbsp;&nbsp; $20000 |
|  |  | &nbsp;&nbsp; 740000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due <br> on 01/02/26 with a maturity value of $21,317; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.750%, maturity dates ranging <br> from 02/05/26 - 11/15/55, and an aggregate market <br> value of $21,743<br>| 21313 | &nbsp;&nbsp; 21313 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due <br> on 01/02/26 with a maturity value of $200,043; <br> collateralized by various Common Stock with an aggregate <br> market value of $222,247<br>| 200000 | &nbsp;&nbsp; 200000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due <br> on 01/02/26 with a maturity value of $150,032; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.375%, maturity dates ranging <br> from 05/15/26 - 11/15/55, and an aggregate market <br> value of $153,033<br>| 150000 | &nbsp;&nbsp; 150000 |
|  |  | &nbsp;&nbsp; 371313 |
| Total Securities Lending Reinvestments <br>(Cost $1,111,313) <br>|  | &nbsp;&nbsp; 1111313 |
| Total Investments—98.5% <br>(Cost $394,246,000) <br>|  | &nbsp;&nbsp; 394935328 |
| Other assets and liabilities (net)—1.5%  |  | &nbsp;&nbsp; 5868297 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $400803625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $11,755,877 and the collateral received consisted of cash in the amount of $1,111,313 and non-cash collateral with a value of $11,076,414. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Interest only security.

(c) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(d) Non-income producing; security is in default and/or issuer is in bankruptcy.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(f) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(g) The rate shown represents the annualized seven-day yield as of December 31, 2025.

*See accompanying notes to financial statements.*

**BHFTI-41**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of 144A securities was $83,198,665, which is 20.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Japan | 7.5 |
| Mexico | 7.2 |
| United States | 6.8 |
| United Kingdom | 5.6 |
| France | 4.7 |
| China | 4.2 |
| Colombia | 3.3 |
| Turkey | 3.0 |
| Italy | 2.8 |
| Canada | 2.4 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59034450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $384114825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62 <br>,295863<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449619275 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(905020)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(905020)<br>|
| Foreign Government | &nbsp;&nbsp; (206293)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (206293)<br>|
| Total Borrowings | &nbsp;&nbsp; $(1111313)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1111313)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(1111313)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 2056759 | BOA | 01/28/26 | USD | 1368060 | &nbsp;&nbsp; $4704 |
| AUD | &nbsp;&nbsp; 441335 | SSBT | 01/28/26 | USD | 285420 | &nbsp;&nbsp; 9144 |
| AUD | &nbsp;&nbsp; 877940 | SSBT | 01/28/26 | USD | 574379 | &nbsp;&nbsp; 11594 |
| AUD | &nbsp;&nbsp; 5433437 | SSBT | 01/28/26 | USD | 3520129 | &nbsp;&nbsp; 106366 |
| BRL | &nbsp;&nbsp; 2962854 | CBNA | 01/05/26 | USD | 538466 | &nbsp;&nbsp; 2226 |
| BRL | &nbsp;&nbsp; 2962854 | CBNA | 01/05/26 | USD | 535440 | &nbsp;&nbsp; 5252 |
| BRL | &nbsp;&nbsp; 2962854 | CBNA | 02/03/26 | USD | 527823 | &nbsp;&nbsp; 8793 |
| CAD | &nbsp;&nbsp; 131497 | SSBT | 02/05/26 | USD | 94416 | &nbsp;&nbsp; 1535 |
| CAD | &nbsp;&nbsp; 763237 | SSBT | 02/05/26 | USD | 548991 | &nbsp;&nbsp; 7933 |
| CAD | &nbsp;&nbsp; 467202 | SSBT | 02/05/26 | USD | 332729 | &nbsp;&nbsp; 8182 |
| CAD | &nbsp;&nbsp; 619563 | SSBT | 02/05/26 | USD | 442686 | &nbsp;&nbsp; 9400 |
| CAD | &nbsp;&nbsp; 606917 | SSBT | 02/05/26 | USD | 431968 | &nbsp;&nbsp; 10891 |

---

*See accompanying notes to financial statements.*

**BHFTI-42**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| CAD | &nbsp;&nbsp; 2382809 | SSBT | 02/05/26 | USD | 1710765 | &nbsp;&nbsp; $27937 |
| CNH | &nbsp;&nbsp; 2695730 | SSBT | 01/16/26 | USD | 383947 | &nbsp;&nbsp; 2739 |
| CZK | &nbsp;&nbsp; 11625648 | SSBT | 01/22/26 | USD | 559062 | &nbsp;&nbsp; 6614 |
| EUR | &nbsp;&nbsp; 761697 | BOA | 01/29/26 | USD | 888448 | &nbsp;&nbsp; 7716 |
| EUR | &nbsp;&nbsp; 474779 | NWM | 01/29/26 | USD | 549659 | &nbsp;&nbsp; 8935 |
| GBP | &nbsp;&nbsp; 63910 | SSBT | 02/26/26 | USD | 85460 | &nbsp;&nbsp; 678 |
| GBP | &nbsp;&nbsp; 392152 | SSBT | 02/26/26 | USD | 526769 | &nbsp;&nbsp; 1774 |
| INR | &nbsp;&nbsp; 96960247 | UBSA | 02/10/26 | USD | 1071385 | &nbsp;&nbsp; 4317 |
| JPY | &nbsp;&nbsp; 403531482 | HSBCU | 01/23/26 | USD | 2616267 | &nbsp;&nbsp; (36153)<br>|
| JPY | &nbsp;&nbsp; 166849925 | HSBCU | 01/23/26 | USD | 1063829 | &nbsp;&nbsp; 2981 |
| JPY | &nbsp;&nbsp; 339731557 | JPMC | 01/23/26 | USD | 2235523 | &nbsp;&nbsp; (63336)<br>|
| JPY | &nbsp;&nbsp; 35179767 | SSBT | 01/23/26 | USD | 225787 | &nbsp;&nbsp; (853)<br>|
| KRW | &nbsp;&nbsp; 421947769 | BOA | 01/09/26 | USD | 285466 | &nbsp;&nbsp; 7476 |
| KRW | &nbsp;&nbsp; 1021608425 | BOA | 01/09/26 | USD | 691678 | &nbsp;&nbsp; 17586 |
| KRW | &nbsp;&nbsp; 506884627 | HSBCU | 01/09/26 | USD | 346533 | &nbsp;&nbsp; 5377 |
| KRW | &nbsp;&nbsp; 421947770 | JPMC | 01/09/26 | USD | 285486 | &nbsp;&nbsp; 7457 |
| PLN | &nbsp;&nbsp; 4307912 | SSBT | 01/22/26 | USD | 1185407 | &nbsp;&nbsp; 14447 |
| ZAR | &nbsp;&nbsp; 8978126 | BNP | 02/26/26 | USD | 534055 | &nbsp;&nbsp; 6119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 16080853 | BOA | 01/28/26 | USD | 10450592 | &nbsp;&nbsp; (282418)<br>|
| BRL | &nbsp;&nbsp; 2962855 | CBNA | 01/05/26 | USD | 531740 | &nbsp;&nbsp; (8952)<br>|
| BRL | &nbsp;&nbsp; 2962855 | CBNA | 01/05/26 | USD | 538466 | &nbsp;&nbsp; (2226)<br>|
| CAD | &nbsp;&nbsp; 18558682 | UBSA | 02/05/26 | USD | 13302428 | &nbsp;&nbsp; (239578)<br>|
| CNH | &nbsp;&nbsp; 126412906 | MSCS | 01/16/26 | USD | 17812412 | &nbsp;&nbsp; (320726)<br>|
| CNH | &nbsp;&nbsp; 1983301 | SSBT | 01/16/26 | USD | 279739 | &nbsp;&nbsp; (4753)<br>|
| CNH | &nbsp;&nbsp; 2001370 | SSBT | 01/16/26 | USD | 282987 | &nbsp;&nbsp; (4097)<br>|
| CNH | &nbsp;&nbsp; 3005861 | SSBT | 01/16/26 | USD | 427079 | &nbsp;&nbsp; (4093)<br>|
| CNH | &nbsp;&nbsp; 1122178 | SSBT | 01/16/26 | USD | 158106 | &nbsp;&nbsp; (2864)<br>|
| CNH | &nbsp;&nbsp; 2607527 | SSBT | 01/16/26 | USD | 373322 | &nbsp;&nbsp; (712)<br>|
| COP | &nbsp;&nbsp; 10600048356 | DBAG | 01/09/26 | USD | 2765543 | &nbsp;&nbsp; (35615)<br>|
| CZK | &nbsp;&nbsp; 11642797 | CBNA | 01/22/26 | USD | 561180 | &nbsp;&nbsp; (5330)<br>|
| EUR | &nbsp;&nbsp; 22614529 | BNP | 02/26/26 | USD | 26445498 | &nbsp;&nbsp; (196314)<br>|
| EUR | &nbsp;&nbsp; 916836 | JPMC | 01/29/26 | USD | 1076896 | &nbsp;&nbsp; (1794)<br>|
| EUR | &nbsp;&nbsp; 13805327 | MSCS | 01/29/26 | USD | 16023125 | &nbsp;&nbsp; (219349)<br>|
| EUR | &nbsp;&nbsp; 13805327 | SG | 02/05/26 | USD | 15996853 | &nbsp;&nbsp; (251008)<br>|
| EUR | &nbsp;&nbsp; 19712751 | SCB | 03/06/26 | USD | 23243902 | &nbsp;&nbsp; 11967 |
| EUR | &nbsp;&nbsp; 712756 | SSBT | 01/29/26 | USD | 825517 | &nbsp;&nbsp; (13067)<br>|
| EUR | &nbsp;&nbsp; 702362 | SSBT | 01/29/26 | USD | 813393 | &nbsp;&nbsp; (12962)<br>|
| EUR | &nbsp;&nbsp; 1074577 | SSBT | 01/29/26 | USD | 1253958 | &nbsp;&nbsp; (10322)<br>|
| EUR | &nbsp;&nbsp; 430289 | SSBT | 01/29/26 | USD | 497520 | &nbsp;&nbsp; (8732)<br>|
| EUR | &nbsp;&nbsp; 557429 | SSBT | 01/29/26 | USD | 650481 | &nbsp;&nbsp; (5354)<br>|
| EUR | &nbsp;&nbsp; 297904 | SSBT | 01/29/26 | USD | 345777 | &nbsp;&nbsp; (4718)<br>|
| EUR | &nbsp;&nbsp; 118059 | SSBT | 01/29/26 | USD | 136726 | &nbsp;&nbsp; (2175)<br>|
| EUR | &nbsp;&nbsp; 109534 | SSBT | 01/29/26 | USD | 127696 | &nbsp;&nbsp; (1174)<br>|
| EUR | &nbsp;&nbsp; 255676 | SSBT | 01/29/26 | USD | 300801 | &nbsp;&nbsp; (12)<br>|
| GBP | &nbsp;&nbsp; 15217476 | DBAG | 02/26/26 | USD | 20261232 | &nbsp;&nbsp; (248912)<br>|
| HUF | &nbsp;&nbsp; 1263707677 | GSI | 01/22/26 | USD | 3795944 | &nbsp;&nbsp; (63903)<br>|
| IDR | &nbsp;&nbsp; 53884831475 | MSCS | 01/23/26 | USD | 3233413 | &nbsp;&nbsp; 2505 |
| IDR | &nbsp;&nbsp; 18023077768 | UBSA | 01/23/26 | USD | 1074593 | &nbsp;&nbsp; (6062)<br>|
| JPY | &nbsp;&nbsp; 2785790630 | BOA | 01/23/26 | USD | 18483831 | &nbsp;&nbsp; 671949 |
| JPY | &nbsp;&nbsp; 2776544905 | JPMC | 03/12/26 | USD | 17941355 | &nbsp;&nbsp; 114745 |
| JPY | &nbsp;&nbsp; 16803731 | SSBT | 01/23/26 | USD | 107942 | &nbsp;&nbsp; 501 |
| KRW | &nbsp;&nbsp; 3919697206 | BOA | 01/09/26 | USD | 2805455 | &nbsp;&nbsp; 84158 |
| KRW | &nbsp;&nbsp; 806254934 | CBNA | 01/09/26 | USD | 565539 | &nbsp;&nbsp; 5787 |
| MXN | &nbsp;&nbsp; 141817754 | BNP | 03/12/26 | USD | 7823349 | &nbsp;&nbsp; (1157)<br>|
| MXN | &nbsp;&nbsp; 43349506 | MSCS | 03/12/26 | USD | 2389357 | &nbsp;&nbsp; (2364)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-43**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| MYR | &nbsp;&nbsp; 7700738 | GSI | 02/12/26 | USD | 1862196 | &nbsp;&nbsp; $(37462)<br>|
| PEN | &nbsp;&nbsp; 1904589 | MSCS | 01/09/26 | USD | 562822 | &nbsp;&nbsp; (3748)<br>|
| PEN | &nbsp;&nbsp; 1428990 | MSCS | 01/09/26 | USD | 422278 | &nbsp;&nbsp; (2812)<br>|
| PLN | &nbsp;&nbsp; 6151520 | UBSA | 01/22/26 | USD | 1685731 | &nbsp;&nbsp; (27610)<br>|
| SEK | &nbsp;&nbsp; 10843444 | HSBCU | 02/13/26 | USD | 1148819 | &nbsp;&nbsp; (31420)<br>|
| THB | &nbsp;&nbsp; 34235337 | CBNA | 01/15/26 | USD | 1090471 | &nbsp;&nbsp; 3192 |
| THB | &nbsp;&nbsp; 100281625 | SSBT | 01/15/26 | USD | 3110569 | &nbsp;&nbsp; (74272)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |
| MXN | &nbsp;&nbsp; 19632022 | GSI | 03/12/26<br> CAD | 1485562 | &nbsp;&nbsp; (2437)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1037869)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 3 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 80 | AUD | 8399645 | &nbsp;&nbsp; $(5697)<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 85 | AUD | 9306145 | &nbsp;&nbsp; 8686 |
| Canada Government Bond 5 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 71 | CAD | 8043590 | &nbsp;&nbsp; (13590)<br>|
| Euro-BTP Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 14 | EUR | 1682520 | &nbsp;&nbsp; (3470)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 6 | EUR | 765420 | &nbsp;&nbsp; (7269)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 13 | EUR | 1431560 | &nbsp;&nbsp; (27514)<br>|
| Euro-OAT Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 29 | EUR | 3497110 | &nbsp;&nbsp; (12301)<br>|
| Euro-Schatz Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 22 | EUR | 2349380 | &nbsp;&nbsp; (3644)<br>|
| Japanese Government Bond 10 Year Mini Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 7 | JPY | 92575000 | &nbsp;&nbsp; (5641)<br>|
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 2 | GBP | 182740 | &nbsp;&nbsp; 1642 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 13 | USD | 1502719 | &nbsp;&nbsp; 543 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 270 | USD | 56373046 | &nbsp;&nbsp; (5218)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 160 | USD | 17488750 | &nbsp;&nbsp; (12378)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 41 | USD | 4838000 | &nbsp;&nbsp; (51003)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (40)<br>| CAD | (4836400)<br>| &nbsp;&nbsp; 38410 |
| Euro-Bobl Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (20)<br>| EUR | (2323200)<br>| &nbsp;&nbsp; 11730 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (2)<br>| USD | (230031)<br>| &nbsp;&nbsp; 310 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(86404)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 1-Day CDI | Maturity | 13.185<br> %<br>| Maturity | 01/02/31 | BRL | 20015293 | $(11336)<br>| $— | $(11336)<br>|
| Pay | 1-Day CDI | Maturity | 13.500<br> %<br>| Maturity | 01/02/31 | BRL | 4383000 | 3845 |  | 3845 |
| Pay | 1-Day CDI | Maturity | 13.500<br> %<br>| Maturity | 01/02/31 | BRL | 15978715 | 14097 |  | 14097 |
| Pay | 3M NZDBB | Quarterly | 4.153<br> %<br>| Quarterly | 03/18/35 | NZD | 3204000 | 17687 |  | 17687 |
| Pay | 3M NZDBB | Quarterly | 4.155<br> %<br>| Quarterly | 03/18/35 | NZD | 1626000 | 9158 |  | 9158 |
| Pay | 7-Day CNRR | Quarterly | 1.571<br> %<br>| Quarterly | 02/20/30 | CNY | 53440000 | 896 |  | 896 |
| Pay | 7-Day CNRR | Quarterly | 1.583<br> %<br>| Quarterly | 04/03/30 | CNY | 16879000 | 1193 |  | 1193 |

---

*See accompanying notes to financial statements.*

**BHFTI-44**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <sup>(1)</sup><br>|
| Pay | 7-Day CNRR | Quarterly | 1.591<br> %<br>| Quarterly | 04/03/30 | CNY | 18231000 | $2142 | $— | $2142 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $37682 | $— | $37682 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ITRX.AUS.44.V1 | (1.000%) | Quarterly | 12/20/30 | 0.644% | USD | 3110000 | $(50391) | $(47390) | $(3001) |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.EM.44.V1 | 1.000% | Quarterly | 12/20/30 | 1.242% | USD | 9400000 | $(101181) | $(139646) | $38465 |
| CDX.NA.IG.45.V1 | 1.000% | Quarterly | 12/20/30 | 0.500% | USD | 3110000 | 70488 | 67810 | 2678 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(30693) | $(71836) | $41143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; $41143 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; $3001 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 1202977 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 2240846 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 49018 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 11336 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 61321 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 147725 |
| Total |  | &nbsp;&nbsp; $1354459 |  | &nbsp;&nbsp; $2402908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-45**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $793589 | &nbsp;&nbsp;&nbsp;&nbsp; $(282418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $511171 |
| BNP Paribas SA | &nbsp;&nbsp; 6119 | &nbsp;&nbsp;&nbsp;&nbsp; (6119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 25250 | &nbsp;&nbsp;&nbsp;&nbsp; (16508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8742 |
| HSBC Bank USA | &nbsp;&nbsp; 8358 | &nbsp;&nbsp;&nbsp;&nbsp; (8358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 122202 | &nbsp;&nbsp;&nbsp;&nbsp; (65130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57072 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp; (2505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 8935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8935 |
| Standard Chartered Bank | &nbsp;&nbsp; 11967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11967 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 219735 | &nbsp;&nbsp;&nbsp;&nbsp; (150160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69575 |
| UBS AG | &nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp; (4317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1202977 | &nbsp;&nbsp;&nbsp;&nbsp; $(535515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $667462 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $282418 | &nbsp;&nbsp;&nbsp;&nbsp; $(282418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 197471 | &nbsp;&nbsp;&nbsp;&nbsp; (6119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191352 |
| Citibank NA | &nbsp;&nbsp; 16508 | &nbsp;&nbsp;&nbsp;&nbsp; (16508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 284527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 284527 |
| Goldman Sachs International | &nbsp;&nbsp; 103802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103802 |
| HSBC Bank USA | &nbsp;&nbsp; 67573 | &nbsp;&nbsp;&nbsp;&nbsp; (8358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59215 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 65130 | &nbsp;&nbsp;&nbsp;&nbsp; (65130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 548999 | &nbsp;&nbsp;&nbsp;&nbsp; (2505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546494 |
| Societe Generale Paris | &nbsp;&nbsp; 251008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251008 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 150160 | &nbsp;&nbsp;&nbsp;&nbsp; (150160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 273250 | &nbsp;&nbsp;&nbsp;&nbsp; (4317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268933 |
|  | &nbsp;&nbsp; $2240846 | &nbsp;&nbsp;&nbsp;&nbsp; $(535515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1705331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5263577)<br>| &nbsp;&nbsp;&nbsp; $(5263577)<br>|
| Futures contracts | &nbsp;&nbsp; 1709108 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1709108 |
| Swap contracts | &nbsp;&nbsp; 778953 | &nbsp;&nbsp;&nbsp; (766972)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11981 |
|  | &nbsp;&nbsp; $2488061 | &nbsp;&nbsp;&nbsp; $(766972)<br>| &nbsp;&nbsp;&nbsp; $(5263577)<br>| &nbsp;&nbsp;&nbsp; $(3542488)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-46**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7730314)<br>| &nbsp;&nbsp;&nbsp; $(7730314)<br>|
| Futures contracts | &nbsp;&nbsp; 186250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 186250 |
| Swap contracts | &nbsp;&nbsp; (437226)<br>| &nbsp;&nbsp;&nbsp; 9017 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (428209)<br>|
|  | &nbsp;&nbsp; $(250976)<br>| &nbsp;&nbsp;&nbsp; $9017 | &nbsp;&nbsp;&nbsp; $(7730314)<br>| &nbsp;&nbsp;&nbsp; $(7972273)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $274138485 |
| Futures contracts long | &nbsp;&nbsp; 102893686 |
| Futures contracts short | &nbsp;&nbsp; (13319710)<br>|
| Swap contracts | &nbsp;&nbsp; 39839783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Foreign Government\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247509312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247509312 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 125329426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125329426 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5502232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5502232 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4452988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4452988 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2654475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2654475 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 471601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 471601 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7903981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7903981 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 740000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 371313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 371313 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 371313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111313 |
| Total Investments | &nbsp;&nbsp; $740000 | &nbsp;&nbsp; $394195328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $394935328 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1111313)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1111313)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1202977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1202977 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2240846)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2240846)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1037869)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1037869)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $61321 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61321 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (147725)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (147725)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(86404)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(86404)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90161 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90161 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (14337)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14337)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75824 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-47**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $394935328 |
| Cash | &nbsp;&nbsp; 23096 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 331179 |
| Cash collateral (d) | &nbsp;&nbsp; 2827325 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1202977 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5300929 |
| Fund shares sold | &nbsp;&nbsp; 1566 |
| Interest | &nbsp;&nbsp; 5696264 |
| Prepaid expenses | &nbsp;&nbsp; 1438 |
| Total Assets | &nbsp;&nbsp; 410320102 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 2240846 |
| Collateral for securities loaned | &nbsp;&nbsp; 1111313 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5298845 |
| Fund shares redeemed | &nbsp;&nbsp; 160583 |
| Foreign taxes | &nbsp;&nbsp; 10727 |
| Variation margin on futures contracts | &nbsp;&nbsp; 45442 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1648 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 176726 |
| Distribution and service fees | &nbsp;&nbsp; 3040 |
| Deferred trustees' fees | &nbsp;&nbsp; 132928 |
| Other expenses | &nbsp;&nbsp; 334379 |
| Total Liabilities | &nbsp;&nbsp; 9516477 |
| **Net Assets**  | &nbsp;&nbsp; $400803625 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $532967501 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; (132163876)<br>|
| **Net Assets**  | &nbsp;&nbsp; $400803625 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $386431017 |
| Class B | &nbsp;&nbsp; 14372608 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 48598017 |
| Class B | &nbsp;&nbsp; 1819295 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $7.95 |
| Class B | 7.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $394,246,000.

(b) Includes securities loaned at value of $11,755,877.

(c) Identified cost of cash denominated in foreign currencies was $331,593.

(d) Includes collateral of $1,175,585 for futures contracts and $1,651,740 for centrally cleared swap contracts. 

(e) Includes foreign capital gains tax of $10,727.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $24296042 |
| Securities lending income | &nbsp;&nbsp; 18307 |
| Total investment income | &nbsp;&nbsp; 24314349 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2191484 |
| Administration fees | &nbsp;&nbsp; 49678 |
| Custodian and accounting fees | &nbsp;&nbsp; 119795 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 32909 |
| Audit and tax services | &nbsp;&nbsp; 97908 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 4227 |
| Insurance | &nbsp;&nbsp; 3839 |
| Miscellaneous | &nbsp;&nbsp; 38167 |
| Total expenses | &nbsp;&nbsp; 2648592 |
| **Net Investment Income** | &nbsp;&nbsp; 21665757 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; (2556094)<br>|
| Futures contracts | &nbsp;&nbsp; 1709108 |
| Swap contracts | &nbsp;&nbsp; 11981 |
| Foreign currency transactions | &nbsp;&nbsp; 172105 |
| Forward foreign currency transactions | &nbsp;&nbsp; (5263577)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (5926477)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 24064010 |
| Futures contracts | &nbsp;&nbsp; 186250 |
| Swap contracts | &nbsp;&nbsp; (428209)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 64270 |
| Forward foreign currency transactions | &nbsp;&nbsp; (7730314)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16156007 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 10229530 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $31895287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $29,839.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $912.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(10,320).

*See accompanying notes to financial statements.*

**BHFTI-48**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $21665757 | &nbsp;&nbsp; $25894020 |
| Net realized gain (loss) | &nbsp;&nbsp; (5926477)<br>| &nbsp;&nbsp; (14265552)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16156007 | &nbsp;&nbsp; 16748921 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 31895287 | &nbsp;&nbsp; 28377389 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (37756497)<br>| &nbsp;&nbsp; (17308852)<br>|
| Class B | &nbsp;&nbsp; (1179103)<br>| &nbsp;&nbsp; (408887)<br>|
| **Total distributions** | &nbsp;&nbsp; (38935600)<br>| &nbsp;&nbsp; (17717739)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (51959609)<br>| &nbsp;&nbsp; (94091128)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (58999922)<br>| &nbsp;&nbsp; (83431478)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 459803547 | &nbsp;&nbsp; 543235025 |
| End of period | &nbsp;&nbsp; $400803625 | &nbsp;&nbsp; $459803547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 216781 | &nbsp;&nbsp; $1787133 | &nbsp;&nbsp; 28088 | &nbsp;&nbsp; $225922 |
| Reinvestments | &nbsp;&nbsp; 4981068 | &nbsp;&nbsp; 37756497 | &nbsp;&nbsp; 2219084 | &nbsp;&nbsp; 17308852 |
| Redemptions | &nbsp;&nbsp; (11491821)<br>| &nbsp;&nbsp; (93135045)<br>| &nbsp;&nbsp; (13997876)<br>| &nbsp;&nbsp; (112744875)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (6293972)<br>| &nbsp;&nbsp; $(53591415)<br>| &nbsp;&nbsp; (11750704)<br>| &nbsp;&nbsp; $(95210101)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 298094 | &nbsp;&nbsp; $2332059 | &nbsp;&nbsp; 204850 | &nbsp;&nbsp; $1633603 |
| Reinvestments | &nbsp;&nbsp; 156380 | &nbsp;&nbsp; 1179103 | &nbsp;&nbsp; 52624 | &nbsp;&nbsp; 408887 |
| Redemptions | &nbsp;&nbsp; (234089)<br>| &nbsp;&nbsp; (1879356)<br>| &nbsp;&nbsp; (115654)<br>| &nbsp;&nbsp; (923517)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 220385 | &nbsp;&nbsp; $1631806 | &nbsp;&nbsp; 141820 | &nbsp;&nbsp; $1118973 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(51959609)<br>|  | &nbsp;&nbsp; $(94091128)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-49**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.65 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total income (loss) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.95 | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $10.40 |
| **Total Return (%)** (b) | 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp; (15.47)<br>| &nbsp;&nbsp; (1.83)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (c) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Ratio of net investment income (loss) to average net assets (%) | 5.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 98 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $386.4 | &nbsp;&nbsp; $446.9 | &nbsp;&nbsp; $531.7 | &nbsp;&nbsp; $543.9 | &nbsp;&nbsp; $811.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $7.66 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $10.62 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total income (loss) from investment operations | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.00 ) (d)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.90 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $7.66 | &nbsp;&nbsp; $10.35 |
| **Total Return (%)** (b) | 7.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp; (15.64)<br>| &nbsp;&nbsp; (2.12)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (c) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 98 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $14.4 | &nbsp;&nbsp; $12.9 | &nbsp;&nbsp; $11.6 | &nbsp;&nbsp; $9.9 | &nbsp;&nbsp; $11.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions from net investment income were less than $0.01.

*See accompanying notes to financial statements.*

**BHFTI-50**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—96.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| L3Harris Technologies, Inc.  | 9539 | &nbsp;&nbsp; $2800364 |
| StandardAero, Inc. (a) | 188421 | &nbsp;&nbsp; 5403914 |
|  |  | &nbsp;&nbsp; 8204278 |
| **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
| Aptiv PLC (a) | 51158 | &nbsp;&nbsp; 3892612 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Fifth Third Bancorp (b) | 152509 | &nbsp;&nbsp; 7138946 |
| First Citizens BancShares, Inc. - Class A (b) | 1208 | &nbsp;&nbsp; 2592586 |
| Regions Financial Corp. (b) | 152331 | &nbsp;&nbsp; 4128170 |
|  |  | &nbsp;&nbsp; 13859702 |
| **Beverages — 2.6%** | **Beverages — 2.6%** | **Beverages — 2.6%** |
| Keurig Dr. Pepper, Inc.  | 243537 | &nbsp;&nbsp; 6821472 |
| Primo Brands Corp. (b) | 68458 | &nbsp;&nbsp; 1119288 |
|  |  | &nbsp;&nbsp; 7940760 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Carlisle Cos., Inc. (b) | 9477 | &nbsp;&nbsp; 3031313 |
| **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| Jefferies Financial Group, Inc.  | 133592 | &nbsp;&nbsp; 8278696 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Eastman Chemical Co. (b) | 34028 | &nbsp;&nbsp; 2172007 |
| RPM International, Inc. (b) | 33985 | &nbsp;&nbsp; 3534440 |
|  |  | &nbsp;&nbsp; 5706447 |
| **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** |
| Republic Services, Inc.  | 20697 | &nbsp;&nbsp; 4386315 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| API Group Corp. (a) | 79882 | &nbsp;&nbsp; 3056285 |
| **Construction Materials — 3.5%** | **Construction Materials — 3.5%** | **Construction Materials — 3.5%** |
| Amrize Ltd. (a) | 57473 | &nbsp;&nbsp; 3108140 |
| Vulcan Materials Co.  | 25724 | &nbsp;&nbsp; 7336999 |
|  |  | &nbsp;&nbsp; 10445139 |
| **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** |
| Graphic Packaging Holding Co. (b) | 344743 | &nbsp;&nbsp; 5191830 |
| **Electric Utilities — 5.5%** | **Electric Utilities — 5.5%** | **Electric Utilities — 5.5%** |
| American Electric Power Co., Inc.  | 79290 | &nbsp;&nbsp; 9142930 |
| FirstEnergy Corp. (b) | 167706 | &nbsp;&nbsp; 7508198 |
|  |  | &nbsp;&nbsp; 16651128 |
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| CDW Corp.  | 34610 | &nbsp;&nbsp; 4713882 |
| Keysight Technologies, Inc. (a) | 33508 | &nbsp;&nbsp; 6808490 |
| Novanta, Inc. (a) | 6233 | &nbsp;&nbsp; 741665 |
|  |  | &nbsp;&nbsp; 12264037 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Baker Hughes Co.  | 136355 | &nbsp;&nbsp; 6209607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** |
| Canadian Pacific Kansas City Ltd. (b) | 71919 | &nbsp;&nbsp; $5295396 |
| Knight-Swift Transportation Holdings, Inc. (b) | 86041 | &nbsp;&nbsp; 4498223 |
|  |  | &nbsp;&nbsp; 9793619 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Alcon AG (b) | 52606 | &nbsp;&nbsp; 4145879 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| Humana, Inc.  | 10025 | &nbsp;&nbsp; 2567703 |
| Labcorp Holdings, Inc. (b) | 34488 | &nbsp;&nbsp; 8652350 |
|  |  | &nbsp;&nbsp; 11220053 |
| **Household Durables — 2.0%** | **Household Durables — 2.0%** | **Household Durables — 2.0%** |
| DR Horton, Inc.  | 20591 | &nbsp;&nbsp; 2965722 |
| Somnigroup International, Inc.  | 33956 | &nbsp;&nbsp; 3031591 |
|  |  | &nbsp;&nbsp; 5997313 |
| **Household Products — 1.6%** | **Household Products — 1.6%** | **Household Products — 1.6%** |
| Church & Dwight Co., Inc.  | 56922 | &nbsp;&nbsp; 4772910 |
| **Insurance — 5.2%** | **Insurance — 5.2%** | **Insurance — 5.2%** |
| Arch Capital Group Ltd. (a) | 64710 | &nbsp;&nbsp; 6206983 |
| Brown & Brown, Inc. (b) | 50889 | &nbsp;&nbsp; 4055854 |
| Loews Corp.  | 51852 | &nbsp;&nbsp; 5460534 |
|  |  | &nbsp;&nbsp; 15723371 |
| **IT Services — 2.4%** | **IT Services — 2.4%** | **IT Services — 2.4%** |
| Amdocs Ltd. (b) | 58830 | &nbsp;&nbsp; 4736403 |
| Okta, Inc. (a) | 28556 | &nbsp;&nbsp; 2469238 |
|  |  | &nbsp;&nbsp; 7205641 |
| **Life Sciences Tools & Services — 5.5%** | **Life Sciences Tools & Services — 5.5%** | **Life Sciences Tools & Services — 5.5%** |
| Charles River Laboratories International, Inc. (a) | 36774 | &nbsp;&nbsp; 7335678 |
| ICON PLC (a) (b) | 19037 | &nbsp;&nbsp; 3468922 |
| Qiagen NV (b) | 57816 | &nbsp;&nbsp; 2599986 |
| Revvity, Inc.  | 31222 | &nbsp;&nbsp; 3020728 |
|  |  | &nbsp;&nbsp; 16425314 |
| **Machinery — 5.7%** | **Machinery — 5.7%** | **Machinery — 5.7%** |
| Donaldson Co., Inc.  | 17090 | &nbsp;&nbsp; 1515199 |
| Gates Industrial Corp. PLC (a) | 236279 | &nbsp;&nbsp; 5072910 |
| Ingersoll Rand, Inc. (b) | 28234 | &nbsp;&nbsp; 2236698 |
| Mueller Industries, Inc. (b) | 23490 | &nbsp;&nbsp; 2696652 |
| Toro Co.  | 70377 | &nbsp;&nbsp; 5540077 |
|  |  | &nbsp;&nbsp; 17061536 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| NIQ Global Intelligence PLC (a) (b) | 52315 | &nbsp;&nbsp; 862674 |
| **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| Freeport-McMoRan, Inc.  | 82138 | &nbsp;&nbsp; 4171789 |
| Nucor Corp. (b) | 9589 | &nbsp;&nbsp; 1564062 |
|  |  | &nbsp;&nbsp; 5735851 |

---

*See accompanying notes to financial statements.*

**BHFTI-51**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

**Rights—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mortgage Real Estate Investment Trusts — 2.3%** | **Mortgage Real Estate Investment Trusts — 2.3%** | **Mortgage Real Estate Investment Trusts — 2.3%** |
| Annaly Capital Management, Inc.  | 306857 | &nbsp;&nbsp; $6861323 |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| BXP, Inc. (b) | 37931 | &nbsp;&nbsp; 2559584 |
| **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** |
| EOG Resources, Inc.  | 36347 | &nbsp;&nbsp; 3816798 |
| EQT Corp.  | 93933 | &nbsp;&nbsp; 5034809 |
| Valero Energy Corp. (b) | 26892 | &nbsp;&nbsp; 4377749 |
|  |  | &nbsp;&nbsp; 13229356 |
| **Professional Services — 3.4%** | **Professional Services — 3.4%** | **Professional Services — 3.4%** |
| Booz Allen Hamilton Holding Corp.  | 48480 | &nbsp;&nbsp; 4089773 |
| Jacobs Solutions, Inc.  | 45419 | &nbsp;&nbsp; 6016201 |
|  |  | &nbsp;&nbsp; 10105974 |
| **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** |
| CBRE Group, Inc. - Class A (a) | 22307 | &nbsp;&nbsp; 3586743 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| ON Semiconductor Corp. (a) | 101891 | &nbsp;&nbsp; 5517398 |
| Qnity Electronics, Inc. - Class W/I | 9504 | &nbsp;&nbsp; 776002 |
| Teradyne, Inc.  | 56681 | &nbsp;&nbsp; 10971174 |
|  |  | &nbsp;&nbsp; 17264574 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| Weyerhaeuser Co. (b) | 207540 | &nbsp;&nbsp; 4916623 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| AutoZone, Inc. (a) | 1382 | &nbsp;&nbsp; 4687053 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| PVH Corp. (b) | 39771 | &nbsp;&nbsp; 2665452 |
| **Trading Companies & Distributors — 3.8%** | **Trading Companies & Distributors — 3.8%** | **Trading Companies & Distributors — 3.8%** |
| AerCap Holdings NV | 42695 | &nbsp;&nbsp; 6137833 |
| WESCO International, Inc. (b) | 21817 | &nbsp;&nbsp; 5337311 |
|  |  | &nbsp;&nbsp; 11475144 |
| **Water Utilities — 1.7%** | **Water Utilities — 1.7%** | **Water Utilities — 1.7%** |
| American Water Works Co., Inc.  | 39877 | &nbsp;&nbsp; 5203948 |
| Total Common Stocks <br>(Cost $242,689,755) <br>|  | &nbsp;&nbsp; 290618084 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd., Expires 07/24/27 (a) (c) (d) <br>(Cost $175,712)<br>| 30257 | &nbsp;&nbsp; 0 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Tontine Holdings Ltd. (a) (c) (d) <br>(Cost $0)<br>| 277348 | &nbsp;&nbsp; 0 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd. (a) <br>(Cost $0)<br>| 84465 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.4%** | **Short-Term Investments—3.4%** | **Short-Term Investments—3.4%** |
| **Repurchase Agreement—3.4%** | **Repurchase Agreement—3.4%** | **Repurchase Agreement—3.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $10,131,537; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $10,332,913<br>| 10130130 | &nbsp;&nbsp; 10130130 |
| Total Short-Term Investments <br>(Cost $10,130,130) <br>|  | &nbsp;&nbsp; 10130130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—21.0%** | **Securities Lending Reinvestments (e)—21.0%** | **Securities Lending Reinvestments (e)—21.0%** |
| **Short-Term Investment Funds—5.3%** | **Short-Term Investment Funds—5.3%** | **Short-Term Investment Funds—5.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 16000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.3%** | **Certificate of Deposit—0.3%** | **Certificate of Deposit—0.3%** |
| Bank of Montreal |  |  |
| 4.120%, SOFR + 0.350%, 05/14/26 (g) | 1000000 | &nbsp;&nbsp; 1000025 |
| **Repurchase Agreements—14.7%** | **Repurchase Agreements—14.7%** | **Repurchase Agreements—14.7%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $800,171; collateralized by <br> various Common Stock with an aggregate market value of <br> $890,941<br>| 800000 | &nbsp;&nbsp; 800000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $5,001,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $5,100,004<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-52**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $293,857; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $299,734<br>| 293794 | &nbsp;&nbsp; $293794 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $4,000,869; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,935<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $2,900,622; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,233,144<br>| 2900000 | &nbsp;&nbsp; 2900000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $7,001,501; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,778,625<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $2,001,509; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,371<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $200,041; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $6,004,655; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,667,585<br>| 6000000 | &nbsp;&nbsp; $6000000 |
|  |  | &nbsp;&nbsp; 44193794 |
| **Time Deposit—0.7%** | **Time Deposit—0.7%** | **Time Deposit—0.7%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $63,193,794) <br>|  | &nbsp;&nbsp; 63193819 |
| Total Investments—121.0% <br>(Cost $316,189,391) <br>|  | &nbsp;&nbsp; 363942033 |
| Other assets and liabilities (net)—(21.0)%  |  | &nbsp;&nbsp; (63281309)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $300660724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $66,370,188 and the collateral received consisted of cash in the amount of $63,193,794 and non-cash collateral with a value of $5,268,209. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets. 

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

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(f) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(g) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $104655091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136802456 |

---

*See accompanying notes to financial statements.*

**BHFTI-53**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(63193794)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(63193794)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(63193794)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $290618084 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290618084 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10130130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10130130 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000025 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 44193794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44193794 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 47193819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63193819 |
| Total Investments | &nbsp;&nbsp; $306618084 | &nbsp;&nbsp; $57323949 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $363942033 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(63193794)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(63193794)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-54**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $363942033 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 51343 |
| Fund shares sold | &nbsp;&nbsp; 6 |
| Dividends and interest | &nbsp;&nbsp; 496684 |
| Prepaid expenses | &nbsp;&nbsp; 1071 |
| Total Assets | &nbsp;&nbsp; 364491137 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 63193794 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 46727 |
| Fund shares redeemed | &nbsp;&nbsp; 9337 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 171560 |
| Distribution and service fees | &nbsp;&nbsp; 26069 |
| Deferred trustees' fees | &nbsp;&nbsp; 250956 |
| Other expenses | &nbsp;&nbsp; 131970 |
| Total Liabilities | &nbsp;&nbsp; 63830413 |
| **Net Assets**  | &nbsp;&nbsp; $300660724 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $221264814 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 79395910 |
| **Net Assets**  | &nbsp;&nbsp; $300660724 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $179873604 |
| Class B | &nbsp;&nbsp; 120787120 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 17797142 |
| Class B | &nbsp;&nbsp; 11977121 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.11 |
| Class B | 10.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $316,189,391.

(b) Includes securities loaned at value of $66,370,188.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $5670371 |
| Interest | &nbsp;&nbsp; 220513 |
| Securities lending income | &nbsp;&nbsp; 59763 |
| Total investment income | &nbsp;&nbsp; 5950647 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2236940 |
| Administration fees | &nbsp;&nbsp; 33137 |
| Custodian and accounting fees | &nbsp;&nbsp; 21793 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 311139 |
| Audit and tax services | &nbsp;&nbsp; 49982 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 24263 |
| Insurance | &nbsp;&nbsp; 2859 |
| Miscellaneous | &nbsp;&nbsp; 13611 |
| Total expenses | &nbsp;&nbsp; 2804309 |
| Less management fee waiver | &nbsp;&nbsp; (215139)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (3894)<br>|
| Net expenses | &nbsp;&nbsp; 2585276 |
| **Net Investment Income** | &nbsp;&nbsp; 3365371 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 28779963 |
| Foreign currency transactions | &nbsp;&nbsp; 157 |
| Net realized gain (loss) | &nbsp;&nbsp; 28780120 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (14210325)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (30)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14210355)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 14569765 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $17935136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $11,434.

*See accompanying notes to financial statements.*

**BHFTI-55**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3365371 | &nbsp;&nbsp; $4754813 |
| Net realized gain (loss) | &nbsp;&nbsp; 28780120 | &nbsp;&nbsp; 50466627 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14210355)<br>| &nbsp;&nbsp; (10956080)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 17935136 | &nbsp;&nbsp; 44265360 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (33013033)<br>| &nbsp;&nbsp; (17032806)<br>|
| Class B | &nbsp;&nbsp; (22066341)<br>| &nbsp;&nbsp; (9971231)<br>|
| **Total distributions** | &nbsp;&nbsp; (55079374)<br>| &nbsp;&nbsp; (27004037)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 23615339 | &nbsp;&nbsp; (71433480)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (13528899)<br>| &nbsp;&nbsp; (54172157)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 314189623 | &nbsp;&nbsp; 368361780 |
| End of period | &nbsp;&nbsp; $300660724 | &nbsp;&nbsp; $314189623 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 188343 | &nbsp;&nbsp; $2093165 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; $42063 |
| Reinvestments | &nbsp;&nbsp; 3464117 | &nbsp;&nbsp; 33013033 | &nbsp;&nbsp; 1540037 | &nbsp;&nbsp; 17032806 |
| Redemptions | &nbsp;&nbsp; (1659665)<br>| &nbsp;&nbsp; (17005290)<br>| &nbsp;&nbsp; (6339007)<br>| &nbsp;&nbsp; (76185871)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1992795 | &nbsp;&nbsp; $18100908 | &nbsp;&nbsp; (4795245)<br>| &nbsp;&nbsp; $(59111002)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 447689 | &nbsp;&nbsp; $4690629 | &nbsp;&nbsp; 305097 | &nbsp;&nbsp; $3601180 |
| Reinvestments | &nbsp;&nbsp; 2317893 | &nbsp;&nbsp; 22066341 | &nbsp;&nbsp; 902374 | &nbsp;&nbsp; 9971231 |
| Redemptions | &nbsp;&nbsp; (2023407)<br>| &nbsp;&nbsp; (21242539)<br>| &nbsp;&nbsp; (2206156)<br>| &nbsp;&nbsp; (25894889)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 742175 | &nbsp;&nbsp; $5514431 | &nbsp;&nbsp; (998685)<br>| &nbsp;&nbsp; $(12322478)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $23615339 |  | &nbsp;&nbsp; $(71433480)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-56**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $12.32 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| Total income (loss) from investment operations | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $15.80 |
| **Total Return (%)** (b) | 6.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.35 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets (%) (c) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $179.9 | &nbsp;&nbsp; $183.8 | &nbsp;&nbsp; $231.3 | &nbsp;&nbsp; $258.5 | &nbsp;&nbsp; $356.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $11.20 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $12.30 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Total income (loss) from investment operations | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $11.20 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $15.76 |
| **Total Return (%)** (b) | 5.77 | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.95 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net ratio of expenses to average net assets (%) (c) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Ratio of net investment income (loss) to average net assets (%) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $120.8 | &nbsp;&nbsp; $130.4 | &nbsp;&nbsp; $137.1 | &nbsp;&nbsp; $136.8 | &nbsp;&nbsp; $164.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-57**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 7099011 | &nbsp;&nbsp; $336635078 |
| American Funds American Mutual Fund (Class R-6) | 4428482 | &nbsp;&nbsp; 263538972 |
| American Funds Capital World Bond Fund (Class 1) (a) | 4261510 | &nbsp;&nbsp; 43552630 |
| American Funds Fundamental Investors Fund (Class R-6) | 3513114 | &nbsp;&nbsp; 322960614 |
| American Funds Growth Fund (Class 1) | 2173800 | &nbsp;&nbsp; 306636157 |
| American Funds Growth-Income Fund (Class 1) | 4325179 | &nbsp;&nbsp; 292944384 |
| American Funds High-Income Trust Fund (Class R-6) | 5892819 | &nbsp;&nbsp; 58456767 |
| American Funds International Fund (Class 1) (a) | 11922168 | &nbsp;&nbsp; 266222009 |
| American Funds International Growth & Income Fund (Class R-6) <br> (a)<br>| 7260635 | &nbsp;&nbsp; 324114724 |
| American Funds New World Fund (Class 1) | 2727436 | &nbsp;&nbsp; 88559863 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 1911147 | &nbsp;&nbsp; 145801412 |
| American Funds The Bond Fund of America (Class 1) | 15176704 | &nbsp;&nbsp; 144482220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 3581772 | &nbsp;&nbsp; $43482717 |
| American Funds Washington Mutual Investors Fund (Class 1) | 16087636 | &nbsp;&nbsp; 292473220 |
| Total Investment Companies <br>(Cost $2,365,427,543) <br>|  | &nbsp;&nbsp; 2929860767 |
| Total Investments—100.1% <br>(Cost $2,365,427,543) <br>|  | &nbsp;&nbsp; 2929860767 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1877651)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2927983116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended ended December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $40719097 | &nbsp;&nbsp; $3711570 | &nbsp;&nbsp; $(3371808)<br>| &nbsp;&nbsp; $(659496)<br>| &nbsp;&nbsp; $3153267 | &nbsp;&nbsp; $43552630 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; 244239064 | &nbsp;&nbsp; 4717685 | &nbsp;&nbsp; (41774934)<br>| &nbsp;&nbsp; 7802057 | &nbsp;&nbsp; 51238137 | &nbsp;&nbsp; 266222009 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 302509305 | &nbsp;&nbsp; 35794650 | &nbsp;&nbsp; (84346515)<br>| &nbsp;&nbsp; 5144624 | &nbsp;&nbsp; 65012660 | &nbsp;&nbsp; 324114724 |
|  | &nbsp;&nbsp; $587467466 | &nbsp;&nbsp; $44223905 | &nbsp;&nbsp; $(129493257)<br>| &nbsp;&nbsp; $12287185 | &nbsp;&nbsp; $119404064 | &nbsp;&nbsp; $633889363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1358539 | &nbsp;&nbsp; 4261510 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3901913 | &nbsp;&nbsp; 11922168 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 17008087 | &nbsp;&nbsp; 9508896 | &nbsp;&nbsp; 7260635 |
|  | &nbsp;&nbsp; $17008087 | &nbsp;&nbsp; $14769348 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269087443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $487468718 |

---

*See accompanying notes to financial statements.*

**BHFTI-58**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $2929860767 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2929860767 |
| Total Investments | &nbsp;&nbsp; $2929860767 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2929860767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-59**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $2295971404 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 633889363 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 32348 |
| Affiliated investments sold | &nbsp;&nbsp; 464001 |
| Fund shares sold | &nbsp;&nbsp; 319446 |
| Dividends | &nbsp;&nbsp; 489857 |
| Prepaid expenses | &nbsp;&nbsp; 10317 |
| Total Assets | &nbsp;&nbsp; 2931176736 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 489857 |
| Fund shares redeemed | &nbsp;&nbsp; 815795 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 156579 |
| Distribution and service fees | &nbsp;&nbsp; 1359663 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 120771 |
| Total Liabilities | &nbsp;&nbsp; 3193620 |
| **Net Assets**  | &nbsp;&nbsp; $2927983116 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2032357341 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 895625775 |
| **Net Assets**  | &nbsp;&nbsp; $2927983116 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $48594655 |
| Class C | &nbsp;&nbsp; 2879388461 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 4766923 |
| Class C | &nbsp;&nbsp; 287222274 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $10.19 |
| Class C | 10.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,807,815,799.

(b) Identified cost of affiliated investments was $557,611,744.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $31842670 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 14769348 |
| Total investment income | &nbsp;&nbsp; 46612018 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1813376 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 12957 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 113024 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 15573489 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 40311 |
| Insurance | &nbsp;&nbsp; 24627 |
| Miscellaneous | &nbsp;&nbsp; 26816 |
| Total expenses | &nbsp;&nbsp; 17780914 |
| **Net Investment Income** | &nbsp;&nbsp; 28831104 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 113034205 |
| Affiliated investments | &nbsp;&nbsp; 12287185 |
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 168330938 |
| Capital gain distributions from Affiliated Underlying Portfolios | &nbsp;&nbsp; 17008087 |
| Net realized gain (loss) | &nbsp;&nbsp; 310660415 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 67706749 |
| Affiliated investments | &nbsp;&nbsp; 119404064 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 187110813 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 497771228 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $526602332 |

---

*See accompanying notes to financial statements.*

**BHFTI-60**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $28831104 | &nbsp;&nbsp; $32994467 |
| Net realized gain (loss) | &nbsp;&nbsp; 310660415 | &nbsp;&nbsp; 202301880 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 187110813 | &nbsp;&nbsp; 157756626 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 526602332 | &nbsp;&nbsp; 393052973 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (3748297)<br>| &nbsp;&nbsp; (2196401)<br>|
| Class C | &nbsp;&nbsp; (231527679)<br>| &nbsp;&nbsp; (146360022)<br>|
| **Total distributions** | &nbsp;&nbsp; (235275976)<br>| &nbsp;&nbsp; (148556423)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (197360224)<br>| &nbsp;&nbsp; (231672525)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 93966132 | &nbsp;&nbsp; 12824025 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2834016984 | &nbsp;&nbsp; 2821192959 |
| End of period | &nbsp;&nbsp; $2927983116 | &nbsp;&nbsp; $2834016984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 112591 | &nbsp;&nbsp; $1079471 | &nbsp;&nbsp; 135378 | &nbsp;&nbsp; $1221104 |
| Reinvestments | &nbsp;&nbsp; 410997 | &nbsp;&nbsp; 3748297 | &nbsp;&nbsp; 249591 | &nbsp;&nbsp; 2196401 |
| Redemptions | &nbsp;&nbsp; (340211)<br>| &nbsp;&nbsp; (3272699)<br>| &nbsp;&nbsp; (247665)<br>| &nbsp;&nbsp; (2234256)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 183377 | &nbsp;&nbsp; $1555069 | &nbsp;&nbsp; 137304 | &nbsp;&nbsp; $1183249 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6136437 | &nbsp;&nbsp; $57320826 | &nbsp;&nbsp; 6334851 | &nbsp;&nbsp; $56684667 |
| Reinvestments | &nbsp;&nbsp; 25753914 | &nbsp;&nbsp; 231527679 | &nbsp;&nbsp; 16861754 | &nbsp;&nbsp; 146360022 |
| Redemptions | &nbsp;&nbsp; (51574626)<br>| &nbsp;&nbsp; (487763798)<br>| &nbsp;&nbsp; (49011316)<br>| &nbsp;&nbsp; (435900463)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (19684275)<br>| &nbsp;&nbsp; $(198915293)<br>| &nbsp;&nbsp; (25814711)<br>| &nbsp;&nbsp; $(232855774)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(197360224)<br>|  | &nbsp;&nbsp; $(231672525)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-61**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $10.73 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Total income (loss) from investment operations | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.12)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $11.95 |
| **Total Return (%)** (b) | 20.32 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.21 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 25 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $48.6 | &nbsp;&nbsp; $42.4 | &nbsp;&nbsp; $37.8 | &nbsp;&nbsp; $30.8 | &nbsp;&nbsp; $38.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $10.60 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Total income (loss) from investment operations | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $11.80 |
| **Total Return (%)** (b) | 19.90 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp; (18.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 25 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2879.4 | &nbsp;&nbsp; $2791.7 | &nbsp;&nbsp; $2783.4 | &nbsp;&nbsp; $2569.8 | &nbsp;&nbsp; $3503.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-62**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 6796312 | &nbsp;&nbsp; $322281137 |
| American Funds American Mutual Fund (Class R-6) | 4744890 | &nbsp;&nbsp; 282368427 |
| American Funds Capital World Bond Fund (Class 1) (a) | 10841041 | &nbsp;&nbsp; 110795438 |
| American Funds Fundamental Investors Fund (Class R-6) | 3516601 | &nbsp;&nbsp; 323281098 |
| American Funds Growth Fund (Class 1) | 2424309 | &nbsp;&nbsp; 341972960 |
| American Funds Growth-Income Fund (Class 1) | 5358846 | &nbsp;&nbsp; 362954629 |
| American Funds High-Income Trust Fund (Class R-6) | 18380833 | &nbsp;&nbsp; 182337868 |
| American Funds International Fund (Class 1) (a) | 12295828 | &nbsp;&nbsp; 274565840 |
| American Funds International Growth & Income Fund (Class R-6) <br> (a)<br>| 7952301 | &nbsp;&nbsp; 354990700 |
| American Funds New World Fund (Class 1) | 2501896 | &nbsp;&nbsp; 81236572 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 1578568 | &nbsp;&nbsp; 120428930 |
| American Funds The Bond Fund of America (Class 1) (a) | 55932599 | &nbsp;&nbsp; 532478344 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 34862825 | &nbsp;&nbsp; $423234696 |
| American Funds Washington Mutual Investors Fund (Class 1) (a) <br>| 17725552 | &nbsp;&nbsp; 322250532 |
| Total Investment Companies <br>(Cost $3,554,092,052) <br>|  | &nbsp;&nbsp; 4035177171 |
| Total Investments—100.1% <br>(Cost $3,554,092,052) <br>|  | &nbsp;&nbsp; 4035177171 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (2461629)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $4032715542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $106451205 | &nbsp;&nbsp; $6969848 | &nbsp;&nbsp; $(9107258)<br>| &nbsp;&nbsp; $(1936953)<br>| &nbsp;&nbsp; $8418596 | &nbsp;&nbsp; $110795438 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; 260535116 | &nbsp;&nbsp; 4185901 | &nbsp;&nbsp; (51604823)<br>| &nbsp;&nbsp; 8131751 | &nbsp;&nbsp; 53317895 | &nbsp;&nbsp; 274565840 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 341282815 | &nbsp;&nbsp; 38037261 | &nbsp;&nbsp; (102548992)<br>| &nbsp;&nbsp; 6075079 | &nbsp;&nbsp; 72144537 | &nbsp;&nbsp; 354990700 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 524325508 | &nbsp;&nbsp; 34636257 | &nbsp;&nbsp; (41033817)<br>| &nbsp;&nbsp; (6369570)<br>| &nbsp;&nbsp; 20919966 | &nbsp;&nbsp; 532478344 |
| American Funds Washington Mutual Investors Fund (Class 1) | &nbsp;&nbsp; 323868313 | &nbsp;&nbsp; 26728500 | &nbsp;&nbsp; (53912345)<br>| &nbsp;&nbsp; 13973076 | &nbsp;&nbsp; 11592988 | &nbsp;&nbsp; 322250532 |
|  | &nbsp;&nbsp; $1556462957 | &nbsp;&nbsp; $110557767 | &nbsp;&nbsp; $(258207235)<br>| &nbsp;&nbsp; $19873383 | &nbsp;&nbsp; $166393982 | &nbsp;&nbsp; $1595080854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3466731 | &nbsp;&nbsp; 10841041 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4027569 | &nbsp;&nbsp; 12295828 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 18736259 | &nbsp;&nbsp; 10497039 | &nbsp;&nbsp; 7952301 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 23402499 | &nbsp;&nbsp; 55932599 |
| American Funds Washington Mutual Investors Fund (Class 1) | &nbsp;&nbsp; 21613866 | &nbsp;&nbsp; 5104392 | &nbsp;&nbsp; 17725552 |
|  | &nbsp;&nbsp; $40350125 | &nbsp;&nbsp; $46498230 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $333518915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $638388320 |

---

*See accompanying notes to financial statements.*

**BHFTI-63**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $4035177171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4035177171 |
| Total Investments | &nbsp;&nbsp; $4035177171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4035177171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-64**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $2440096317 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 1595080854 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 205494 |
| Affiliated investments sold | &nbsp;&nbsp; 790124 |
| Fund shares sold | &nbsp;&nbsp; 25440 |
| Dividends | &nbsp;&nbsp; 2594079 |
| Prepaid expenses | &nbsp;&nbsp; 14325 |
| Total Assets | &nbsp;&nbsp; 4038806633 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2594079 |
| Fund shares redeemed | &nbsp;&nbsp; 1021058 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 203727 |
| Distribution and service fees | &nbsp;&nbsp; 1885775 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 135497 |
| Total Liabilities | &nbsp;&nbsp; 6091091 |
| **Net Assets**  | &nbsp;&nbsp; $4032715542 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3166706550 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 866008992 |
| **Net Assets**  | &nbsp;&nbsp; $4032715542 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $19121151 |
| Class C | &nbsp;&nbsp; 4013594391 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 1892174 |
| Class C | &nbsp;&nbsp; 401459666 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $10.11 |
| Class C | 10.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $2,038,917,082.

(b) Identified cost of affiliated investments was $1,515,174,970.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $46481173 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 46498230 |
| Total investment income | &nbsp;&nbsp; 92979403 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2372974 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 12957 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 43933 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 21881070 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 49555 |
| Insurance | &nbsp;&nbsp; 34596 |
| Miscellaneous | &nbsp;&nbsp; 33404 |
| Total expenses | &nbsp;&nbsp; 24604803 |
| **Net Investment Income** | &nbsp;&nbsp; 68374600 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 108351368 |
| Affiliated investments | &nbsp;&nbsp; 19873383 |
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 162223823 |
| Capital gain distributions from Affiliated Underlying Portfolios | &nbsp;&nbsp; 40350125 |
| Net realized gain (loss) | &nbsp;&nbsp; 330798699 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 61360373 |
| Affiliated investments | &nbsp;&nbsp; 166393982 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 227754355 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 558553054 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $626927654 |

---

*See accompanying notes to financial statements.*

**BHFTI-65**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $68374600 | &nbsp;&nbsp; $72963089 |
| Net realized gain (loss) | &nbsp;&nbsp; 330798699 | &nbsp;&nbsp; 236586565 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 227754355 | &nbsp;&nbsp; 145575630 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 626927654 | &nbsp;&nbsp; 455125284 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (1373993)<br>| &nbsp;&nbsp; (793726)<br>|
| Class C | &nbsp;&nbsp; (310658259)<br>| &nbsp;&nbsp; (199715020)<br>|
| **Total distributions** | &nbsp;&nbsp; (312032252)<br>| &nbsp;&nbsp; (200508746)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (263833866)<br>| &nbsp;&nbsp; (347508107)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 51061536 | &nbsp;&nbsp; (92891569)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3981654006 | &nbsp;&nbsp; 4074545575 |
| End of period | &nbsp;&nbsp; $4032715542 | &nbsp;&nbsp; $3981654006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 163844 | &nbsp;&nbsp; $1555744 | &nbsp;&nbsp; 66568 | &nbsp;&nbsp; $615195 |
| Reinvestments | &nbsp;&nbsp; 149509 | &nbsp;&nbsp; 1373993 | &nbsp;&nbsp; 88487 | &nbsp;&nbsp; 793726 |
| Redemptions | &nbsp;&nbsp; (132134)<br>| &nbsp;&nbsp; (1281709)<br>| &nbsp;&nbsp; (102856)<br>| &nbsp;&nbsp; (945409)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 181219 | &nbsp;&nbsp; $1648028 | &nbsp;&nbsp; 52199 | &nbsp;&nbsp; $463512 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5596716 | &nbsp;&nbsp; $53292690 | &nbsp;&nbsp; 5497688 | &nbsp;&nbsp; $50031327 |
| Reinvestments | &nbsp;&nbsp; 34100797 | &nbsp;&nbsp; 310658259 | &nbsp;&nbsp; 22465132 | &nbsp;&nbsp; 199715020 |
| Redemptions | &nbsp;&nbsp; (65952914)<br>| &nbsp;&nbsp; (629432843)<br>| &nbsp;&nbsp; (65500190)<br>| &nbsp;&nbsp; (597717966)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (26255401)<br>| &nbsp;&nbsp; $(265481894)<br>| &nbsp;&nbsp; (37537370)<br>| &nbsp;&nbsp; $(347971619)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(263833866)<br>|  | &nbsp;&nbsp; $(347508107)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-66**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp; $11.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Total income (loss) from investment operations | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total distributions | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (0.56)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $11.89 |
| **Total Return (%)** (b) | 17.35 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.55 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 21 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $19.1 | &nbsp;&nbsp; $16.0 | &nbsp;&nbsp; $14.6 | &nbsp;&nbsp; $11.9 | &nbsp;&nbsp; $14.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.00 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Total income (loss) from investment operations | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.78 |
| **Total Return (%)** (b) | 17.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.14 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 21 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4013.6 | &nbsp;&nbsp; $3965.6 | &nbsp;&nbsp; $4059.9 | &nbsp;&nbsp; $3862.7 | &nbsp;&nbsp; $5068.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-67**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds Growth Fund (Class 1) (a) | 14101556 | &nbsp;&nbsp; $1989165533 |
| Total Investment Companies <br>(Cost $1,318,214,518) <br>|  | &nbsp;&nbsp; 1989165533 |
| Total Investments—100.1% <br>(Cost $1,318,214,518) <br>|  | &nbsp;&nbsp; 1989165533 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1303906)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1987861627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| American Funds Growth Fund (Class 1) | &nbsp;&nbsp; $1860838354 | &nbsp;&nbsp; $195972782 | &nbsp;&nbsp; $(279531437)<br>| &nbsp;&nbsp; $127308980 | &nbsp;&nbsp; $84576854 | &nbsp;&nbsp; $1989165533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| American Funds Growth Fund (Class 1) | &nbsp;&nbsp; $151172240 | &nbsp;&nbsp; $4654296 | &nbsp;&nbsp; 14101556 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investments in the Master Fund for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $195972782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $279531437 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1989165533 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1989165533 |
| Total Investments | &nbsp;&nbsp; $1989165533 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1989165533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-68**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in Master Fund at value (a) | &nbsp;&nbsp; $1989165533 |
| Receivable for: |  |
| Investments in Master Fund sold | &nbsp;&nbsp; 1565861 |
| Fund shares sold | &nbsp;&nbsp; 344860 |
| Prepaid expenses | &nbsp;&nbsp; 6945 |
| Total Assets | &nbsp;&nbsp; 1991083199 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1910721 |
| Accrued Expenses: |  |
| Distribution and service fees | &nbsp;&nbsp; 934734 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 125162 |
| Total Liabilities | &nbsp;&nbsp; 3221572 |
| **Net Assets**  | &nbsp;&nbsp; $1987861627 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1045062327 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 942799300 |
| **Net Assets**  | &nbsp;&nbsp; $1987861627 |
| **Net Assets** |  |
| Class C | &nbsp;&nbsp; $1987861627 |
| **Capital Shares Outstanding\*** |  |
| Class C | &nbsp;&nbsp; 150228988 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class C | &nbsp;&nbsp; $13.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments in Master Fund was $1,318,214,518.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Master Fund | &nbsp;&nbsp; $4654296 |
| Total investment income | &nbsp;&nbsp; 4654296 |
| **Expenses** |  |
| Administration fees | &nbsp;&nbsp; 29925 |
| Custodian and accounting fees | &nbsp;&nbsp; 14689 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 10468742 |
| Audit and tax services | &nbsp;&nbsp; 35204 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 52652 |
| Insurance | &nbsp;&nbsp; 15627 |
| Miscellaneous | &nbsp;&nbsp; 18810 |
| Total expenses | &nbsp;&nbsp; 10746234 |
| **Net Investment Loss** | &nbsp;&nbsp; (6091938)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments in Master Fund | &nbsp;&nbsp; 127308980 |
| Capital gain distributions from Master Fund | &nbsp;&nbsp; 151172240 |
| Net realized gain (loss) | &nbsp;&nbsp; 278481220 |
| Net change in unrealized appreciation (depreciation) on investments in Master <br> Fund<br>| &nbsp;&nbsp; 84576854 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 363058074 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $356966136 |

---

*See accompanying notes to financial statements.*

**BHFTI-69**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(6091938)<br>| &nbsp;&nbsp; $(68643)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 278481220 | &nbsp;&nbsp; 177696596 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 84576854 | &nbsp;&nbsp; 305764382 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 356966136 | &nbsp;&nbsp; 483392335 |
| **From Distributions to Shareholders** |  |  |
| Class C | &nbsp;&nbsp; (177725753)<br>| &nbsp;&nbsp; (136402248)<br>|
| **Total distributions** | &nbsp;&nbsp; (177725753)<br>| &nbsp;&nbsp; (136402248)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (51023980)<br>| &nbsp;&nbsp; (157009076)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 128216403 | &nbsp;&nbsp; 189981011 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1859645224 | &nbsp;&nbsp; 1669664213 |
| End of period | &nbsp;&nbsp; $1987861627 | &nbsp;&nbsp; $1859645224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 11589132 | &nbsp;&nbsp; $140420328 | &nbsp;&nbsp; 7456866 | &nbsp;&nbsp; $83383134 |
| Reinvestments | &nbsp;&nbsp; 15190235 | &nbsp;&nbsp; 177725753 | &nbsp;&nbsp; 12807723 | &nbsp;&nbsp; 136402248 |
| Redemptions | &nbsp;&nbsp; (29423103)<br>| &nbsp;&nbsp; (369170061)<br>| &nbsp;&nbsp; (33633970)<br>| &nbsp;&nbsp; (376794458)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2643736)<br>| &nbsp;&nbsp; $(51023980)<br>| &nbsp;&nbsp; (13369381)<br>| &nbsp;&nbsp; $(157009076)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(51023980)<br>|  | &nbsp;&nbsp; $(157009076)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-70**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.16 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $14.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95 |
| Total income (loss) from investment operations | 2.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.12)<br>|
| Total distributions | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $12.16 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $15.93 |
| **Total Return (%)** (d) | 19.88 | &nbsp;&nbsp;&nbsp;&nbsp;31.23 | &nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp; (30.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.62 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (e) | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) (f) | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.00 ) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.10)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1987.9 | &nbsp;&nbsp; $1859.6 | &nbsp;&nbsp; $1669.7 | &nbsp;&nbsp; $1378.4 | &nbsp;&nbsp; $1911.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from net investment income were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Master Fund in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTI-71**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 2017851 | &nbsp;&nbsp; $95686493 |
| American Funds American Mutual Fund (Class R-6) | 2577966 | &nbsp;&nbsp; 153414743 |
| American Funds Capital World Bond Fund (Class 1) (a) | 6591415 | &nbsp;&nbsp; 67364258 |
| American Funds Fundamental Investors Fund (Class R-6) | 1044336 | &nbsp;&nbsp; 96005761 |
| American Funds Growth Fund (Class 1) | 677598 | &nbsp;&nbsp; 95581991 |
| American Funds Growth-Income Fund (Class 1) | 2264297 | &nbsp;&nbsp; 153360810 |
| American Funds High-Income Trust Fund (Class R-6) | 11596895 | &nbsp;&nbsp; 115041201 |
| American Funds International Fund (Class 1) | 4765626 | &nbsp;&nbsp; 106416422 |
| American Funds International Growth & Income Fund (Class R-6) | 2810036 | &nbsp;&nbsp; 125440025 |
| American Funds New World Fund (Class 1) | 594623 | &nbsp;&nbsp; 19307405 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 250155 | &nbsp;&nbsp; 19084343 |
| American Funds The Bond Fund of America (Class 1) (a) | 37335825 | &nbsp;&nbsp; 355437059 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 30153072 | &nbsp;&nbsp; $366058296 |
| American Funds Washington Mutual Investors Fund (Class 1) | 8425521 | &nbsp;&nbsp; 153175978 |
| Total Investment Companies <br>(Cost $1,799,527,482) <br>|  | &nbsp;&nbsp; 1921374785 |
| Total Investments—100.1% <br>(Cost $1,799,527,482) <br>|  | &nbsp;&nbsp; 1921374785 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1372396)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1920002389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $67014672 | &nbsp;&nbsp; $3580281 | &nbsp;&nbsp; $(7307674)<br>| &nbsp;&nbsp; $(1440248)<br>| &nbsp;&nbsp; $5517227 | &nbsp;&nbsp; $67364258 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 370954619 | &nbsp;&nbsp; 16572552 | &nbsp;&nbsp; (42291159)<br>| &nbsp;&nbsp; (4900661)<br>| &nbsp;&nbsp; 15101708 | &nbsp;&nbsp; 355437059 |
|  | &nbsp;&nbsp; $437969291 | &nbsp;&nbsp; $20152833 | &nbsp;&nbsp; $(49598833)<br>| &nbsp;&nbsp; $(6340909)<br>| &nbsp;&nbsp; $20618935 | &nbsp;&nbsp; $422801317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $2113901 | &nbsp;&nbsp; 6591415 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 15711377 | &nbsp;&nbsp; 37335825 |
|  | &nbsp;&nbsp; $17825278 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146795729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $301470566 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1921374785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1921374785 |
| Total Investments | &nbsp;&nbsp; $1921374785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1921374785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-72**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1498573468 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 422801317 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 456658 |
| Affiliated investments sold | &nbsp;&nbsp; 138796 |
| Fund shares sold | &nbsp;&nbsp; 101802 |
| Dividends | &nbsp;&nbsp; 2001035 |
| Prepaid expenses | &nbsp;&nbsp; 6913 |
| Total Assets | &nbsp;&nbsp; 1924079989 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2001035 |
| Fund shares redeemed | &nbsp;&nbsp; 697256 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 113647 |
| Distribution and service fees | &nbsp;&nbsp; 895848 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 118859 |
| Total Liabilities | &nbsp;&nbsp; 4077600 |
| **Net Assets**  | &nbsp;&nbsp; $1920002389 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1654338320 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 265664069 |
| **Net Assets**  | &nbsp;&nbsp; $1920002389 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $15420370 |
| Class C | &nbsp;&nbsp; 1904582019 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 1638092 |
| Class C | &nbsp;&nbsp; 203500405 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.41 |
| Class C | 9.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,319,565,480.

(b) Identified cost of affiliated investments was $479,962,002.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $37650604 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 17825278 |
| Total investment income | &nbsp;&nbsp; 55475882 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1337110 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 12957 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 36320 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 10503302 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 35320 |
| Insurance | &nbsp;&nbsp; 16759 |
| Miscellaneous | &nbsp;&nbsp; 22626 |
| Total expenses | &nbsp;&nbsp; 12140707 |
| **Net Investment Income** | &nbsp;&nbsp; 43335175 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 43382831 |
| Affiliated investments | &nbsp;&nbsp; (6340909)<br>|
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 75892142 |
| Net realized gain (loss) | &nbsp;&nbsp; 112934064 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 83707776 |
| Affiliated investments | &nbsp;&nbsp; 20618935 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 104326711 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 217260775 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $260595950 |

---

*See accompanying notes to financial statements.*

**BHFTI-73**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $43335175 | &nbsp;&nbsp; $46335210 |
| Net realized gain (loss) | &nbsp;&nbsp; 112934064 | &nbsp;&nbsp; 86350302 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 104326711 | &nbsp;&nbsp; 44035978 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 260595950 | &nbsp;&nbsp; 176721490 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (1061799)<br>| &nbsp;&nbsp; (638991)<br>|
| Class C | &nbsp;&nbsp; (134810812)<br>| &nbsp;&nbsp; (91502377)<br>|
| **Total distributions** | &nbsp;&nbsp; (135872611)<br>| &nbsp;&nbsp; (92141368)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (138074192)<br>| &nbsp;&nbsp; (186092332)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (13350853)<br>| &nbsp;&nbsp; (101512210)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1933353242 | &nbsp;&nbsp; 2034865452 |
| End of period | &nbsp;&nbsp; $1920002389 | &nbsp;&nbsp; $1933353242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 53912 | &nbsp;&nbsp; $488500 | &nbsp;&nbsp; 51042 | &nbsp;&nbsp; $449551 |
| Reinvestments | &nbsp;&nbsp; 122327 | &nbsp;&nbsp; 1061799 | &nbsp;&nbsp; 74999 | &nbsp;&nbsp; 638991 |
| Redemptions | &nbsp;&nbsp; (76433)<br>| &nbsp;&nbsp; (698538)<br>| &nbsp;&nbsp; (91713)<br>| &nbsp;&nbsp; (799530)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 99806 | &nbsp;&nbsp; $851761 | &nbsp;&nbsp; 34328 | &nbsp;&nbsp; $289012 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3157877 | &nbsp;&nbsp; $28337595 | &nbsp;&nbsp; 3005521 | &nbsp;&nbsp; $26156172 |
| Reinvestments | &nbsp;&nbsp; 15603103 | &nbsp;&nbsp; 134810812 | &nbsp;&nbsp; 10790375 | &nbsp;&nbsp; 91502377 |
| Redemptions | &nbsp;&nbsp; (33499789)<br>| &nbsp;&nbsp; (302074360)<br>| &nbsp;&nbsp; (34869308)<br>| &nbsp;&nbsp; (304039893)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14738809)<br>| &nbsp;&nbsp; $(138925953)<br>| &nbsp;&nbsp; (21073412)<br>| &nbsp;&nbsp; $(186381344)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(138074192)<br>|  | &nbsp;&nbsp; $(186092332)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-74**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $10.57 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total income (loss) from investment operations | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $11.03 |
| **Total Return (%)** (b) | 14.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp; (14.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.98 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.4 | &nbsp;&nbsp; $13.6 | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $10.4 | &nbsp;&nbsp; $14.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.51 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total income (loss) from investment operations | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.54)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $10.96 |
| **Total Return (%)** (b) | 14.46 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp; (14.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1904.6 | &nbsp;&nbsp; $1919.7 | &nbsp;&nbsp; $2022.1 | &nbsp;&nbsp; $2030.2 | &nbsp;&nbsp; $2633.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-75**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Investment Companies—88.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 88.6%** | **Exchange-Traded Funds — 88.6%** | **Exchange-Traded Funds — 88.6%** |
| iShares Core MSCI EAFE ETF (a) (b) | 8007109 | &nbsp;&nbsp; $716316061 |
| iShares Core S&P 500 ETF (a) | 700346 | &nbsp;&nbsp; 479694989 |
| iShares Core U.S. Aggregate Bond ETF (a) (b) | 4260657 | &nbsp;&nbsp; 425554421 |
| iShares U.S. Real Estate ETF (a) (b) | 617557 | &nbsp;&nbsp; 57982427 |
| State Street Communication Services Select Sector SPDR ETF (b) <br>| 257066 | &nbsp;&nbsp; 30261810 |
| State Street Consumer Discretionary Select Sector SPDR ETF (b) <br>| 244070 | &nbsp;&nbsp; 29144399 |
| State Street Consumer Staples Select Sector SPDR ETF (b) | 137500 | &nbsp;&nbsp; 10681000 |
| State Street Energy Select Sector SPDR ETF (b) | 162940 | &nbsp;&nbsp; 7285047 |
| State Street Financial Select Sector SPDR ETF (b) | 655503 | &nbsp;&nbsp; 35901899 |
| State Street Health Care Select Sector SPDR ETF (b) | 173123 | &nbsp;&nbsp; 26799440 |
| State Street Industrial Select Sector SPDR ETF (b) | 150496 | &nbsp;&nbsp; 23344940 |
| State Street Materials Select Sector SPDR ETF (b) | 118952 | &nbsp;&nbsp; 5394473 |
| State Street Technology Select Sector SPDR ETF (b) | 569584 | &nbsp;&nbsp; 82003008 |
| State Street Utilities Select Sector SPDR ETF (b) | 162208 | &nbsp;&nbsp; 6924660 |
| Vanguard Total Bond Market ETF (b) | 7915573 | &nbsp;&nbsp; 586306492 |
| Total Investment Companies <br>(Cost $2,163,820,683) <br>|  | &nbsp;&nbsp; 2523595066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—7.0%** | **Short-Term Investments—7.0%** | **Short-Term Investments—7.0%** |
| **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $7,021,700; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $7,161,412<br>| 7020725 | &nbsp;&nbsp; 7020725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—6.8%** |  |  |
| State Street USD Liquidity LVNAV Fund - Institutional Shares |  |  |
| 3.825% (c) | 192332032 | &nbsp;&nbsp; 192332032 |
| Total Short-Term Investments <br>(Cost $199,352,757) <br>|  | &nbsp;&nbsp; 199352757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—15.0%** | **Securities Lending Reinvestments (d)—15.0%** | **Securities Lending Reinvestments (d)—15.0%** |
| **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares, 3.690% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.5%** | **Certificates of Deposit—1.5%** | **Certificates of Deposit—1.5%** |
| Bank of America NA |  |  |
| 4.170%, SOFR + 0.400%, 03/31/26 (e) | 2000000 | &nbsp;&nbsp; 2000860 |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (e) | 5000000 | &nbsp;&nbsp; 5001495 |
| 4.090%, SOFR + 0.380%, 11/19/26 (e) | 2000000 | &nbsp;&nbsp; 1999994 |
| 4.100%, SOFR + 0.390%, 05/05/26 (e) | 2000000 | &nbsp;&nbsp; 2000856 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (e) | 3000000 | &nbsp;&nbsp; 3000265 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (e) | 5000000 | &nbsp;&nbsp; 5001715 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 3.930%, SOFR + 0.220%, 03/17/26 (e) | 2000000 | &nbsp;&nbsp; 1999976 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (e) | 5000000 | &nbsp;&nbsp; 4999415 |
| 4.010%, SOFR + 0.240%, 01/13/26 (e) | 3000000 | &nbsp;&nbsp; 3000012 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Royal Bank of Canada |  |  |
| 4.090%, SOFR + 0.380%, 05/01/26 (e) | 2000000 | &nbsp;&nbsp; $2000906 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (e) | 2000000 | &nbsp;&nbsp; 2000556 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (e) | 3000000 | &nbsp;&nbsp; 3000258 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
| 4.140%, 01/14/26 | 2000000 | &nbsp;&nbsp; 2000400 |
| Toronto-Dominion Bank |  |  |
| 4.220%, SOFR + 0.450%, 04/23/26 (e) | 1000000 | &nbsp;&nbsp; 1000705 |
|  |  | &nbsp;&nbsp; 41007973 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 3500000 | &nbsp;&nbsp; 3498096 |
| Old Line Funding LLC |  |  |
| 3.930%, SOFR + 0.160%, 02/10/26 (e) | 2000000 | &nbsp;&nbsp; 1999978 |
|  |  | &nbsp;&nbsp; 5498074 |
| **Repurchase Agreements—12.3%** | **Repurchase Agreements—12.3%** | **Repurchase Agreements—12.3%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $10,002,094; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,126,238<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $44,009,216; <br> collateralized by various Common Stock with an aggregate <br> market value of $49,001,732<br>| 44000000 | &nbsp;&nbsp; 44000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $20,004,278; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $11,545,538; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.750%, maturity dates ranging from <br> 02/05/26 - 11/15/55, and an aggregate market value of <br> $11,776,449<br>| 11543082 | &nbsp;&nbsp; 11543082 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $30,643,592; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $31,203,753<br>| 30000000 | &nbsp;&nbsp; 30000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $48,010,427; <br> collateralized by various Common Stock with an aggregate <br> market value of $53,339,215<br>| 48000000 | &nbsp;&nbsp; 48000000 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-76**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $7,001,501; <br> collateralized by various Common Stock with an aggregate <br> market value of $7,804,140<br>| 7000000 | &nbsp;&nbsp; $7000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $21,004,503; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,337,411<br>| 21000000 | &nbsp;&nbsp; 21000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $70,052,811; <br> collateralized by various Common Stock with an aggregate <br> market value of $77,852,985<br>| 70000000 | &nbsp;&nbsp; 70000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $62,047,137; <br> collateralized by various Common Stock with an aggregate <br> market value of $69,125,352<br>| 62000000 | &nbsp;&nbsp; 62000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $900,182; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $918,001<br>| 900000 | &nbsp;&nbsp; 900000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $25,019,396; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,781,603<br>| 25000000 | &nbsp;&nbsp; 25000000 |
|  |  | &nbsp;&nbsp; 349443082 |
| **Time Deposits—1.0%** | **Time Deposits—1.0%** | **Time Deposits—1.0%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 14000000 | &nbsp;&nbsp; 14000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 15000000 | &nbsp;&nbsp; $15000000 |
|  |  | &nbsp;&nbsp; 29000000 |
| Total Securities Lending Reinvestments <br>(Cost $425,941,881) <br>|  | &nbsp;&nbsp; 425949129 |
| Total Investments—110.6% <br>(Cost $2,789,115,321) <br>|  | &nbsp;&nbsp; 3148896952 |
| Other assets and liabilities (net)—(10.6)%  |  | &nbsp;&nbsp; (301030510)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2847866442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $421,727,460 and the collateral received consisted of cash in the amount of $425,907,916 and non-cash collateral with a value of $7,043,032. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities. 

(c) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying ETFs for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs' net assets. Transactions in the Underlying ETFs for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; $451806787 | &nbsp;&nbsp; $177362574 | &nbsp;&nbsp; $(80501128)<br>| &nbsp;&nbsp; $27599238 | &nbsp;&nbsp; $140048590 | &nbsp;&nbsp; $716316061 |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 380006480 | &nbsp;&nbsp; 204179766 | &nbsp;&nbsp; (188353698)<br>| &nbsp;&nbsp; 26709243 | &nbsp;&nbsp; 57153198 | &nbsp;&nbsp; 479694989 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 487120370 | &nbsp;&nbsp; 83731817 | &nbsp;&nbsp; (159896118)<br>| &nbsp;&nbsp; (398883)<br>| &nbsp;&nbsp; 14997235 | &nbsp;&nbsp; 425554421 |
| iShares U.S. Real Estate ETF | &nbsp;&nbsp; 61677376 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4328663)<br>| &nbsp;&nbsp; (486443)<br>| &nbsp;&nbsp; 1120157 | &nbsp;&nbsp; 57982427 |
|  | &nbsp;&nbsp; $1380611013 | &nbsp;&nbsp; $465274157 | &nbsp;&nbsp; $(433079607)<br>| &nbsp;&nbsp; $53423155 | &nbsp;&nbsp; $213319180 | &nbsp;&nbsp; $1679547898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; $27001750 | &nbsp;&nbsp; 8007109 |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 6827986 | &nbsp;&nbsp; 700346 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-77**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **December 31, 2025**<br>|
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; $17516322 | &nbsp;&nbsp; 4260657 |
| iShares U.S. Real Estate ETF | &nbsp;&nbsp; 1455270 | &nbsp;&nbsp; 617557 |
|  | &nbsp;&nbsp; $52801328 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $465274157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $433079607 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(425907916)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(425907916)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(425907916)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 167813115 | JPMC | 03/18/26 | USD | 111116280 | &nbsp;&nbsp; $883099 |
| CAD | &nbsp;&nbsp; 98186779 | JPMC | 03/18/26 | USD | 70752891 | &nbsp;&nbsp; 1016121 |
| EUR | &nbsp;&nbsp; 126592802 | JPMC | 03/18/26 | USD | 148503193 | &nbsp;&nbsp; 770317 |
| JPY | &nbsp;&nbsp; 21901156371 | DBAG | 03/18/26 | USD | 142682652 | &nbsp;&nbsp; (1996046)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 6550000 | JPMC | 03/18/26 | USD | 4337037 | &nbsp;&nbsp; (34469)<br>|
| CAD | &nbsp;&nbsp; 4830000 | DBAG | 03/18/26 | USD | 3480460 | &nbsp;&nbsp; (49999)<br>|
| EUR | &nbsp;&nbsp; 9875 | JPMC | 03/18/26 | USD | 11584 | &nbsp;&nbsp; (60)<br>|
| GBP | &nbsp;&nbsp; 30000 | HSBC | 03/18/26 | USD | 40075 | &nbsp;&nbsp; (357)<br>|
| JPY | &nbsp;&nbsp; 534016801 | JPMC | 03/18/26 | USD | 3480124 | &nbsp;&nbsp; 49757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |
| JPY | &nbsp;&nbsp; 21901156149<br> DBAG | 03/18/26 | EUR | 121785769 | &nbsp;&nbsp; (2918631)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(2280268)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-78**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 211 | USD | 30617155 | &nbsp;&nbsp; $81651 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 421 | USD | 52582900 | &nbsp;&nbsp; (2436231)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 236 | USD | 81331500 | &nbsp;&nbsp; (698675)<br>|
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 485 | JPY | 16555475000 | &nbsp;&nbsp; 812005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (577)<br>| EUR | (33702570)<br>| &nbsp;&nbsp; (154816)<br>|
| NASDAQ 100 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (209)<br>| USD | (106409215)<br>| &nbsp;&nbsp; 2140830 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (2105)<br>| USD | (248390000)<br>| &nbsp;&nbsp; 3822910 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $3567674 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.658<br> %<br>| Annually | 04/06/35 | USD | 241695426 | $(1665564)<br>| $(600598)<br>| $(1064966)<br>|
| Pay | 12M SOFR | Annually | 3.663<br> %<br>| Annually | 11/09/35 | USD | 204000000 | (2005959)<br>| 3739 | (2009698)<br>|
| Pay | 12M SOFR | Annually | 3.768<br> %<br>| Annually | 03/09/35 | USD | 422000000 | 905482 | 182707 | 722775 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(2766041)<br>| $(414152)<br>| $(2351889)<br>|

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 3M UST | Quarterly | 05/29/26 | JPMC | S&P GSCI Commodity Total Return Index | USD | 115698198 | $(349884)<br>| $— | $(349884)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Securities in the amount of $482,040 have been received at the custodian bank as collateral for OTC derivative contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity |  |  | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $349884 |
| Equity | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; $3034486 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 3289722 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 2719294 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 4999562 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 722775 | Unrealized depreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 3074664 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 3822910 |  |  |
| Total |  | &nbsp;&nbsp; $10299465 |  | &nbsp;&nbsp; $11713832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $406,927.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

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

*See accompanying notes to financial statements.*

**BHFTI-79**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| JPMorgan Chase Bank NA | &nbsp;&nbsp; $2719294 | &nbsp;&nbsp;&nbsp;&nbsp; $(384413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(482040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1852841 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $4964676 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4964676 |
| HSBC Bank PLC | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 384413 | &nbsp;&nbsp;&nbsp;&nbsp; (384413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $5349446 | &nbsp;&nbsp;&nbsp;&nbsp; $(384413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4965033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26486876)<br>| &nbsp;&nbsp;&nbsp; $(26486876)<br>|
| Futures contracts | &nbsp;&nbsp; (3258242)<br>| &nbsp;&nbsp;&nbsp; (89124230)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (92382472)<br>|
| Swap contracts | &nbsp;&nbsp; 9744552 | &nbsp;&nbsp;&nbsp; (1879861)<br>| &nbsp;&nbsp;&nbsp; 8479268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16343959 |
|  | &nbsp;&nbsp; $6486310 | &nbsp;&nbsp;&nbsp; $(91004091)<br>| &nbsp;&nbsp;&nbsp; $8479268 | &nbsp;&nbsp;&nbsp; $(26486876)<br>| &nbsp;&nbsp;&nbsp; $(102525389)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation** <br> **(Depreciation)**<br>| **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2544489 | &nbsp;&nbsp;&nbsp; $2544489 |
| Futures contracts | &nbsp;&nbsp; (676771)<br>| &nbsp;&nbsp;&nbsp; 18452592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17775821 |
| Swap contracts | &nbsp;&nbsp; 12119393 | &nbsp;&nbsp;&nbsp; 554960 | &nbsp;&nbsp;&nbsp; (4353309)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8321044 |
|  | &nbsp;&nbsp; $11442622 | &nbsp;&nbsp;&nbsp; $19007552 | &nbsp;&nbsp;&nbsp; $(4353309)<br>| &nbsp;&nbsp;&nbsp; $2544489 | &nbsp;&nbsp;&nbsp; $28641354 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $581028480 |
| Futures contracts long | &nbsp;&nbsp; 294381611 |
| Futures contracts short | &nbsp;&nbsp; (479997031)<br>|
| Swap contracts | &nbsp;&nbsp; 993756079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-80**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $2523595066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2523595066 |
| Short-Term Investments |  |  |  |  |
| Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; 7020725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7020725 |
| Short-Term Investment Funds | &nbsp;&nbsp; 192332032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 192332032 |
| Total Short-Term Investments | &nbsp;&nbsp; 192332032 | &nbsp;&nbsp; 7020725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199352757 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 41007973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41007973 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 5498074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5498074 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 349443082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 349443082 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 29000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 424949129 | &nbsp;&nbsp; — | &nbsp;&nbsp; 425949129 |
| Total Investments | &nbsp;&nbsp; $2716927098 | &nbsp;&nbsp; $431969854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3148896952 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(425907916)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(425907916)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2719294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2719294 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (4999562)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4999562)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2280268)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2280268)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $6857396 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6857396 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (3289722)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3289722)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $3567674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3567674 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $722775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $722775 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3074664)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3074664)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2351889)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2351889)<br>|
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(349884)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(349884)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-81**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1469349054 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 1679547898 |
| Cash | &nbsp;&nbsp; 511923 |
| Cash denominated in foreign currencies (e) | &nbsp;&nbsp; 13538252 |
| Cash collateral (f) | &nbsp;&nbsp; 77449000 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 2719294 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 40177634 |
| Fund shares sold | &nbsp;&nbsp; 807 |
| Interest | &nbsp;&nbsp; 589158 |
| Variation margin on futures contracts | &nbsp;&nbsp; 312701 |
| Prepaid expenses | &nbsp;&nbsp; 9790 |
| Total Assets | &nbsp;&nbsp; 3284205511 |
| **Liabilities** |  |
| OTC swap contracts at market value | &nbsp;&nbsp; 349884 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 4999562 |
| Collateral for securities loaned | &nbsp;&nbsp; 425907916 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 486911 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1280899 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 406927 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1483362 |
| Distribution and service fees | &nbsp;&nbsp; 607451 |
| Deferred trustees' fees | &nbsp;&nbsp; 237806 |
| Other expenses | &nbsp;&nbsp; 578351 |
| Total Liabilities | &nbsp;&nbsp; 436339069 |
| **Net Assets**  | &nbsp;&nbsp; $2847866442 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2612362714 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 235503728 |
| **Net Assets**  | &nbsp;&nbsp; $2847866442 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $2847866442 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 313290878 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,418,992,684.

(b) Includes securities loaned at value $225,642,769.

(c) Identified cost of affiliated investments was $1,370,122,637.

(d) Includes securities loaned at value of $196,084,691.

(e) Identified cost of cash denominated in foreign currencies was $13,544,723.

(f) Includes collateral of $33,805,000 for futures contracts and $43,644,000 for centrally cleared swap contracts. 

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $25662602 |
| Dividends from affiliated investments | &nbsp;&nbsp; 52801328 |
| Interest | &nbsp;&nbsp; 12874119 |
| Securities lending income | &nbsp;&nbsp; 1038765 |
| Total investment income | &nbsp;&nbsp; 92376814 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 19436053 |
| Administration fees | &nbsp;&nbsp; 93891 |
| Custodian and accounting fees | &nbsp;&nbsp; 166257 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 7244636 |
| Audit and tax services | &nbsp;&nbsp; 79963 |
| Legal | &nbsp;&nbsp; 57485 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 48101 |
| Insurance | &nbsp;&nbsp; 29463 |
| Miscellaneous | &nbsp;&nbsp; 35802 |
| Total expenses | &nbsp;&nbsp; 27253744 |
| Less management fee waiver | &nbsp;&nbsp; (1749222)<br>|
| Net expenses | &nbsp;&nbsp; 25504522 |
| **Net Investment Income** | &nbsp;&nbsp; 66872292 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 53423155 |
| Futures contracts | &nbsp;&nbsp; (92382472)<br>|
| Swap contracts | &nbsp;&nbsp; 16343959 |
| Foreign currency transactions | &nbsp;&nbsp; 1012128 |
| Forward foreign currency transactions | &nbsp;&nbsp; (26486876)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (48090106)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 52098070 |
| Affiliated investments | &nbsp;&nbsp; 213319180 |
| Futures contracts | &nbsp;&nbsp; 17775821 |
| Swap contracts | &nbsp;&nbsp; 8321044 |
| Foreign currency transactions | &nbsp;&nbsp; 135651 |
| Forward foreign currency transactions | &nbsp;&nbsp; 2544489 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 294194255 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 246104149 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $312976441 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-82**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $66872292 | &nbsp;&nbsp; $79982360 |
| Net realized gain (loss) | &nbsp;&nbsp; (48090106)<br>| &nbsp;&nbsp; 634994183 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 294194255 | &nbsp;&nbsp; (465712475)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 312976441 | &nbsp;&nbsp; 249264068 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (374766360)<br>| &nbsp;&nbsp; (61692430)<br>|
| **Total distributions** | &nbsp;&nbsp; (374766360)<br>| &nbsp;&nbsp; (61692430)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (48189224)<br>| &nbsp;&nbsp; (1445031176)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (109979143)<br>| &nbsp;&nbsp; (1257459538)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2957845585 | &nbsp;&nbsp; 4215305123 |
| End of period | &nbsp;&nbsp; $2847866442 | &nbsp;&nbsp; $2957845585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 620196 | &nbsp;&nbsp; $5632843 | &nbsp;&nbsp; 1278439 | &nbsp;&nbsp; $12252354 |
| Reinvestments | &nbsp;&nbsp; 44456270 | &nbsp;&nbsp; 374766360 | &nbsp;&nbsp; 6691153 | &nbsp;&nbsp; 61692430 |
| Redemptions | &nbsp;&nbsp; (46990666)<br>| &nbsp;&nbsp; (428588427)<br>| &nbsp;&nbsp; (160875619)<br>| &nbsp;&nbsp; (1518975960)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1914200)<br>| &nbsp;&nbsp; $(48189224)<br>| &nbsp;&nbsp; (152906027)<br>| &nbsp;&nbsp; $(1445031176)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(48189224)<br>|  | &nbsp;&nbsp; $(1445031176)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-83**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.36 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total income (loss) from investment operations | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.79 |
| **Total Return (%)** (b) | 11.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp; 13.18 <br>(c)<br>| &nbsp;&nbsp; (18.79 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (d) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Ratio of net investment income (loss) to average net assets (%) | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2847.9 | &nbsp;&nbsp; $2957.8 | &nbsp;&nbsp; $4215.3 | &nbsp;&nbsp; $4262.3 | &nbsp;&nbsp; $5938.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to financial statements.*

**BHFTI-84**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—87.9% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.125%, 02/15/31 (144A) | 2278000 | &nbsp;&nbsp; $2385393 |
| 7.500%, 06/01/29 (144A) (a) | 2033000 | &nbsp;&nbsp; 2018670 |
| 7.500%, 03/15/33 (144A) (a) | 2820000 | &nbsp;&nbsp; 2978741 |
| 7.750%, 04/15/28 (144A) (a) | 850000 | &nbsp;&nbsp; 850627 |
| 7.875%, 04/01/30 (144A) (a) | 2730000 | &nbsp;&nbsp; 2875217 |
| CMG Media Corp. |  |  |
| 8.875%, 06/18/29 (144A) (a) | 635000 | &nbsp;&nbsp; 545503 |
| Lamar Media Corp. |  |  |
| 5.375%, 11/01/33 (144A) | 583000 | &nbsp;&nbsp; 579180 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.290%, 04/15/29 (144A) | 382000 | &nbsp;&nbsp; 382653 |
| 10.375%, 05/15/31 (144A) | 494000 | &nbsp;&nbsp; 506518 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| 4.250%, 01/15/29 (144A) (a) | 783000 | &nbsp;&nbsp; 762554 |
| 4.625%, 03/15/30 (144A) | 345000 | &nbsp;&nbsp; 336771 |
| 5.000%, 08/15/27 (144A) | 244000 | &nbsp;&nbsp; 244353 |
| 7.375%, 02/15/31 (144A) | 346000 | &nbsp;&nbsp; 366227 |
| Stagwell Global LLC |  |  |
| 5.625%, 08/15/29 (144A) | 275000 | &nbsp;&nbsp; 268166 |
| Summer BC Holdco B SARL |  |  |
| 5.875%, 02/15/30 (EUR) | 100000 | &nbsp;&nbsp; 108300 |
|  |  | &nbsp;&nbsp; 15208873 |
| **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** |
| AAR Escrow Issuer LLC |  |  |
| 6.750%, 03/15/29 (144A) | 852000 | &nbsp;&nbsp; 881684 |
| Bombardier, Inc. |  |  |
| 6.000%, 02/15/28 (144A) | 952000 | &nbsp;&nbsp; 954845 |
| 6.750%, 06/15/33 (144A) | 928000 | &nbsp;&nbsp; 980883 |
| 7.000%, 06/01/32 (144A) | 1094000 | &nbsp;&nbsp; 1155965 |
| 7.250%, 07/01/31 (144A) (a) | 90000 | &nbsp;&nbsp; 95908 |
| 8.750%, 11/15/30 (144A) | 283000 | &nbsp;&nbsp; 305755 |
| Czechoslovak Group AS |  |  |
| 5.250%, 01/10/31 (EUR) | 100000 | &nbsp;&nbsp; 121807 |
| Efesto Bidco SpA Efesto U.S. LLC |  |  |
| 7.500%, 02/15/32 (144A) | 3769000 | &nbsp;&nbsp; 3807105 |
| Goat Holdco LLC |  |  |
| 6.750%, 02/01/32 (144A) † | 673000 | &nbsp;&nbsp; 691215 |
| TransDigm, Inc. |  |  |
| 6.000%, 01/15/33 (144A) | 2888000 | &nbsp;&nbsp; 2955781 |
| 6.250%, 01/31/34 (144A) (a) | 539000 | &nbsp;&nbsp; 559310 |
| 6.375%, 03/01/29 (144A) | 1903000 | &nbsp;&nbsp; 1962505 |
| 6.375%, 05/31/33 (144A) | 3553000 | &nbsp;&nbsp; 3645829 |
| 6.625%, 03/01/32 (144A) | 2679000 | &nbsp;&nbsp; 2787283 |
| 6.750%, 01/31/34 (144A) | 5240000 | &nbsp;&nbsp; 5458425 |
|  |  | &nbsp;&nbsp; 26364300 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients, Inc. |  |  |
| 6.000%, 06/15/30 (144A) (a) | 186000 | &nbsp;&nbsp; 189038 |
| Tereos Finance Groupe I SA |  |  |
| 4.750%, 04/30/27 (EUR) | 100000 | &nbsp;&nbsp; 117184 |
|  |  | &nbsp;&nbsp; 306222 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air France-KLM |  |  |
| 5.750%, 5Y EUR Swap + 3.580%, 05/21/30 (EUR) (b) | 100000 | &nbsp;&nbsp; $119045 |
| American Airlines, Inc. |  |  |
| 8.500%, 05/15/29 (144A) | 500000 | &nbsp;&nbsp; 522946 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) (a) | 78000 | &nbsp;&nbsp; 79430 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (a) | 891000 | &nbsp;&nbsp; 897648 |
| OneSky Flight LLC |  |  |
| 8.875%, 12/15/29 (144A) | 625000 | &nbsp;&nbsp; 668835 |
|  |  | &nbsp;&nbsp; 2287904 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| Beach Acquisition Bidco LLC |  |  |
| 5.250%, 07/15/32 (144A) (EUR) | 1140000 | &nbsp;&nbsp; 1363914 |
| 10.000%, 10.750% PIK, 07/15/33 (144A) (c) | 1999000 | &nbsp;&nbsp; 2206462 |
| Crocs, Inc. |  |  |
| 4.125%, 08/15/31 (144A) | 165000 | &nbsp;&nbsp; 152430 |
| Levi Strauss & Co. |  |  |
| 3.500%, 03/01/31 (144A) (a) | 326000 | &nbsp;&nbsp; 303579 |
| 4.000%, 08/15/30 (144A) (EUR) | 335000 | &nbsp;&nbsp; 399805 |
| PrestigeBidCo GmbH |  |  |
| 5.776%, 3M EURIBOR + 3.750%, 07/01/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 118481 |
|  |  | &nbsp;&nbsp; 4544671 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| Allison Transmission, Inc. |  |  |
| 5.875%, 12/01/33 (144A) | 709000 | &nbsp;&nbsp; 719325 |
| Aston Martin Capital Holdings Ltd. |  |  |
| 10.375%, 03/31/29 (GBP) | 100000 | &nbsp;&nbsp; 122702 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 6.125%, 09/30/30 (144A) | 1565000 | &nbsp;&nbsp; 1565219 |
| Nissan Motor Co. Ltd. |  |  |
| 5.250%, 07/17/29 (EUR) | 100000 | &nbsp;&nbsp; 120658 |
| 6.375%, 07/17/33 (144A) (EUR) | 400000 | &nbsp;&nbsp; 482102 |
| 7.750%, 07/17/32 (144A) (a) | 767000 | &nbsp;&nbsp; 814715 |
| 8.125%, 07/17/35 (144A) (a) | 1682000 | &nbsp;&nbsp; 1787331 |
| RCI Banque SA |  |  |
| 4.750%, 5Y EUR Swap + 2.200%, 03/24/37 (EUR) (b) | 100000 | &nbsp;&nbsp; 119769 |
| 5.500%, 5Y EUR Swap + 2.750%, 10/09/34 (EUR) (b) | 100000 | &nbsp;&nbsp; 123859 |
| 6.125%, 5Y EUR Swap + 3.839%, 09/24/30 (EUR) (b) | 200000 | &nbsp;&nbsp; 236277 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |  |  |
| 10.000%, 01/15/31 (144A) | 636000 | &nbsp;&nbsp; 625226 |
| Volkswagen International Finance NV |  |  |
| 5.994%, 8Y EUR Swap + 3.494%, 11/15/33 (EUR) (b) | 100000 | &nbsp;&nbsp; 121609 |
|  |  | &nbsp;&nbsp; 6838792 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| American Axle & Manufacturing, Inc. |  |  |
| 6.375%, 10/15/32 (144A) | 420000 | &nbsp;&nbsp; 427753 |
| 7.750%, 10/15/33 (144A) | 439000 | &nbsp;&nbsp; 447156 |
| Aptiv Swiss Holdings Ltd. |  |  |
| 6.875%, 5Y H15 + 3.385%, 12/15/54 (b) | 600000 | &nbsp;&nbsp; 625802 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.750%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 119193 |
| 4.750%, 06/15/31 (144A) (EUR) | 770000 | &nbsp;&nbsp; 917789 |

---

*See accompanying notes to financial statements.*

**BHFTI-85**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.750%, 05/15/28 (144A) | 679000 | &nbsp;&nbsp; $696230 |
| 6.750%, 02/15/30 (144A) | 1341000 | &nbsp;&nbsp; 1399749 |
| 6.750%, 09/15/32 (144A) (a) | 2757000 | &nbsp;&nbsp; 2858988 |
| Dana, Inc. |  |  |
| 4.250%, 09/01/30 | 243000 | &nbsp;&nbsp; 235283 |
| 4.500%, 02/15/32 | 370000 | &nbsp;&nbsp; 355166 |
| Forvia SE |  |  |
| 5.500%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 121587 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL |  |  |
| 7.750%, 05/31/32 (144A) (a) | 316000 | &nbsp;&nbsp; 335867 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.000%, 07/15/29 (a) | 234000 | &nbsp;&nbsp; 231205 |
| 5.250%, 04/30/31 | 37000 | &nbsp;&nbsp; 35523 |
| 5.625%, 04/30/33 (a) | 12000 | &nbsp;&nbsp; 11366 |
| 6.625%, 07/15/30 (a) | 302000 | &nbsp;&nbsp; 309259 |
| IHO Verwaltungs GmbH |  |  |
| 6.750%, 7.500% PIK, 11/15/29 (EUR) (c) | 100000 | &nbsp;&nbsp; 124200 |
| Qnity Electronics, Inc. |  |  |
| 5.750%, 08/15/32 (144A) | 777000 | &nbsp;&nbsp; 794441 |
| 6.250%, 08/15/33 (144A) | 966000 | &nbsp;&nbsp; 1001309 |
| Schaeffler AG |  |  |
| 4.250%, 04/01/28 (EUR) | 100000 | &nbsp;&nbsp; 119966 |
| 4.500%, 08/14/26 (EUR) | 100000 | &nbsp;&nbsp; 118537 |
| 4.750%, 08/14/29 (EUR) | 100000 | &nbsp;&nbsp; 121400 |
| Tenneco, Inc. |  |  |
| 8.000%, 11/17/28 (144A) | 1037000 | &nbsp;&nbsp; 1040318 |
| ZF Europe Finance BV |  |  |
| 7.000%, 06/12/30 (EUR) | 100000 | &nbsp;&nbsp; 123806 |
| ZF Finance GmbH |  |  |
| 2.000%, 05/06/27 (EUR) | 100000 | &nbsp;&nbsp; 115469 |
|  |  | &nbsp;&nbsp; 12687362 |
| **Banks — 2.7%** | **Banks — 2.7%** | **Banks — 2.7%** |
| Abanca Corp. Bancaria SA |  |  |
| 4.625%, 5Y EUR Swap + 2.450%, 12/11/36 (EUR) (b) | 100000 | &nbsp;&nbsp; 120567 |
| Banca Monte dei Paschi di Siena SpA |  |  |
| 4.375%, 5Y EUR Swap + 2.150%, 10/02/35 (EUR) (b) | 200000 | &nbsp;&nbsp; 238474 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.875%, 5Y EUR Swap + 4.267%, 12/13/30 (EUR) (b) | 200000 | &nbsp;&nbsp; 254452 |
| Banco de Sabadell SA |  |  |
| 5.000%, 5Y EUR Swap + 5.171%, 05/19/27 (EUR) (b) | 200000 | &nbsp;&nbsp; 237623 |
| Banco Espirito Santo SA |  |  |
| 2.625%, 05/08/17 (EUR) (d) | 400000 | &nbsp;&nbsp; 103418 |
| 4.750%, 01/15/18 (EUR) (d) | 1000000 | &nbsp;&nbsp; 258544 |
| Bank of America Corp. |  |  |
| 6.250%, 5Y H15 + 2.351%, 07/26/30 (b) | 1335000 | &nbsp;&nbsp; 1355967 |
| 6.625%, 5Y H15 + 2.684%, 05/01/30 (a) (b) | 3065000 | &nbsp;&nbsp; 3193580 |
| Barclays PLC |  |  |
| 7.625%, 5Y USD SOFR ICE Swap + 3.686%, 03/15/35 (b) | 600000 | &nbsp;&nbsp; 640183 |
| 8.000%, 5Y H15 + 5.431%, 03/15/29 (b) | 200000 | &nbsp;&nbsp; 213394 |
| 9.625%, 5Y USD SOFR ICE Swap + 5.775%, 12/15/29 (a) <br> (b)<br>| 2645000 | &nbsp;&nbsp; 2996245 |
| Citigroup, Inc. |  |  |
| 6.625%, 5Y H15 + 3.001%, 02/15/31 (b) | 690000 | &nbsp;&nbsp; 701227 |
| 6.750%, 5Y H15 + 2.572%, 02/15/30 (b) | 1088000 | &nbsp;&nbsp; 1107507 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Citigroup, Inc. |  |  |
| 6.875%, 5Y H15 + 2.890%, 08/15/30 (a) (b) | 520000 | &nbsp;&nbsp; $540335 |
| 6.950%, 5Y H15 + 2.726%, 02/15/30 (b) | 430000 | &nbsp;&nbsp; 443319 |
| 7.000%, 10Y H15 + 2.757%, 08/15/34 (b) | 465000 | &nbsp;&nbsp; 490421 |
| 7.125%, 5Y H15 + 2.693%, 08/15/29 (b) | 1950000 | &nbsp;&nbsp; 2010387 |
| Credit Agricole SA |  |  |
| 5.875%, 5Y EUR Swap + 3.636%, 03/23/35 (EUR) (b) | 100000 | &nbsp;&nbsp; 120551 |
| Deutsche Bank AG |  |  |
| 6.750%, 5Y EUR Swap + 4.036%, 10/30/34 (EUR) (b) | 200000 | &nbsp;&nbsp; 240035 |
| 7.375%, 5Y EUR Swap + 5.112%, 10/30/31 (EUR) (b) | 200000 | &nbsp;&nbsp; 252997 |
| First-Citizens Bank & Trust Co. |  |  |
| 6.000%, 04/01/36 | 1604000 | &nbsp;&nbsp; 1662090 |
| Goldman Sachs Group, Inc. |  |  |
| 6.125%, 10Y H15 + 2.400%, 11/10/34 (a) (b) | 2239000 | &nbsp;&nbsp; 2270238 |
| 6.850%, 5Y H15 + 2.461%, 02/10/30 (b) | 985000 | &nbsp;&nbsp; 1024316 |
| Intesa Sanpaolo SpA |  |  |
| 5.710%, 01/15/26 (144A) | 300000 | &nbsp;&nbsp; 300144 |
| NatWest Group PLC |  |  |
| 8.125%, 5Y H15 + 3.752%, 11/10/33 (b) | 590000 | &nbsp;&nbsp; 663833 |
| PNC Financial Services Group, Inc. |  |  |
| 6.250%, 7Y H15 + 2.808%, 03/15/30 (a) (b) | 311000 | &nbsp;&nbsp; 321072 |
| Societe Generale SA |  |  |
| 8.125%, 5Y H15 + 3.790%, 11/21/29 (144A) (b) | 241000 | &nbsp;&nbsp; 253759 |
| Toronto-Dominion Bank |  |  |
| 7.250%, 5Y H15 + 2.977%, 07/31/84 (b) | 1085000 | &nbsp;&nbsp; 1139707 |
| UBS Group AG |  |  |
| 6.600%, 5Y USD SOFR ICE Swap + 3.122%, 08/05/30 <br> (144A) (b)<br>| 400000 | &nbsp;&nbsp; 406225 |
| 6.850%, 5Y USD SOFR ICE Swap + 3.630%, 09/10/29 <br> (144A) (b)<br>| 200000 | &nbsp;&nbsp; 204505 |
| 7.000%, 5Y USD SOFR ICE Swap + 3.077%, 02/10/30 <br> (144A) (b)<br>| 400000 | &nbsp;&nbsp; 408761 |
| 7.000%, 5Y USD SOFR ICE Swap + 3.296%, 02/05/35 <br> (144A) (a) (b)<br>| 800000 | &nbsp;&nbsp; 816566 |
| 7.125%, 5Y USD SOFR ICE Swap + 3.179%, 08/10/34 <br> (144A) (b)<br>| 600000 | &nbsp;&nbsp; 614859 |
| 7.750%, 5Y USD SOFR ICE Swap + 4.160%, 04/12/31 <br> (144A) (a) (b)<br>| 1000000 | &nbsp;&nbsp; 1078032 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (b) | 400000 | &nbsp;&nbsp; 438900 |
| 9.250%, 5Y H15 + 4.758%, 11/13/33 (144A) (b) | 1000000 | &nbsp;&nbsp; 1172757 |
| Walker & Dunlop, Inc. |  |  |
| 6.625%, 04/01/33 (144A) (a) | 395000 | &nbsp;&nbsp; 405240 |
| Wells Fargo & Co. |  |  |
| 6.850%, 5Y H15 + 2.767%, 09/15/29 (b) | 475000 | &nbsp;&nbsp; 496382 |
|  |  | &nbsp;&nbsp; 29196612 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Genmab AS/Genmab Finance LLC |  |  |
| 6.250%, 12/15/32 (144A) | 486000 | &nbsp;&nbsp; 498075 |
| 7.250%, 12/15/33 (144A) | 1194000 | &nbsp;&nbsp; 1254192 |
|  |  | &nbsp;&nbsp; 1752267 |
| **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
| AmeriTex HoldCo Intermediate LLC |  |  |
| 7.625%, 08/15/33 (144A) | 618000 | &nbsp;&nbsp; 651158 |

---

*See accompanying notes to financial statements.*

**BHFTI-86**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Builders FirstSource, Inc. |  |  |
| 6.375%, 03/01/34 (144A) | 444000 | &nbsp;&nbsp; $459066 |
| 6.750%, 05/15/35 (144A) | 460000 | &nbsp;&nbsp; 480937 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| 6.375%, 12/15/30 (EUR) | 100000 | &nbsp;&nbsp; 122445 |
| 6.625%, 12/15/30 (144A) (a) | 3829000 | &nbsp;&nbsp; 3987950 |
| 6.750%, 07/15/31 (144A) | 527000 | &nbsp;&nbsp; 555464 |
| HT Troplast GmbH |  |  |
| 9.375%, 07/15/28 (EUR) | 100000 | &nbsp;&nbsp; 121868 |
| JELD-WEN, Inc. |  |  |
| 4.875%, 12/15/27 (144A) (a) | 648000 | &nbsp;&nbsp; 565582 |
| 7.000%, 09/01/32 (144A) (a) | 483000 | &nbsp;&nbsp; 331860 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| 5.250%, 07/15/28 (144A) | 222000 | &nbsp;&nbsp; 221814 |
| 9.750%, 07/15/28 (144A) | 470000 | &nbsp;&nbsp; 473525 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 3282000 | &nbsp;&nbsp; 3416168 |
| 6.750%, 03/01/33 (144A) | 963000 | &nbsp;&nbsp; 1005652 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.000%, 11/01/28 (144A) | 204000 | &nbsp;&nbsp; 204943 |
| 8.875%, 11/15/31 (144A) | 77000 | &nbsp;&nbsp; 82362 |
| Standard Building Solutions, Inc. |  |  |
| 5.875%, 03/15/34 (144A) | 1088000 | &nbsp;&nbsp; 1091181 |
| 6.250%, 08/01/33 (144A) | 2016000 | &nbsp;&nbsp; 2059418 |
| 6.500%, 08/15/32 (144A) | 1501000 | &nbsp;&nbsp; 1545318 |
| Standard Industries, Inc. |  |  |
| 3.375%, 01/15/31 (144A) | 461000 | &nbsp;&nbsp; 422357 |
| 4.375%, 07/15/30 (144A) | 857000 | &nbsp;&nbsp; 826752 |
| Wilsonart LLC |  |  |
| 11.000%, 08/15/32 (144A) (a) | 959000 | &nbsp;&nbsp; 856945 |
|  |  | &nbsp;&nbsp; 19482765 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| Advancion Sciences, Inc. |  |  |
| 9.250%, 10.000% PIK, 11/01/26 (144A) (c) | 918922 | &nbsp;&nbsp; 801759 |
| Avient Corp. |  |  |
| 6.250%, 11/01/31 (144A) (a) | 164000 | &nbsp;&nbsp; 168569 |
| Axalta Coating Systems Dutch Holding B BV |  |  |
| 7.250%, 02/15/31 (144A) | 897000 | &nbsp;&nbsp; 945990 |
| Axalta Coating Systems LLC |  |  |
| 3.375%, 02/15/29 (144A) (a) | 520000 | &nbsp;&nbsp; 499858 |
| Celanese U.S. Holdings LLC |  |  |
| 6.750%, 04/15/33 (a) | 497000 | &nbsp;&nbsp; 494392 |
| 7.000%, 02/15/31 | 69000 | &nbsp;&nbsp; 70647 |
| 7.375%, 02/15/34 | 587000 | &nbsp;&nbsp; 596375 |
| Chemours Co. |  |  |
| 5.375%, 05/15/27 (a) | 958000 | &nbsp;&nbsp; 960326 |
| 5.750%, 11/15/28 (144A) (a) | 2300000 | &nbsp;&nbsp; 2236774 |
| 8.000%, 01/15/33 (144A) | 371000 | &nbsp;&nbsp; 359170 |
| Element Solutions, Inc. |  |  |
| 3.875%, 09/01/28 (144A) | 3055000 | &nbsp;&nbsp; 2986103 |
| HB Fuller Co. |  |  |
| 4.250%, 10/15/28 | 257000 | &nbsp;&nbsp; 254287 |
| Herens Holdco SARL |  |  |
| 4.750%, 05/15/28 (144A) | 600000 | &nbsp;&nbsp; 520967 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Ingevity Corp. |  |  |
| 3.875%, 11/01/28 (144A) | 191000 | &nbsp;&nbsp; $185979 |
| Inversion Escrow Issuer LLC |  |  |
| 6.750%, 08/01/32 (144A) | 1441000 | &nbsp;&nbsp; 1435433 |
| Itelyum Regeneration SpA |  |  |
| 5.750%, 04/15/30 (EUR) | 100000 | &nbsp;&nbsp; 117136 |
| Kronos International, Inc. |  |  |
| 9.500%, 03/15/29 (EUR) | 200000 | &nbsp;&nbsp; 218196 |
| Lune Holdings SARL |  |  |
| 5.625%, 11/15/28 (EUR) | 100000 | &nbsp;&nbsp; 13515 |
| Mativ Holdings, Inc. |  |  |
| 8.000%, 10/01/29 (144A) | 393000 | &nbsp;&nbsp; 396940 |
| Methanex U.S. Operations, Inc. |  |  |
| 6.250%, 03/15/32 (144A) (a) | 382000 | &nbsp;&nbsp; 393334 |
| Minerals Technologies, Inc. |  |  |
| 5.000%, 07/01/28 (144A) (a) | 365000 | &nbsp;&nbsp; 361350 |
| Olympus Water U.S. Holding Corp. |  |  |
| 5.375%, 10/01/29 (EUR) | 100000 | &nbsp;&nbsp; 109043 |
| 6.125%, 02/15/33 (EUR) | 100000 | &nbsp;&nbsp; 116595 |
| 7.250%, 06/15/31 (144A) | 2450000 | &nbsp;&nbsp; 2506369 |
| 7.250%, 02/15/33 (144A) | 5167000 | &nbsp;&nbsp; 5192533 |
| Perimeter Holdings LLC |  |  |
| 6.250%, 01/15/34 (144A) | 1452000 | &nbsp;&nbsp; 1442459 |
| SK Invictus Intermediate II SARL |  |  |
| 5.000%, 10/30/29 (144A) | 1639000 | &nbsp;&nbsp; 1622932 |
| Solstice Advanced Materials, Inc. |  |  |
| 5.625%, 09/30/33 (144A) | 1151000 | &nbsp;&nbsp; 1161122 |
| WR Grace Holdings LLC |  |  |
| 4.875%, 06/15/27 (144A) | 291000 | &nbsp;&nbsp; 290102 |
| 5.625%, 08/15/29 (144A) | 3744000 | &nbsp;&nbsp; 3563860 |
| 6.625%, 08/15/32 (144A) | 1903000 | &nbsp;&nbsp; 1927301 |
| 7.375%, 03/01/31 (144A) | 724000 | &nbsp;&nbsp; 741400 |
|  |  | &nbsp;&nbsp; 32690816 |
| **Commercial Services — 6.4%** | **Commercial Services — 6.4%** | **Commercial Services — 6.4%** |
| ADT Security Corp. |  |  |
| 4.875%, 07/15/32 (144A) | 513000 | &nbsp;&nbsp; 496880 |
| 5.875%, 10/15/33 (144A) | 1264000 | &nbsp;&nbsp; 1279665 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
| 7.000%, 05/21/30 (144A) | 1505000 | &nbsp;&nbsp; 1570785 |
| Allied Universal Holdco LLC |  |  |
| 7.875%, 02/15/31 (144A) | 6378000 | &nbsp;&nbsp; 6721639 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| 6.000%, 06/01/29 (144A) (a) | 3376000 | &nbsp;&nbsp; 3341067 |
| 6.875%, 06/15/30 (144A) | 2382000 | &nbsp;&nbsp; 2480082 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 SARL<br>|  |  |
| 4.625%, 06/01/28 (144A) | 4229000 | &nbsp;&nbsp; 4165139 |
| Amber Finco PLC |  |  |
| 6.625%, 07/15/29 (EUR) | 114000 | &nbsp;&nbsp; 140685 |
| APCOA Group GmbH |  |  |
| 6.000%, 04/15/31 (EUR) | 100000 | &nbsp;&nbsp; 119609 |
| APi Group DE, Inc. |  |  |
| 4.125%, 07/15/29 (144A) | 352000 | &nbsp;&nbsp; 342237 |
| 4.750%, 10/15/29 (144A) | 276000 | &nbsp;&nbsp; 270411 |

---

*See accompanying notes to financial statements.*

**BHFTI-87**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Arena Luxembourg Finance SARL |  |  |
| 4.550%, 3M EURIBOR + 2.500%, 05/01/30 (EUR) (b) | 100000 | &nbsp;&nbsp; $118564 |
| BCP V Modular Services Finance II PLC |  |  |
| 4.750%, 11/30/28 (EUR) | 200000 | &nbsp;&nbsp; 221947 |
| 6.125%, 11/30/28 (GBP) | 100000 | &nbsp;&nbsp; 126529 |
| Belron U.K. Finance PLC |  |  |
| 5.750%, 10/15/29 (144A) | 932000 | &nbsp;&nbsp; 951749 |
| Block, Inc. |  |  |
| 2.750%, 06/01/26 | 350000 | &nbsp;&nbsp; 347910 |
| 5.625%, 08/15/30 (144A) | 955000 | &nbsp;&nbsp; 974407 |
| 6.000%, 08/15/33 (144A) (a) | 1261000 | &nbsp;&nbsp; 1294554 |
| 6.500%, 05/15/32 | 2233000 | &nbsp;&nbsp; 2322007 |
| Boels Topholding BV |  |  |
| 5.750%, 05/15/30 (EUR) | 100000 | &nbsp;&nbsp; 121515 |
| 6.250%, 02/15/29 (EUR) | 100000 | &nbsp;&nbsp; 121217 |
| Boost Newco Borrower LLC |  |  |
| 7.500%, 01/15/31 (144A) | 1586000 | &nbsp;&nbsp; 1685680 |
| Brink's Co. |  |  |
| 6.500%, 06/15/29 (144A) | 421000 | &nbsp;&nbsp; 435901 |
| 6.750%, 06/15/32 (144A) (a) | 686000 | &nbsp;&nbsp; 714837 |
| Clarivate Science Holdings Corp. |  |  |
| 3.875%, 07/01/28 (144A) | 2412000 | &nbsp;&nbsp; 2341578 |
| 4.875%, 07/01/29 (144A) (a) | 1771000 | &nbsp;&nbsp; 1674500 |
| Deluxe Corp. |  |  |
| 8.125%, 09/15/29 (144A) | 317000 | &nbsp;&nbsp; 333953 |
| Garda World Security Corp. |  |  |
| 6.000%, 06/01/29 (144A) (a) | 175000 | &nbsp;&nbsp; 171621 |
| 7.750%, 02/15/28 (144A) (a) | 995000 | &nbsp;&nbsp; 1017484 |
| 8.250%, 08/01/32 (144A) (a) | 2277000 | &nbsp;&nbsp; 2314170 |
| 8.375%, 11/15/32 (144A) | 2759000 | &nbsp;&nbsp; 2810353 |
| Herc Holdings, Inc. |  |  |
| 5.750%, 03/15/31 (144A) | 406000 | &nbsp;&nbsp; 412027 |
| 6.000%, 03/15/34 (144A) | 419000 | &nbsp;&nbsp; 424584 |
| 6.625%, 06/15/29 (144A) (a) | 54000 | &nbsp;&nbsp; 56057 |
| 7.000%, 06/15/30 (144A) | 1065000 | &nbsp;&nbsp; 1120836 |
| 7.250%, 06/15/33 (144A) | 1340000 | &nbsp;&nbsp; 1420915 |
| Hertz Corp. |  |  |
| 12.625%, 07/15/29 (144A) (a) | 379000 | &nbsp;&nbsp; 382284 |
| ION Platform Finance SARL |  |  |
| 6.500%, 09/30/30 (EUR) | 100000 | &nbsp;&nbsp; 113724 |
| 7.875%, 05/01/29 (EUR) | 100000 | &nbsp;&nbsp; 119274 |
| ION Platform Finance U.S., Inc. |  |  |
| 7.875%, 09/30/32 (144A) | 3872000 | &nbsp;&nbsp; 3673976 |
| Kapla Holding SAS |  |  |
| 5.000%, 04/30/31 (EUR) | 100000 | &nbsp;&nbsp; 119178 |
| 5.600%, 3M EURIBOR + 3.500%, 07/31/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118780 |
| La Financiere Atalian SAS |  |  |
| 8.500%, 5.000% PIK, 06/30/28 (EUR) (c) | 155043 | &nbsp;&nbsp; 51726 |
| Loxam SAS |  |  |
| 4.250%, 02/15/31 (EUR) | 100000 | &nbsp;&nbsp; 117567 |
| 6.375%, 05/15/28 (EUR) | 100000 | &nbsp;&nbsp; 121148 |
| 6.375%, 05/31/29 (EUR) | 90000 | &nbsp;&nbsp; 109439 |
| Multiversity SpA |  |  |
| 6.324%, 3M EURIBOR + 4.250%, 05/17/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 118833 |
| 7.125%, 05/17/31 (EUR) | 100000 | &nbsp;&nbsp; 125504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Raven Acquisition Holdings LLC |  |  |
| 6.875%, 11/15/31 (144A) | 860000 | &nbsp;&nbsp; $886093 |
| RR Donnelley & Sons Co. |  |  |
| 9.500%, 08/01/29 (144A) | 1456000 | &nbsp;&nbsp; 1500408 |
| Sabre Financial Borrower LLC |  |  |
| 11.125%, 06/15/29 (144A) | 1337000 | &nbsp;&nbsp; 1354832 |
| Service Corp. International |  |  |
| 4.000%, 05/15/31 | 653000 | &nbsp;&nbsp; 624142 |
| 5.750%, 10/15/32 (a) | 2242000 | &nbsp;&nbsp; 2281773 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| 5.500%, 05/15/33 (EUR) | 100000 | &nbsp;&nbsp; 120350 |
| 5.500%, 05/15/33 (144A) (EUR) | 715000 | &nbsp;&nbsp; 860500 |
| 6.750%, 08/15/32 (144A) | 3176000 | &nbsp;&nbsp; 3279195 |
| Sotheby's |  |  |
| 7.375%, 10/15/27 (144A) | 2521000 | &nbsp;&nbsp; 2506246 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| 5.875%, 06/01/29 (144A) | 622000 | &nbsp;&nbsp; 578705 |
| United Rentals North America, Inc. |  |  |
| 5.375%, 11/15/33 (144A) | 1476000 | &nbsp;&nbsp; 1474955 |
| Veritiv Operating Co. |  |  |
| 10.500%, 11/30/30 (144A) | 399000 | &nbsp;&nbsp; 429010 |
| Wand NewCo 3, Inc. |  |  |
| 7.625%, 01/30/32 (144A) | 1230000 | &nbsp;&nbsp; 1301740 |
| WEX, Inc. |  |  |
| 6.500%, 03/15/33 (144A) | 999000 | &nbsp;&nbsp; 1022637 |
| Williams Scotsman, Inc. |  |  |
| 4.625%, 08/15/28 (144A) | 251000 | &nbsp;&nbsp; 250230 |
| 6.625%, 04/15/30 (144A) | 554000 | &nbsp;&nbsp; 572608 |
| 7.375%, 10/01/31 (144A) (a) | 245000 | &nbsp;&nbsp; 255950 |
|  |  | &nbsp;&nbsp; 68933901 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |
| 5.000%, 10/30/30 (EUR) | 100000 | &nbsp;&nbsp; 118495 |
| Amentum Holdings, Inc. |  |  |
| 7.250%, 08/01/32 (144A) (a) | 231000 | &nbsp;&nbsp; 243493 |
| Atos SE |  |  |
| 1.040%, 12/18/32 (EUR) (e) | 101086 | &nbsp;&nbsp; 77816 |
| 5.200%, 12/18/30 (EUR) (e) | 80054 | &nbsp;&nbsp; 92775 |
| 9.360%, 12/18/29 (EUR) (e) | 112974 | &nbsp;&nbsp; 152110 |
| CACI International, Inc. |  |  |
| 6.375%, 06/15/33 (144A) | 792000 | &nbsp;&nbsp; 819466 |
| Cedacri SpA |  |  |
| 7.564%, 3M EURIBOR + 5.500%, 05/15/28 (EUR) (b) | 100000 | &nbsp;&nbsp; 118834 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.500%, 06/01/31 (144A) | 1584000 | &nbsp;&nbsp; 1652809 |
| KBR, Inc. |  |  |
| 4.750%, 09/30/28 (144A) (a) | 515000 | &nbsp;&nbsp; 504700 |
| McAfee Corp. |  |  |
| 7.375%, 02/15/30 (144A) (a) | 859000 | &nbsp;&nbsp; 749115 |
| Science Applications International Corp. |  |  |
| 4.875%, 04/01/28 (144A) | 264000 | &nbsp;&nbsp; 263300 |
| 5.875%, 11/01/33 (144A) | 656000 | &nbsp;&nbsp; 665013 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 5.875%, 07/15/30 (144A) | 370000 | &nbsp;&nbsp; 381420 |

---

*See accompanying notes to financial statements.*

**BHFTI-88**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.500%, 07/15/31 (144A) | 674000 | &nbsp;&nbsp; $716571 |
|  |  | &nbsp;&nbsp; 6555917 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| Opal Bidco SAS |  |  |
| 5.500%, 03/31/32 (EUR) | 100000 | &nbsp;&nbsp; 121232 |
| 6.500%, 03/31/32 (144A) | 663000 | &nbsp;&nbsp; 679057 |
| Perrigo Finance Unlimited Co. |  |  |
| 6.125%, 09/30/32 | 568000 | &nbsp;&nbsp; 553270 |
|  |  | &nbsp;&nbsp; 1353559 |
| **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
| American Builders & Contractors Supply Co., Inc. |  |  |
| 3.875%, 11/15/29 (144A) | 24000 | &nbsp;&nbsp; 23130 |
| Gates Corp. |  |  |
| 6.875%, 07/01/29 (144A) | 803000 | &nbsp;&nbsp; 833899 |
| Resideo Funding, Inc. |  |  |
| 6.500%, 07/15/32 (144A) (a) | 1190000 | &nbsp;&nbsp; 1218004 |
|  |  | &nbsp;&nbsp; 2075033 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| Apollo Global Management, Inc. |  |  |
| 6.000%, 5Y H15 + 2.168%, 12/15/54 (a) (b) | 921000 | &nbsp;&nbsp; 909495 |
| Azorra Finance Ltd. |  |  |
| 7.250%, 01/15/31 (144A) | 313000 | &nbsp;&nbsp; 327972 |
| 7.750%, 04/15/30 (144A) | 428000 | &nbsp;&nbsp; 451933 |
| Bread Financial Holdings, Inc. |  |  |
| 8.375%, 5Y H15 + 4.300%, 06/15/35 (144A) (a) (b) | 112000 | &nbsp;&nbsp; 115790 |
| Brookfield Finance, Inc. |  |  |
| 6.300%, 5Y H15 + 2.076%, 01/15/55 (b) | 1480000 | &nbsp;&nbsp; 1466456 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.500%, 10/01/30 (144A) | 638000 | &nbsp;&nbsp; 650757 |
| 6.750%, 12/01/32 (144A) | 323000 | &nbsp;&nbsp; 328241 |
| Encore Issuances SA |  |  |
| 4.926%, 1M EURIBOR + 3.000%, 08/14/26 (EUR) (b) | 35197 | &nbsp;&nbsp; 41530 |
| Focus Financial Partners LLC |  |  |
| 6.750%, 09/15/31 (144A) | 1428000 | &nbsp;&nbsp; 1468153 |
| Freedom Mortgage Holdings LLC |  |  |
| 6.875%, 05/01/31 (144A) | 342000 | &nbsp;&nbsp; 342206 |
| 8.375%, 04/01/32 (144A) | 450000 | &nbsp;&nbsp; 473699 |
| 9.125%, 05/15/31 (144A) | 1064000 | &nbsp;&nbsp; 1142797 |
| 9.250%, 02/01/29 (144A) | 453000 | &nbsp;&nbsp; 475128 |
| Garfunkelux Holdco 3 SA |  |  |
| 9.000%, 09/01/28 (EUR) | 159000 | &nbsp;&nbsp; 178880 |
| GGAM Finance Ltd. |  |  |
| 5.875%, 03/15/30 (144A) | 242000 | &nbsp;&nbsp; 245579 |
| 6.875%, 04/15/29 (144A) | 701000 | &nbsp;&nbsp; 727067 |
| 8.000%, 06/15/28 (144A) | 335000 | &nbsp;&nbsp; 354755 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| 8.750%, 09/01/27 (144A) | 1156000 | &nbsp;&nbsp; 1198829 |
| Intrum Investments & Financing AB |  |  |
| 8.000%, 09/11/27 (EUR) | 142000 | &nbsp;&nbsp; 169067 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.125%, 11/01/32 (144A) | 206000 | &nbsp;&nbsp; 209617 |
| 6.750%, 05/01/33 (144A) | 917000 | &nbsp;&nbsp; 957161 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 6.625%, 10/15/31 (144A) | 209000 | &nbsp;&nbsp; $205671 |
| Lehman Brothers Holdings, Inc. |  |  |
| Zero Coupon, 02/05/14 (EUR) (d) | 4500000 | &nbsp;&nbsp; 14279 |
| 4.750%, 01/16/14 (EUR) (d) | 2140000 | &nbsp;&nbsp; 6790 |
| 5.375%, 10/17/12 (EUR) (d) | 350000 | &nbsp;&nbsp; 1111 |
| Midcap Financial Issuer Trust |  |  |
| 5.625%, 01/15/30 (144A) | 800000 | &nbsp;&nbsp; 749327 |
| 6.500%, 05/01/28 (144A) | 1000000 | &nbsp;&nbsp; 998249 |
| Navient Corp. |  |  |
| 7.875%, 06/15/32 (a) | 374000 | &nbsp;&nbsp; 391275 |
| 9.375%, 07/25/30 | 174000 | &nbsp;&nbsp; 193369 |
| OneMain Finance Corp. |  |  |
| 4.000%, 09/15/30 (a) | 437000 | &nbsp;&nbsp; 409626 |
| 5.375%, 11/15/29 | 985000 | &nbsp;&nbsp; 985666 |
| 6.125%, 05/15/30 | 914000 | &nbsp;&nbsp; 931903 |
| 6.500%, 03/15/33 | 1189000 | &nbsp;&nbsp; 1199286 |
| 6.625%, 05/15/29 | 425000 | &nbsp;&nbsp; 440191 |
| 6.750%, 03/15/32 | 916000 | &nbsp;&nbsp; 940654 |
| 6.750%, 09/15/33 | 1665000 | &nbsp;&nbsp; 1686027 |
| 7.125%, 11/15/31 (a) | 1024000 | &nbsp;&nbsp; 1068890 |
| 7.125%, 09/15/32 (a) | 534000 | &nbsp;&nbsp; 554784 |
| 7.500%, 05/15/31 (a) | 324000 | &nbsp;&nbsp; 340896 |
| 7.875%, 03/15/30 | 567000 | &nbsp;&nbsp; 599496 |
| Osaic Holdings, Inc. |  |  |
| 6.750%, 08/01/32 (144A) | 353000 | &nbsp;&nbsp; 368751 |
| 8.000%, 08/01/33 (144A) | 587000 | &nbsp;&nbsp; 610302 |
| PennyMac Financial Services, Inc. |  |  |
| 6.750%, 02/15/34 (144A) | 457000 | &nbsp;&nbsp; 472413 |
| 6.875%, 05/15/32 (144A) | 1007000 | &nbsp;&nbsp; 1054223 |
| 7.125%, 11/15/30 (144A) | 345000 | &nbsp;&nbsp; 362674 |
| 7.875%, 12/15/29 (144A) | 554000 | &nbsp;&nbsp; 589482 |
| Phoenix Aviation Capital Ltd. |  |  |
| 9.250%, 07/15/30 (144A) | 1627000 | &nbsp;&nbsp; 1733266 |
| PRA Group Europe Holding II SARL |  |  |
| 6.250%, 09/30/32 (EUR) | 101000 | &nbsp;&nbsp; 115728 |
| Rocket Cos., Inc. |  |  |
| 6.125%, 08/01/30 (144A) (a) | 2907000 | &nbsp;&nbsp; 3004905 |
| 6.375%, 08/01/33 (144A) | 2448000 | &nbsp;&nbsp; 2552331 |
| 6.500%, 08/01/29 (144A) | 1062000 | &nbsp;&nbsp; 1095334 |
| 7.125%, 02/01/32 (144A) | 1529000 | &nbsp;&nbsp; 1608506 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 2.875%, 10/15/26 (144A) | 912000 | &nbsp;&nbsp; 898697 |
| 3.875%, 03/01/31 (144A) | 95000 | &nbsp;&nbsp; 90212 |
| 4.000%, 10/15/33 (144A) (a) | 75000 | &nbsp;&nbsp; 69682 |
| Titanium 2l Bondco SARL |  |  |
| 6.250%, 01/14/31 (EUR) (c) | 437300 | &nbsp;&nbsp; 92193 |
| UWM Holdings LLC |  |  |
| 6.250%, 03/15/31 (144A) | 1021000 | &nbsp;&nbsp; 1019372 |
| 6.625%, 02/01/30 (144A) | 780000 | &nbsp;&nbsp; 789812 |
|  |  | &nbsp;&nbsp; 40480485 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| AES Corp. |  |  |
| 7.600%, 5Y H15 + 3.201%, 01/15/55 (b) | 770000 | &nbsp;&nbsp; 784174 |

---

*See accompanying notes to financial statements.*

**BHFTI-89**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Alpha Generation LLC |  |  |
| 6.750%, 10/15/32 (144A) | 882000 | &nbsp;&nbsp; $913037 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
| 6.375%, 02/15/32 (144A) | 587000 | &nbsp;&nbsp; 587968 |
| Calpine Corp. |  |  |
| 4.500%, 02/15/28 (144A) | 21000 | &nbsp;&nbsp; 21014 |
| CenterPoint Energy, Inc. |  |  |
| 6.850%, 5Y H15 + 2.946%, 02/15/55 (b) | 227000 | &nbsp;&nbsp; 242091 |
| Clearway Energy Operating LLC |  |  |
| 3.750%, 01/15/32 (144A) | 571000 | &nbsp;&nbsp; 518997 |
| ContourGlobal Power Holdings SA |  |  |
| 6.750%, 02/28/30 (144A) | 1400000 | &nbsp;&nbsp; 1443554 |
| Dominion Energy, Inc. |  |  |
| 6.625%, 5Y H15 + 2.207%, 05/15/55 (b) | 175000 | &nbsp;&nbsp; 180330 |
| Duke Energy Corp. |  |  |
| 6.450%, 5Y H15 + 2.588%, 09/01/54 (a) (b) | 400000 | &nbsp;&nbsp; 419831 |
| EDP SA |  |  |
| 1.875%, 5Y EUR Swap + 2.380%, 08/02/81 (EUR) (b) | 100000 | &nbsp;&nbsp; 116714 |
| 4.750%, 5Y EUR Swap + 2.052%, 05/29/54 (EUR) (b) | 100000 | &nbsp;&nbsp; 121193 |
| Electricite de France SA |  |  |
| 2.875%, 5Y EUR Swap + 3.373%, 12/15/26 (EUR) (b) | 200000 | &nbsp;&nbsp; 234018 |
| 3.000%, 5Y EUR Swap + 3.198%, 09/03/27 (EUR) (b) | 200000 | &nbsp;&nbsp; 231828 |
| 4.375%, 5Y EUR Swap + 2.074%, 01/06/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 116289 |
| 5.125%, 5Y EUR Swap + 2.943%, 09/17/29 (EUR) (b) | 200000 | &nbsp;&nbsp; 241367 |
| Enel SpA |  |  |
| 4.250%, 5Y EUR Swap + 2.009%, 01/14/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118979 |
| Lightning Power LLC |  |  |
| 7.250%, 08/15/32 (144A) † | 237000 | &nbsp;&nbsp; 252014 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.375%, 5Y H15 + 2.053%, 08/15/55 (b) | 640000 | &nbsp;&nbsp; 660638 |
| 6.750%, 5Y H15 + 2.457%, 06/15/54 (b) | 395000 | &nbsp;&nbsp; 421696 |
| NRG Energy, Inc. |  |  |
| 5.750%, 01/15/34 (144A) | 2215000 | &nbsp;&nbsp; 2237527 |
| 6.000%, 02/01/33 (144A) | 1956000 | &nbsp;&nbsp; 1994727 |
| 6.000%, 01/15/36 (144A) | 4770000 | &nbsp;&nbsp; 4833171 |
| 6.250%, 11/01/34 (144A) (a) | 1206000 | &nbsp;&nbsp; 1238580 |
| 10.250%, 5Y H15 + 5.920%, 03/15/28 (144A) (b) | 1539000 | &nbsp;&nbsp; 1680343 |
| Orsted AS |  |  |
| 2.500%, 5Y UKG + 2.136%, 12/31/99 (GBP) (b) | 100000 | &nbsp;&nbsp; 103370 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| 4.500%, 08/15/28 (144A) | 109000 | &nbsp;&nbsp; 107505 |
| TransAlta Corp. |  |  |
| 5.875%, 02/01/34 | 576000 | &nbsp;&nbsp; 579980 |
| Vistra Corp. |  |  |
| 7.000%, 5Y H15 + 5.740%, 12/15/26 (144A) (b) | 2192000 | &nbsp;&nbsp; 2230280 |
| 8.000%, 5Y H15 + 6.930%, 10/15/26 (144A) (b) | 492000 | &nbsp;&nbsp; 504370 |
| Vistra Operations Co. LLC |  |  |
| 6.875%, 04/15/32 (144A) | 902000 | &nbsp;&nbsp; 950185 |
| 7.750%, 10/15/31 (144A) | 402000 | &nbsp;&nbsp; 425789 |
| VoltaGrid LLC |  |  |
| 7.375%, 11/01/30 (144A) † | 4000000 | &nbsp;&nbsp; 3962983 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.750%, 04/15/34 (144A) (a) | 1903000 | &nbsp;&nbsp; 1934005 |
| 8.375%, 01/15/31 (144A) (a) | 2098000 | &nbsp;&nbsp; 2202126 |
|  |  | &nbsp;&nbsp; 32610673 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Prysmian SpA |  |  |
| 5.250%, 5Y EUR Swap + 3.012%, 05/21/30 (EUR) (b) | 100000 | &nbsp;&nbsp; $122319 |
| WESCO Distribution, Inc. |  |  |
| 6.375%, 03/15/33 (144A) | 425000 | &nbsp;&nbsp; 443736 |
|  |  | &nbsp;&nbsp; 566055 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Coherent Corp. |  |  |
| 5.000%, 12/15/29 (144A) (a) | 779000 | &nbsp;&nbsp; 776364 |
| Sensata Technologies, Inc. |  |  |
| 3.750%, 02/15/31 (144A) | 210000 | &nbsp;&nbsp; 197080 |
| 4.375%, 02/15/30 (144A) | 956000 | &nbsp;&nbsp; 933725 |
| 6.625%, 07/15/32 (144A) (a) | 1255000 | &nbsp;&nbsp; 1314076 |
|  |  | &nbsp;&nbsp; 3221245 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| AECOM |  |  |
| 6.000%, 08/01/33 (144A) | 1647000 | &nbsp;&nbsp; 1687944 |
| Arcosa, Inc. |  |  |
| 6.875%, 08/15/32 (144A) (a) | 737000 | &nbsp;&nbsp; 776893 |
| Brand Industrial Services, Inc. |  |  |
| 10.375%, 08/01/30 (144A) (a) | 2876000 | &nbsp;&nbsp; 2820328 |
| Dycom Industries, Inc. |  |  |
| 4.500%, 04/15/29 (144A) | 304000 | &nbsp;&nbsp; 300291 |
| Heathrow Finance PLC |  |  |
| 4.125%, 09/01/29 (GBP) (e) | 100000 | &nbsp;&nbsp; 126550 |
| 6.625%, 03/01/31 (GBP) | 100000 | &nbsp;&nbsp; 135539 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |
| 6.750%, 01/15/34 (144A) (a) | 459000 | &nbsp;&nbsp; 464751 |
|  |  | &nbsp;&nbsp; 6312296 |
| **Entertainment — 2.4%** | **Entertainment — 2.4%** | **Entertainment — 2.4%** |
| Allwyn Entertainment Financing U.K. PLC |  |  |
| 7.250%, 04/30/30 (EUR) | 90000 | &nbsp;&nbsp; 111162 |
| Banijay Entertainment SAS |  |  |
| 7.000%, 05/01/29 (EUR) | 100000 | &nbsp;&nbsp; 121901 |
| Boyne USA, Inc. |  |  |
| 4.750%, 05/15/29 (144A) (a) | 570000 | &nbsp;&nbsp; 562205 |
| Brightstar Lottery PLC/Brightstar Global Solutions Corp. |  |  |
| 5.750%, 01/15/33 (144A) | 624000 | &nbsp;&nbsp; 619529 |
| Caesars Entertainment, Inc. |  |  |
| 4.625%, 10/15/29 (144A) | 126000 | &nbsp;&nbsp; 120864 |
| 6.500%, 02/15/32 (144A) | 848000 | &nbsp;&nbsp; 868712 |
| 7.000%, 02/15/30 (144A) | 1444000 | &nbsp;&nbsp; 1495489 |
| Churchill Downs, Inc. |  |  |
| 5.750%, 04/01/30 (144A) (a) | 1741000 | &nbsp;&nbsp; 1757955 |
| 6.750%, 05/01/31 (144A) | 2387000 | &nbsp;&nbsp; 2475145 |
| Cinemark USA, Inc. |  |  |
| 7.000%, 08/01/32 (144A) | 200000 | &nbsp;&nbsp; 207540 |
| Cirsa Finance International SARL |  |  |
| 5.100%, 3M EURIBOR + 3.000%, 10/15/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 118563 |
| Flutter Treasury DAC |  |  |
| 4.000%, 06/04/31 (EUR) | 100000 | &nbsp;&nbsp; 117220 |
| Great Canadian Gaming Corp./Raptor LLC |  |  |
| 8.750%, 11/15/29 (144A) | 1008000 | &nbsp;&nbsp; 1018231 |

---

*See accompanying notes to financial statements.*

**BHFTI-90**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Light & Wonder International, Inc. |  |  |
| 6.250%, 10/01/33 (144A) | 673000 | &nbsp;&nbsp; $681344 |
| 7.250%, 11/15/29 (144A) | 290000 | &nbsp;&nbsp; 297849 |
| 7.500%, 09/01/31 (144A) | 495000 | &nbsp;&nbsp; 516448 |
| Live Nation Entertainment, Inc. |  |  |
| 3.750%, 01/15/28 (144A) | 249000 | &nbsp;&nbsp; 244792 |
| 4.750%, 10/15/27 (144A) | 47000 | &nbsp;&nbsp; 47096 |
| Merlin Entertainments Group U.S. Holdings, Inc. |  |  |
| 7.375%, 02/15/31 (144A) | 800000 | &nbsp;&nbsp; 712621 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| 4.875%, 05/01/29 (144A) | 266000 | &nbsp;&nbsp; 261646 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment <br> Holdings LLC<br>|  |  |
| 8.250%, 04/15/30 (144A) | 682000 | &nbsp;&nbsp; 710918 |
| Motion Bondco DAC |  |  |
| 6.625%, 11/15/27 (144A) | 415000 | &nbsp;&nbsp; 402958 |
| Odeon Finco PLC |  |  |
| 12.750%, 11/01/27 (144A) | 600000 | &nbsp;&nbsp; 618638 |
| Pinewood Finco PLC |  |  |
| 6.000%, 03/27/30 (GBP) | 125000 | &nbsp;&nbsp; 169442 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance <br> Corp.<br>|  |  |
| 5.625%, 09/01/29 (144A) | 307000 | &nbsp;&nbsp; 232552 |
| 5.875%, 09/01/31 (144A) | 450000 | &nbsp;&nbsp; 298125 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |  |  |
| 6.625%, 02/01/33 (144A) | 458000 | &nbsp;&nbsp; 468234 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| 6.250%, 10/15/30 (144A) | 389000 | &nbsp;&nbsp; 397063 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| 6.625%, 03/01/30 (144A) (a) | 745000 | &nbsp;&nbsp; 662127 |
| Starz Capital Holdings 1, Inc. |  |  |
| 6.000%, 04/15/30 (144A) | 960000 | &nbsp;&nbsp; 916800 |
| Vail Resorts, Inc. |  |  |
| 5.625%, 07/15/30 (144A) | 516000 | &nbsp;&nbsp; 524390 |
| 6.500%, 05/15/32 (144A) (a) | 562000 | &nbsp;&nbsp; 583214 |
| Voyager Parent LLC |  |  |
| 9.250%, 07/01/32 (144A) | 832000 | &nbsp;&nbsp; 882853 |
| Warnermedia Holdings, Inc. |  |  |
| 5.050%, 03/15/42 | 4811000 | &nbsp;&nbsp; 3385741 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| 5.125%, 10/01/29 (144A) | 370000 | &nbsp;&nbsp; 372192 |
| 6.250%, 03/15/33 (144A) | 1230000 | &nbsp;&nbsp; 1257645 |
| 7.125%, 02/15/31 (144A) (a) | 1351000 | &nbsp;&nbsp; 1461901 |
|  |  | &nbsp;&nbsp; 25701105 |
| **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** |
| Biffa Group Holdings Ltd. |  |  |
| 5.250%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 117180 |
| 7.375%, 06/15/31 (GBP) | 100000 | &nbsp;&nbsp; 135957 |
| Clean Harbors, Inc. |  |  |
| 5.125%, 07/15/29 (144A) | 402000 | &nbsp;&nbsp; 402393 |
| GFL Environmental, Inc. |  |  |
| 4.000%, 08/01/28 (144A) | 476000 | &nbsp;&nbsp; 469526 |
| 4.375%, 08/15/29 (144A) | 689000 | &nbsp;&nbsp; 677512 |
| 4.750%, 06/15/29 (144A) | 384000 | &nbsp;&nbsp; 383219 |
| 6.750%, 01/15/31 (144A) | 921000 | &nbsp;&nbsp; 966287 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control—(Continued)** | **Environmental Control—(Continued)** | **Environmental Control—(Continued)** |
| Luna 1.5 SARL |  |  |
| 10.500%, 07/01/32 (144A) (EUR) (c) | 300000 | &nbsp;&nbsp; $366601 |
| Madison IAQ LLC |  |  |
| 4.125%, 06/30/28 (144A) | 583000 | &nbsp;&nbsp; 572859 |
| 5.875%, 06/30/29 (144A) (a) | 1613000 | &nbsp;&nbsp; 1603201 |
| Paprec Holding SA |  |  |
| 4.125%, 07/15/30 (EUR) | 100000 | &nbsp;&nbsp; 118081 |
| Reworld Holding Corp. |  |  |
| 4.875%, 12/01/29 (144A) | 438000 | &nbsp;&nbsp; 420997 |
| Waste Pro USA, Inc. |  |  |
| 7.000%, 02/01/33 (144A) | 3644000 | &nbsp;&nbsp; 3750826 |
| Wrangler Holdco Corp. |  |  |
| 6.625%, 04/01/32 (144A) | 152000 | &nbsp;&nbsp; 159330 |
|  |  | &nbsp;&nbsp; 10143969 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 5.500%, 03/31/31 (144A) | 445000 | &nbsp;&nbsp; 449692 |
| 5.750%, 03/31/34 (144A) | 771000 | &nbsp;&nbsp; 774119 |
| 6.250%, 03/15/33 (144A) | 416000 | &nbsp;&nbsp; 427640 |
| B&G Foods, Inc. |  |  |
| 8.000%, 09/15/28 (144A) (a) | 238000 | &nbsp;&nbsp; 234161 |
| Bellis Acquisition Co. PLC |  |  |
| 8.125%, 05/14/30 (GBP) | 180000 | &nbsp;&nbsp; 225666 |
| Chobani Holdco II LLC |  |  |
| 8.750%, 9.500% PIK, 10/01/29 (144A) (a) (c) | 4390871 | &nbsp;&nbsp; 4686800 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 4.625%, 11/15/28 (144A) | 1047000 | &nbsp;&nbsp; 1047193 |
| 7.625%, 07/01/29 (144A) (a) | 2262000 | &nbsp;&nbsp; 2359542 |
| Darling Global Finance BV |  |  |
| 4.500%, 07/15/32 (EUR) | 100000 | &nbsp;&nbsp; 119056 |
| 4.500%, 07/15/32 (144A) (EUR) | 500000 | &nbsp;&nbsp; 595280 |
| Fiesta Purchaser, Inc. |  |  |
| 7.875%, 03/01/31 (144A) | 51000 | &nbsp;&nbsp; 53188 |
| 9.625%, 09/15/32 (144A) | 237000 | &nbsp;&nbsp; 248380 |
| FR Bondco SAS |  |  |
| 6.875%, 10/31/32 (EUR) | 100000 | &nbsp;&nbsp; 117931 |
| Froneri Lux FinCo SARL |  |  |
| 4.750%, 08/01/32 (EUR) | 100000 | &nbsp;&nbsp; 118402 |
| Irca SpA/Gallarate |  |  |
| 5.850%, 3M EURIBOR + 3.750%, 12/15/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 119421 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc.<br>|  |  |
| 9.000%, 02/15/29 (144A) | 431000 | &nbsp;&nbsp; 452420 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.375%, 01/31/32 (144A) | 627000 | &nbsp;&nbsp; 597328 |
| Lion/Polaris Lux 4 SA |  |  |
| 5.641%, 3M EURIBOR + 3.625%, 07/01/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 118877 |
| Market Bidco Finco PLC |  |  |
| 6.750%, 01/31/31 (EUR) | 100000 | &nbsp;&nbsp; 116238 |
| Ocado Group PLC |  |  |
| 11.000%, 06/15/30 (GBP) | 100000 | &nbsp;&nbsp; 135959 |
| Performance Food Group, Inc. |  |  |
| 4.250%, 08/01/29 (144A) | 259000 | &nbsp;&nbsp; 253220 |
| 6.125%, 09/15/32 (144A) (a) | 657000 | &nbsp;&nbsp; 677306 |

---

*See accompanying notes to financial statements.*

**BHFTI-91**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| Post Holdings, Inc. |  |  |
| 6.250%, 02/15/32 (144A) | 25000 | &nbsp;&nbsp; $25687 |
| 6.250%, 10/15/34 (144A) (a) | 338000 | &nbsp;&nbsp; 339876 |
| 6.375%, 03/01/33 (144A) | 271000 | &nbsp;&nbsp; 273710 |
| 6.500%, 03/15/36 (144A) | 1022000 | &nbsp;&nbsp; 1023381 |
| Premier Foods Finance PLC |  |  |
| 3.500%, 10/15/26 (GBP) | 100000 | &nbsp;&nbsp; 133240 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons <br> Pet Food, Inc./Simmons Feed<br>|  |  |
| 4.625%, 03/01/29 (144A) (a) | 652000 | &nbsp;&nbsp; 628163 |
| U.S. Foods, Inc. |  |  |
| 7.250%, 01/15/32 (144A) | 495000 | &nbsp;&nbsp; 520306 |
| United Natural Foods, Inc. |  |  |
| 6.750%, 10/15/28 (144A) | 602000 | &nbsp;&nbsp; 602566 |
|  |  | &nbsp;&nbsp; 17474748 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| 5.000%, 02/01/28 (144A) | 236000 | &nbsp;&nbsp; 235965 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Ahlstrom Holding 3 OYJ |  |  |
| 3.625%, 02/04/28 (EUR) | 100000 | &nbsp;&nbsp; 116327 |
| Magnera Corp. |  |  |
| 7.250%, 11/15/31 (144A) (a) | 351000 | &nbsp;&nbsp; 344563 |
| Sappi Papier Holding GmbH |  |  |
| 4.500%, 03/15/32 (EUR) | 100000 | &nbsp;&nbsp; 114079 |
|  |  | &nbsp;&nbsp; 574969 |
| **Gas — 0.9%** | **Gas — 0.9%** | **Gas — 0.9%** |
| AltaGas Ltd. |  |  |
| 7.200%, 5Y H15 + 3.573%, 10/15/54 (144A) (b) | 560000 | &nbsp;&nbsp; 580575 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 9.500%, 06/01/30 (144A) | 340000 | &nbsp;&nbsp; 362199 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.125%, 12/15/30 (144A) | 1904000 | &nbsp;&nbsp; 1938928 |
| 6.500%, 01/15/34 (144A) | 2384000 | &nbsp;&nbsp; 2441788 |
| 6.750%, 01/15/36 (144A) | 2561000 | &nbsp;&nbsp; 2623208 |
| 7.500%, 05/01/33 (144A) | 721000 | &nbsp;&nbsp; 779041 |
| 7.750%, 05/01/35 (144A) | 835000 | &nbsp;&nbsp; 914286 |
|  |  | &nbsp;&nbsp; 9640025 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| IMA Industria Macchine Automatiche SpA |  |  |
| 3.750%, 01/15/28 (EUR) | 100000 | &nbsp;&nbsp; 117667 |
| 5.776%, 3M EURIBOR + 3.750%, 04/15/29 (EUR) (b) | 200000 | &nbsp;&nbsp; 237744 |
|  |  | &nbsp;&nbsp; 355411 |
| **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** |
| Avantor Funding, Inc. |  |  |
| 3.875%, 07/15/28 (EUR) | 100000 | &nbsp;&nbsp; 117328 |
| 4.625%, 07/15/28 (144A) | 766000 | &nbsp;&nbsp; 761838 |
| Bausch & Lomb Corp. |  |  |
| 8.375%, 10/01/28 (144A) | 3047000 | &nbsp;&nbsp; 3180306 |
| Hologic, Inc. |  |  |
| 3.250%, 02/15/29 (144A) | 40000 | &nbsp;&nbsp; 39423 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** |
| Insulet Corp. |  |  |
| 6.500%, 04/01/33 (144A) | 507000 | &nbsp;&nbsp; $528490 |
| Medline Borrower LP |  |  |
| 3.875%, 04/01/29 (144A) | 523000 | &nbsp;&nbsp; 510609 |
| 5.250%, 10/01/29 (144A) | 4263000 | &nbsp;&nbsp; 4286046 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| 6.250%, 04/01/29 (144A) | 872000 | &nbsp;&nbsp; 901440 |
| Neogen Food Safety Corp. |  |  |
| 8.625%, 07/20/30 (144A) | 271000 | &nbsp;&nbsp; 289025 |
|  |  | &nbsp;&nbsp; 10614505 |
| **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
| Acadia Healthcare Co., Inc. |  |  |
| 7.375%, 03/15/33 (144A) (a) | 280000 | &nbsp;&nbsp; 282801 |
| AHP Health Partners, Inc. |  |  |
| 5.750%, 07/15/29 (144A) | 891000 | &nbsp;&nbsp; 883222 |
| Charles River Laboratories International, Inc. |  |  |
| 4.000%, 03/15/31 (144A) (a) | 100000 | &nbsp;&nbsp; 94750 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.750%, 02/15/31 (144A) | 1261000 | &nbsp;&nbsp; 1123407 |
| 5.250%, 05/15/30 (144A) | 2526000 | &nbsp;&nbsp; 2372401 |
| 6.000%, 01/15/29 (144A) | 719000 | &nbsp;&nbsp; 718795 |
| 9.750%, 01/15/34 (144A) | 2473000 | &nbsp;&nbsp; 2597463 |
| 10.875%, 01/15/32 (144A) | 731000 | &nbsp;&nbsp; 797843 |
| Clariane SE |  |  |
| 7.875%, 06/27/30 (EUR) | 100000 | &nbsp;&nbsp; 119732 |
| Concentra Health Services, Inc. |  |  |
| 6.875%, 07/15/32 (144A) | 996000 | &nbsp;&nbsp; 1041621 |
| DaVita, Inc. |  |  |
| 6.750%, 07/15/33 (144A) | 146000 | &nbsp;&nbsp; 151386 |
| 6.875%, 09/01/32 (144A) (a) | 71000 | &nbsp;&nbsp; 73909 |
| Ephios Subco 3 SARL |  |  |
| 7.875%, 01/31/31 (EUR) | 100000 | &nbsp;&nbsp; 125230 |
| Fortrea Holdings, Inc. |  |  |
| 7.500%, 07/01/30 (144A) (a) | 211000 | &nbsp;&nbsp; 215664 |
| Gruppo San Donato SPA |  |  |
| 6.500%, 10/31/31 (EUR) | 100000 | &nbsp;&nbsp; 119613 |
| HAH Group Holding Co. LLC |  |  |
| 9.750%, 10/01/31 (144A) (a) | 401000 | &nbsp;&nbsp; 377082 |
| HealthEquity, Inc. |  |  |
| 4.500%, 10/01/29 (144A) | 1602000 | &nbsp;&nbsp; 1573796 |
| IQVIA, Inc. |  |  |
| 1.750%, 03/15/26 (EUR) | 240000 | &nbsp;&nbsp; 281518 |
| 6.250%, 06/01/32 (144A) | 1369000 | &nbsp;&nbsp; 1430493 |
| LifePoint Health, Inc. |  |  |
| 8.375%, 02/15/32 (144A) | 830000 | &nbsp;&nbsp; 900935 |
| 9.875%, 08/15/30 (144A) | 243000 | &nbsp;&nbsp; 261636 |
| 10.000%, 06/01/32 (144A) | 838000 | &nbsp;&nbsp; 890026 |
| 11.000%, 10/15/30 (144A) (a) | 1479000 | &nbsp;&nbsp; 1621923 |
| Molina Healthcare, Inc. |  |  |
| 6.250%, 01/15/33 (144A) (a) | 284000 | &nbsp;&nbsp; 289528 |
| 6.500%, 02/15/31 (144A) | 972000 | &nbsp;&nbsp; 998273 |
| Prime Healthcare Services, Inc. |  |  |
| 9.375%, 09/01/29 (144A) | 173000 | &nbsp;&nbsp; 181650 |
| Sotera Health Holdings LLC |  |  |
| 7.375%, 06/01/31 (144A) | 524000 | &nbsp;&nbsp; 549582 |

---

*See accompanying notes to financial statements.*

**BHFTI-92**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Star Parent, Inc. |  |  |
| 9.000%, 10/01/30 (144A) | 1086000 | &nbsp;&nbsp; $1158988 |
| Surgery Center Holdings, Inc. |  |  |
| 7.250%, 04/15/32 (144A) | 2688000 | &nbsp;&nbsp; 2718827 |
| Tenet Healthcare Corp. |  |  |
| 6.000%, 11/15/33 (144A) (a) | 747000 | &nbsp;&nbsp; 769107 |
| 6.750%, 05/15/31 | 1102000 | &nbsp;&nbsp; 1146641 |
| U.S. Acute Care Solutions LLC |  |  |
| 9.750%, 05/15/29 (144A) (a) | 762000 | &nbsp;&nbsp; 767650 |
|  |  | &nbsp;&nbsp; 26635492 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| Progroup AG |  |  |
| 5.125%, 04/15/29 (EUR) | 100000 | &nbsp;&nbsp; 120680 |
| 5.375%, 04/15/31 (EUR) | 100000 | &nbsp;&nbsp; 120130 |
| Stena International SA |  |  |
| 7.250%, 01/15/31 (144A) | 200000 | &nbsp;&nbsp; 203881 |
|  |  | &nbsp;&nbsp; 444691 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 4.625%, 08/01/29 (144A) | 270000 | &nbsp;&nbsp; 257416 |
| 6.875%, 08/01/33 (144A) | 383000 | &nbsp;&nbsp; 383305 |
| Beazer Homes USA, Inc. |  |  |
| 5.875%, 10/15/27 | 150000 | &nbsp;&nbsp; 150356 |
| Brookfield Residential Properties, Inc./Brookfield Residential <br> U.S. LLC<br>|  |  |
| 4.875%, 02/15/30 (144A) (a) | 679000 | &nbsp;&nbsp; 632457 |
| 5.000%, 06/15/29 (144A) | 548000 | &nbsp;&nbsp; 530089 |
| Century Communities, Inc. |  |  |
| 6.625%, 09/15/33 (144A) | 480000 | &nbsp;&nbsp; 485376 |
| Dream Finders Homes, Inc. |  |  |
| 8.250%, 08/15/28 (144A) † | 277000 | &nbsp;&nbsp; 285078 |
| Empire Communities Corp. |  |  |
| 9.750%, 05/01/29 (144A) | 136000 | &nbsp;&nbsp; 140279 |
| K Hovnanian Enterprises, Inc. |  |  |
| 8.000%, 04/01/31 (144A) | 1101000 | &nbsp;&nbsp; 1123644 |
| 8.375%, 10/01/33 (144A) (a) | 901000 | &nbsp;&nbsp; 915677 |
| LGI Homes, Inc. |  |  |
| 7.000%, 11/15/32 (144A) (a) | 662000 | &nbsp;&nbsp; 632787 |
| 8.750%, 12/15/28 (144A) (a) | 353000 | &nbsp;&nbsp; 368203 |
| Mattamy Group Corp. |  |  |
| 4.625%, 03/01/30 (144A) | 368000 | &nbsp;&nbsp; 357254 |
| 6.000%, 12/15/33 (144A) | 185000 | &nbsp;&nbsp; 183356 |
| New Home Co., Inc. |  |  |
| 8.500%, 11/01/30 (144A) | 157000 | &nbsp;&nbsp; 161687 |
| 9.250%, 10/01/29 (144A) | 604000 | &nbsp;&nbsp; 630374 |
| STL Holding Co. LLC |  |  |
| 8.750%, 02/15/29 (144A) | 320000 | &nbsp;&nbsp; 336119 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.750%, 11/15/32 (144A) | 283000 | &nbsp;&nbsp; 291177 |
|  |  | &nbsp;&nbsp; 7864634 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International, Inc. |  |  |
| 3.875%, 10/15/31 (144A) | 171000 | &nbsp;&nbsp; 159832 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Furnishings—(Continued)** | **Home Furnishings—(Continued)** | **Home Furnishings—(Continued)** |
| Somnigroup International, Inc. |  |  |
| 4.000%, 04/15/29 (144A) (a) | 288000 | &nbsp;&nbsp; $280594 |
|  |  | &nbsp;&nbsp; 440426 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands, Inc. |  |  |
| 8.500%, 06/01/28 (144A) | 466000 | &nbsp;&nbsp; 488626 |
| Scotts Miracle-Gro Co. |  |  |
| 4.375%, 02/01/32 (a) | 614000 | &nbsp;&nbsp; 576393 |
| 4.500%, 10/15/29 (a) | 102000 | &nbsp;&nbsp; 100078 |
|  |  | &nbsp;&nbsp; 1165097 |
| **Insurance — 5.9%** | **Insurance — 5.9%** | **Insurance — 5.9%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 4.250%, 10/15/27 (144A) | 2118000 | &nbsp;&nbsp; 2104537 |
| 5.875%, 11/01/29 (144A) (a) | 2641000 | &nbsp;&nbsp; 2638676 |
| 6.750%, 10/15/27 (144A) | 197000 | &nbsp;&nbsp; 198157 |
| 6.750%, 04/15/28 (144A) | 257000 | &nbsp;&nbsp; 261671 |
| 7.000%, 01/15/31 (144A) | 2938000 | &nbsp;&nbsp; 3048103 |
| 7.375%, 10/01/32 (144A) | 2058000 | &nbsp;&nbsp; 2133876 |
| AmWINS Group, Inc. |  |  |
| 4.875%, 06/30/29 (144A) | 904000 | &nbsp;&nbsp; 889034 |
| 6.375%, 02/15/29 (144A) | 375000 | &nbsp;&nbsp; 385654 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, <br> Inc.<br>|  |  |
| 7.500%, 07/15/33 (144A) | 932000 | &nbsp;&nbsp; 942902 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| 7.875%, 11/01/29 (144A) | 658000 | &nbsp;&nbsp; 664570 |
| Ardonagh Finco Ltd. |  |  |
| 6.875%, 02/15/31 (EUR) | 705000 | &nbsp;&nbsp; 853929 |
| 7.750%, 02/15/31 (144A) | 3222000 | &nbsp;&nbsp; 3377799 |
| Ardonagh Group Finance Ltd. |  |  |
| 8.875%, 02/15/32 (144A) (a) | 4098000 | &nbsp;&nbsp; 4259072 |
| Asurion LLC & Asurion Co-Issuer, Inc. |  |  |
| 8.000%, 12/31/32 (144A) | 2113000 | &nbsp;&nbsp; 2192473 |
| Corebridge Financial, Inc. |  |  |
| 6.375%, 5Y H15 + 2.646%, 09/15/54 (b) | 645000 | &nbsp;&nbsp; 649929 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.250%, 02/15/31 (144A) | 4511000 | &nbsp;&nbsp; 4645446 |
| 8.125%, 02/15/32 (144A) | 1854000 | &nbsp;&nbsp; 1913944 |
| HUB International Ltd. |  |  |
| 7.250%, 06/15/30 (144A) | 6262000 | &nbsp;&nbsp; 6574631 |
| 7.375%, 01/31/32 (144A) | 12012000 | &nbsp;&nbsp; 12607243 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 6.875%, 10/01/33 (144A) | 1299000 | &nbsp;&nbsp; 1254304 |
| 8.500%, 03/15/30 (144A) | 1423000 | &nbsp;&nbsp; 1491458 |
| Panther Escrow Issuer LLC |  |  |
| 7.125%, 06/01/31 (144A) | 7282000 | &nbsp;&nbsp; 7545958 |
| Ryan Specialty LLC |  |  |
| 5.875%, 08/01/32 (144A) | 819000 | &nbsp;&nbsp; 836828 |
| Unipol Assicurazioni SpA |  |  |
| 4.900%, 05/23/34 (EUR) | 100000 | &nbsp;&nbsp; 123136 |

---

*See accompanying notes to financial statements.*

**BHFTI-93**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| USI, Inc. |  |  |
| 7.500%, 01/15/32 (144A) (a) | 1713000 | &nbsp;&nbsp; $1795359 |
|  |  | &nbsp;&nbsp; 63388689 |
| **Internet — 3.1%** | **Internet — 3.1%** | **Internet — 3.1%** |
| ANGI Group LLC |  |  |
| 3.875%, 08/15/28 (144A) | 343000 | &nbsp;&nbsp; 316812 |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 20332000 | &nbsp;&nbsp; 21480659 |
| Cablevision Lightpath LLC |  |  |
| 3.875%, 09/15/27 (144A) | 559000 | &nbsp;&nbsp; 545588 |
| 5.625%, 09/15/28 (144A) (a) | 532000 | &nbsp;&nbsp; 519950 |
| Getty Images, Inc. |  |  |
| 10.500%, 11/15/30 (144A) | 323000 | &nbsp;&nbsp; 325669 |
| 11.250%, 02/21/30 (144A) | 494000 | &nbsp;&nbsp; 463211 |
| iliad SA |  |  |
| 4.250%, 01/09/32 (EUR) | 100000 | &nbsp;&nbsp; 118548 |
| 5.375%, 02/15/29 (EUR) | 100000 | &nbsp;&nbsp; 123626 |
| 5.625%, 02/15/30 (EUR) | 100000 | &nbsp;&nbsp; 126275 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |  |  |
| 4.625%, 05/01/28 (144A) | 250000 | &nbsp;&nbsp; 231304 |
| 5.000%, 05/01/28 (144A) | 1460000 | &nbsp;&nbsp; 1355254 |
| 8.750%, 05/01/29 (144A) | 412000 | &nbsp;&nbsp; 417402 |
| 9.000%, 08/01/29 (144A) | 298000 | &nbsp;&nbsp; 293393 |
| 9.500%, 05/30/29 (144A) (a) | 600000 | &nbsp;&nbsp; 607619 |
| Match Group Holdings II LLC |  |  |
| 3.625%, 10/01/31 (144A) | 128000 | &nbsp;&nbsp; 117452 |
| 4.125%, 08/01/30 (144A) | 41000 | &nbsp;&nbsp; 38807 |
| 4.625%, 06/01/28 (144A) | 259000 | &nbsp;&nbsp; 256683 |
| 6.125%, 09/15/33 (144A) | 698000 | &nbsp;&nbsp; 706359 |
| Rakuten Group, Inc. |  |  |
| 8.125%, 5Y H15 + 4.250%, 12/15/29 (144A) (b) | 254000 | &nbsp;&nbsp; 261613 |
| 9.750%, 04/15/29 (144A) | 1200000 | &nbsp;&nbsp; 1342152 |
| 11.250%, 02/15/27 (144A) | 573000 | &nbsp;&nbsp; 612652 |
| Snap, Inc. |  |  |
| 6.875%, 03/01/33 (144A) | 1570000 | &nbsp;&nbsp; 1626905 |
| 6.875%, 03/15/34 (144A) | 1114000 | &nbsp;&nbsp; 1146999 |
|  |  | &nbsp;&nbsp; 33034932 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Apollo Debt Solutions BDC |  |  |
| 5.875%, 08/30/30 | 448000 | &nbsp;&nbsp; 453132 |
| 6.550%, 03/15/32 | 104000 | &nbsp;&nbsp; 107312 |
| 6.700%, 07/29/31 (a) | 197000 | &nbsp;&nbsp; 207872 |
| ARES Strategic Income Fund |  |  |
| 5.150%, 01/15/31 (144A) | 493000 | &nbsp;&nbsp; 483793 |
| 5.800%, 09/09/30 (144A) | 510000 | &nbsp;&nbsp; 514938 |
| Bain Capital Specialty Finance, Inc. |  |  |
| 5.950%, 03/15/30 | 160000 | &nbsp;&nbsp; 159382 |
| Blue Owl Capital Corp. |  |  |
| 6.200%, 07/15/30 (a) | 625000 | &nbsp;&nbsp; 632852 |
| 8.450%, 11/15/26 | 229000 | &nbsp;&nbsp; 235465 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.250%, 04/15/29 (144A) | 549684 | &nbsp;&nbsp; 509850 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 4.375%, 02/01/29 | 345000 | &nbsp;&nbsp; 297663 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Investment Companies—(Continued)** | **Investment Companies—(Continued)** | **Investment Companies—(Continued)** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 5.250%, 05/15/27 (a) | 2014000 | &nbsp;&nbsp; $1986318 |
| 9.750%, 01/15/29 (a) | 461000 | &nbsp;&nbsp; 459589 |
| 10.000%, 11/15/29 (144A) | 831000 | &nbsp;&nbsp; 830414 |
|  |  | &nbsp;&nbsp; 6878580 |
| **Iron/Steel — 0.8%** | **Iron/Steel — 0.8%** | **Iron/Steel — 0.8%** |
| ATI, Inc. |  |  |
| 4.875%, 10/01/29 (a) | 277000 | &nbsp;&nbsp; 276546 |
| 5.125%, 10/01/31 (a) | 746000 | &nbsp;&nbsp; 746501 |
| 7.250%, 08/15/30 (a) | 1233000 | &nbsp;&nbsp; 1302636 |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.625%, 01/31/29 (144A) | 1966000 | &nbsp;&nbsp; 1980261 |
| Carpenter Technology Corp. |  |  |
| 5.625%, 03/01/34 (144A) | 764000 | &nbsp;&nbsp; 776014 |
| Cleveland-Cliffs, Inc. |  |  |
| 6.875%, 11/01/29 (144A) (a) | 1080000 | &nbsp;&nbsp; 1118568 |
| Commercial Metals Co. |  |  |
| 5.750%, 11/15/33 (144A) | 882000 | &nbsp;&nbsp; 901873 |
| 6.000%, 12/15/35 (144A) | 909000 | &nbsp;&nbsp; 931867 |
|  |  | &nbsp;&nbsp; 8034266 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Vertiv Group Corp. |  |  |
| 4.125%, 11/15/28 (144A) | 433000 | &nbsp;&nbsp; 427678 |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| Acushnet Co. |  |  |
| 5.625%, 12/01/33 (144A) | 288000 | &nbsp;&nbsp; 291236 |
| Carnival Corp. |  |  |
| 5.750%, 08/01/32 (144A) | 383000 | &nbsp;&nbsp; 393066 |
| 5.875%, 06/15/31 (144A) (a) | 616000 | &nbsp;&nbsp; 636269 |
| 6.125%, 02/15/33 (144A) | 1712000 | &nbsp;&nbsp; 1767794 |
| Carnival PLC |  |  |
| 4.125%, 07/15/31 (144A) (EUR) | 1085000 | &nbsp;&nbsp; 1291030 |
| Deuce Finco PLC |  |  |
| 7.000%, 11/20/31 (GBP) | 100000 | &nbsp;&nbsp; 136138 |
| Lindblad Expeditions LLC |  |  |
| 7.000%, 09/15/30 (144A) | 899000 | &nbsp;&nbsp; 937819 |
| MajorDrive Holdings IV LLC |  |  |
| 6.375%, 06/01/29 (144A) | 747000 | &nbsp;&nbsp; 536176 |
| NCL Corp. Ltd. |  |  |
| 5.875%, 01/15/31 (144A) | 103000 | &nbsp;&nbsp; 102610 |
| 6.250%, 09/15/33 (144A) (a) | 2125000 | &nbsp;&nbsp; 2124105 |
| 6.750%, 02/01/32 (144A) | 357000 | &nbsp;&nbsp; 365540 |
| Pinnacle Bidco PLC |  |  |
| 10.000%, 10/11/28 (GBP) | 100000 | &nbsp;&nbsp; 141871 |
| Sabre GLBL, Inc. |  |  |
| 10.750%, 11/15/29 (144A) | 231000 | &nbsp;&nbsp; 196426 |
| 10.750%, 03/15/30 (144A) | 639120 | &nbsp;&nbsp; 525568 |
| TUI AG |  |  |
| 5.875%, 03/15/29 (EUR) | 100000 | &nbsp;&nbsp; 121576 |
| TUI Cruises GmbH |  |  |
| 5.000%, 05/15/30 (EUR) | 100000 | &nbsp;&nbsp; 120585 |
| Viking Cruises Ltd. |  |  |
| 5.875%, 10/15/33 (144A) | 1501000 | &nbsp;&nbsp; 1524210 |

---

*See accompanying notes to financial statements.*

**BHFTI-94**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time—(Continued)** | **Leisure Time—(Continued)** | **Leisure Time—(Continued)** |
| Viking Cruises Ltd. |  |  |
| 9.125%, 07/15/31 (144A) | 1353000 | &nbsp;&nbsp; $1448846 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |
| 5.625%, 02/15/29 (144A) | 314000 | &nbsp;&nbsp; 314498 |
|  |  | &nbsp;&nbsp; 12975363 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| Essendi SA |  |  |
| 5.500%, 11/15/31 (EUR) | 137000 | &nbsp;&nbsp; 165056 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.500%, 03/31/34 (144A) | 667000 | &nbsp;&nbsp; 671581 |
| 5.750%, 09/15/33 (144A) | 101000 | &nbsp;&nbsp; 103365 |
| 5.875%, 03/15/33 (144A) | 332000 | &nbsp;&nbsp; 341557 |
| Melco Resorts Finance Ltd. |  |  |
| 5.375%, 12/04/29 (144A) (a) | 942000 | &nbsp;&nbsp; 932397 |
| 5.625%, 07/17/27 (144A) | 200000 | &nbsp;&nbsp; 199872 |
| 5.750%, 07/21/28 (144A) | 200000 | &nbsp;&nbsp; 199885 |
| 6.500%, 09/24/33 (144A) | 200000 | &nbsp;&nbsp; 200512 |
| 7.625%, 04/17/32 (144A) (a) | 706000 | &nbsp;&nbsp; 742576 |
| MGM China Holdings Ltd. |  |  |
| 7.125%, 06/26/31 (144A) | 250000 | &nbsp;&nbsp; 264597 |
| MGM Resorts International |  |  |
| 6.125%, 09/15/29 (a) | 825000 | &nbsp;&nbsp; 847828 |
| Station Casinos LLC |  |  |
| 4.500%, 02/15/28 (144A) (a) | 422000 | &nbsp;&nbsp; 418513 |
| 4.625%, 12/01/31 (144A) (a) | 261000 | &nbsp;&nbsp; 247442 |
| 6.625%, 03/15/32 (144A) (a) | 363000 | &nbsp;&nbsp; 371590 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.375%, 08/15/28 (144A) | 134000 | &nbsp;&nbsp; 132143 |
| Wynn Macau Ltd. |  |  |
| 5.125%, 12/15/29 (144A) | 658000 | &nbsp;&nbsp; 651726 |
| 5.500%, 10/01/27 (144A) (a) | 200000 | &nbsp;&nbsp; 199802 |
| 5.625%, 08/26/28 (144A) (a) | 3167000 | &nbsp;&nbsp; 3165577 |
|  |  | &nbsp;&nbsp; 9856019 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| BWX Technologies, Inc. |  |  |
| 4.125%, 06/30/28 (144A) | 153000 | &nbsp;&nbsp; 150641 |
| Manitowoc Co., Inc. |  |  |
| 9.250%, 10/01/31 (144A) | 352000 | &nbsp;&nbsp; 378083 |
| Terex Corp. |  |  |
| 5.000%, 05/15/29 (144A) | 84000 | &nbsp;&nbsp; 83714 |
| 6.250%, 10/15/32 (144A) (a) | 361000 | &nbsp;&nbsp; 370369 |
|  |  | &nbsp;&nbsp; 982807 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
| ATS Corp. |  |  |
| 4.125%, 12/15/28 (144A) | 237000 | &nbsp;&nbsp; 231177 |
| Chart Industries, Inc. |  |  |
| 7.500%, 01/01/30 (144A) | 680000 | &nbsp;&nbsp; 708727 |
| 9.500%, 01/01/31 (144A) | 72000 | &nbsp;&nbsp; 76423 |
| Esab Corp. |  |  |
| 6.250%, 04/15/29 (144A) | 636000 | &nbsp;&nbsp; 653946 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.875%, 12/23/29 (144A) | 384000 | &nbsp;&nbsp; 334080 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |  |  |
| 9.000%, 02/15/29 (144A) | 1783000 | &nbsp;&nbsp; $1869885 |
| King U.S. Bidco, Inc. |  |  |
| 5.311%, 3M EURIBOR + 3.250%, 12/01/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 118629 |
| TK Elevator Midco GmbH |  |  |
| 4.375%, 07/15/27 (EUR) | 673000 | &nbsp;&nbsp; 793688 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) (a) | 2757000 | &nbsp;&nbsp; 2757648 |
|  |  | &nbsp;&nbsp; 7544203 |
| **Media — 4.2%** | **Media — 4.2%** | **Media — 4.2%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 02/01/31 (144A) | 1765000 | &nbsp;&nbsp; 1621770 |
| 4.250%, 01/15/34 (144A) (a) | 2772000 | &nbsp;&nbsp; 2356960 |
| 4.500%, 08/15/30 (144A) | 544000 | &nbsp;&nbsp; 512182 |
| 4.500%, 05/01/32 (a) | 1243000 | &nbsp;&nbsp; 1115639 |
| 4.500%, 06/01/33 (144A) (a) | 1527000 | &nbsp;&nbsp; 1336673 |
| 4.750%, 03/01/30 (144A) (a) | 808000 | &nbsp;&nbsp; 771679 |
| 4.750%, 02/01/32 (144A) (a) | 2004000 | &nbsp;&nbsp; 1831540 |
| 6.375%, 09/01/29 (144A) | 572000 | &nbsp;&nbsp; 579863 |
| CSC Holdings LLC |  |  |
| 5.375%, 02/01/28 (144A) | 800000 | &nbsp;&nbsp; 580421 |
| 5.500%, 04/15/27 (144A) | 1007000 | &nbsp;&nbsp; 863421 |
| 11.250%, 05/15/28 (144A) | 3539000 | &nbsp;&nbsp; 2815859 |
| 11.750%, 01/31/29 (144A) | 1305000 | &nbsp;&nbsp; 969546 |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) | 1347000 | &nbsp;&nbsp; 1362887 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 5.875%, 08/15/27 (144A) | 1213000 | &nbsp;&nbsp; 1220120 |
| 10.000%, 02/15/31 (144A) | 1094000 | &nbsp;&nbsp; 1118125 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) | 2344000 | &nbsp;&nbsp; 2273088 |
| 5.750%, 12/01/28 (144A) | 2185000 | &nbsp;&nbsp; 2145129 |
| DISH Network Corp. |  |  |
| 11.750%, 11/15/27 (144A) | 5018000 | &nbsp;&nbsp; 5222634 |
| Gray Media, Inc. |  |  |
| 7.250%, 08/15/33 (144A) (a) | 1397000 | &nbsp;&nbsp; 1427495 |
| 9.625%, 07/15/32 (144A) | 1582000 | &nbsp;&nbsp; 1641750 |
| 10.500%, 07/15/29 (144A) | 350000 | &nbsp;&nbsp; 376369 |
| LCPR Senior Secured Financing DAC |  |  |
| 6.750%, 10/15/27 (144A) | 1469000 | &nbsp;&nbsp; 1026758 |
| Midcontinent Communications |  |  |
| 8.000%, 08/15/32 (144A) | 332000 | &nbsp;&nbsp; 339843 |
| Sinclair Television Group, Inc. |  |  |
| 8.125%, 02/15/33 (144A) | 1808000 | &nbsp;&nbsp; 1888329 |
| Sirius XM Radio LLC |  |  |
| 3.125%, 09/01/26 (144A) (a) | 103000 | &nbsp;&nbsp; 102094 |
| 5.000%, 08/01/27 (144A) | 1205000 | &nbsp;&nbsp; 1207934 |
| Sunrise FinCo I BV |  |  |
| 4.625%, 05/15/32 (EUR) | 100000 | &nbsp;&nbsp; 118699 |
| 4.875%, 07/15/31 (144A) (a) | 722000 | &nbsp;&nbsp; 687705 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| 5.500%, 03/01/28 (144A) | 200000 | &nbsp;&nbsp; 198730 |
| Univision Communications, Inc. |  |  |
| 7.375%, 06/30/30 (144A) (a) | 477000 | &nbsp;&nbsp; 484845 |
| 8.000%, 08/15/28 (144A) | 1872000 | &nbsp;&nbsp; 1938784 |

---

*See accompanying notes to financial statements.*

**BHFTI-95**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Univision Communications, Inc. |  |  |
| 8.500%, 07/31/31 (144A) | 1334000 | &nbsp;&nbsp; $1393535 |
| 9.375%, 08/01/32 (144A) (a) | 1178000 | &nbsp;&nbsp; 1266130 |
| Versant Media Group, Inc. |  |  |
| 7.250%, 01/30/31 (144A) (a) | 537000 | &nbsp;&nbsp; 554017 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |
| 7.875%, 03/15/32 (GBP) | 107000 | &nbsp;&nbsp; 144681 |
| Virgin Media Secured Finance PLC |  |  |
| 4.250%, 01/15/30 (GBP) | 100000 | &nbsp;&nbsp; 123528 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |
| 5.000%, 07/15/28 (144A) | 830000 | &nbsp;&nbsp; 814326 |
| VZ Secured Financing BV |  |  |
| 5.250%, 01/15/33 (EUR) | 100000 | &nbsp;&nbsp; 115217 |
| Ziggo Bond Co. BV |  |  |
| 5.125%, 02/28/30 (144A) (a) | 248000 | &nbsp;&nbsp; 221405 |
| Ziggo BV |  |  |
| 4.875%, 01/15/30 (144A) | 385000 | &nbsp;&nbsp; 363914 |
|  |  | &nbsp;&nbsp; 45133624 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| Vallourec SACA |  |  |
| 7.500%, 04/15/32 (144A) | 1406000 | &nbsp;&nbsp; 1492866 |
| **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
| Aris Mining Corp. |  |  |
| 8.000%, 10/31/29 (144A) | 209000 | &nbsp;&nbsp; 217988 |
| Arsenal AIC Parent LLC |  |  |
| 8.000%, 10/01/30 (144A) (a) | 419000 | &nbsp;&nbsp; 444626 |
| 11.500%, 10/01/31 (144A) | 2454000 | &nbsp;&nbsp; 2700757 |
| Constellium SE |  |  |
| 3.750%, 04/15/29 (144A) | 1351000 | &nbsp;&nbsp; 1304536 |
| 5.625%, 06/15/28 (144A) | 512000 | &nbsp;&nbsp; 511927 |
| 6.375%, 08/15/32 (144A) | 2113000 | &nbsp;&nbsp; 2180660 |
| ERO Copper Corp. |  |  |
| 6.500%, 02/15/30 (144A) | 1474000 | &nbsp;&nbsp; 1470615 |
| First Quantum Minerals Ltd. |  |  |
| 7.250%, 02/15/34 (144A) | 518000 | &nbsp;&nbsp; 544576 |
| 8.000%, 03/01/33 (144A) | 340000 | &nbsp;&nbsp; 363102 |
| 9.375%, 03/01/29 (144A) | 1877000 | &nbsp;&nbsp; 1976506 |
| Kaiser Aluminum Corp. |  |  |
| 4.500%, 06/01/31 (144A) | 2083000 | &nbsp;&nbsp; 2012437 |
| 5.875%, 03/01/34 (144A) | 2017000 | &nbsp;&nbsp; 2023327 |
| New Gold, Inc. |  |  |
| 6.875%, 04/01/32 (144A) | 843000 | &nbsp;&nbsp; 894627 |
| Novelis Corp. |  |  |
| 3.875%, 08/15/31 (144A) | 2391000 | &nbsp;&nbsp; 2179308 |
| 4.750%, 01/30/30 (144A) | 354000 | &nbsp;&nbsp; 341964 |
| 6.375%, 08/15/33 (144A) | 2474000 | &nbsp;&nbsp; 2508070 |
| 6.875%, 01/30/30 (144A) (a) | 533000 | &nbsp;&nbsp; 553441 |
| Novelis Sheet Ingot GmbH |  |  |
| 3.375%, 04/15/29 (EUR) | 422000 | &nbsp;&nbsp; 484338 |
|  |  | &nbsp;&nbsp; 22712805 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Amsted Industries, Inc. |  |  |
| 6.375%, 03/15/33 (144A) | 344000 | &nbsp;&nbsp; 354315 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** |
| Axon Enterprise, Inc. |  |  |
| 6.250%, 03/15/33 (144A) | 284000 | &nbsp;&nbsp; $295453 |
| Enpro, Inc. |  |  |
| 6.125%, 06/01/33 (144A) (a) | 440000 | &nbsp;&nbsp; 454035 |
| Maxam Prill SARL |  |  |
| 6.000%, 07/15/30 (EUR) | 100000 | &nbsp;&nbsp; 120068 |
|  |  | &nbsp;&nbsp; 1223871 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Zebra Technologies Corp. |  |  |
| 6.500%, 06/01/32 (144A) | 344000 | &nbsp;&nbsp; 355601 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |
| 7.500%, 10/01/29 (144A) | 882000 | &nbsp;&nbsp; 924050 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| 5.875%, 06/30/29 (144A) (a) | 158000 | &nbsp;&nbsp; 158414 |
| 6.625%, 07/15/33 (144A) | 466000 | &nbsp;&nbsp; 482331 |
| 9.000%, 11/01/27 (144A) | 435000 | &nbsp;&nbsp; 552987 |
| Breakwater Energy Holdings SARL |  |  |
| 9.250%, 11/15/30 (144A) | 250000 | &nbsp;&nbsp; 261789 |
| Caturus Energy LLC |  |  |
| 8.500%, 02/15/30 (144A) | 1713000 | &nbsp;&nbsp; 1783994 |
| Chord Energy Corp. |  |  |
| 6.750%, 03/15/33 (144A) | 302000 | &nbsp;&nbsp; 312303 |
| CITGO Petroleum Corp. |  |  |
| 8.375%, 01/15/29 (144A) | 1418000 | &nbsp;&nbsp; 1474470 |
| Civitas Resources, Inc. |  |  |
| 8.375%, 07/01/28 (144A) | 40000 | &nbsp;&nbsp; 41216 |
| 8.750%, 07/01/31 (144A) (a) | 295000 | &nbsp;&nbsp; 306033 |
| CNX Resources Corp. |  |  |
| 7.250%, 03/01/32 (144A) | 222000 | &nbsp;&nbsp; 231746 |
| Comstock Resources, Inc. |  |  |
| 5.875%, 01/15/30 (144A) | 1652000 | &nbsp;&nbsp; 1606826 |
| 6.750%, 03/01/29 (144A) | 971000 | &nbsp;&nbsp; 971596 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) | 633000 | &nbsp;&nbsp; 600687 |
| 7.625%, 04/01/32 (144A) | 623000 | &nbsp;&nbsp; 604012 |
| 8.375%, 01/15/34 (144A) (a) | 439000 | &nbsp;&nbsp; 436076 |
| DBR Land Holdings LLC |  |  |
| 6.250%, 12/01/30 (144A) | 474000 | &nbsp;&nbsp; 484845 |
| Diamond Foreign Asset Co./Diamond Finance LLC |  |  |
| 8.500%, 10/01/30 (144A) | 370000 | &nbsp;&nbsp; 391957 |
| Energean PLC |  |  |
| 5.625%, 05/12/31 (EUR) | 100000 | &nbsp;&nbsp; 117519 |
| Gulfport Energy Operating Corp. |  |  |
| 6.750%, 09/01/29 (144A) | 392000 | &nbsp;&nbsp; 404811 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.750%, 02/01/29 (144A) | 525000 | &nbsp;&nbsp; 519420 |
| 6.000%, 04/15/30 (144A) | 60000 | &nbsp;&nbsp; 58302 |
| 6.250%, 11/01/28 (144A) | 220000 | &nbsp;&nbsp; 221249 |
| 6.250%, 04/15/32 (144A) (a) | 52000 | &nbsp;&nbsp; 48952 |
| 6.875%, 05/15/34 (144A) | 561000 | &nbsp;&nbsp; 525663 |
| 7.250%, 02/15/35 (144A) | 208000 | &nbsp;&nbsp; 197677 |
| 8.375%, 11/01/33 (144A) | 994000 | &nbsp;&nbsp; 1014929 |

---

*See accompanying notes to financial statements.*

**BHFTI-96**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Ithaca Energy North Sea PLC |  |  |
| 5.500%, 10/01/31 (EUR) | 100000 | &nbsp;&nbsp; $118124 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance <br> Corp.<br>|  |  |
| 6.875%, 12/01/32 (144A) | 378000 | &nbsp;&nbsp; 388498 |
| Matador Resources Co. |  |  |
| 6.500%, 04/15/32 (144A) | 487000 | &nbsp;&nbsp; 493898 |
| Murphy Oil Corp. |  |  |
| 5.875%, 12/01/42 (a) | 64000 | &nbsp;&nbsp; 55025 |
| Nabors Industries, Inc. |  |  |
| 7.625%, 11/15/32 (144A) | 348000 | &nbsp;&nbsp; 342041 |
| Noble Finance II LLC |  |  |
| 8.000%, 04/15/30 (144A) | 154000 | &nbsp;&nbsp; 159993 |
| Northern Oil & Gas, Inc. |  |  |
| 7.875%, 10/15/33 (144A) (a) | 994000 | &nbsp;&nbsp; 967813 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.875%, 09/15/30 (144A) | 477000 | &nbsp;&nbsp; 459369 |
| Permian Resources Operating LLC |  |  |
| 5.875%, 07/01/29 (144A) (a) | 830000 | &nbsp;&nbsp; 834865 |
| 6.250%, 02/01/33 (144A) | 1073000 | &nbsp;&nbsp; 1100647 |
| 7.000%, 01/15/32 (144A) | 288000 | &nbsp;&nbsp; 300193 |
| Sunoco LP |  |  |
| 5.625%, 03/15/31 (144A) | 342000 | &nbsp;&nbsp; 344506 |
| 5.875%, 03/15/34 (144A) | 347000 | &nbsp;&nbsp; 346969 |
| 6.250%, 07/01/33 (144A) | 473000 | &nbsp;&nbsp; 484502 |
| 6.625%, 08/15/32 (144A) | 490000 | &nbsp;&nbsp; 503630 |
| 7.875%, 5Y H15 + 4.230%, 09/18/30 (144A) (b) | 4580000 | &nbsp;&nbsp; 4704920 |
| TGNR Intermediate Holdings LLC |  |  |
| 5.500%, 10/15/29 (144A) | 658000 | &nbsp;&nbsp; 651572 |
| Transocean International Ltd. |  |  |
| 7.875%, 10/15/32 (144A) | 505000 | &nbsp;&nbsp; 527423 |
| 8.250%, 05/15/29 (144A) (a) | 367000 | &nbsp;&nbsp; 369882 |
| 8.500%, 05/15/31 (144A) (a) | 373000 | &nbsp;&nbsp; 369466 |
| 8.750%, 02/15/30 (144A) | 225000 | &nbsp;&nbsp; 235104 |
| Transocean Titan Financing Ltd. |  |  |
| 8.375%, 02/01/28 (144A) | 200762 | &nbsp;&nbsp; 205035 |
| Valaris Ltd. |  |  |
| 8.375%, 04/30/30 (144A) (a) | 481000 | &nbsp;&nbsp; 500463 |
| Var Energi ASA |  |  |
| 7.862%, 5Y EUR Swap + 4.765%, 11/15/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 129030 |
| Vital Energy, Inc. |  |  |
| 7.750%, 07/31/29 (144A) | 193000 | &nbsp;&nbsp; 192634 |
| 7.875%, 04/15/32 (144A) (a) | 465000 | &nbsp;&nbsp; 458157 |
| 9.750%, 10/15/30 | 397000 | &nbsp;&nbsp; 416622 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.500%, 10/15/29 (144A) | 743000 | &nbsp;&nbsp; 750001 |
| Wintershall Dea Finance 2 BV |  |  |
| 6.117%, 5Y EUR Swap + 3.940%, 05/08/30 (EUR) (b) | 113000 | &nbsp;&nbsp; 135475 |
|  |  | &nbsp;&nbsp; 31279711 |
| **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| 6.250%, 04/01/28 (144A) | 1388000 | &nbsp;&nbsp; 1395966 |
| 6.625%, 09/01/32 (144A) | 1173000 | &nbsp;&nbsp; 1209779 |
| Enerflex, Inc. |  |  |
| 6.875%, 01/15/31 (144A) | 264000 | &nbsp;&nbsp; 269925 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas Services—(Continued)** | **Oil & Gas Services—(Continued)** | **Oil & Gas Services—(Continued)** |
| Kodiak Gas Services LLC |  |  |
| 6.500%, 10/01/33 (144A) | 882000 | &nbsp;&nbsp; $900710 |
| 6.750%, 10/01/35 (144A) | 666000 | &nbsp;&nbsp; 684787 |
| 7.250%, 02/15/29 (144A) | 1388000 | &nbsp;&nbsp; 1444009 |
| Oceaneering International, Inc. |  |  |
| 6.000%, 02/01/28 | 196000 | &nbsp;&nbsp; 198200 |
| OEG Finance PLC |  |  |
| 7.250%, 09/27/29 (EUR) | 100000 | &nbsp;&nbsp; 122845 |
| Star Holding LLC |  |  |
| 8.750%, 08/01/31 (144A) | 673000 | &nbsp;&nbsp; 648005 |
| Tidewater, Inc. |  |  |
| 9.125%, 07/15/30 (144A) | 567000 | &nbsp;&nbsp; 608356 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| 6.250%, 10/01/33 (144A) | 1550000 | &nbsp;&nbsp; 1568584 |
| 7.125%, 03/15/29 (144A) | 706000 | &nbsp;&nbsp; 730789 |
| Weatherford International Ltd. |  |  |
| 6.750%, 10/15/33 (144A) | 1454000 | &nbsp;&nbsp; 1489059 |
|  |  | &nbsp;&nbsp; 11271014 |
| **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** |
| Ardagh Group SA |  |  |
| 9.500%, 12/01/30 | 97281 | &nbsp;&nbsp; 105513 |
| 9.500%, 12/01/30 (144A) | 1370053 | &nbsp;&nbsp; 1485984 |
| 12.000%, 6.500% PIK, 12/01/30 (144A) (c) | 1784000 | &nbsp;&nbsp; 1630130 |
| 12.000%, 7.500% PIK, 12/01/30 (EUR) (c) | 836000 | &nbsp;&nbsp; 900725 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<br>|  |  |
| 3.000%, 09/01/29 (EUR) | 200000 | &nbsp;&nbsp; 223486 |
| 4.000%, 09/01/29 (144A) | 3978000 | &nbsp;&nbsp; 3744832 |
| 6.250%, 01/30/31 (144A) | 864000 | &nbsp;&nbsp; 883678 |
| Ball Corp. |  |  |
| 4.250%, 07/01/32 (EUR) | 390000 | &nbsp;&nbsp; 469035 |
| 5.500%, 09/15/33 (a) | 403000 | &nbsp;&nbsp; 410815 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.625%, 04/15/29 (144A) | 1038000 | &nbsp;&nbsp; 1056112 |
| 6.750%, 04/15/32 (144A) | 2372000 | &nbsp;&nbsp; 2439067 |
| 6.875%, 01/15/30 (144A) (a) | 1471000 | &nbsp;&nbsp; 1507775 |
| Crown Americas LLC |  |  |
| 5.875%, 06/01/33 (144A) | 1495000 | &nbsp;&nbsp; 1529085 |
| Kleopatra Finco SARL |  |  |
| 4.250%, 03/01/26 (EUR) (d) | 110000 | &nbsp;&nbsp; 19391 |
| LABL, Inc. |  |  |
| 5.875%, 11/01/28 (144A) | 177000 | &nbsp;&nbsp; 110914 |
| 8.625%, 10/01/31 (144A) | 499000 | &nbsp;&nbsp; 265397 |
| 9.500%, 11/01/28 (144A) | 1329000 | &nbsp;&nbsp; 838560 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.875%, 04/15/30 (144A) (a) | 7581000 | &nbsp;&nbsp; 7521189 |
| 9.250%, 04/15/30 (144A) (a) | 384000 | &nbsp;&nbsp; 368640 |
| OI European Group BV |  |  |
| 6.250%, 05/15/28 (EUR) | 100000 | &nbsp;&nbsp; 120901 |
| 6.250%, 05/15/28 (144A) (EUR) | 142000 | &nbsp;&nbsp; 171679 |
| Sealed Air Corp. |  |  |
| 4.000%, 12/01/27 (144A) | 201000 | &nbsp;&nbsp; 199958 |
| 5.000%, 04/15/29 (144A) | 165000 | &nbsp;&nbsp; 166085 |
| 6.500%, 07/15/32 (144A) | 148000 | &nbsp;&nbsp; 153532 |

---

*See accompanying notes to financial statements.*

**BHFTI-97**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 7.250%, 02/15/31 (144A) | 57000 | &nbsp;&nbsp; $59356 |
| Silgan Holdings, Inc. |  |  |
| 4.250%, 02/15/31 (144A) (EUR) | 850000 | &nbsp;&nbsp; 1012401 |
| Trivium Packaging Finance BV |  |  |
| 6.625%, 07/15/30 (EUR) | 220000 | &nbsp;&nbsp; 272243 |
| 6.625%, 07/15/30 (144A) (EUR) | 225000 | &nbsp;&nbsp; 278430 |
| 8.250%, 07/15/30 (144A) | 720000 | &nbsp;&nbsp; 771830 |
| 12.250%, 01/15/31 (144A) | 279000 | &nbsp;&nbsp; 302725 |
|  |  | &nbsp;&nbsp; 29019468 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) † | 11627000 | &nbsp;&nbsp; 12092276 |
| Amneal Pharmaceuticals LLC |  |  |
| 6.875%, 08/01/32 (144A) (a) | 488000 | &nbsp;&nbsp; 515479 |
| Bausch Health Cos., Inc. |  |  |
| 4.875%, 06/01/28 (144A) † | 118000 | &nbsp;&nbsp; 105610 |
| 11.000%, 09/30/28 (144A) † | 1600000 | &nbsp;&nbsp; 1657344 |
| Bayer AG |  |  |
| 6.625%, 5Y EUR Swap + 3.432%, 09/25/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 124728 |
| 7.000%, 5Y EUR Swap + 3.896%, 09/25/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 129125 |
| Dolcetto Holdco SpA |  |  |
| 5.625%, 07/14/32 (EUR) | 100000 | &nbsp;&nbsp; 119281 |
| Grifols SA |  |  |
| 2.250%, 11/15/27 (EUR) | 725000 | &nbsp;&nbsp; 847862 |
| 7.125%, 05/01/30 (EUR) | 100000 | &nbsp;&nbsp; 123296 |
| Gruenenthal GmbH |  |  |
| 4.625%, 11/15/31 (EUR) | 100000 | &nbsp;&nbsp; 118752 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.276%, 3M EURIBOR + 3.250%, 10/15/32 (EUR) (b) | 112000 | &nbsp;&nbsp; 132811 |
| 7.000%, 02/21/30 (EUR) | 149000 | &nbsp;&nbsp; 181765 |
| Option Care Health, Inc. |  |  |
| 4.375%, 10/31/29 (144A) | 599000 | &nbsp;&nbsp; 585241 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| 2.875%, 04/30/28 (EUR) | 100000 | &nbsp;&nbsp; 114076 |
| 4.125%, 04/30/28 (144A) | 400000 | &nbsp;&nbsp; 389774 |
| Rossini SARL |  |  |
| 5.894%, 3M EURIBOR + 3.875%, 12/31/29 (EUR) (b) | 50064 | &nbsp;&nbsp; 59875 |
| 6.750%, 12/31/29 (EUR) | 100000 | &nbsp;&nbsp; 123479 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.150%, 10/01/26 | 659000 | &nbsp;&nbsp; 651393 |
| 6.750%, 03/01/28 | 200000 | &nbsp;&nbsp; 207564 |
|  |  | &nbsp;&nbsp; 18279731 |
| **Pipelines — 2.9%** | **Pipelines — 2.9%** | **Pipelines — 2.9%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| 5.375%, 06/15/29 (144A) | 469000 | &nbsp;&nbsp; 469012 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| 7.000%, 07/15/29 (144A) | 598000 | &nbsp;&nbsp; 623662 |
| 7.250%, 07/15/32 (144A) | 481000 | &nbsp;&nbsp; 510472 |
| Buckeye Partners LP |  |  |
| 5.600%, 10/15/44 | 215000 | &nbsp;&nbsp; 194866 |
| 5.850%, 11/15/43 | 318000 | &nbsp;&nbsp; 298213 |
| 6.750%, 02/01/30 (144A) | 182000 | &nbsp;&nbsp; 191055 |
| 6.875%, 07/01/29 (144A) | 53000 | &nbsp;&nbsp; 55131 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| CNX Midstream Partners LP |  |  |
| 4.750%, 04/15/30 (144A) | 287000 | &nbsp;&nbsp; $278231 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.500%, 06/15/31 (144A) (a) | 1891000 | &nbsp;&nbsp; 1870802 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| 7.375%, 06/30/33 (144A) | 805000 | &nbsp;&nbsp; 821461 |
| Enbridge, Inc. |  |  |
| 7.200%, 5Y H15 + 2.970%, 06/27/54 (a) (b) | 430000 | &nbsp;&nbsp; 455325 |
| 7.375%, 5Y H15 + 3.122%, 03/15/55 (a) (b) | 587000 | &nbsp;&nbsp; 621360 |
| Energy Transfer LP |  |  |
| 6.500%, 5Y H15 + 5.694%, 11/15/26 (b) | 1085000 | &nbsp;&nbsp; 1089778 |
| 7.125%, 5Y H15 + 2.829%, 10/01/54 (b) | 829000 | &nbsp;&nbsp; 850581 |
| 7.125%, 5Y H15 + 5.306%, 05/15/30 (b) | 547000 | &nbsp;&nbsp; 560102 |
| 8.000%, 5Y H15 + 4.020%, 05/15/54 (a) (b) | 1251000 | &nbsp;&nbsp; 1335386 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.750%, 02/01/28 | 595000 | &nbsp;&nbsp; 597449 |
| 8.000%, 05/15/33 | 171000 | &nbsp;&nbsp; 177515 |
| Global Partners LP/GLP Finance Corp. |  |  |
| 7.125%, 07/01/33 (144A) | 342000 | &nbsp;&nbsp; 348239 |
| Harvest Midstream I LP |  |  |
| 7.500%, 05/15/32 (144A) | 267000 | &nbsp;&nbsp; 278317 |
| Hess Midstream Operations LP |  |  |
| 4.250%, 02/15/30 (144A) | 311000 | &nbsp;&nbsp; 304185 |
| 6.500%, 06/01/29 (144A) | 495000 | &nbsp;&nbsp; 511187 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.625%, 01/15/34 (144A) | 854000 | &nbsp;&nbsp; 877344 |
| 7.375%, 07/15/32 (144A) | 194000 | &nbsp;&nbsp; 204704 |
| ITT Holdings LLC |  |  |
| 6.500%, 08/01/29 (144A) (a) | 1349000 | &nbsp;&nbsp; 1294570 |
| Kinetik Holdings LP |  |  |
| 5.875%, 06/15/30 (144A) (a) | 108000 | &nbsp;&nbsp; 108968 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| 8.125%, 02/15/29 (144A) | 786000 | &nbsp;&nbsp; 815840 |
| 8.375%, 02/15/32 (144A) | 1547000 | &nbsp;&nbsp; 1602019 |
| Northriver Midstream Finance LP |  |  |
| 6.750%, 07/15/32 (144A) | 459000 | &nbsp;&nbsp; 467746 |
| Prairie Acquiror LP |  |  |
| 9.000%, 08/01/29 (144A) | 515000 | &nbsp;&nbsp; 535303 |
| Rockies Express Pipeline LLC |  |  |
| 4.950%, 07/15/29 (144A) | 136000 | &nbsp;&nbsp; 135703 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| 5.500%, 01/15/28 (144A) | 468000 | &nbsp;&nbsp; 468252 |
| 6.000%, 09/01/31 (144A) | 274000 | &nbsp;&nbsp; 272719 |
| 7.375%, 02/15/29 (144A) | 1553000 | &nbsp;&nbsp; 1605123 |
| TransMontaigne Partners LLC |  |  |
| 8.500%, 06/15/30 (144A) | 154000 | &nbsp;&nbsp; 155476 |
| Venture Global LNG, Inc. |  |  |
| 7.000%, 01/15/30 (144A) (a) | 87000 | &nbsp;&nbsp; 83731 |
| 8.375%, 06/01/31 (144A) (a) | 1492000 | &nbsp;&nbsp; 1483683 |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (a) (b) | 3100000 | &nbsp;&nbsp; 2448165 |
| 9.500%, 02/01/29 (144A) (a) | 4052000 | &nbsp;&nbsp; 4199805 |
| 9.875%, 02/01/32 (144A) (a) | 1660000 | &nbsp;&nbsp; 1714900 |
|  |  | &nbsp;&nbsp; 30916380 |

---

*See accompanying notes to financial statements.*

**BHFTI-98**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| Adler Financing SARL |  |  |
| 8.250%, 12/31/28 (EUR) (c) | 230878 | &nbsp;&nbsp; $297181 |
| Alexandrite Lake Lux Holdings SARL |  |  |
| 6.750%, 07/30/30 (EUR) | 100000 | &nbsp;&nbsp; 119547 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
| 7.000%, 04/15/30 (144A) | 684346 | &nbsp;&nbsp; 681399 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |
| 9.750%, 04/15/30 (144A) | 365000 | &nbsp;&nbsp; 396124 |
| Aroundtown Finance SARL |  |  |
| 5.250%, 5Y EUR Swap + 3.431%, 04/30/31 (EUR) (b) | 225000 | &nbsp;&nbsp; 257738 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 8.875%, 09/01/31 (144A) (a) | 937000 | &nbsp;&nbsp; 1000804 |
| Five Point Operating Co. LP |  |  |
| 8.000%, 10/01/30 (144A) | 232000 | &nbsp;&nbsp; 242389 |
| Heimstaden Bostad AB |  |  |
| 2.625%, 5Y EUR Swap + 3.149%, 02/01/27 (EUR) (b) | 100000 | &nbsp;&nbsp; 114149 |
| Howard Hughes Corp. |  |  |
| 4.125%, 02/01/29 (144A) | 382000 | &nbsp;&nbsp; 371213 |
| 4.375%, 02/01/31 (144A) (a) | 158000 | &nbsp;&nbsp; 150431 |
| New Immo Holding SA |  |  |
| 3.250%, 07/23/27 (EUR) | 100000 | &nbsp;&nbsp; 117260 |
| 4.950%, 11/14/30 (EUR) | 100000 | &nbsp;&nbsp; 118199 |
| Tropicana Entertainment LLC/Tropicana Finance Corp. |  |  |
| 9.625%, 12/15/14 (d) (f) (g) | 70000 | &nbsp;&nbsp; 0 |
| Unique Pub Finance Co. PLC |  |  |
| 6.464%, 03/30/32 (GBP) | 56534 | &nbsp;&nbsp; 83728 |
| Vivion Investments SARL |  |  |
| 5.625%, 06/08/30 (EUR) | 100000 | &nbsp;&nbsp; 113186 |
| 6.500%, 02/28/29 (EUR) (c) | 100000 | &nbsp;&nbsp; 117180 |
| 8.125%, 5Y EUR Swap + 6.160%, 03/08/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 108773 |
| 8.250%, 2.250% PIK, 08/31/28 (EUR) (c) | 16476 | &nbsp;&nbsp; 19375 |
|  |  | &nbsp;&nbsp; 4308676 |
| **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** |
| Arbor Realty SR, Inc. |  |  |
| 7.875%, 07/15/30 (144A) (a) | 399000 | &nbsp;&nbsp; 381239 |
| 8.500%, 12/15/28 (144A) | 226000 | &nbsp;&nbsp; 225097 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 3.750%, 01/15/27 (144A) | 752000 | &nbsp;&nbsp; 744249 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC<br>|  |  |
| 4.500%, 04/01/27 (144A) | 894000 | &nbsp;&nbsp; 883551 |
| Diversified Healthcare Trust |  |  |
| 7.250%, 10/15/30 (144A) † | 370000 | &nbsp;&nbsp; 378321 |
| Iron Mountain Information Management Services, Inc. |  |  |
| 5.000%, 07/15/32 (144A) | 432000 | &nbsp;&nbsp; 412415 |
| Iron Mountain, Inc. |  |  |
| 4.750%, 01/15/34 (EUR) | 100000 | &nbsp;&nbsp; 114279 |
| 4.750%, 01/15/34 (144A) (EUR) | 1300000 | &nbsp;&nbsp; 1485631 |
| 5.250%, 07/15/30 (144A) | 63000 | &nbsp;&nbsp; 62238 |
| 5.625%, 07/15/32 (144A) (a) | 214000 | &nbsp;&nbsp; 210634 |
| 6.250%, 01/15/33 (144A) | 261000 | &nbsp;&nbsp; 263184 |
| Millrose Properties, Inc. |  |  |
| 6.250%, 09/15/32 (144A) | 1045000 | &nbsp;&nbsp; 1054388 |
| 6.375%, 08/01/30 (144A) | 1361000 | &nbsp;&nbsp; 1392608 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 7.000%, 02/15/32 (EUR) | 100000 | &nbsp;&nbsp; $122120 |
| 7.000%, 02/15/32 (144A) (EUR) | 725000 | &nbsp;&nbsp; 885371 |
| 8.500%, 02/15/32 (144A) | 2218000 | &nbsp;&nbsp; 2368676 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer<br>|  |  |
| 7.000%, 02/01/30 (144A) | 599000 | &nbsp;&nbsp; 614808 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.375%, 10/15/29 (144A) (a) | 317000 | &nbsp;&nbsp; 324464 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 6.500%, 04/01/32 (144A) | 1585000 | &nbsp;&nbsp; 1643780 |
| 6.500%, 06/15/33 (144A) | 1572000 | &nbsp;&nbsp; 1634152 |
| RLJ Lodging Trust LP |  |  |
| 4.000%, 09/15/29 (144A) | 268000 | &nbsp;&nbsp; 254194 |
| SBA Communications Corp. |  |  |
| 3.125%, 02/01/29 | 677000 | &nbsp;&nbsp; 647581 |
| Service Properties Trust |  |  |
| Zero Coupon, 09/30/28 (144A) † | 727000 | &nbsp;&nbsp; 656958 |
| 8.625%, 11/15/31 (144A) † | 4612000 | &nbsp;&nbsp; 4844288 |
| 8.875%, 06/15/32 † (a) | 1237000 | &nbsp;&nbsp; 1220242 |
| Starwood Property Trust, Inc. |  |  |
| 6.000%, 04/15/30 (144A) | 230000 | &nbsp;&nbsp; 236072 |
| 6.500%, 07/01/30 (144A) (a) | 755000 | &nbsp;&nbsp; 787547 |
| 6.500%, 10/15/30 (144A) (a) | 597000 | &nbsp;&nbsp; 622429 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.750%, 5Y EUR Swap + 2.432%, 06/11/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 119641 |
| XHR LP |  |  |
| 6.625%, 05/15/30 (144A) | 297000 | &nbsp;&nbsp; 306529 |
|  |  | &nbsp;&nbsp; 24896686 |
| **Retail — 2.4%** | **Retail — 2.4%** | **Retail — 2.4%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 4.375%, 01/15/28 (144A) (a) | 571000 | &nbsp;&nbsp; 567400 |
| Advance Auto Parts, Inc. |  |  |
| 7.000%, 08/01/30 (144A) (a) | 468000 | &nbsp;&nbsp; 470478 |
| Afflelou SAS |  |  |
| 6.000%, 07/25/29 (EUR) | 104000 | &nbsp;&nbsp; 127146 |
| Asbury Automotive Group, Inc. |  |  |
| 4.750%, 03/01/30 | 57000 | &nbsp;&nbsp; 56190 |
| 5.000%, 02/15/32 (144A) | 124000 | &nbsp;&nbsp; 120503 |
| B&M European Value Retail SA |  |  |
| 6.500%, 11/27/31 (GBP) | 100000 | &nbsp;&nbsp; 132654 |
| Boots Group Finco LP |  |  |
| 5.375%, 08/31/32 (144A) (EUR) | 1005000 | &nbsp;&nbsp; 1220444 |
| 7.375%, 08/31/32 (144A) (GBP) | 440000 | &nbsp;&nbsp; 613366 |
| Carvana Co. |  |  |
| 9.000%, 13.000% PIK, 06/01/30 (144A) (c) | 1875218 | &nbsp;&nbsp; 1965482 |
| 9.000%, 14.000% PIK, 06/01/31 (144A) (c) | 3853395 | &nbsp;&nbsp; 4348282 |
| CD&R Firefly Bidco PLC |  |  |
| 8.625%, 04/30/29 (GBP) | 200000 | &nbsp;&nbsp; 282070 |
| Cougar JV Subsidiary LLC |  |  |
| 8.000%, 05/15/32 (144A) | 537000 | &nbsp;&nbsp; 574091 |
| Duomo Bidco SpA |  |  |
| 5.310%, 3M EURIBOR + 3.250%, 01/15/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 118420 |
| EG Global Finance PLC |  |  |
| 12.000%, 11/30/28 (144A) | 1206000 | &nbsp;&nbsp; 1310780 |

---

*See accompanying notes to financial statements.*

**BHFTI-99**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| 9.250%, 01/15/31 (144A) | 465000 | &nbsp;&nbsp; $478921 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., <br> Inc.<br>|  |  |
| 4.625%, 01/15/29 (144A) | 907000 | &nbsp;&nbsp; 880908 |
| 6.750%, 01/15/30 (144A) (a) | 364000 | &nbsp;&nbsp; 346082 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 11.500%, 08/15/29 (144A) | 320000 | &nbsp;&nbsp; 335102 |
| Group 1 Automotive, Inc. |  |  |
| 6.375%, 01/15/30 (144A) | 366000 | &nbsp;&nbsp; 376611 |
| Ken Garff Automotive LLC |  |  |
| 4.875%, 09/15/28 (144A) | 144000 | &nbsp;&nbsp; 143572 |
| LCM Investments Holdings II LLC |  |  |
| 4.875%, 05/01/29 (144A) | 236000 | &nbsp;&nbsp; 232510 |
| 8.250%, 08/01/31 (144A) | 621000 | &nbsp;&nbsp; 656828 |
| Lithia Motors, Inc. |  |  |
| 5.500%, 10/01/30 (144A) | 481000 | &nbsp;&nbsp; 482910 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |
| 7.500%, 09/15/32 (144A) | 250000 | &nbsp;&nbsp; 254421 |
| QXO Building Products, Inc. |  |  |
| 6.750%, 04/30/32 (144A) | 3080000 | &nbsp;&nbsp; 3216809 |
| Staples, Inc. |  |  |
| 10.750%, 09/01/29 (144A) | 504000 | &nbsp;&nbsp; 501067 |
| Stonegate Pub Co. Financing PLC |  |  |
| 10.750%, 07/31/29 (GBP) | 100000 | &nbsp;&nbsp; 133117 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| 5.000%, 06/01/31 (144A) | 161000 | &nbsp;&nbsp; 154564 |
| White Cap Supply Holdings LLC |  |  |
| 7.375%, 11/15/30 (144A) (a) | 5277000 | &nbsp;&nbsp; 5458652 |
|  |  | &nbsp;&nbsp; 25559380 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society |  |  |
| 7.500%, 5Y UKG + 3.852%, 12/20/30 (GBP) (b) | 200000 | &nbsp;&nbsp; 280602 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Amkor Technology, Inc. |  |  |
| 5.875%, 10/01/33 (144A) (a) | 211000 | &nbsp;&nbsp; 215353 |
| Kioxia Holdings Corp. |  |  |
| 6.625%, 07/24/33 (144A) | 400000 | &nbsp;&nbsp; 415950 |
|  |  | &nbsp;&nbsp; 631303 |
| **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| AthenaHealth Group, Inc. |  |  |
| 6.500%, 02/15/30 (144A) (a) | 9539000 | &nbsp;&nbsp; 9510292 |
| Camelot Finance SA |  |  |
| 4.500%, 11/01/26 (144A) | 107000 | &nbsp;&nbsp; 106271 |
| Capstone Borrower, Inc. |  |  |
| 8.000%, 06/15/30 (144A) | 1965000 | &nbsp;&nbsp; 2023898 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |  |  |
| 8.000%, 06/15/29 (144A) | 345000 | &nbsp;&nbsp; 299847 |
| Central Parent, Inc./CDK Global, Inc. |  |  |
| 7.250%, 06/15/29 (144A) | 874000 | &nbsp;&nbsp; 740987 |
| Cloud Software Group, Inc. |  |  |
| 6.500%, 03/31/29 (144A) | 4102000 | &nbsp;&nbsp; 4155687 |
| 8.250%, 06/30/32 (144A) (a) | 2083000 | &nbsp;&nbsp; 2176819 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Cloud Software Group, Inc. |  |  |
| 9.000%, 09/30/29 (144A) | 7012000 | &nbsp;&nbsp; $7303071 |
| CoreLogic, Inc. |  |  |
| 4.500%, 05/01/28 (144A) | 2934000 | &nbsp;&nbsp; 2874338 |
| CoreWeave, Inc. |  |  |
| 9.250%, 06/01/30 (144A) (a) | 937000 | &nbsp;&nbsp; 871197 |
| Elastic NV |  |  |
| 4.125%, 07/15/29 (144A) (a) | 637000 | &nbsp;&nbsp; 616913 |
| Electronic Arts, Inc. |  |  |
| 2.950%, 02/15/51 (a) | 440000 | &nbsp;&nbsp; 405860 |
| Ellucian Holdings, Inc. |  |  |
| 6.500%, 12/01/29 (144A) | 1476000 | &nbsp;&nbsp; 1505005 |
| Fair Isaac Corp. |  |  |
| 4.000%, 06/15/28 (144A) | 533000 | &nbsp;&nbsp; 525672 |
| 6.000%, 05/15/33 (144A) | 2994000 | &nbsp;&nbsp; 3075278 |
| IPD 3 BV |  |  |
| 5.500%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 118867 |
| Playtika Holding Corp. |  |  |
| 4.250%, 03/15/29 (144A) | 215000 | &nbsp;&nbsp; 192804 |
| SS&C Technologies, Inc. |  |  |
| 6.500%, 06/01/32 (144A) | 1270000 | &nbsp;&nbsp; 1321326 |
| TeamSystem SpA |  |  |
| 5.526%, 3M EURIBOR + 3.500%, 07/31/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 118325 |
| Twilio, Inc. |  |  |
| 3.625%, 03/15/29 | 187000 | &nbsp;&nbsp; 180637 |
| 3.875%, 03/15/31 (a) | 350000 | &nbsp;&nbsp; 334503 |
| UKG, Inc. |  |  |
| 6.875%, 02/01/31 (144A) | 4224000 | &nbsp;&nbsp; 4338948 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |  |  |
| 3.875%, 02/01/29 (144A) (a) | 564000 | &nbsp;&nbsp; 532246 |
|  |  | &nbsp;&nbsp; 43328791 |
| **Telecommunications — 7.2%** | **Telecommunications — 7.2%** | **Telecommunications — 7.2%** |
| Altice France SA |  |  |
| 4.750%, 10/15/30 (EUR) | 131687 | &nbsp;&nbsp; 145515 |
| 5.625%, 07/15/32 (EUR) | 32000 | &nbsp;&nbsp; 35782 |
| 6.500%, 10/15/31 (144A) | 566540 | &nbsp;&nbsp; 537964 |
| 6.500%, 04/15/32 (144A) (a) | 2742777 | &nbsp;&nbsp; 2629451 |
| 6.875%, 10/15/30 (144A) | 180950 | &nbsp;&nbsp; 175484 |
| 6.875%, 07/15/32 (144A) | 1450981 | &nbsp;&nbsp; 1391403 |
| APLD ComputeCo LLC |  |  |
| 9.250%, 12/15/30 (144A) | 564000 | &nbsp;&nbsp; 553228 |
| British Telecommunications PLC |  |  |
| 8.375%, 5Y UKG + 3.820%, 12/20/83 (GBP) (b) | 100000 | &nbsp;&nbsp; 144699 |
| Cipher Compute LLC |  |  |
| 7.125%, 11/15/30 (144A) (a) | 1747000 | &nbsp;&nbsp; 1779290 |
| CommScope LLC |  |  |
| 4.750%, 09/01/29 (144A) | 2148000 | &nbsp;&nbsp; 2144971 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) | 400000 | &nbsp;&nbsp; 424296 |
| Digicel International Finance Ltd./Difl U.S. LLC |  |  |
| 8.625%, 08/01/32 (144A) | 2817000 | &nbsp;&nbsp; 2922489 |
| EchoStar Corp. |  |  |
| 6.750%, 6.750% PIK, 11/30/30 (c) | 6365841 | &nbsp;&nbsp; 6521604 |
| 10.750%, 11/30/29 (a) | 3434551 | &nbsp;&nbsp; 3797931 |

---

*See accompanying notes to financial statements.*

**BHFTI-100**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| eircom Finance DAC |  |  |
| 5.000%, 04/30/31 (EUR) | 103000 | &nbsp;&nbsp; $123105 |
| Eutelsat SA |  |  |
| 1.500%, 10/13/28 (EUR) | 100000 | &nbsp;&nbsp; 112347 |
| 9.750%, 04/13/29 (EUR) | 100000 | &nbsp;&nbsp; 125327 |
| Fibercop SpA |  |  |
| 4.750%, 06/30/30 (EUR) | 100000 | &nbsp;&nbsp; 119416 |
| 5.125%, 06/30/32 (EUR) | 100000 | &nbsp;&nbsp; 119440 |
| 6.000%, 09/30/34 (144A) | 1632000 | &nbsp;&nbsp; 1546066 |
| 7.200%, 07/18/36 (144A) | 1000000 | &nbsp;&nbsp; 995250 |
| Flash Compute LLC |  |  |
| 7.250%, 12/31/30 (144A) | 1556000 | &nbsp;&nbsp; 1541627 |
| Frontier Communications Holdings LLC |  |  |
| 5.000%, 05/01/28 (144A) | 1753000 | &nbsp;&nbsp; 1756015 |
| 5.875%, 10/15/27 (144A) | 734000 | &nbsp;&nbsp; 736370 |
| 5.875%, 11/01/29 | 483945 | &nbsp;&nbsp; 489814 |
| 6.000%, 01/15/30 (144A) (a) | 635000 | &nbsp;&nbsp; 645768 |
| 6.750%, 05/01/29 (144A) | 300000 | &nbsp;&nbsp; 302272 |
| 8.625%, 03/15/31 (144A) | 872000 | &nbsp;&nbsp; 917504 |
| 8.750%, 05/15/30 (144A) | 2917000 | &nbsp;&nbsp; 3046108 |
| Iliad Holding SAS |  |  |
| 5.375%, 04/15/30 (EUR) | 100000 | &nbsp;&nbsp; 121320 |
| 6.875%, 04/15/31 (EUR) | 100000 | &nbsp;&nbsp; 125359 |
| 7.000%, 10/15/28 (144A) | 310000 | &nbsp;&nbsp; 313855 |
| 7.000%, 04/15/32 (144A) | 972000 | &nbsp;&nbsp; 1001795 |
| 8.500%, 04/15/31 (144A) | 1300000 | &nbsp;&nbsp; 1399124 |
| Level 3 Financing, Inc. |  |  |
| 3.625%, 01/15/29 (144A) | 168000 | &nbsp;&nbsp; 155049 |
| 4.875%, 06/15/29 (144A) | 2557000 | &nbsp;&nbsp; 2486683 |
| 6.875%, 06/30/33 (144A) | 6594266 | &nbsp;&nbsp; 6747767 |
| 7.000%, 03/31/34 (144A) | 5969387 | &nbsp;&nbsp; 6151883 |
| 8.500%, 01/15/36 (144A) | 3665000 | &nbsp;&nbsp; 3752896 |
| Lorca Telecom Bondco SA |  |  |
| 4.000%, 09/18/27 (EUR) | 14894 | &nbsp;&nbsp; 17498 |
| Lumen Technologies, Inc. |  |  |
| 4.125%, 04/15/30 (144A) | 509141 | &nbsp;&nbsp; 505541 |
| 10.000%, 10/15/32 (144A) | 567420 | &nbsp;&nbsp; 570257 |
| Sable International Finance Ltd. |  |  |
| 7.125%, 10/15/32 (144A) | 1465000 | &nbsp;&nbsp; 1482458 |
| SoftBank Group Corp. |  |  |
| 3.875%, 07/06/32 (EUR) | 200000 | &nbsp;&nbsp; 219741 |
| 5.250%, 10/10/29 (EUR) | 100000 | &nbsp;&nbsp; 119305 |
| 5.375%, 01/08/29 (EUR) | 100000 | &nbsp;&nbsp; 120297 |
| Telecom Italia Capital SA |  |  |
| 7.721%, 06/04/38 | 1033000 | &nbsp;&nbsp; 1144271 |
| Telefonica Europe BV |  |  |
| 5.752%, 8Y EUR Swap + 3.121%, 01/15/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 124399 |
| 6.750%, 8Y EUR Swap + 3.615%, 06/07/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 129850 |
| Viavi Solutions, Inc. |  |  |
| 3.750%, 10/01/29 (144A) | 467000 | &nbsp;&nbsp; 446977 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.000%, 01/31/29 (GBP) | 100000 | &nbsp;&nbsp; 127589 |
| 4.250%, 01/31/31 (144A) | 1613000 | &nbsp;&nbsp; 1471071 |
| 4.750%, 07/15/31 (144A) | 600000 | &nbsp;&nbsp; 553928 |
| 5.625%, 04/15/32 (EUR) | 100000 | &nbsp;&nbsp; 118158 |
| 6.750%, 01/15/33 (144A) | 697000 | &nbsp;&nbsp; 690752 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Vmed O2 U.K. Financing I PLC |  |  |
| 7.750%, 04/15/32 (144A) | 200000 | &nbsp;&nbsp; $208420 |
| Windstream Services LLC |  |  |
| 7.500%, 10/15/33 (144A) | 979000 | &nbsp;&nbsp; 1003581 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |
| 8.250%, 10/01/31 (144A) | 4619000 | &nbsp;&nbsp; 4848886 |
| WULF Compute LLC |  |  |
| 7.750%, 10/15/30 (144A) (a) | 2611000 | &nbsp;&nbsp; 2689979 |
| Zayo Group Holdings, Inc. |  |  |
| 9.250%, 03/09/30 (144A) (a) (c) | 2825271 | &nbsp;&nbsp; 2684007 |
| 13.750%, 6.625% PIK, 09/09/30 (144A) (c) | 686759 | &nbsp;&nbsp; 630101 |
| Zegona Finance PLC |  |  |
| 6.750%, 07/15/29 (EUR) | 202600 | &nbsp;&nbsp; 250205 |
|  |  | &nbsp;&nbsp; 78193538 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Edge Finco PLC |  |  |
| 8.125%, 08/15/31 (GBP) | 140000 | &nbsp;&nbsp; 200510 |
| Genesee & Wyoming, Inc. |  |  |
| 6.250%, 04/15/32 (144A) | 1004000 | &nbsp;&nbsp; 1035378 |
| Mobico Group PLC |  |  |
| 4.250%, 5Y UKG + 4.135%, 01/12/26 (GBP) (b) | 106000 | &nbsp;&nbsp; 84082 |
| 4.875%, 09/26/31 (EUR) | 100000 | &nbsp;&nbsp; 93025 |
| Poste Italiane SpA |  |  |
| 2.625%, 5Y EUR Swap + 2.677%, 03/24/29 (EUR) (b) | 150000 | &nbsp;&nbsp; 169030 |
| Rand Parent LLC |  |  |
| 8.500%, 02/15/30 (144A) | 631000 | &nbsp;&nbsp; 657409 |
| SGL Group ApS |  |  |
| 6.765%, 3M EURIBOR + 4.750%, 04/22/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 113384 |
| Stonepeak Nile Parent LLC |  |  |
| 7.250%, 03/15/32 (144A) (a) | 187000 | &nbsp;&nbsp; 197902 |
| Watco Cos. LLC/Watco Finance Corp. |  |  |
| 7.125%, 08/01/32 (144A) | 225000 | &nbsp;&nbsp; 235644 |
|  |  | &nbsp;&nbsp; 2786364 |
| **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** |
| FTAI Aviation Investors LLC |  |  |
| 5.500%, 05/01/28 (144A) | 1001000 | &nbsp;&nbsp; 1001876 |
| 5.875%, 04/15/33 (144A) (a) | 4145000 | &nbsp;&nbsp; 4212074 |
| 7.000%, 05/01/31 (144A) | 2698000 | &nbsp;&nbsp; 2841232 |
| 7.000%, 06/15/32 (144A) | 1210000 | &nbsp;&nbsp; 1272016 |
| 7.875%, 12/01/30 (144A) | 831000 | &nbsp;&nbsp; 883689 |
|  |  | &nbsp;&nbsp; 10210887 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Veolia Environnement SA |  |  |
| 4.322%, 5Y EUR Swap + 1.837%, 10/24/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 116943 |
| Total Corporate Bonds & Notes <br>(Cost $927,929,655) <br>|  | &nbsp;&nbsp; 949881563 |
| **Floating Rate Loans (h)—6.8%** | **Floating Rate Loans (h)—6.8%** | **Floating Rate Loans (h)—6.8%** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 7.831%, 1M TSFR + 4.000%, 08/23/28 | 1439155 | &nbsp;&nbsp; 1445152 |

---

*See accompanying notes to financial statements.*

**BHFTI-101**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising—(Continued)** | **Advertising—(Continued)** | **Advertising—(Continued)** |
| CMG Media Corp. |  |  |
| 2024 Term Loan, 7.272%, 3M TSFR + 3.500%, 06/18/29 | 458957 | &nbsp;&nbsp; $429878 |
| Neptune Bidco U.S., Inc. |  |  |
| 2022 USD Term Loan B, 9.027%, 3M TSFR + 5.000%, <br> 04/11/29<br>| 1070742 | &nbsp;&nbsp; 1060704 |
| Summer BC Holdco B SARL |  |  |
| 2024 USD Term Loan B, 8.932%, 3M TSFR + 5.000%, <br> 02/15/29<br>| 226144 | &nbsp;&nbsp; 216674 |
|  |  | &nbsp;&nbsp; 3152408 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| Air Comm Corp. LLC |  |  |
| 2025 Delayed Draw Term Loan, 12/11/31 (i) | 7787 | &nbsp;&nbsp; 7816 |
| 2025 Term Loan, 6.440% - 6.572%, 3M TSFR + 2.750%, <br> 12/11/31 (j)<br>| 159747 | &nbsp;&nbsp; 160446 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, 6.427%, 3M TSFR + <br> 2.500%, 02/26/32 (i)<br>| 58167 | &nbsp;&nbsp; 58472 |
| 2025 Term Loan B, 6.322% - 6.544%, 3M TSFR + 2.500%, <br> 02/26/32 (j)<br>| 613781 | &nbsp;&nbsp; 617004 |
| Propulsion BC Finco SARL |  |  |
| 2025 Repriced Term Loan B, 6.172%, 3M TSFR + 2.500%, <br> 12/01/32<br>| 447531 | &nbsp;&nbsp; 450328 |
|  |  | &nbsp;&nbsp; 1294066 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Clarios Global LP |  |  |
| 2025 USD Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 672315 | &nbsp;&nbsp; 674836 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan A, 8.739%, 3M TSFR + 4.750%, 11/17/28 | 79760 | &nbsp;&nbsp; 78389 |
| 2022 Term Loan B, 8.772% - 8.989%, 3M TSFR + 5.000%, <br> 11/17/28 (j)<br>| 501169 | &nbsp;&nbsp; 493519 |
|  |  | &nbsp;&nbsp; 1246744 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Chamberlain Group, Inc. |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/08/32 | 121170 | &nbsp;&nbsp; 121595 |
| CP Atlas Buyer, Inc. |  |  |
| 2025 Term Loan, 8.966%, 1M TSFR + 5.250%, 07/08/30 | 265335 | &nbsp;&nbsp; 257375 |
| Potters Industries LLC |  |  |
| 2025 Repriced Term Loan B, 12/09/32 (k) | 241000 | &nbsp;&nbsp; 242356 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 7.922%, 3M TSFR + 4.250%, 08/05/31 | 448980 | &nbsp;&nbsp; 436446 |
|  |  | &nbsp;&nbsp; 1057772 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Aruba Investments Holdings LLC |  |  |
| 2020 2nd Lien Term Loan, 11.566%, 1M TSFR + 7.750%, <br> 11/24/28<br>| 237600 | &nbsp;&nbsp; 212652 |
| Discovery Purchaser Corp. |  |  |
| Term Loan, 7.607%, 3M TSFR + 3.750%, 10/04/29 | 652904 | &nbsp;&nbsp; 628746 |
| Lonza Group AG |  |  |
| USD Term Loan B, 7.697%, 3M TSFR + 3.930%, 07/03/28 | 831168 | &nbsp;&nbsp; 731255 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Olympus Water U.S. Holding Corp. |  |  |
| 2025 USD Term Loan B, 6.922%, 3M TSFR + 3.250%, <br> 11/03/32<br>| 574000 | &nbsp;&nbsp; $571050 |
| Oxea Holding Drei GmbH |  |  |
| 2017 USD Term Loan B2, 8.286%, 3M TSFR + 4.250%, <br> 04/08/31 †<br>| 92103 | &nbsp;&nbsp; 69077 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 6.689%, 3M TSFR + 3.000%, 08/19/32 | 395010 | &nbsp;&nbsp; 395751 |
|  |  | &nbsp;&nbsp; 2608531 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| AlixPartners LLP |  |  |
| 2025 USD Term Loan, 5.716%, 1M TSFR + 2.000%, <br> 08/12/32 †<br>| 330004 | &nbsp;&nbsp; 330931 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 08/20/32<br>| 1277040 | &nbsp;&nbsp; 1284862 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 11/01/31 (i) | 21031 | &nbsp;&nbsp; 21294 |
| 2024 Term Loan B, 7.922%, 3M TSFR + 4.250%, 11/01/31 | 180906 | &nbsp;&nbsp; 183168 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 6.966%, 1M TSFR + <br> 3.250%, 01/31/31<br>| 740000 | &nbsp;&nbsp; 742081 |
| Crash Champions LLC |  |  |
| 2024 Term Loan B, 8.572%, 3M TSFR + 4.750%, 02/23/29 | 919990 | &nbsp;&nbsp; 875141 |
| Galaxy U.S. Opco, Inc. |  |  |
| Term Loan, 5.340%, 3M TSFR + 1.500%, 3.750% PIK, <br> 07/31/30 (c)<br>| 343903 | &nbsp;&nbsp; 332039 |
| ION Platform Finance U.S., Inc. |  |  |
| USD Term Loan, 7.422%, 3M TSFR + 3.750%, 10/07/32 | 257694 | &nbsp;&nbsp; 242683 |
| PAREXEL International Corp. |  |  |
| 2025 Repriced Term Loan B, 12/12/31 (k) | 431624 | &nbsp;&nbsp; 433512 |
| Pye-Barker Fire & Safety LLC |  |  |
| 2025 Delayed Draw Term Loan, 12/16/32 (i) | 59930 | &nbsp;&nbsp; 60370 |
| 2025 Term Loan, 6.205%, 3M TSFR + 2.500%, 12/16/32 | 401070 | &nbsp;&nbsp; 404016 |
| Vortex Opco LLC |  |  |
| Second Out Term Loan, 12/17/28 (d) | 162834 | &nbsp;&nbsp; 24425 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 342324 | &nbsp;&nbsp; 343215 |
|  |  | &nbsp;&nbsp; 5277737 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.716%, 1M TSFR + 2.000%, 09/29/31 | 70998 | &nbsp;&nbsp; 71294 |
| Atlas CC Acquisition Corp. |  |  |
| 2025 Second Out Term Loan B, 8.370%, 3M TSFR + 4.250%, <br> 05/25/29 †<br>| 422419 | &nbsp;&nbsp; 219130 |
| 2025 Second Out Term Loan C, 8.370%, 3M TSFR + 4.250%, <br> 05/25/29 †<br>| 61276 | &nbsp;&nbsp; 31787 |
| Clover Holdings 2 LLC |  |  |
| Fixed Term Loan B, 7.750%, 12/09/31 | 4276115 | &nbsp;&nbsp; 4265425 |
| Fortress Intermediate 3, Inc. |  |  |
| 2025 Term Loan B, 6.784%, 1M TSFR + 3.000%, 06/27/31 | 90404 | &nbsp;&nbsp; 90742 |

---

*See accompanying notes to financial statements.*

**BHFTI-102**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| X Corp. |  |  |
| 2025 Fixed Term Loan, 9.500%, 10/26/29 † | 1499500 | &nbsp;&nbsp; $1497000 |
|  |  | &nbsp;&nbsp; 6175378 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| ACP Tara Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.955%, 3M TSFR + 3.250%, 12/15/32 | 244000 | &nbsp;&nbsp; 245678 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Orion U.S. Finco, Inc. |  |  |
| 1st Lien Term Loan, 7.427%, 3M TSFR + 3.500%, 10/08/32 | 230000 | &nbsp;&nbsp; 231342 |
| Summit Acquisition, Inc. |  |  |
| 2025 Add-on Term Loan, 7.216%, 1M TSFR + 3.500%, <br> 10/16/31<br>| 362352 | &nbsp;&nbsp; 365522 |
|  |  | &nbsp;&nbsp; 596864 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| LSF12 Crown U.S. Commercial Bidco LLC |  |  |
| 2025 Term Loan B, 7.373%, 1M TSFR + 3.500%, 12/02/31 | 783050 | &nbsp;&nbsp; 789412 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 10/01/32 (i) | 63824 | &nbsp;&nbsp; 64203 |
| Term Loan, 6.485%, 3M TSFR + 2.500%, 10/01/32 | 331054 | &nbsp;&nbsp; 332750 |
|  |  | &nbsp;&nbsp; 1186365 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Brand Industrial Services, Inc. |  |  |
| 2024 Term Loan B, 8.354%, 3M TSFR + 4.500%, 08/01/30 | 2357772 | &nbsp;&nbsp; 2149994 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| City Football Group Ltd. |  |  |
| 2024 Term Loan, 6.934%, 3M TSFR + 3.000%, 07/22/30 | 477815 | &nbsp;&nbsp; 478412 |
| Great Canadian Gaming Corp. |  |  |
| 2024 Term Loan B, 8.445%, 3M TSFR + 4.750%, 11/01/29 | 273644 | &nbsp;&nbsp; 269311 |
| OVG Business Services LLC |  |  |
| 2024 Term Loan B, 6.716%, 1M TSFR + 3.000%, 06/25/31 | 32447 | &nbsp;&nbsp; 32549 |
|  |  | &nbsp;&nbsp; 780272 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, 7.716%, 1M TSFR + 4.000%, <br> 09/29/28<br>| 555220 | &nbsp;&nbsp; 556608 |
| 2025 Term Loan B, 7.966%, 1M TSFR + 4.250%, 01/15/31 | 1227753 | &nbsp;&nbsp; 1235043 |
|  |  | &nbsp;&nbsp; 1791651 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.655%, 3M TSFR + 3.750%, <br> 05/19/31<br>| 891437 | &nbsp;&nbsp; 894966 |
| 2024 Incremental Term Loan B1, 7.335%, 1M TSFR + <br> 3.500%, 05/19/31<br>| 403732 | &nbsp;&nbsp; 404925 |
| Quorum Health Corp. |  |  |
| 2020 Term Loan, 10.527%, 3M TSFR + 6.500%, 0.750% <br> PIK, 01/28/28 † (c)<br>| 672109 | &nbsp;&nbsp; 487279 |
| Star Parent, Inc. |  |  |
| Term Loan B, 7.672%, 3M TSFR + 4.000%, 09/27/30 | 1568630 | &nbsp;&nbsp; 1572195 |
|  |  | &nbsp;&nbsp; 3359365 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Hunter Douglas, Inc. |  |  |
| 2025 USD Term Loan B, 6.672%, 3M TSFR + 3.000%, <br> 01/20/32<br>| 247984 | &nbsp;&nbsp; $249767 |
| Springs Windows Fashions LLC |  |  |
| 2024 FLFO A1 Term Loan, 8.331%, 1M TSFR + 4.500%, <br> 12/19/29<br>| 111807 | &nbsp;&nbsp; 111248 |
| 2024 FLFO Delayed Draw Term Loan, 12/19/29 (i) | 149076 | &nbsp;&nbsp; 148437 |
|  |  | &nbsp;&nbsp; 509452 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.422% - 6.950%, 3M TSFR + <br> 2.750%, 6M TSFR + 2.750%, 02/15/31 (j)<br>| 472183 | &nbsp;&nbsp; 472183 |
| Asurion LLC |  |  |
| 2025 Term Loan B13, 7.966%, 1M TSFR + 4.250%, <br> 09/19/30<br>| 457856 | &nbsp;&nbsp; 458333 |
| Hyperion Insurance Group Ltd. |  |  |
| 2025 Term Loan B, 6.486%, 3M TSFR + 2.750%, 04/18/30 | 84566 | &nbsp;&nbsp; 84894 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 2025 Repriced Term Loan B, 12/10/32 (k) | 549233 | &nbsp;&nbsp; 550606 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 6.716%, 1M TSFR + 3.000%, <br> 07/02/31<br>| 101485 | &nbsp;&nbsp; 101739 |
| Truist Insurance Holdings LLC |  |  |
| 2nd Lien Term Loan, 8.422%, 3M TSFR + 4.750%, <br> 05/06/32<br>| 1763106 | &nbsp;&nbsp; 1790288 |
|  |  | &nbsp;&nbsp; 3458043 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| MH Sub I LLC |  |  |
| 2023 Term Loan, 7.966%, 1M TSFR + 4.250%, 05/03/28 | 233000 | &nbsp;&nbsp; 217273 |
| Proofpoint, Inc. |  |  |
| 2025 Repriced Term Loan, 6.672%, 3M TSFR + 3.000%, <br> 08/31/28<br>| 145630 | &nbsp;&nbsp; 146485 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 8.466%, 1M TSFR + 4.750%, <br> 03/15/30<br>| 476970 | &nbsp;&nbsp; 473790 |
|  |  | &nbsp;&nbsp; 837548 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| AAL Delaware Holdco, Inc. |  |  |
| 2025 Term Loan, 6.466%, 1M TSFR + 2.750%, 07/30/31 | 122382 | &nbsp;&nbsp; 123147 |
| Gryphon Acquire Newco LLC |  |  |
| Term Loan B, 6.855%, 6M TSFR + 3.000%, 09/13/32 | 807000 | &nbsp;&nbsp; 813557 |
|  |  | &nbsp;&nbsp; 936704 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Sabre GLBL, Inc. |  |  |
| 2024 Term Loan B1, 9.816%, 1M TSFR + 6.000%, <br> 11/15/29<br>| 144933 | &nbsp;&nbsp; 130440 |
| 2024 Term Loan B2, 9.816%, 1M TSFR + 6.000%, <br> 11/15/29<br>| 71238 | &nbsp;&nbsp; 64114 |
| 2025 Term Loan B1, 10.066%, 1M TSFR + 6.250%, <br> 07/30/29<br>| 28226 | &nbsp;&nbsp; 28861 |

---

*See accompanying notes to financial statements.*

**BHFTI-103**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time—(Continued)** | **Leisure Time—(Continued)** | **Leisure Time—(Continued)** |
| Sabre Global, Inc. |  |  |
| 2025 11th Amendment Term Loan B2, 10.066%, 1M TSFR + <br> 6.250%, 07/30/29<br>| 43509 | &nbsp;&nbsp; $44488 |
|  |  | &nbsp;&nbsp; 267903 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| Arcline FM Holdings LLC |  |  |
| 2025 1st Lien Term Loan, 06/23/30 (k) | 85000 | &nbsp;&nbsp; 85531 |
| GrafTech Finance, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 12/21/29 (i) | 158974 | &nbsp;&nbsp; 162153 |
| 2024 Term Loan, 9.858%, 3M TSFR + 6.000%, 12/21/29 | 278204 | &nbsp;&nbsp; 283420 |
| Titan Acquisition Ltd. |  |  |
| 2024 Term Loan B, 7.466% - 7.590%, 1M TSFR + 3.750%, <br> 6M TSFR + 3.750%, 02/15/29 (j)<br>| 2056401 | &nbsp;&nbsp; 2073538 |
| 2025 Add on Delayed Draw Term Loan, 02/15/29 (i) | 308000 | &nbsp;&nbsp; 308770 |
|  |  | &nbsp;&nbsp; 2913412 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Altice France SA |  |  |
| 2025 USD Term Loan B14, 10.860%, 3M TSFR + 6.880%, <br> 05/31/31<br>| 664441 | &nbsp;&nbsp; 664994 |
| Coral-U.S. Co-Borrower LLC |  |  |
| 2025 Term Loan B7, 7.155%, 3M TSFR + 3.250%, <br> 01/31/32<br>| 301119 | &nbsp;&nbsp; 295614 |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, 8.250%, PRIME + 1.500%, 04/15/27 | 1019613 | &nbsp;&nbsp; 892671 |
| DirecTV Financing LLC |  |  |
| 2025 Term Loan B, 9.340%, 3M TSFR + 5.500%, 02/17/31 | 1807520 | &nbsp;&nbsp; 1810203 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 6.987%, 1M TSFR + 3.000%, 12/01/28 | 307959 | &nbsp;&nbsp; 308729 |
| 2024 Term Loan B, 9.123%, 1M TSFR + 5.250%, 06/04/29 | 2890 | &nbsp;&nbsp; 2895 |
| Radiate Holdco LLC |  |  |
| 2025 FLFO Term Loan, 8.945%, 1M TSFR + 5.110%, 1.500% <br> PIK, 09/25/29 (c)<br>| 1273321 | &nbsp;&nbsp; 972499 |
| Versant Media Group, Inc. |  |  |
| Term Loan B, 10/23/30 (k) | 312000 | &nbsp;&nbsp; 312585 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, 7.115%, 1M TSFR + 3.250%, <br> 01/31/29<br>| 200000 | &nbsp;&nbsp; 200625 |
|  |  | &nbsp;&nbsp; 5460815 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| Stakeholder Midstream LLC |  |  |
| Term Loan, 8.042%, 6M TSFR + 4.000%, 01/01/31 | 676305 | &nbsp;&nbsp; 674614 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Star Holding LLC |  |  |
| 2024 1st Lien Term Loan B, 8.216%, 1M TSFR + 4.500%, <br> 07/31/31<br>| 211117 | &nbsp;&nbsp; 207950 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| BradyPlus Holdings LLC |  |  |
| 2025 Term Loan B, 12/29/32 (k) | 1071000 | &nbsp;&nbsp; 1061295 |
| LABL, Inc. |  |  |
| 2021 USD 1st Lien Term Loan, 8.940%, 3M TSFR + 5.000%, <br> 10/30/28<br>| 1048808 | &nbsp;&nbsp; 674608 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Mauser Packaging Solutions Holding Co. |  |  |
| 2025 Term Loan B, 7.232%, 1M TSFR + 3.500%, 04/15/30 | 616000 | &nbsp;&nbsp; $605605 |
|  |  | &nbsp;&nbsp; 2341508 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.216%, 1M TSFR + 3.500%, 08/01/32 | 1035405 | &nbsp;&nbsp; 1045759 |
| Endo Luxembourg Finance Co. I SARL |  |  |
| 2024 1st Lien Term Loan, 7.466%, 1M TSFR + 3.750%, <br> 04/23/31<br>| 476308 | &nbsp;&nbsp; 473331 |
|  |  | &nbsp;&nbsp; 1519090 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Boots Group Bidco Ltd. |  |  |
| USD Term Loan, 7.206%, 3M TSFR + 3.500%, 08/30/32 | 2224000 | &nbsp;&nbsp; 2238827 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 6.966%, 1M TSFR + 3.250%, 10/19/29 | 1323209 | &nbsp;&nbsp; 1330050 |
|  |  | &nbsp;&nbsp; 3568877 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Ascend Learning LLC |  |  |
| 2025 Repriced Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 12/11/28<br>| 30654 | &nbsp;&nbsp; 30791 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 6.466%, 1M TSFR + 2.750%, 02/15/29 | 1833575 | &nbsp;&nbsp; 1839763 |
| Boxer Parent Co., Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.466%, 1M TSFR + 5.750%, <br> 07/30/32<br>| 558000 | &nbsp;&nbsp; 539052 |
| 2025 USD Term Loan B, 6.822%, 3M TSFR + 3.000%, <br> 07/30/31<br>| 381912 | &nbsp;&nbsp; 381405 |
| Central Parent, Inc. |  |  |
| 2024 Term Loan B, 6.922%, 3M TSFR + 3.250%, 07/06/29 | 191200 | &nbsp;&nbsp; 162714 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, 10.331%, 1M TSFR + 6.500%, <br> 06/04/29<br>| 524226 | &nbsp;&nbsp; 532089 |
| Term Loan, 7.331%, 1M TSFR + 3.500%, 06/02/28 | 328563 | &nbsp;&nbsp; 329549 |
| Cotiviti Corp. |  |  |
| 2024 Fixed Term Loan B, 7.625%, 05/01/31 | 5519134 | &nbsp;&nbsp; 5363908 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.185%, 3M TSFR + 3.250%, 10/09/31 | 204485 | &nbsp;&nbsp; 205539 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.466%, 1M TSFR + 4.750%, <br> 11/22/32<br>| 540000 | &nbsp;&nbsp; 544388 |
| Finastra USA, Inc. |  |  |
| 2025 2nd Lien Term Loan, 10.723%, 3M TSFR + 7.000%, <br> 09/15/33<br>| 449000 | &nbsp;&nbsp; 441086 |
| 2025 USD Term Loan, 7.723%, 3M TSFR + 4.000%, <br> 09/15/32<br>| 1345981 | &nbsp;&nbsp; 1319662 |
| RealPage, Inc. |  |  |
| 2024 Incremental Term Loan, 7.422%, 3M TSFR + 3.750%, <br> 04/24/28<br>| 396007 | &nbsp;&nbsp; 397639 |
|  |  | &nbsp;&nbsp; 12087585 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.466%, 1M TSFR + 4.750%, 12/17/29 | 513913 | &nbsp;&nbsp; 515647 |

---

*See accompanying notes to financial statements.*

**BHFTI-104**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Delta TopCo, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.940% - 9.093%, 1M TSFR + <br> 5.250%, 3M TSFR + 5.250%, 11/29/30 (j)<br>| 159000 | &nbsp;&nbsp; $156847 |
| Digicel International Finance Ltd. |  |  |
| 2025 Term Loan B, 9.023%, 3M TSFR + 5.250%, 08/06/32 | 788000 | &nbsp;&nbsp; 788000 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.236%, 1M TSFR + 2.500%, 07/01/31 | 199984 | &nbsp;&nbsp; 200359 |
| Level 3 Financing, Inc. |  |  |
| 2025 Repriced Term Loan B4, 6.966%, 1M TSFR + 3.250%, <br> 03/29/32<br>| 2397000 | &nbsp;&nbsp; 2406363 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 9.716%, 1M TSFR + 6.000%, 06/01/28 | 126030 | &nbsp;&nbsp; 127196 |
| Windstream Services LLC |  |  |
| 2024 Term Loan B, 8.566%, 1M TSFR + 4.750%, 10/01/31 | 612382 | &nbsp;&nbsp; 616209 |
| 2025 Term Loan B, 7.716%, 1M TSFR + 4.000%, 10/06/32 | 593000 | &nbsp;&nbsp; 595965 |
| Zayo Group Holdings, Inc. |  |  |
| 2025 USD Term Loan, 6.831%, 1M TSFR + 3.000%, 0.500% <br> PIK, 03/11/30 (c)<br>| 2703196 | &nbsp;&nbsp; 2572621 |
|  |  | &nbsp;&nbsp; 7979207 |
| Total Floating Rate Loans <br>(Cost $74,804,071) <br>|  | &nbsp;&nbsp; 73685533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—0.6%** | **Common Stocks—0.6%** | **Common Stocks—0.6%** |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Luxco Co. Ltd. (l) | 26586 | &nbsp;&nbsp; 468230 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Nine Energy Service, Inc. (l) | 1095 | &nbsp;&nbsp; 379 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| Quorum Health † (l) | 7776 | &nbsp;&nbsp; 3888 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Constellium SE (l) | 82377 | &nbsp;&nbsp; 1552807 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| Energy Transfer LP | 112268 | &nbsp;&nbsp; 1851299 |
| Enterprise Products Partners LP | 23116 | &nbsp;&nbsp; 741099 |
|  |  | &nbsp;&nbsp; 2592398 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| ADLER Group SA (f) (g) (l) | 66810 | &nbsp;&nbsp; 0 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| VICI Properties, Inc.  | 75452 | &nbsp;&nbsp; 2121710 |
| Total Common Stocks <br>(Cost $6,499,747) <br>|  | &nbsp;&nbsp; 6739412 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—0.5%** | **Convertible Bonds—0.5%** | **Convertible Bonds—0.5%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Worldline SA |  |  |
| Zero Coupon, 07/30/26 (EUR) | 6500 | &nbsp;&nbsp; 7440 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** |
| XPLR Infrastructure LP |  |  |
| 2.500%, 06/15/26 (144A) | 1731000 | &nbsp;&nbsp; $1698630 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp. |  |  |
| 1.750%, 05/15/28 | 1071000 | &nbsp;&nbsp; 1053324 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Wynn Macau Ltd. |  |  |
| 4.500%, 03/07/29 (144A) | 200000 | &nbsp;&nbsp; 204193 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cable One, Inc. |  |  |
| Zero Coupon, 03/15/26 | 230000 | &nbsp;&nbsp; 226550 |
| 1.125%, 03/15/28 | 1081000 | &nbsp;&nbsp; 879718 |
|  |  | &nbsp;&nbsp; 1106268 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Digital Realty Trust LP |  |  |
| 1.875%, 11/15/29 (144A) | 216000 | &nbsp;&nbsp; 219024 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| ON Semiconductor Corp. |  |  |
| 0.500%, 03/01/29 | 675000 | &nbsp;&nbsp; 638550 |
| Total Convertible Bonds <br>(Cost $5,122,850) <br>|  | &nbsp;&nbsp; 4927429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.1%** | **Convertible Preferred Stocks—0.1%** | **Convertible Preferred Stocks—0.1%** |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Shift4 Payments, Inc., 6.000%, 05/01/28 | 3376 | &nbsp;&nbsp; 270114 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (l) | 902 | &nbsp;&nbsp; 21422 |
| Cohesity Global, Inc. - Series G (l) | 1305 | &nbsp;&nbsp; 30994 |
|  |  | &nbsp;&nbsp; 52416 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Microchip Technology, Inc., 7.500%, 03/15/28 | 16100 | &nbsp;&nbsp; 938308 |
| Total Convertible Preferred Stocks <br>(Cost $1,186,580) <br>|  | &nbsp;&nbsp; 1260838 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Lehman Brothers Holdings, Inc. (l) <br>(Cost $0)<br>| 2229000 | &nbsp;&nbsp; 223 |

---

*See accompanying notes to financial statements.*

**BHFTI-105**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—2.8%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $29,982,336; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $30,577,824<br>| 29978173 | &nbsp;&nbsp; $29978173 |
| Total Short-Term Investments <br>(Cost $29,978,173) <br>|  | &nbsp;&nbsp; 29978173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (m)—6.8%** | **Securities Lending Reinvestments (m)—6.8%** | **Securities Lending Reinvestments (m)—6.8%** |
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
| Bank of Montreal |  |  |
| 4.120%, SOFR + 0.350%, 05/14/26 (b) | 3000000 | &nbsp;&nbsp; 3000075 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (b) | 1000000 | &nbsp;&nbsp; 1000088 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (b) | 1000000 | &nbsp;&nbsp; 1000343 |
|  |  | &nbsp;&nbsp; 5000506 |
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1500000 | &nbsp;&nbsp; 1499184 |
| **Repurchase Agreements—6.2%** | **Repurchase Agreements—6.2%** | **Repurchase Agreements—6.2%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $3,000,628; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,872<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $5,001,069; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,515,218; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,670,728<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $4,193,432; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $4,277,300<br>| 4192540 | &nbsp;&nbsp; 4192540 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $7,001,521; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,778,636<br>| 7000000 | &nbsp;&nbsp; 7000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $10,002,217; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,129,584<br>| 10000000 | &nbsp;&nbsp; $10000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $10,002,144; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,148,772<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $4,000,858; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,451,075<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $8,006,036; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,897,484<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $5,019,007; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,159<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $5,001,039; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,501,143<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 66792540 |
| Total Securities Lending Reinvestments <br>(Cost $73,292,026) <br>|  | &nbsp;&nbsp; 73292230 |
| Total Investments—105.5% <br>(Cost $1,118,813,102)<br>|  | &nbsp;&nbsp; 1139765401 |
| Unfunded Loan Commitments—(0.1)% <br>(Cost $(821230))<br>|  | &nbsp;&nbsp; (821230)<br>|
| Net Investments—105.4% <br>(Cost $1,117,991,872) <br>|  | &nbsp;&nbsp; 1138944171 |
| Other assets and liabilities (net)—(5.4)%  |  | &nbsp;&nbsp; (58130550)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1080813621 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $28,785,421, which is 2.7% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $90,111,904 and the collateral received consisted of cash in the <br>|

---

*See accompanying notes to financial statements.*

**BHFTI-106**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | amount of $73,277,470 and non-cash collateral with a value of $20,198,255. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or  |

---

---

| | |
|:---|:---|
|  | permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (i) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (j) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (k) | This loan will settle after December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (l) | Non-income producing security. |
| (m) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $838,073,965, which is 77.5% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares/** <br>**Principal** <br>**Amount** | **Shares/** <br>**Principal** <br>**Amount** | **Cost** | **Value** |
| 1261229 BC Ltd., 10.000%, 04/15/32 | 03/25/25-12/26/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 11627000 | &nbsp;&nbsp; $11737824 | &nbsp;&nbsp; $12092276 |
| AlixPartners LLP, 5.716%, 08/12/32 | 07/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 330004 | &nbsp;&nbsp; 329221 | &nbsp;&nbsp; 330931 |
| Atlas CC Acquisition Corp., 8.370%, 05/25/29 | 07/25/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 422419 | &nbsp;&nbsp; 317369 | &nbsp;&nbsp; 219130 |
| Atlas CC Acquisition Corp., 8.370%, 05/25/29 | 07/25/25-10/27/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 61276 | &nbsp;&nbsp; 46117 | &nbsp;&nbsp; 31787 |
| Bausch Health Cos., Inc., 4.875%, 06/01/28 | 10/22/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 107542 | &nbsp;&nbsp; 105610 |
| Bausch Health Cos., Inc., 11.000%, 09/30/28 | 02/20/25-10/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1629162 | &nbsp;&nbsp; 1657344 |
| Diversified Healthcare Trust, 7.250%, 10/15/30 | 09/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 378321 |
| Dream Finders Homes, Inc., 8.250%, 08/15/28 | 08/08/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 285078 |
| Goat Holdco LLC, 6.750%, 02/01/32 | 12/10/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 673000 | &nbsp;&nbsp; 673444 | &nbsp;&nbsp; 691215 |
| Lightning Power LLC, 7.250%, 08/15/32 | 08/07/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 237000 | &nbsp;&nbsp; 237000 | &nbsp;&nbsp; 252014 |
| Oxea Holding Drei GmbH, 8.286%, 04/08/31 | 05/16/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 92103 | &nbsp;&nbsp; 87850 | &nbsp;&nbsp; 69077 |
| Quorum Health | 01/08/25 |  | &nbsp;&nbsp; 7776 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3888 |
| Quorum Health Corp., 10.527%, 01/28/28 | 07/07/20-10/10/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 672109 | &nbsp;&nbsp; 654428 | &nbsp;&nbsp; 487279 |
| Service Properties Trust, Zero Coupon, 09/30/28 | 09/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 727000 | &nbsp;&nbsp; 639479 | &nbsp;&nbsp; 656958 |
| Service Properties Trust, 8.625%, 11/15/31 | 11/08/23-05/09/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4612000 | &nbsp;&nbsp; 4693316 | &nbsp;&nbsp; 4844288 |
| Service Properties Trust, 8.875%, 06/15/32 | 05/17/24-05/21/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1237000 | &nbsp;&nbsp; 1204069 | &nbsp;&nbsp; 1220242 |
| VoltaGrid LLC, 7.375%, 11/01/30 | 10/28/25-11/10/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4012337 | &nbsp;&nbsp; 3962983 |
| X Corp., 9.500%, 10/26/29 | 02/13/25-04/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1499500 | &nbsp;&nbsp; 1501756 | &nbsp;&nbsp; 1497000 |
|  |  |  |  |  | &nbsp;&nbsp; $28785421 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $603958268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $536857402 |

---

*See accompanying notes to financial statements.*

**BHFTI-107**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(73277470)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(73277470)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(73277470)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 31057000 | BNP | 03/18/26 | USD | 36692603 | &nbsp;&nbsp; $71347 |
| EUR | &nbsp;&nbsp; 681684 | JPMC | 03/18/26 | USD | 806401 | &nbsp;&nbsp; 2584 |
| EUR | &nbsp;&nbsp; 102000 | NWM | 03/18/26 | USD | 120444 | &nbsp;&nbsp; 170 |
| EUR | &nbsp;&nbsp; 664000 | NWM | 03/18/26 | USD | 783758 | &nbsp;&nbsp; 794 |
| GBP | &nbsp;&nbsp; 2864000 | BNY | 03/18/26 | USD | 3833167 | &nbsp;&nbsp; (26656)<br>|
| GBP | &nbsp;&nbsp; 127751 | SCB | 03/18/26 | USD | 172495 | &nbsp;&nbsp; 325 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $48564 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (74)<br>| USD | (8553938)<br>| &nbsp;&nbsp; $55863 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (116)<br>| USD | (13341812)<br>| &nbsp;&nbsp; 18838 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $74701 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.45.V2 | 5.000% | Quarterly | 12/20/30 | 3.155% | USD | 26859296 | $2052184 | $1883163 | $169021 |

---

**OTC Credit Default Swap Contracts on Corporate Issues—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ADLER Real Estate AG | 5.000<br> %<br>| Quarterly | 12/21/27 | BBP | 2.363<br> %<br>| EUR | 1762 | $102 | $(122)<br>| $224 |
| ADLER Real Estate AG | 5.000<br> %<br>| Quarterly | 12/21/27 | BBP | 2.363<br> %<br>| EUR | 4952 | 287 | (344)<br>| 631 |
| ADLER Real Estate AG | 5.000<br> %<br>| Quarterly | 12/21/27 | CBNA | 2.363<br> %<br>| EUR | 1437 | 83 | (103)<br>| 186 |
| ADLER Real Estate AG | 5.000<br> %<br>| Quarterly | 12/21/27 | JPMC | 2.363<br> %<br>| EUR | 1849 | 107 | (138)<br>| 245 |
| CMA CGM SA | 5.000<br> %<br>| Quarterly | 06/22/27 | MSIP | 0.925<br> %<br>| EUR | 77000 | 5351 | 5501 | (150)<br>|
| Forvia SE | 5.000<br> %<br>| Quarterly | 12/20/30 | JPMC | 2.433<br> %<br>| EUR | 55000 | 7418 | 5294 | 2124 |
| Zegona Finance PLC | 5.000<br> %<br>| Quarterly | 06/20/30 | DBAG | 1.129<br> %<br>| EUR | 20668 | 3924 | 2564 | 1360 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $17272 | $12652 | $4620 |

---

*See accompanying notes to financial statements.*

**BHFTI-108**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 3M SOFR | Quarterly | 06/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 6034000 | $167979 | $22 | $167957 |
| Pay | 3M SOFR | Quarterly | 06/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 3012000 | 67113 | 6 | 67107 |
| Pay | 3M SOFR | Quarterly | 06/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 1505000 | 29148 | 9 | 29139 |
| Pay | 3M SOFR | Quarterly | 06/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 5940000 | 129357 | 2 | 129355 |
| Pay | 3M SOFR | Quarterly | 09/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 5418622 | 40807 |  | 40807 |
| Pay | 3M SOFR | Quarterly | 09/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 6348378 | 36845 |  | 36845 |
| Pay | 3M SOFR | Quarterly | 06/20/26 | MSIP | iBoxx USD Liquid Leveraged Loans Total Return Index | USD | 8639000 | 169373 | 17 | 169356 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $640622 | $56 | $640566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Securities in the amount of $10,454 have been received at the custodian bank as collateral for OTC derivative contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $657894 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 169021 |  |  |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 75220 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $26656 |
| Interest Rate | Unrealized appreciation on futures contracts (c) (d) <br>| &nbsp;&nbsp; 74701 |  |  |
| Total |  | &nbsp;&nbsp; $976836 |  | &nbsp;&nbsp; $26656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $266 and OTC swap interest payable of $29,749.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

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

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $389 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $389 |
| BNP Paribas SA | &nbsp;&nbsp; 71347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71347 |

---

*See accompanying notes to financial statements.*

**BHFTI-109**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Received†**<br>| **Net**<br> **Amount\***<br>|
| Citibank NA | &nbsp;&nbsp; $83 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 3924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3924 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 10109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 645973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (640000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5973 |
| NatWest Markets PLC | &nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
| Standard Chartered Bank | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp; $733114 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(650192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $82922 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of New York Mellon | &nbsp;&nbsp; $26656 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2627078)<br>| &nbsp;&nbsp;&nbsp; $(2627078)<br>|
| Futures contracts | &nbsp;&nbsp; 301819 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 301819 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2487229 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2487229 |
|  | &nbsp;&nbsp; $301819 | &nbsp;&nbsp;&nbsp; $2487229 | &nbsp;&nbsp;&nbsp; $(2627078)<br>| &nbsp;&nbsp;&nbsp; $161970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(423597)<br>| &nbsp;&nbsp;&nbsp; $(423597)<br>|
| Futures contracts | &nbsp;&nbsp; 128772 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 128772 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23951)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23951)<br>|
|  | &nbsp;&nbsp; $128772 | &nbsp;&nbsp;&nbsp; $(23951)<br>| &nbsp;&nbsp;&nbsp; $(423597)<br>| &nbsp;&nbsp;&nbsp; $(318776)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $37047508 |
| Futures contracts long | &nbsp;&nbsp; 10782734 |
| Futures contracts short | &nbsp;&nbsp; (17974676)<br>|
| Swap contracts | &nbsp;&nbsp; 67665710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-110**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Advertising | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15208873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15208873 |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 26364300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26364300 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 306222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 306222 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2287904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2287904 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 4544671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4544671 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6838792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6838792 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 12687362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12687362 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 29196612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29196612 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 1752267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1752267 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 19482765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19482765 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 32690816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32690816 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 68933901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68933901 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6555917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6555917 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 1353559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1353559 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075033 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 40480485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40480485 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 32610673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32610673 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 566055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 566055 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 3221245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3221245 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 6312296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6312296 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 25701105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25701105 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 10143969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10143969 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 17474748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17474748 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 235965 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235965 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 574969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 574969 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 9640025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9640025 |
| Hand/Machine Tools | &nbsp;&nbsp; — | &nbsp;&nbsp; 355411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355411 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 10614505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10614505 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 26635492 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26635492 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 444691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 444691 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 7864634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7864634 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 440426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 440426 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1165097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1165097 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 63388689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63388689 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 33034932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33034932 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 6878580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6878580 |
| Iron/Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 8034266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8034266 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 427678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427678 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 12975363 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12975363 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856019 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 982807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 982807 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 7544203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7544203 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 45133624 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45133624 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 1492866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1492866 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 22712805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22712805 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1223871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1223871 |
| Office/Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 355601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355601 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 31279711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31279711 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 11271014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11271014 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 29019468 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29019468 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 18279731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18279731 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 30916380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30916380 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 4308676 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4308676 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 24896686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24896686 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 25559380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25559380 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 280602 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280602 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 631303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 631303 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 43328791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43328791 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 78193538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78193538 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 2786364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2786364 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 10210887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10210887 |

---

*See accompanying notes to financial statements.*

**BHFTI-111**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Water | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116943 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 949881563 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 949881563 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $821,230)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 72864303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72864303 |
| Common Stocks |  |  |  |  |
| Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 468230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 468230 |
| Energy Equipment & Services | &nbsp;&nbsp; 379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 379 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 3888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3888 |
| Metals & Mining | &nbsp;&nbsp; 1552807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1552807 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2592398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2592398 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Specialized REITs | &nbsp;&nbsp; 2121710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2121710 |
| Total Common Stocks | &nbsp;&nbsp; 6267294 | &nbsp;&nbsp; 472118 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6739412 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4927429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4927429 |
| Convertible Preferred Stocks |  |  |  |  |
| Financial Services | &nbsp;&nbsp; 270114 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 270114 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 52416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52416 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 938308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 938308 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp; 1208422 | &nbsp;&nbsp; 52416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1260838 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 29978173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29978173 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 73292230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73292230 |
| Total Net Investments | &nbsp;&nbsp; $7475716 | &nbsp;&nbsp; $1131468455 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1138944171 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(73277470)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(73277470)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75220 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (26656)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (26656)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48564 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48564 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $74701 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74701 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169021 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169021 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $657894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $657894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-112**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $1138944171 |
| Cash | &nbsp;&nbsp; 499910 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 451932 |
| Cash collateral (e) | &nbsp;&nbsp; 2701600 |
| OTC swap contracts at market value (f) | &nbsp;&nbsp; 657894 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 75220 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 575966 |
| Fund shares sold | &nbsp;&nbsp; 41351 |
| Dividends and interest | &nbsp;&nbsp; 17349244 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 266 |
| Variation margin on futures contracts | &nbsp;&nbsp; 44337 |
| Prepaid expenses | &nbsp;&nbsp; 3640 |
| Total Assets | &nbsp;&nbsp; 1161345531 |
| **Liabilities** |  |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 650000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 26656 |
| Collateral for securities loaned | &nbsp;&nbsp; 73277470 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4847456 |
| Fund shares redeemed | &nbsp;&nbsp; 290051 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 9187 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 29749 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 521780 |
| Distribution and service fees | &nbsp;&nbsp; 159163 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 469443 |
| Total Liabilities | &nbsp;&nbsp; 80531910 |
| **Net Assets**  | &nbsp;&nbsp; $1080813621 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1076590625 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 4222996 |
| **Net Assets**  | &nbsp;&nbsp; $1080813621 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $324454841 |
| Class B | &nbsp;&nbsp; 756358780 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 42529671 |
| Class B | &nbsp;&nbsp; 101285754 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $7.63 |
| Class B | 7.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,117,991,872.

(b) Investments at value is net of unfunded loan commitments of $821,230.

(c) Includes securities loaned at value of $90,111,904.

(d) Identified cost of cash denominated in foreign currencies was $451,716.

(e) Includes collateral of $569,600 for futures contracts and $2,132,000 for centrally cleared swap contracts. 

(f) Net premium paid on OTC swap contracts was $12,708.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $429619 |
| Interest | &nbsp;&nbsp; 73039024 |
| Securities lending income | &nbsp;&nbsp; 378428 |
| Total investment income | &nbsp;&nbsp; 73847071 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6088580 |
| Administration fees | &nbsp;&nbsp; 71806 |
| Custodian and accounting fees | &nbsp;&nbsp; 179166 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1762373 |
| Audit and tax services | &nbsp;&nbsp; 96451 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 41686 |
| Insurance | &nbsp;&nbsp; 8369 |
| Miscellaneous | &nbsp;&nbsp; 23464 |
| Total expenses | &nbsp;&nbsp; 8382480 |
| Less management fee waiver | &nbsp;&nbsp; (257382)<br>|
| Net expenses | &nbsp;&nbsp; 8125098 |
| **Net Investment Income** | &nbsp;&nbsp; 65721973 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 6535479 |
| Futures contracts | &nbsp;&nbsp; 301819 |
| Swap contracts | &nbsp;&nbsp; 2487229 |
| Foreign currency transactions | &nbsp;&nbsp; (31995)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (2627078)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 6665454 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 14552187 |
| Futures contracts | &nbsp;&nbsp; 128772 |
| Swap contracts | &nbsp;&nbsp; (23951)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 24170 |
| Forward foreign currency transactions | &nbsp;&nbsp; (423597)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14257581 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 20923035 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $86645008 |

---

*See accompanying notes to financial statements.*

**BHFTI-113**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $65721973 | &nbsp;&nbsp; $64337806 |
| Net realized gain (loss) | &nbsp;&nbsp; 6665454 | &nbsp;&nbsp; 35797 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14257581 | &nbsp;&nbsp; 12182657 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 86645008 | &nbsp;&nbsp; 76556260 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (21346412)<br>| &nbsp;&nbsp; (20034343)<br>|
| Class B | &nbsp;&nbsp; (45797990)<br>| &nbsp;&nbsp; (38061436)<br>|
| **Total distributions** | &nbsp;&nbsp; (67144402)<br>| &nbsp;&nbsp; (58095779)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 78509711 | &nbsp;&nbsp; 39515606 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 98010317 | &nbsp;&nbsp; 57976087 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 982803304 | &nbsp;&nbsp; 924827217 |
| End of period | &nbsp;&nbsp; $1080813621 | &nbsp;&nbsp; $982803304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5508542 | &nbsp;&nbsp; $41645669 | &nbsp;&nbsp; 1118193 | &nbsp;&nbsp; $8289938 |
| Reinvestments | &nbsp;&nbsp; 2952478 | &nbsp;&nbsp; 21346412 | &nbsp;&nbsp; 2805930 | &nbsp;&nbsp; 20034343 |
| Redemptions | &nbsp;&nbsp; (5764190)<br>| &nbsp;&nbsp; (43270035)<br>| &nbsp;&nbsp; (8628527)<br>| &nbsp;&nbsp; (64079634)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2696830 | &nbsp;&nbsp; $19722046 | &nbsp;&nbsp; (4704404)<br>| &nbsp;&nbsp; $(35755353)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 13292826 | &nbsp;&nbsp; $97643726 | &nbsp;&nbsp; 14427100 | &nbsp;&nbsp; $105021327 |
| Reinvestments | &nbsp;&nbsp; 6459519 | &nbsp;&nbsp; 45797990 | &nbsp;&nbsp; 5429591 | &nbsp;&nbsp; 38061436 |
| Redemptions | &nbsp;&nbsp; (11503297)<br>| &nbsp;&nbsp; (84654051)<br>| &nbsp;&nbsp; (9339623)<br>| &nbsp;&nbsp; (67811804)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 8249048 | &nbsp;&nbsp; $58787665 | &nbsp;&nbsp; 10517068 | &nbsp;&nbsp; $75270959 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $78509711 |  | &nbsp;&nbsp; $39515606 |

---

*See accompanying notes to financial statements.*

**BHFTI-114**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; $7.37 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $7.98 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Total income (loss) from investment operations | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.63 | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; $7.37 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $8.08 |
| **Total Return (%)** (b) | 9.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp; (10.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (c) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 6.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $324.5 | &nbsp;&nbsp; $298.8 | &nbsp;&nbsp; $328.1 | &nbsp;&nbsp; $296.0 | &nbsp;&nbsp; $392.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $7.94 | &nbsp;&nbsp; $7.86 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Total income (loss) from investment operations | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.47 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $7.94 |
| **Total Return (%)** (b) | 8.93 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;13.07 | &nbsp;&nbsp; (10.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.18 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net ratio of expenses to average net assets (%) (c) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | 6.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $756.4 | &nbsp;&nbsp; $684.1 | &nbsp;&nbsp; $596.7 | &nbsp;&nbsp; $525.7 | &nbsp;&nbsp; $612.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-115**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 1723426 | &nbsp;&nbsp; $17423834 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 6816631 | &nbsp;&nbsp; 79004757 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 1761688 | &nbsp;&nbsp; 78201343 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 3801579 | &nbsp;&nbsp; 43185935 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 5945292 | &nbsp;&nbsp; 75505206 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 52162 | &nbsp;&nbsp; 8719909 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 7209611 | &nbsp;&nbsp; 88966597 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 3220735 | &nbsp;&nbsp; 88183729 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 5076475 | &nbsp;&nbsp; 74827238 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 4868239 | &nbsp;&nbsp; 51700695 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 585641 | &nbsp;&nbsp; 17264706 |
| Harris Oakmark International Portfolio (Class A) (a) | 6372849 | &nbsp;&nbsp; 97823236 |
| Invesco Comstock Portfolio (Class A) (a) | 8049277 | &nbsp;&nbsp; 106330949 |
| Invesco Global Equity Portfolio (Class A) (a) | 1759037 | &nbsp;&nbsp; 44063884 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 2195664 | &nbsp;&nbsp; 22285993 |
| Jennison Growth Portfolio (Class A) (b) | 6621875 | &nbsp;&nbsp; 103897215 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 2610442 | &nbsp;&nbsp; 31273099 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 5673057 | &nbsp;&nbsp; 109376529 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 3482529 | &nbsp;&nbsp; 38934672 |
| MFS Research International Portfolio (Class A) (a) | 4589064 | &nbsp;&nbsp; 62227703 |
| MFS Value Portfolio (Class A) (b) | 8117536 | &nbsp;&nbsp; 110642017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 858330 | &nbsp;&nbsp; $7767889 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1005475 | &nbsp;&nbsp; 15192732 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 6960172 | &nbsp;&nbsp; 97581612 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 3766252 | &nbsp;&nbsp; 95851114 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 3744283 | &nbsp;&nbsp; 102031711 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1551445 | &nbsp;&nbsp; 13078676 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 1394206 | &nbsp;&nbsp; 25974062 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 2499756 | &nbsp;&nbsp; 35346544 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 748629 | &nbsp;&nbsp; 13078553 |
| Total Investment Companies <br>(Cost $1,589,063,159) <br>|  | &nbsp;&nbsp; 1755742139 |
| Total Investments—100.0% <br>(Cost $1,589,063,159) <br>|  | &nbsp;&nbsp; 1755742139 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (688124)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1755054015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; $16944427 | &nbsp;&nbsp; $3637218 | &nbsp;&nbsp; $(1094170)<br>| &nbsp;&nbsp; $(273974)<br>| &nbsp;&nbsp; $(1789667)<br>| &nbsp;&nbsp; $17423834 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 74270858 | &nbsp;&nbsp; 3885032 | &nbsp;&nbsp; (9145974)<br>| &nbsp;&nbsp; 1450489 | &nbsp;&nbsp; 8544352 | &nbsp;&nbsp; 79004757 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 66087479 | &nbsp;&nbsp; 20372311 | &nbsp;&nbsp; (8664271)<br>| &nbsp;&nbsp; 848052 | &nbsp;&nbsp; (442228)<br>| &nbsp;&nbsp; 78201343 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 46401256 | &nbsp;&nbsp; 8716092 | &nbsp;&nbsp; (3654257)<br>| &nbsp;&nbsp; (381529)<br>| &nbsp;&nbsp; (7895627)<br>| &nbsp;&nbsp; 43185935 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 71987145 | &nbsp;&nbsp; 13279248 | &nbsp;&nbsp; (19906825)<br>| &nbsp;&nbsp; 3952839 | &nbsp;&nbsp; 6192799 | &nbsp;&nbsp; 75505206 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8489999 | &nbsp;&nbsp; 2010400 | &nbsp;&nbsp; (263791)<br>| &nbsp;&nbsp; (56347)<br>| &nbsp;&nbsp; (1460352)<br>| &nbsp;&nbsp; 8719909 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 82903847 | &nbsp;&nbsp; 7780573 | &nbsp;&nbsp; (20951728)<br>| &nbsp;&nbsp; (5895939)<br>| &nbsp;&nbsp; 25129844 | &nbsp;&nbsp; 88966597 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 84244079 | &nbsp;&nbsp; 13064029 | &nbsp;&nbsp; (3746622)<br>| &nbsp;&nbsp; (225486)<br>| &nbsp;&nbsp; (5152271)<br>| &nbsp;&nbsp; 88183729 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 74016963 | &nbsp;&nbsp; 13437472 | &nbsp;&nbsp; (10125653)<br>| &nbsp;&nbsp; 448048 | &nbsp;&nbsp; (2949592)<br>| &nbsp;&nbsp; 74827238 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 48268431 | &nbsp;&nbsp; 3133476 | &nbsp;&nbsp; (1687173)<br>| &nbsp;&nbsp; (81498)<br>| &nbsp;&nbsp; 2067459 | &nbsp;&nbsp; 51700695 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 17096123 | &nbsp;&nbsp; 1403979 | &nbsp;&nbsp; (1336059)<br>| &nbsp;&nbsp; (4181)<br>| &nbsp;&nbsp; 104844 | &nbsp;&nbsp; 17264706 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 88897770 | &nbsp;&nbsp; 5712157 | &nbsp;&nbsp; (18730779)<br>| &nbsp;&nbsp; 1592930 | &nbsp;&nbsp; 20351158 | &nbsp;&nbsp; 97823236 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 102864927 | &nbsp;&nbsp; 15601224 | &nbsp;&nbsp; (14299179)<br>| &nbsp;&nbsp; (1902810)<br>| &nbsp;&nbsp; 4066787 | &nbsp;&nbsp; 106330949 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 43284970 | &nbsp;&nbsp; 6569973 | &nbsp;&nbsp; (5641530)<br>| &nbsp;&nbsp; 1279730 | &nbsp;&nbsp; (1429259)<br>| &nbsp;&nbsp; 44063884 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 26387232 | &nbsp;&nbsp; 79670 | &nbsp;&nbsp; (5393877)<br>| &nbsp;&nbsp; (2021703)<br>| &nbsp;&nbsp; 3234671 | &nbsp;&nbsp; 22285993 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 105497998 | &nbsp;&nbsp; 17818566 | &nbsp;&nbsp; (15476362)<br>| &nbsp;&nbsp; (142788)<br>| &nbsp;&nbsp; (3800199)<br>| &nbsp;&nbsp; 103897215 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 30255582 | &nbsp;&nbsp; 4188077 | &nbsp;&nbsp; (3425729)<br>| &nbsp;&nbsp; (897359)<br>| &nbsp;&nbsp; 1152528 | &nbsp;&nbsp; 31273099 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 110642377 | &nbsp;&nbsp; 14234021 | &nbsp;&nbsp; (16842412)<br>| &nbsp;&nbsp; 4660955 | &nbsp;&nbsp; (3318412)<br>| &nbsp;&nbsp; 109376529 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 42828879 | &nbsp;&nbsp; 4496087 | &nbsp;&nbsp; (5484766)<br>| &nbsp;&nbsp; (2206791)<br>| &nbsp;&nbsp; (698737)<br>| &nbsp;&nbsp; 38934672 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 57118617 | &nbsp;&nbsp; 4887835 | &nbsp;&nbsp; (7480448)<br>| &nbsp;&nbsp; 1208894 | &nbsp;&nbsp; 6492805 | &nbsp;&nbsp; 62227703 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 105899998 | &nbsp;&nbsp; 15980355 | &nbsp;&nbsp; (10616164)<br>| &nbsp;&nbsp; (2102141)<br>| &nbsp;&nbsp; 1479969 | &nbsp;&nbsp; 110642017 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 8793368 | &nbsp;&nbsp; 205360 | &nbsp;&nbsp; (2452368)<br>| &nbsp;&nbsp; 1243378 | &nbsp;&nbsp; (21849)<br>| &nbsp;&nbsp; 7767889 |

---

*See accompanying notes to financial statements.*

**BHFTI-116**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; $14926509 | &nbsp;&nbsp; $2893873 | &nbsp;&nbsp; $(25989)<br>| &nbsp;&nbsp; $(7189)<br>| &nbsp;&nbsp; $(2594472)<br>| &nbsp;&nbsp; $15192732 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 45203251 | &nbsp;&nbsp; 54512575 | &nbsp;&nbsp; (19563595)<br>| &nbsp;&nbsp; 1557978 | &nbsp;&nbsp; 15871403 | &nbsp;&nbsp; 97581612 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 45147972 | &nbsp;&nbsp; 932980 | &nbsp;&nbsp; (54581828)<br>| &nbsp;&nbsp; (48342)<br>| &nbsp;&nbsp; 8549218 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 96521795 | &nbsp;&nbsp; 12981266 | &nbsp;&nbsp; (14714065)<br>| &nbsp;&nbsp; 2576323 | &nbsp;&nbsp; (1514205)<br>| &nbsp;&nbsp; 95851114 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 96950034 | &nbsp;&nbsp; 13715380 | &nbsp;&nbsp; (9133820)<br>| &nbsp;&nbsp; (2094169)<br>| &nbsp;&nbsp; 2594286 | &nbsp;&nbsp; 102031711 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12888557 | &nbsp;&nbsp; 1832578 | &nbsp;&nbsp; (367198)<br>| &nbsp;&nbsp; (70413)<br>| &nbsp;&nbsp; (1204848)<br>| &nbsp;&nbsp; 13078676 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 25064414 | &nbsp;&nbsp; 5346279 | &nbsp;&nbsp; (1768131)<br>| &nbsp;&nbsp; (295677)<br>| &nbsp;&nbsp; (2372823)<br>| &nbsp;&nbsp; 25974062 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 31575405 | &nbsp;&nbsp; 3651323 | &nbsp;&nbsp; (9081444)<br>| &nbsp;&nbsp; 2679532 | &nbsp;&nbsp; 6521728 | &nbsp;&nbsp; 35346544 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 12691089 | &nbsp;&nbsp; 2079959 | &nbsp;&nbsp; (297410)<br>| &nbsp;&nbsp; (39058)<br>| &nbsp;&nbsp; (1356027)<br>| &nbsp;&nbsp; 13078553 |
|  | &nbsp;&nbsp; $1694151351 | &nbsp;&nbsp; $278439368 | &nbsp;&nbsp; $(295953617)<br>| &nbsp;&nbsp; $4751754 | &nbsp;&nbsp; $74353283 | &nbsp;&nbsp; $1755742139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; $2830071 | &nbsp;&nbsp; $279897 | &nbsp;&nbsp; 1723426 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3170038 | &nbsp;&nbsp; 536061 | &nbsp;&nbsp; 6816631 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 10052025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1761688 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 6315751 | &nbsp;&nbsp; 667789 | &nbsp;&nbsp; 3801579 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 12217552 | &nbsp;&nbsp; 977834 | &nbsp;&nbsp; 5945292 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1572922 | &nbsp;&nbsp; 111756 | &nbsp;&nbsp; 52162 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 5131745 | &nbsp;&nbsp; 2614285 | &nbsp;&nbsp; 7209611 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 10647092 | &nbsp;&nbsp; 1224458 | &nbsp;&nbsp; 3220735 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 13049518 | &nbsp;&nbsp; 377653 | &nbsp;&nbsp; 5076475 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1500260 | &nbsp;&nbsp; 4868239 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 848270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 585641 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 3239655 | &nbsp;&nbsp; 2221477 | &nbsp;&nbsp; 6372849 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 12657405 | &nbsp;&nbsp; 2193749 | &nbsp;&nbsp; 8049277 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 6497225 | &nbsp;&nbsp; 62612 | &nbsp;&nbsp; 1759037 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2195664 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 17665923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6621875 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3193584 | &nbsp;&nbsp; 354559 | &nbsp;&nbsp; 2610442 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 14080313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5673057 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 4403400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3482529 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3453546 | &nbsp;&nbsp; 1188413 | &nbsp;&nbsp; 4589064 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 12210732 | &nbsp;&nbsp; 1957276 | &nbsp;&nbsp; 8117536 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 858330 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 1898144 | &nbsp;&nbsp; 15219 | &nbsp;&nbsp; 1005475 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 888736 | &nbsp;&nbsp; 6960172 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 891484 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12864449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3766252 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 9248093 | &nbsp;&nbsp; 1999111 | &nbsp;&nbsp; 3744283 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 1751221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1551445 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5161475 | &nbsp;&nbsp; 63923 | &nbsp;&nbsp; 1394206 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 605472 | &nbsp;&nbsp; 1140746 | &nbsp;&nbsp; 2499756 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1544942 | &nbsp;&nbsp; 181337 | &nbsp;&nbsp; 748629 |
|  | &nbsp;&nbsp; $176310563 | &nbsp;&nbsp; $21448635 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $225106054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242620302 |

---

*See accompanying notes to financial statements.*

**BHFTI-117**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1755742139 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1755742139 |
| Total Investments | &nbsp;&nbsp; $1755742139 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1755742139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-118**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $1755742139 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 504817 |
| Fund shares sold | &nbsp;&nbsp; 99286 |
| Total Assets | &nbsp;&nbsp; 1756346242 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 604104 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 106558 |
| Distribution and service fees | &nbsp;&nbsp; 205874 |
| Deferred trustees' fees | &nbsp;&nbsp; 283222 |
| Other expenses | &nbsp;&nbsp; 92469 |
| Total Liabilities | &nbsp;&nbsp; 1292227 |
| **Net Assets**  | &nbsp;&nbsp; $1755054015 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1399464328 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 355589687 |
| **Net Assets**  | &nbsp;&nbsp; $1755054015 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $788657286 |
| Class B | &nbsp;&nbsp; 966396729 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 63865482 |
| Class B | &nbsp;&nbsp; 78928447 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.35 |
| Class B | 12.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of affiliated investments was $1,589,063,159.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; $21448635 |
| Total investment income | &nbsp;&nbsp; 21448635 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1230833 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 13210 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2391864 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Miscellaneous | &nbsp;&nbsp; 12983 |
| Total expenses | &nbsp;&nbsp; 3825204 |
| **Net Investment Income** | &nbsp;&nbsp; 17623431 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 4751754 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 176310563 |
| Net realized gain (loss) | &nbsp;&nbsp; 181062317 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; 74353283 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 255415600 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $273039031 |

---

*See accompanying notes to financial statements.*

**BHFTI-119**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $17623431 | &nbsp;&nbsp; $18155533 |
| Net realized gain (loss) | &nbsp;&nbsp; 181062317 | &nbsp;&nbsp; 76106670 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 74353283 | &nbsp;&nbsp; 124339629 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 273039031 | &nbsp;&nbsp; 218601832 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (42750034)<br>| &nbsp;&nbsp; (34922812)<br>|
| Class B | &nbsp;&nbsp; (52978199)<br>| &nbsp;&nbsp; (45736647)<br>|
| **Total distributions** | &nbsp;&nbsp; (95728233)<br>| &nbsp;&nbsp; (80659459)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (115798937)<br>| &nbsp;&nbsp; (131894777)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 61511861 | &nbsp;&nbsp; 6047596 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1693542154 | &nbsp;&nbsp; 1687494558 |
| End of period | &nbsp;&nbsp; $1755054015 | &nbsp;&nbsp; $1693542154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 683219 | &nbsp;&nbsp; $7909179 | &nbsp;&nbsp; 799725 | &nbsp;&nbsp; $8752808 |
| Reinvestments | &nbsp;&nbsp; 3800003 | &nbsp;&nbsp; 42750034 | &nbsp;&nbsp; 3272991 | &nbsp;&nbsp; 34922812 |
| Redemptions | &nbsp;&nbsp; (6500966)<br>| &nbsp;&nbsp; (75367497)<br>| &nbsp;&nbsp; (6286261)<br>| &nbsp;&nbsp; (68652124)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2017744)<br>| &nbsp;&nbsp; $(24708284)<br>| &nbsp;&nbsp; (2213545)<br>| &nbsp;&nbsp; $(24976504)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1578837 | &nbsp;&nbsp; $18168545 | &nbsp;&nbsp; 1654901 | &nbsp;&nbsp; $17937935 |
| Reinvestments | &nbsp;&nbsp; 4742900 | &nbsp;&nbsp; 52978199 | &nbsp;&nbsp; 4314778 | &nbsp;&nbsp; 45736647 |
| Redemptions | &nbsp;&nbsp; (14073537)<br>| &nbsp;&nbsp; (162237397)<br>| &nbsp;&nbsp; (15745635)<br>| &nbsp;&nbsp; (170592855)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7751800)<br>| &nbsp;&nbsp; $(91090653)<br>| &nbsp;&nbsp; (9775956)<br>| &nbsp;&nbsp; $(106918273)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(115798937)<br>|  | &nbsp;&nbsp; $(131894777)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-120**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $13.36 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Total income (loss) from investment operations | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.10)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $14.45 |
| **Total Return (%)** (b) | 17.41 | &nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;21.10 | &nbsp;&nbsp; (19.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $788.7 | &nbsp;&nbsp; $734.7 | &nbsp;&nbsp; $701.5 | &nbsp;&nbsp; $624.2 | &nbsp;&nbsp; $828.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $13.28 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Total income (loss) from investment operations | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.10)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $14.36 |
| **Total Return (%)** (b) | 17.06 | &nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;20.81 | &nbsp;&nbsp; (20.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.13 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $966.4 | &nbsp;&nbsp; $958.8 | &nbsp;&nbsp; $986.0 | &nbsp;&nbsp; $893.6 | &nbsp;&nbsp; $1206.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-121**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—70.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Affiliated Mutual Funds — 70.2%** | **Affiliated Mutual Funds — 70.2%** | **Affiliated Mutual Funds — 70.2%** |
| AB International Bond Portfolio (Class A) (a) | 6531148 | &nbsp;&nbsp; $51922628 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 7050733 | &nbsp;&nbsp; 71282910 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 11754918 | &nbsp;&nbsp; 136239495 |
| BlackRock Bond Income Portfolio (Class A) (b) | 4003831 | &nbsp;&nbsp; 367231381 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 238602 | &nbsp;&nbsp; 10591526 |
| BlackRock High Yield Portfolio (Class A) (a) | 6328632 | &nbsp;&nbsp; 48287465 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 5088443 | &nbsp;&nbsp; 57804711 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 7693487 | &nbsp;&nbsp; 97707280 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 424030 | &nbsp;&nbsp; 70885119 |
| Brighthouse/Dimensional International Small Company <br> Portfolio (Class A) (b)<br>| 5465830 | &nbsp;&nbsp; 67448345 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 7783114 | &nbsp;&nbsp; 71993805 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 11690561 | &nbsp;&nbsp; 103344562 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 6678172 | &nbsp;&nbsp; 54293540 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 681954 | &nbsp;&nbsp; 18671892 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 1450349 | &nbsp;&nbsp; 21378144 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 4070912 | &nbsp;&nbsp; 43233088 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 2085478 | &nbsp;&nbsp; 61479902 |
| Harris Oakmark International Portfolio (Class A) (a) | 12167599 | &nbsp;&nbsp; 186772637 |
| Invesco Comstock Portfolio (Class A) (a) | 398982 | &nbsp;&nbsp; 5270551 |
| Invesco Global Equity Portfolio (Class A) (a) | 1942395 | &nbsp;&nbsp; 48656997 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 4030030 | &nbsp;&nbsp; 40904803 |
| Jennison Growth Portfolio (Class A) (b) | 971287 | &nbsp;&nbsp; 15239490 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 23210125 | &nbsp;&nbsp; 213533147 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 3441549 | &nbsp;&nbsp; 41229757 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 619345 | &nbsp;&nbsp; 11940973 |
| MFS Research International Portfolio (Class A) (a) | 9231567 | &nbsp;&nbsp; 125180054 |
| MFS Value Portfolio (Class A) (b) | 1122168 | &nbsp;&nbsp; 15295146 |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 2356138 | &nbsp;&nbsp; 21323046 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 2170404 | &nbsp;&nbsp; 32794798 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 9319454 | &nbsp;&nbsp; 95990379 |
| PIMCO Total Return Portfolio (Class A) (a) | 26051951 | &nbsp;&nbsp; 264687824 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) <br>| 6540374 | &nbsp;&nbsp; 91696048 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 440480 | &nbsp;&nbsp; 12003085 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 4236744 | &nbsp;&nbsp; 35715752 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 3089525 | &nbsp;&nbsp; 57557856 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 33963560 | &nbsp;&nbsp; 299558597 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 4733482 | &nbsp;&nbsp; 66931433 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 14048270 | &nbsp;&nbsp; 150456969 |
| Western Asset Management U.S. Government Portfolio <br> (Class A) (b)<br>| 15662253 | &nbsp;&nbsp; 168212603 |
| Total Investment Companies <br>(Cost $3,359,572,253) <br>|  | &nbsp;&nbsp; 3354747738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Treasury & Government Agencies—30.5%** | **U.S. Treasury & Government Agencies—30.5%** | **U.S. Treasury & Government Agencies—30.5%** |
| **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** |
| Tennessee Valley Authority |  |  |
| 4.250%, 09/15/65 | 10000000 | &nbsp;&nbsp; 8243130 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 30.3%** | **U.S. Treasury — 30.3%** | **U.S. Treasury — 30.3%** |
| U.S. Treasury Bonds |  |  |
| 1.375%, 08/15/50 (d) | 287600000 | &nbsp;&nbsp; $141407079 |
| 1.625%, 11/15/50 | 144200000 | &nbsp;&nbsp; 75705000 |
| 1.875%, 02/15/51 | 173000000 | &nbsp;&nbsp; 96677265 |
| 2.875%, 05/15/43 | 57700000 | &nbsp;&nbsp; 44791879 |
| 2.875%, 11/15/46 | 44100000 | &nbsp;&nbsp; 32565094 |
| 2.875%, 05/15/52 | 43500000 | &nbsp;&nbsp; 30395625 |
| 3.375%, 05/15/44 | 99895000 | &nbsp;&nbsp; 82444592 |
| 4.750%, 05/15/55 (e) | 114800000 | &nbsp;&nbsp; 112808937 |
| 4.875%, 08/15/45 | 20000 | &nbsp;&nbsp; 20194 |
| U.S. Treasury Notes |  |  |
| 0.375%, 09/30/27 (e) (f) | 159500000 | &nbsp;&nbsp; 151182324 |
| 0.750%, 05/31/26 (e) (f) | 167400000 | &nbsp;&nbsp; 165473403 |
| 1.625%, 09/30/26 | 118900000 | &nbsp;&nbsp; 117211564 |
| 3.500%, 01/31/28 (f) | 75000000 | &nbsp;&nbsp; 75014648 |
| 3.500%, 04/30/30 (f) | 17200000 | &nbsp;&nbsp; 17075703 |
| 3.750%, 05/31/30 | 102900000 | &nbsp;&nbsp; 103153231 |
| 3.875%, 05/31/27 (g) (h) | 2400000 | &nbsp;&nbsp; 2412281 |
| 3.875%, 08/15/34 (d) | 44900000 | &nbsp;&nbsp; 44208961 |
| 4.000%, 05/31/30 | 6400000 | &nbsp;&nbsp; 6481500 |
| 4.125%, 10/31/27 (f) (h) | 34900000 | &nbsp;&nbsp; 35287172 |
| 4.125%, 03/31/31 | 58700000 | &nbsp;&nbsp; 59697442 |
| 4.125%, 05/31/32 | 21300000 | &nbsp;&nbsp; 21579563 |
| 4.250%, 05/15/35 | 33600000 | &nbsp;&nbsp; 33878250 |
|  |  | &nbsp;&nbsp; 1449471707 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,788,872,123) <br>|  | &nbsp;&nbsp; 1457714837 |
| **Agency Sponsored Mortgage-Backed Securities—3.7%** | **Agency Sponsored Mortgage-Backed Securities—3.7%** | **Agency Sponsored Mortgage-Backed Securities—3.7%** |
| **Agency Mortgage-Backed Securities — 3.7%** | **Agency Mortgage-Backed Securities — 3.7%** | **Agency Mortgage-Backed Securities — 3.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 05/01/48 | 3984 | &nbsp;&nbsp; 3839 |
| 4.000%, 03/01/50 | 66494 | &nbsp;&nbsp; 64177 |
| 4.000%, 05/01/50 | 24989 | &nbsp;&nbsp; 23874 |
| 5.000%, 08/01/53 | 25204742 | &nbsp;&nbsp; 25216251 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 3.176%, 11/25/28 | 943604 | &nbsp;&nbsp; 938417 |
| Federal National Mortgage Association |  |  |
| 2.920%, 03/01/35 | 2950000 | &nbsp;&nbsp; 2549655 |
| 3.000%, 12/01/51 | 25480885 | &nbsp;&nbsp; 22595973 |
| 3.180%, 07/01/35 | 2311219 | &nbsp;&nbsp; 2095661 |
| 4.000%, 08/01/47 | 17753 | &nbsp;&nbsp; 17164 |
| 4.000%, 06/01/48 | 77301 | &nbsp;&nbsp; 74694 |
| 4.000%, 11/01/48 | 4330 | &nbsp;&nbsp; 4184 |
| 4.000%, 03/01/49 | 776157 | &nbsp;&nbsp; 747504 |
| 4.000%, 08/01/49 | 105285 | &nbsp;&nbsp; 101240 |
| 4.000%, 03/01/50 | 16264093 | &nbsp;&nbsp; 15528638 |
| 4.000%, 07/01/50 | 3317642 | &nbsp;&nbsp; 3204054 |
| Government National Mortgage Association, TBA |  |  |
| 4.000%, TBA (i) | 110000000 | &nbsp;&nbsp; 103894141 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $178,014,760) <br>|  | &nbsp;&nbsp; 177059466 |

---

*See accompanying notes to financial statements.*

**BHFTI-122**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—2.9%**

**Non-Agency Mortgage-Backed Securities—0.8%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Bank of America Corp. |  |  |
| 5.468%, SOFR + 1.650%, 01/23/35 (j) | 15000000 | &nbsp;&nbsp; $15625791 |
| Citigroup, Inc. |  |  |
| 5.449%, SOFR + 1.447%, 06/11/35 (j) | 10000000 | &nbsp;&nbsp; 10355897 |
| Goldman Sachs Group, Inc. |  |  |
| 5.016%, SOFR + 1.420%, 10/23/35 (j) | 5000000 | &nbsp;&nbsp; 5026767 |
| 6.561%, SOFR + 1.950%, 10/24/34 (e) (j) | 17700000 | &nbsp;&nbsp; 19716076 |
| HSBC Holdings PLC |  |  |
| 5.250%, 03/14/44 | 3000000 | &nbsp;&nbsp; 2923836 |
| 6.254%, SOFR + 2.390%, 03/09/34 (j) | 9000000 | &nbsp;&nbsp; 9787773 |
| JPMorgan Chase & Co. |  |  |
| 4.946%, SOFR + 1.340%, 10/22/35 (j) | 5000000 | &nbsp;&nbsp; 5049291 |
| 5.350%, SOFR + 1.845%, 06/01/34 (j) | 10600000 | &nbsp;&nbsp; 11013500 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.852%, 1Y H15 + 1.100%, 01/19/33 (j) | 5100000 | &nbsp;&nbsp; 4625478 |
| Morgan Stanley |  |  |
| 5.320%, SOFR + 1.555%, 07/19/35 (j) | 15000000 | &nbsp;&nbsp; 15441026 |
| UBS Group AG |  |  |
| 3.179%, 1Y H15 + 1.100%, 02/11/43 (144A) (j) | 3000000 | &nbsp;&nbsp; 2277379 |
| Wells Fargo & Co. |  |  |
| 5.389%, SOFR + 2.020%, 04/24/34 (j) | 8800000 | &nbsp;&nbsp; 9155803 |
|  |  | &nbsp;&nbsp; 110998617 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Blackstone Holdings Finance Co. LLC |  |  |
| 3.200%, 01/30/52 (144A) | 1300000 | &nbsp;&nbsp; 870372 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| MidAmerican Energy Co. |  |  |
| 2.700%, 08/01/52 | 800000 | &nbsp;&nbsp; 488883 |
| Pacific Gas & Electric Co. |  |  |
| 6.150%, 03/01/55 | 2300000 | &nbsp;&nbsp; 2275328 |
| SCE Recovery Funding LLC |  |  |
| 5.541%, 09/15/52 | 2600000 | &nbsp;&nbsp; 2564879 |
|  |  | &nbsp;&nbsp; 5329090 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Mars, Inc. |  |  |
| 5.700%, 05/01/55 (144A) | 500000 | &nbsp;&nbsp; 498064 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 14800000 | &nbsp;&nbsp; 15636128 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| AT&T, Inc. |  |  |
| 3.500%, 09/15/53 | 2045000 | &nbsp;&nbsp; 1368563 |
| 3.800%, 12/01/57 | 1556000 | &nbsp;&nbsp; 1070282 |
|  |  | &nbsp;&nbsp; 2438845 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Vessel Management Services, Inc. |  |  |
| 3.432%, 08/15/36 | 1793000 | &nbsp;&nbsp; 1605639 |
| Total Corporate Bonds & Notes <br>(Cost $136,050,281) <br>|  | &nbsp;&nbsp; 137376755 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 3.000%, 11/27/51 (144A) (j) | 17074572 | &nbsp;&nbsp; $14984935 |
| **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** |
| Bank |  |  |
| 4.493%, 06/15/55 (j) | 15000000 | &nbsp;&nbsp; 14727790 |
| BBCMS Mortgage Trust |  |  |
| 2.299%, 02/15/54 | 11400000 | &nbsp;&nbsp; 10267068 |
|  |  | &nbsp;&nbsp; 24994858 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $41,640,212) <br>|  | &nbsp;&nbsp; 39979793 |
| **Municipals—0.1%** | **Municipals—0.1%** | **Municipals—0.1%** |
| Los Angeles Community College District, General Obligation <br> Unlimited<br>|  |  |
| 6.750%, 08/01/49 | 400000 | &nbsp;&nbsp; 443576 |
| Port Authority of New York & New Jersey |  |  |
| 4.458%, 10/01/62 | 1845000 | &nbsp;&nbsp; 1545971 |
| Total Municipals <br>(Cost $2,473,606) <br>|  | &nbsp;&nbsp; 1989547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** |
| **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 12/30/25 at 3.870%, due on <br> 01/05/26, with a maturity value of $30,016,125; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 1.875%, maturity dates ranging <br> from 07/15/30 - 02/15/41, and an aggregate market <br> value of $30,270,755<br>| 30000000 | &nbsp;&nbsp; 30000000 |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $1,750,611; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $1,785,528<br>| 1750368 | &nbsp;&nbsp; 1750368 |
| Total Short-Term Investments <br>(Cost $31,750,368) <br>|  | &nbsp;&nbsp; 31750368 |
| Total Investments—108.8% <br>(Cost $5,538,373,603) <br>|  | &nbsp;&nbsp; 5200618504 |
| Other assets and liabilities (net)—(8.8)%  |  | &nbsp;&nbsp; (422327916)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $4778290588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.) 

(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.) 

(c) Non-income producing security.

(d) All or a portion of this security has been transferred in a secured borrowing transaction.

(e) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2025, the market value of securities pledged was to $215,232,329. 

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of 

*See accompanying notes to financial statements.*

**BHFTI-123**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | December 31, 2025, the market value of securities pledged was $129,462,809. |
| (g) | All or a portion of the security was pledged as collateral against TBA securities. As of <br> December 31, 2025, the market value of securities pledged was $14,072.<br>|
| (h) | All or a portion of the security was pledged as collateral against open secured borrowing <br> transactions. As of December 31, 2025, the market value of securities pledged was <br> $503,358.<br>|
| (i) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (j) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br>|

---

---

| | |
|:---|:---|
|  | securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $34,266,878, which is 0.7% of net assets.<br>|

---

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $63601851 | &nbsp;&nbsp; $5016720 | &nbsp;&nbsp; $(15852698)<br>| &nbsp;&nbsp; $(3589137)<br>| &nbsp;&nbsp; $2745892 | &nbsp;&nbsp; $51922628 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 74588505 | &nbsp;&nbsp; 13519283 | &nbsp;&nbsp; (8045177)<br>| &nbsp;&nbsp; 400641 | &nbsp;&nbsp; (9180342)<br>| &nbsp;&nbsp; 71282910 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 138722927 | &nbsp;&nbsp; 6503176 | &nbsp;&nbsp; (27427956)<br>| &nbsp;&nbsp; (1352965)<br>| &nbsp;&nbsp; 19794313 | &nbsp;&nbsp; 136239495 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 370757916 | &nbsp;&nbsp; 23284500 | &nbsp;&nbsp; (35338754)<br>| &nbsp;&nbsp; (6548825)<br>| &nbsp;&nbsp; 15076544 | &nbsp;&nbsp; 367231381 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 10981271 | &nbsp;&nbsp; 1590976 | &nbsp;&nbsp; (1934913)<br>| &nbsp;&nbsp; 741559 | &nbsp;&nbsp; (787367)<br>| &nbsp;&nbsp; 10591526 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 50984808 | &nbsp;&nbsp; 3843577 | &nbsp;&nbsp; (7498770)<br>| &nbsp;&nbsp; 197265 | &nbsp;&nbsp; 760585 | &nbsp;&nbsp; 48287465 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 60031517 | &nbsp;&nbsp; 12108681 | &nbsp;&nbsp; (3468940)<br>| &nbsp;&nbsp; 236808 | &nbsp;&nbsp; (11103355)<br>| &nbsp;&nbsp; 57804711 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 102040047 | &nbsp;&nbsp; 17628574 | &nbsp;&nbsp; (36145573)<br>| &nbsp;&nbsp; 7548653 | &nbsp;&nbsp; 6635579 | &nbsp;&nbsp; 97707280 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 74860899 | &nbsp;&nbsp; 15052233 | &nbsp;&nbsp; (6151929)<br>| &nbsp;&nbsp; 581908 | &nbsp;&nbsp; (13457992)<br>| &nbsp;&nbsp; 70885119 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 69893121 | &nbsp;&nbsp; 6065030 | &nbsp;&nbsp; (24032125)<br>| &nbsp;&nbsp; 3811868 | &nbsp;&nbsp; 11710451 | &nbsp;&nbsp; 67448345 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 76355745 | &nbsp;&nbsp; 7697800 | &nbsp;&nbsp; (8332167)<br>| &nbsp;&nbsp; (304560)<br>| &nbsp;&nbsp; (3423013)<br>| &nbsp;&nbsp; 71993805 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 127374251 | &nbsp;&nbsp; 5433244 | &nbsp;&nbsp; (29996873)<br>| &nbsp;&nbsp; (3149770)<br>| &nbsp;&nbsp; 3683710 | &nbsp;&nbsp; 103344562 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 61883465 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16827347)<br>| &nbsp;&nbsp; (5179932)<br>| &nbsp;&nbsp; 14417354 | &nbsp;&nbsp; 54293540 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 19589107 | &nbsp;&nbsp; 2611632 | &nbsp;&nbsp; (2360696)<br>| &nbsp;&nbsp; (30630)<br>| &nbsp;&nbsp; (1137521)<br>| &nbsp;&nbsp; 18671892 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 22341724 | &nbsp;&nbsp; 4037715 | &nbsp;&nbsp; (4229040)<br>| &nbsp;&nbsp; (652737)<br>| &nbsp;&nbsp; (119518)<br>| &nbsp;&nbsp; 21378144 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 43911642 | &nbsp;&nbsp; 1439802 | &nbsp;&nbsp; (3886304)<br>| &nbsp;&nbsp; (109186)<br>| &nbsp;&nbsp; 1877134 | &nbsp;&nbsp; 43233088 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 64057941 | &nbsp;&nbsp; 7544341 | &nbsp;&nbsp; (10644216)<br>| &nbsp;&nbsp; (3659615)<br>| &nbsp;&nbsp; 4181451 | &nbsp;&nbsp; 61479902 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 188402168 | &nbsp;&nbsp; 10739125 | &nbsp;&nbsp; (57063051)<br>| &nbsp;&nbsp; 19704347 | &nbsp;&nbsp; 24990048 | &nbsp;&nbsp; 186772637 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 5498606 | &nbsp;&nbsp; 767612 | &nbsp;&nbsp; (1107033)<br>| &nbsp;&nbsp; 89101 | &nbsp;&nbsp; 22265 | &nbsp;&nbsp; 5270551 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 50435835 | &nbsp;&nbsp; 7621572 | &nbsp;&nbsp; (9277717)<br>| &nbsp;&nbsp; 1715356 | &nbsp;&nbsp; (1838049)<br>| &nbsp;&nbsp; 48656997 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 43109896 | &nbsp;&nbsp; 3135065 | &nbsp;&nbsp; (8369309)<br>| &nbsp;&nbsp; (3119222)<br>| &nbsp;&nbsp; 6148373 | &nbsp;&nbsp; 40904803 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 15796586 | &nbsp;&nbsp; 2951433 | &nbsp;&nbsp; (2921817)<br>| &nbsp;&nbsp; 968107 | &nbsp;&nbsp; (1554819)<br>| &nbsp;&nbsp; 15239490 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 217292997 | &nbsp;&nbsp; 10954587 | &nbsp;&nbsp; (20762459)<br>| &nbsp;&nbsp; (2937789)<br>| &nbsp;&nbsp; 8985811 | &nbsp;&nbsp; 213533147 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 42835818 | &nbsp;&nbsp; 6753340 | &nbsp;&nbsp; (8532798)<br>| &nbsp;&nbsp; 231478 | &nbsp;&nbsp; (58081)<br>| &nbsp;&nbsp; 41229757 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 12315507 | &nbsp;&nbsp; 1842629 | &nbsp;&nbsp; (2380283)<br>| &nbsp;&nbsp; 898663 | &nbsp;&nbsp; (735543)<br>| &nbsp;&nbsp; 11940973 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 127420935 | &nbsp;&nbsp; 9646682 | &nbsp;&nbsp; (28698479)<br>| &nbsp;&nbsp; 5212324 | &nbsp;&nbsp; 11598592 | &nbsp;&nbsp; 125180054 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 15917260 | &nbsp;&nbsp; 2041006 | &nbsp;&nbsp; (2595168)<br>| &nbsp;&nbsp; 107997 | &nbsp;&nbsp; (175949)<br>| &nbsp;&nbsp; 15295146 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 23541348 | &nbsp;&nbsp; 1103937 | &nbsp;&nbsp; (6814742)<br>| &nbsp;&nbsp; 3496199 | &nbsp;&nbsp; (3696)<br>| &nbsp;&nbsp; 21323046 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 33782403 | &nbsp;&nbsp; 5787803 | &nbsp;&nbsp; (920333)<br>| &nbsp;&nbsp; (136001)<br>| &nbsp;&nbsp; (5719074)<br>| &nbsp;&nbsp; 32794798 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 101813215 | &nbsp;&nbsp; 2968616 | &nbsp;&nbsp; (14396542)<br>| &nbsp;&nbsp; (50787)<br>| &nbsp;&nbsp; 5655877 | &nbsp;&nbsp; 95990379 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 279941180 | &nbsp;&nbsp; 17903532 | &nbsp;&nbsp; (41476295)<br>| &nbsp;&nbsp; (5986373)<br>| &nbsp;&nbsp; 14305780 | &nbsp;&nbsp; 264687824 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 43705597 | &nbsp;&nbsp; 61773423 | &nbsp;&nbsp; (25935496)<br>| &nbsp;&nbsp; 6361058 | &nbsp;&nbsp; 5791466 | &nbsp;&nbsp; 91696048 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 48421084 | &nbsp;&nbsp; 941786 | &nbsp;&nbsp; (62941644)<br>| &nbsp;&nbsp; 154033 | &nbsp;&nbsp; 13424741 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 12302327 | &nbsp;&nbsp; 1488537 | &nbsp;&nbsp; (1842495)<br>| &nbsp;&nbsp; 265497 | &nbsp;&nbsp; (210781)<br>| &nbsp;&nbsp; 12003085 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 37400067 | &nbsp;&nbsp; 5754243 | &nbsp;&nbsp; (3777353)<br>| &nbsp;&nbsp; (379988)<br>| &nbsp;&nbsp; (3281217)<br>| &nbsp;&nbsp; 35715752 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 59700335 | &nbsp;&nbsp; 13869457 | &nbsp;&nbsp; (9544179)<br>| &nbsp;&nbsp; (2279944)<br>| &nbsp;&nbsp; (4187813)<br>| &nbsp;&nbsp; 57557856 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 299775586 | &nbsp;&nbsp; 17505165 | &nbsp;&nbsp; (25514246)<br>| &nbsp;&nbsp; (4401712)<br>| &nbsp;&nbsp; 12193804 | &nbsp;&nbsp; 299558597 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 67527138 | &nbsp;&nbsp; 4719511 | &nbsp;&nbsp; (23675635)<br>| &nbsp;&nbsp; 11699660 | &nbsp;&nbsp; 6660759 | &nbsp;&nbsp; 66931433 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 167761339 | &nbsp;&nbsp; 11872177 | &nbsp;&nbsp; (30750817)<br>| &nbsp;&nbsp; (6887879)<br>| &nbsp;&nbsp; 8462149 | &nbsp;&nbsp; 150456969 |

---

*See accompanying notes to financial statements.*

**BHFTI-124**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; $178326466 | &nbsp;&nbsp; $9452519 | &nbsp;&nbsp; $(24351576)<br>| &nbsp;&nbsp; $(3361241)<br>| &nbsp;&nbsp; $8146435 | &nbsp;&nbsp; $168212603 |
|  | &nbsp;&nbsp; $3505000430 | &nbsp;&nbsp; $344971041 | &nbsp;&nbsp; $(655822945)<br>| &nbsp;&nbsp; $10304229 | &nbsp;&nbsp; $150294983 | &nbsp;&nbsp; $3354747738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5016720 | &nbsp;&nbsp; 6531148 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 11986327 | &nbsp;&nbsp; 1185461 | &nbsp;&nbsp; 7050733 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 5562538 | &nbsp;&nbsp; 940638 | &nbsp;&nbsp; 11754918 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 19400520 | &nbsp;&nbsp; 4003831 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 1425653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238602 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3312962 | &nbsp;&nbsp; 6328632 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8477357 | &nbsp;&nbsp; 896343 | &nbsp;&nbsp; 5088443 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 16322222 | &nbsp;&nbsp; 1306352 | &nbsp;&nbsp; 7693487 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 13375905 | &nbsp;&nbsp; 950354 | &nbsp;&nbsp; 424030 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 4018083 | &nbsp;&nbsp; 2046948 | &nbsp;&nbsp; 5465830 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6611057 | &nbsp;&nbsp; 7783114 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5433244 | &nbsp;&nbsp; 11690561 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6678172 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 2342262 | &nbsp;&nbsp; 269370 | &nbsp;&nbsp; 681954 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 3910483 | &nbsp;&nbsp; 113169 | &nbsp;&nbsp; 1450349 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1276873 | &nbsp;&nbsp; 4070912 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 3169047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2085478 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 6370667 | &nbsp;&nbsp; 4368457 | &nbsp;&nbsp; 12167599 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 654223 | &nbsp;&nbsp; 113388 | &nbsp;&nbsp; 398982 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 7508533 | &nbsp;&nbsp; 72358 | &nbsp;&nbsp; 1942395 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4030030 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 2710043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 971287 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8837499 | &nbsp;&nbsp; 23210125 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4573819 | &nbsp;&nbsp; 507796 | &nbsp;&nbsp; 3441549 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 1613647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 619345 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 7176983 | &nbsp;&nbsp; 2469699 | &nbsp;&nbsp; 9231567 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 1759046 | &nbsp;&nbsp; 281960 | &nbsp;&nbsp; 1122168 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2356138 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 4340376 | &nbsp;&nbsp; 34800 | &nbsp;&nbsp; 2170404 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 717920 | &nbsp;&nbsp; 1234823 | &nbsp;&nbsp; 9319454 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15586288 | &nbsp;&nbsp; 26051951 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 902782 | &nbsp;&nbsp; 6540374 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 941786 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1136021 | &nbsp;&nbsp; 245568 | &nbsp;&nbsp; 440480 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5085649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4236744 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12399758 | &nbsp;&nbsp; 153566 | &nbsp;&nbsp; 3089525 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 13696061 | &nbsp;&nbsp; 33963560 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 1182725 | &nbsp;&nbsp; 2228323 | &nbsp;&nbsp; 4733482 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 11872177 | &nbsp;&nbsp; 14048270 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6960669 | &nbsp;&nbsp; 15662253 |
|  | &nbsp;&nbsp; $127819287 | &nbsp;&nbsp; $119268011 |  |

---

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Settlement** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal Amount** | **Principal Amount** | **Net Closing** <br>**Amount**<br>|
| Barclays Bank PLC | 3.500<br> %<br>| &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; 12/12/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (7497875)<br>| &nbsp;&nbsp; $(7497875)<br>|
| Deutsche Bank Securities, Inc. | 3.910<br> %<br>| &nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (20540000)<br>| &nbsp;&nbsp; (20540000)<br>|
| J.P. Morgan Securities LLC | 3.930<br> %<br>| &nbsp;&nbsp; 12/22/25 | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (54670750)<br>| &nbsp;&nbsp; (54670750)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-125**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest**<br> **Rate**<br>| **Settlement**<br> **Date**<br>| **Maturity**<br> **Date**<br>| **Principal Amount** | **Principal Amount** | **Net Closing**<br> **Amount**<br>|
| J.P. Morgan Securities LLC | 3.930<br> %<br>| &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (133007000)<br>| &nbsp;&nbsp; $(133007000)<br>|
| Total |  |  |  |  |  | &nbsp;&nbsp; $(215715625)<br>|

---

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments. Additionally, securities in the amount of $473,790 have been received at the custodian bank as collateral for reverse repurchase agreements.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a Master Repurchase Agreement ("MRA") on a net basis as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Reverse** <br>**Repurchase** <br>**Agreements** <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(a)</sup> <br>| **Net** <br>**Amount** <sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $(7497875)<br>| &nbsp;&nbsp; $7497875 | &nbsp;&nbsp; $— |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; (20540000)<br>| &nbsp;&nbsp; 20540000 | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; (187677750)<br>| &nbsp;&nbsp; 186400607 | &nbsp;&nbsp; (1277143)<br>|
|  | &nbsp;&nbsp; $(215715625)<br>| &nbsp;&nbsp; $214438482 | &nbsp;&nbsp; $(1277143)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral with a value of $215,232,329 has been pledged and $473,790 has been received in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net amount represents the net amount payable due to the counterparty in the event of default.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1906557235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $304290586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 <br>,051973883<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $608908308 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1622251525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1637209786 |

---

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the Master Securities Forward Transaction Agreement ("MSFTA") and net of the related collateral pledged or received by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for** <br>**Secured** <br>**Borrowings**<br>| **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**<sup>(a)</sup> <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(b)</sup> <br>| **Net** <br>**Amount**<sup>(c)</sup> <br>|
| UBS Securities LLC | &nbsp;&nbsp; $(97966548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95589489 | &nbsp;&nbsp;&nbsp;&nbsp; $503358 | &nbsp;&nbsp;&nbsp;&nbsp; $(1873701)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of borrowings as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

*See accompanying notes to financial statements.*

**BHFTI-126**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Reverse Repurchase Agreements |  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7497875)<br>| &nbsp;&nbsp;&nbsp; $(7497875)<br>|
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (208217750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (208217750)<br>|
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97966548)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97966548)<br>|
| Total Borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(306184298)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7497875)<br>| &nbsp;&nbsp;&nbsp; $(313682173)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(313682173)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 5542 | USD | 1909911750 | &nbsp;&nbsp; $7019073 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 318 | USD | 37524000 | &nbsp;&nbsp; (467527)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (199)<br>| USD | (41549023)<br>| &nbsp;&nbsp; (35358)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (753)<br>| USD | (86606766)<br>| &nbsp;&nbsp; 386980 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $6903168 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $7019073 |  |  |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; 386980 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $502885 |
| Total |  | &nbsp;&nbsp; $7406053 |  | &nbsp;&nbsp; $502885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $1053244 | &nbsp;&nbsp;&nbsp; $19031337 | &nbsp;&nbsp;&nbsp; $20084581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $(2964335)<br>| &nbsp;&nbsp;&nbsp; $52332552 | &nbsp;&nbsp;&nbsp; $49368217 |

---

*See accompanying notes to financial statements.*

**BHFTI-127**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $1466904014 |
| Futures contracts short | &nbsp;&nbsp; (146133908)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $3354747738 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3354747738 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457714837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457714837 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 177059466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177059466 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 137376755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137376755 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 39979793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39979793 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1989547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1989547 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 31750368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31750368 |
| Total Investments | &nbsp;&nbsp; $3354747738 | &nbsp;&nbsp; $1845870766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5200618504 |
| Reverse Repurchase Agreements (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(215715625)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(215715625)<br>|
| Secured Borrowings (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(97966548)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(97966548)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $7406053 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7406053 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (502885)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (502885)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $6903168 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6903168 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-128**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1845870766 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 3354747738 |
| Cash | &nbsp;&nbsp; 231994 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 393715 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 194000 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 734770 |
| Fund shares sold | &nbsp;&nbsp; 55698 |
| Interest | &nbsp;&nbsp; 11114747 |
| Deferred dollar roll income | &nbsp;&nbsp; 21098 |
| Prepaid expenses | &nbsp;&nbsp; 4656 |
| Total Assets | &nbsp;&nbsp; 5213369182 |
| **Liabilities** |  |
| Secured borrowings | &nbsp;&nbsp; 97966548 |
| Reverse repurchase agreements | &nbsp;&nbsp; 215715625 |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 104041797 |
| Fund shares redeemed | &nbsp;&nbsp; 790468 |
| Interest on reverse repurchase agreements | &nbsp;&nbsp; 323293 |
| Variation margin on futures contracts | &nbsp;&nbsp; 13603539 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 992380 |
| Distribution and service fees | &nbsp;&nbsp; 1022183 |
| Deferred trustees' fees | &nbsp;&nbsp; 237804 |
| Other expenses | &nbsp;&nbsp; 384957 |
| Total Liabilities | &nbsp;&nbsp; 435078594 |
| **Net Assets**  | &nbsp;&nbsp; $4778290588 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $5446096286 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (667805698)<br>|
| **Net Assets**  | &nbsp;&nbsp; $4778290588 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $4778290588 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 504776205 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $2,178,801,350.

(b) Identified cost of affiliated investments was $3,359,572,253.

(c) Identified cost of cash denominated in foreign currencies was $391,725.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $119268011 |
| Interest | &nbsp;&nbsp; 67523650 |
| Total investment income | &nbsp;&nbsp; 186791661 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 12014471 |
| Administration fees | &nbsp;&nbsp; 106017 |
| Custodian and accounting fees | &nbsp;&nbsp; 83932 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 12135223 |
| Interest expense | &nbsp;&nbsp; 11996355 |
| Audit and tax services | &nbsp;&nbsp; 74267 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 14126 |
| Insurance | &nbsp;&nbsp; 15258 |
| Miscellaneous | &nbsp;&nbsp; 40038 |
| Total expenses | &nbsp;&nbsp; 36590272 |
| Less management fee waiver | &nbsp;&nbsp; (250000)<br>|
| Net expenses | &nbsp;&nbsp; 36340272 |
| **Net Investment Income** | &nbsp;&nbsp; 150451389 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (46789094)<br>|
| Affiliated investments | &nbsp;&nbsp; 10304229 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 127819287 |
| Futures contracts | &nbsp;&nbsp; 20084581 |
| Net realized gain (loss) | &nbsp;&nbsp; 111419003 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 84710989 |
| Affiliated investments | &nbsp;&nbsp; 150294983 |
| Futures contracts | &nbsp;&nbsp; 49368217 |
| Foreign currency transactions | &nbsp;&nbsp; 29652 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 284403841 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 395822844 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $546274233 |

---

*See accompanying notes to financial statements.*

**BHFTI-129**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $150451389 | &nbsp;&nbsp; $186918607 |
| Net realized gain (loss) | &nbsp;&nbsp; 111419003 | &nbsp;&nbsp; 47244059 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 284403841 | &nbsp;&nbsp; 101601748 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 546274233 | &nbsp;&nbsp; 335764414 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (191196942)<br>| &nbsp;&nbsp; (179265176)<br>|
| **Total distributions** | &nbsp;&nbsp; (191196942)<br>| &nbsp;&nbsp; (179265176)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (548499070)<br>| &nbsp;&nbsp; (2873101596)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (193421779)<br>| &nbsp;&nbsp; (2716602358)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 4971712367 | &nbsp;&nbsp; 7688314725 |
| End of period | &nbsp;&nbsp; $4778290588 | &nbsp;&nbsp; $4971712367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1232123 | &nbsp;&nbsp; $11085921 | &nbsp;&nbsp; 1251897 | &nbsp;&nbsp; $11173853 |
| Reinvestments | &nbsp;&nbsp; 21901139 | &nbsp;&nbsp; 191196942 | &nbsp;&nbsp; 20347920 | &nbsp;&nbsp; 179265176 |
| Redemptions | &nbsp;&nbsp; (82798739)<br>| &nbsp;&nbsp; (750781933)<br>| &nbsp;&nbsp; (341124786)<br>| &nbsp;&nbsp; (3063540625)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (59665477)<br>| &nbsp;&nbsp; $(548499070)<br>| &nbsp;&nbsp; (319524969)<br>| &nbsp;&nbsp; $(2873101596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(548499070)<br>|  | &nbsp;&nbsp; $(2873101596)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-130**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.84 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Total income (loss) from investment operations | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $12.01 |
| **Total Return (%)** (b) | 11.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp; (21.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (c) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Gross ratio of expenses to average net assets excluding interest expense (%) (c) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 43 <br>(f)<br>| &nbsp;&nbsp; 35 <br>(f)<br>| &nbsp;&nbsp; 41 <br>(f)<br>| &nbsp;&nbsp; 26 <br>(f)<br>| &nbsp;&nbsp; 45 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4778.3 | &nbsp;&nbsp; $4971.7 | &nbsp;&nbsp; $7688.3 | &nbsp;&nbsp; $8060.4 | &nbsp;&nbsp; $11622.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 12%, 10%, 12%, 8%, and 18% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-131**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—96.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Garrett Motion, Inc. (a) | 168957 | &nbsp;&nbsp; $2944921 |
| Holley, Inc. (b) | 1365389 | &nbsp;&nbsp; 5639057 |
| Visteon Corp. (a) | 26095 | &nbsp;&nbsp; 2481634 |
|  |  | &nbsp;&nbsp; 11065612 |
| **Banks — 11.7%** | **Banks — 11.7%** | **Banks — 11.7%** |
| Associated Banc-Corp.  | 216474 | &nbsp;&nbsp; 5576370 |
| BOK Financial Corp. (a) | 37774 | &nbsp;&nbsp; 4474708 |
| Hancock Whitney Corp. (a) | 249016 | &nbsp;&nbsp; 15857339 |
| Old National Bancorp (a) | 351390 | &nbsp;&nbsp; 7839511 |
| Renasant Corp. (a) | 248240 | &nbsp;&nbsp; 8743013 |
| Southstate Bank Corp.  | 170455 | &nbsp;&nbsp; 16041520 |
| UMB Financial Corp. (a) | 217421 | &nbsp;&nbsp; 25012112 |
| Webster Financial Corp. (a) | 46660 | &nbsp;&nbsp; 2936780 |
|  |  | &nbsp;&nbsp; 86481353 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Pattern Group, Inc. - Class A (b) | 251103 | &nbsp;&nbsp; 2897729 |
| **Building Products — 5.1%** | **Building Products — 5.1%** | **Building Products — 5.1%** |
| CSW Industrials, Inc. (a) | 14265 | &nbsp;&nbsp; 4187206 |
| Janus International Group, Inc. (a) (b) | 437776 | &nbsp;&nbsp; 2863055 |
| Quanex Building Products Corp. (a) | 407520 | &nbsp;&nbsp; 6267658 |
| Simpson Manufacturing Co., Inc. (a) | 48198 | &nbsp;&nbsp; 7782531 |
| UFP Industries, Inc. (a) | 178068 | &nbsp;&nbsp; 16213091 |
|  |  | &nbsp;&nbsp; 37313541 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| GlassBridge Enterprises, Inc. (b) | 572 | &nbsp;&nbsp; 16016 |
| Marex Group PLC | 119823 | &nbsp;&nbsp; 4596410 |
| Westwood Holdings Group, Inc.  | 89348 | &nbsp;&nbsp; 1537679 |
|  |  | &nbsp;&nbsp; 6150105 |
| **Chemicals — 8.4%** | **Chemicals — 8.4%** | **Chemicals — 8.4%** |
| Avient Corp. (a) | 509306 | &nbsp;&nbsp; 15910719 |
| Ecovyst, Inc. (a) (b) | 611589 | &nbsp;&nbsp; 5950761 |
| Ingevity Corp. (a) (b) | 19500 | &nbsp;&nbsp; 1154010 |
| Innospec, Inc.  | 298236 | &nbsp;&nbsp; 22826984 |
| Mativ Holdings, Inc.  | 573318 | &nbsp;&nbsp; 6965814 |
| Minerals Technologies, Inc.  | 61999 | &nbsp;&nbsp; 3778839 |
| Quaker Chemical Corp. (a) | 38546 | &nbsp;&nbsp; 5292751 |
|  |  | &nbsp;&nbsp; 61879878 |
| **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** |
| ACCO Brands Corp.  | 1102653 | &nbsp;&nbsp; 4112896 |
| Ennis, Inc.  | 248919 | &nbsp;&nbsp; 4483031 |
|  |  | &nbsp;&nbsp; 8595927 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| CommScope Holding Co., Inc. (b) | 299499 | &nbsp;&nbsp; 5429917 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Cardinal Infrastructure Group, Inc. - Class A (a) (b) | 25106 | &nbsp;&nbsp; 607063 |
| **Construction Materials — 3.2%** | **Construction Materials — 3.2%** | **Construction Materials — 3.2%** |
| Eagle Materials, Inc. (a) | 85631 | &nbsp;&nbsp; 17698215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction Materials—(Continued)** | **Construction Materials—(Continued)** | **Construction Materials—(Continued)** |
| Titan America SA (a) (b) | 350616 | &nbsp;&nbsp; $5778152 |
|  |  | &nbsp;&nbsp; 23476367 |
| **Containers & Packaging — 4.2%** | **Containers & Packaging — 4.2%** | **Containers & Packaging — 4.2%** |
| Myers Industries, Inc.  | 315484 | &nbsp;&nbsp; 5905861 |
| Silgan Holdings, Inc. (a) | 291889 | &nbsp;&nbsp; 11783559 |
| TriMas Corp. (a) | 379392 | &nbsp;&nbsp; 13449446 |
|  |  | &nbsp;&nbsp; 31138866 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Graham Holdings Co. - Class B | 1622 | &nbsp;&nbsp; 1781929 |
| Matthews International Corp. - Class A (a) | 160237 | &nbsp;&nbsp; 4185391 |
|  |  | &nbsp;&nbsp; 5967320 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Atkore, Inc.  | 9711 | &nbsp;&nbsp; 614221 |
| **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** |
| Belden, Inc. (a) | 125551 | &nbsp;&nbsp; 14632969 |
| Ingram Micro Holding Corp. (a) | 142017 | &nbsp;&nbsp; 3030643 |
| Insight Enterprises, Inc. (b) | 33214 | &nbsp;&nbsp; 2705945 |
| Knowles Corp. (b) | 172649 | &nbsp;&nbsp; 3699868 |
| Novanta, Inc. (b) | 102251 | &nbsp;&nbsp; 12166846 |
| Sanmina Corp. (a) (b) | 30788 | &nbsp;&nbsp; 4620355 |
|  |  | &nbsp;&nbsp; 40856626 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Forum Energy Technologies, Inc. (a) (b) | 42819 | &nbsp;&nbsp; 1582162 |
| Liberty Energy, Inc.  | 142930 | &nbsp;&nbsp; 2638488 |
| Patterson-UTI Energy, Inc. (a) | 417232 | &nbsp;&nbsp; 2549287 |
|  |  | &nbsp;&nbsp; 6769937 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Compass Diversified Holdings | 639275 | &nbsp;&nbsp; 3068520 |
| Euronet Worldwide, Inc. (a) (b) | 58244 | &nbsp;&nbsp; 4432951 |
|  |  | &nbsp;&nbsp; 7501471 |
| **Food Products — 4.3%** | **Food Products — 4.3%** | **Food Products — 4.3%** |
| J&J Snack Foods Corp. (a) | 235838 | &nbsp;&nbsp; 21312680 |
| Nomad Foods Ltd.  | 634520 | &nbsp;&nbsp; 7937845 |
| Tootsie Roll Industries, Inc. (a) | 72628 | &nbsp;&nbsp; 2660364 |
|  |  | &nbsp;&nbsp; 31910889 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| MDU Resources Group, Inc. (a) | 236976 | &nbsp;&nbsp; 4625772 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Werner Enterprises, Inc.  | 241014 | &nbsp;&nbsp; 7232830 |
| **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** |
| CONMED Corp. (a) | 61669 | &nbsp;&nbsp; 2503761 |
| Enovis Corp. (a) (b) | 109898 | &nbsp;&nbsp; 2927683 |
| Globus Medical, Inc. - Class A (b) | 64874 | &nbsp;&nbsp; 5664149 |
| Haemonetics Corp. (b) | 107809 | &nbsp;&nbsp; 8640891 |
| UFP Technologies, Inc. (a) (b) | 17723 | &nbsp;&nbsp; 3935038 |

---

*See accompanying notes to financial statements.*

**BHFTI-132**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Varex Imaging Corp. (b) | 389922 | &nbsp;&nbsp; $4542591 |
|  |  | &nbsp;&nbsp; 28214113 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Chemed Corp.  | 11242 | &nbsp;&nbsp; 4810002 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| Boyd Gaming Corp. (a) | 47548 | &nbsp;&nbsp; 4052991 |
| Genius Sports Ltd. (b) | 375592 | &nbsp;&nbsp; 4139024 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | 201376 | &nbsp;&nbsp; 6782344 |
|  |  | &nbsp;&nbsp; 14974359 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| La-Z-Boy, Inc. (a) | 108942 | &nbsp;&nbsp; 4060268 |
| **Household Products — 1.6%** | **Household Products — 1.6%** | **Household Products — 1.6%** |
| Central Garden & Pet Co. (Voting Shares) (a) (b) | 77122 | &nbsp;&nbsp; 2479472 |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (b) | 321248 | &nbsp;&nbsp; 9377229 |
|  |  | &nbsp;&nbsp; 11856701 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
| Abacus Global Management, Inc. (a) | 200100 | &nbsp;&nbsp; 1710855 |
| CNO Financial Group, Inc.  | 138862 | &nbsp;&nbsp; 5897469 |
| Hanover Insurance Group, Inc.  | 49759 | &nbsp;&nbsp; 9094452 |
| Stewart Information Services Corp. (a) | 238695 | &nbsp;&nbsp; 16770711 |
| White Mountains Insurance Group Ltd.  | 2927 | &nbsp;&nbsp; 6082394 |
|  |  | &nbsp;&nbsp; 39555881 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| IAC, Inc. (a) (b) | 89509 | &nbsp;&nbsp; 3499802 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Kyndryl Holdings, Inc. (a) (b) | 219270 | &nbsp;&nbsp; 5823811 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Mattel, Inc. (b) | 117835 | &nbsp;&nbsp; 2337846 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Azenta, Inc. (a) (b) | 120372 | &nbsp;&nbsp; 4003573 |
| **Machinery — 13.3%** | **Machinery — 13.3%** | **Machinery — 13.3%** |
| Alamo Group, Inc. (a) | 86585 | &nbsp;&nbsp; 14535024 |
| Atmus Filtration Technologies, Inc.  | 105102 | &nbsp;&nbsp; 5455845 |
| Douglas Dynamics, Inc.  | 355588 | &nbsp;&nbsp; 11609948 |
| Franklin Electric Co., Inc.  | 266280 | &nbsp;&nbsp; 25437728 |
| Gates Industrial Corp. PLC (b) | 167569 | &nbsp;&nbsp; 3597706 |
| Hillman Solutions Corp. (b) | 891922 | &nbsp;&nbsp; 7724045 |
| Mayville Engineering Co., Inc. (b) | 280943 | &nbsp;&nbsp; 5259253 |
| Middleby Corp. (a) (b) | 12297 | &nbsp;&nbsp; 1828195 |
| Mueller Industries, Inc. (a) | 161242 | &nbsp;&nbsp; 18510582 |
| Standex International Corp. (a) | 17753 | &nbsp;&nbsp; 3857372 |
|  |  | &nbsp;&nbsp; 97815698 |
| **Mortgage Real Estate Investment Trusts — 1.5%** | **Mortgage Real Estate Investment Trusts — 1.5%** | **Mortgage Real Estate Investment Trusts — 1.5%** |
| Adamas Trust, Inc. (a) | 501244 | &nbsp;&nbsp; 3659081 |
| AGNC Investment Corp. (a) | 448707 | &nbsp;&nbsp; 4810139 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mortgage Real Estate Investment Trusts—(Continued)** | **Mortgage Real Estate Investment Trusts—(Continued)** | **Mortgage Real Estate Investment Trusts—(Continued)** |
| Two Harbors Investment Corp. (a) | 258885 | &nbsp;&nbsp; $2718293 |
|  |  | &nbsp;&nbsp; 11187513 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| California Resources Corp. (a) | 33503 | &nbsp;&nbsp; 1497919 |
| Chord Energy Corp.  | 99203 | &nbsp;&nbsp; 9196118 |
| Magnolia Oil & Gas Corp. - Class A (a) | 396635 | &nbsp;&nbsp; 8682340 |
| Northern Oil & Gas, Inc. (a) | 151213 | &nbsp;&nbsp; 3246543 |
|  |  | &nbsp;&nbsp; 22622920 |
| **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| Prestige Consumer Healthcare, Inc. (a) (b) | 212170 | &nbsp;&nbsp; 13088767 |
| **Professional Services — 3.1%** | **Professional Services — 3.1%** | **Professional Services — 3.1%** |
| CBIZ, Inc. (a) (b) | 108773 | &nbsp;&nbsp; 5487598 |
| Korn Ferry (a) | 196967 | &nbsp;&nbsp; 13003761 |
| Maximus, Inc. (a) | 53253 | &nbsp;&nbsp; 4596799 |
|  |  | &nbsp;&nbsp; 23088158 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Agree Realty Corp. (a) | 46596 | &nbsp;&nbsp; 3356310 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| Axcelis Technologies, Inc. (b) | 38311 | &nbsp;&nbsp; 3077906 |
| Diodes, Inc. (a) (b) | 34857 | &nbsp;&nbsp; 1719844 |
| Onto Innovation, Inc. (b) | 21452 | &nbsp;&nbsp; 3386413 |
|  |  | &nbsp;&nbsp; 8184163 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Progress Software Corp. (a) (b) | 125945 | &nbsp;&nbsp; 5410597 |
| Synchronoss Technologies, Inc. (b) | 76662 | &nbsp;&nbsp; 656227 |
|  |  | &nbsp;&nbsp; 6066824 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| Five Below, Inc. (b) | 15937 | &nbsp;&nbsp; 3001894 |
| Group 1 Automotive, Inc.  | 7411 | &nbsp;&nbsp; 2914746 |
|  |  | &nbsp;&nbsp; 5916640 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
| Diebold Nixdorf, Inc. (a) (b) | 99505 | &nbsp;&nbsp; 6755394 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| Capri Holdings Ltd. (b) | 81773 | &nbsp;&nbsp; 1995261 |
| Levi Strauss & Co. - Class A | 173228 | &nbsp;&nbsp; 3592749 |
| Steven Madden Ltd. (a) | 146177 | &nbsp;&nbsp; 6086810 |
|  |  | &nbsp;&nbsp; 11674820 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Custom Truck One Source, Inc. (b) | 479182 | &nbsp;&nbsp; 2760088 |
| Total Common Stocks <br>(Cost $686,717,773) <br>|  | &nbsp;&nbsp; 712169075 |

---

*See accompanying notes to financial statements.*

**BHFTI-133**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Escrow Shares—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Tontine Holdings Ltd. (b) (c) (d) <br>(Cost $0)<br>| 140969 | &nbsp;&nbsp; $0 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd. (b) <br>(Cost $0)<br>| 35242 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** |
| **Repurchase Agreement—3.7%** | **Repurchase Agreement—3.7%** | **Repurchase Agreement—3.7%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $27,417,771; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $27,962,409<br>| 27413963 | &nbsp;&nbsp; 27413963 |
| Total Short-Term Investments <br>(Cost $27,413,963) <br>|  | &nbsp;&nbsp; 27413963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—15.1%** | **Securities Lending Reinvestments (e)—15.1%** | **Securities Lending Reinvestments (e)—15.1%** |
| **Short-Term Investment Funds—2.2%** | **Short-Term Investment Funds—2.2%** | **Short-Term Investment Funds—2.2%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 16000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (g) | 1000000 | &nbsp;&nbsp; 1000299 |
| 4.120%, SOFR + 0.350%, 05/14/26 (g) | 2000000 | &nbsp;&nbsp; 2000050 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (g) | 1000000 | &nbsp;&nbsp; 1000278 |
|  |  | &nbsp;&nbsp; 4000627 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1500000 | &nbsp;&nbsp; 1499184 |
| **Repurchase Agreements—11.5%** | **Repurchase Agreements—11.5%** | **Repurchase Agreements—11.5%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $3,000,628; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,872<br>| 3000000 | &nbsp;&nbsp; 3000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $7,001,466; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,795,730<br>| 7000000 | &nbsp;&nbsp; $7000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $10,002,139; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,136,757<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,641,073; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,713,895<br>| 3640299 | &nbsp;&nbsp; 3640299 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $13,002,824; <br> collateralized by various Common Stock with an aggregate <br> market value of $14,446,037<br>| 13000000 | &nbsp;&nbsp; 13000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $2,000,443; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,225,917<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $6,001,287; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,689,263<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $11,002,359; <br> collateralized by various Common Stock with an aggregate <br> market value of $12,223,553<br>| 11000000 | &nbsp;&nbsp; 11000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $3,011,404; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,695<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $300,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |

---

*See accompanying notes to financial statements.*

**BHFTI-134**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $15,003,117; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,503,429<br>| 15000000 | &nbsp;&nbsp; $15000000 |
|  |  | &nbsp;&nbsp; 84940299 |
| **Time Deposits—0.7%** | **Time Deposits—0.7%** | **Time Deposits—0.7%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (g) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $111,439,785) <br>|  | &nbsp;&nbsp; 111440110 |
| Total Investments—115.4% <br>(Cost $825,571,521) <br>|  | &nbsp;&nbsp; 851023148 |
| Other assets and liabilities (net)—(15.4)%  |  | &nbsp;&nbsp; (113271436)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $737751712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $172,338,657 and the collateral received consisted of cash in the amount <br> of $111,425,229 and non-cash collateral with a value of $67,212,712. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $524461342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $551404141 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(111425229)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(111425229)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(111425229)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-135**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $712169075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $712169075 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 27413963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27413963 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000627 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 84940299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84940299 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 95440110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111440110 |
| Total Investments | &nbsp;&nbsp; $728169075 | &nbsp;&nbsp; $122854073 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $851023148 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(111425229)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(111425229)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-136**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $851023148 |
| Cash | &nbsp;&nbsp; 1 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1264443 |
| Fund shares sold | &nbsp;&nbsp; 436 |
| Dividends and interest | &nbsp;&nbsp; 941617 |
| Prepaid expenses | &nbsp;&nbsp; 2545 |
| Total Assets | &nbsp;&nbsp; 853232190 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 111425229 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2975026 |
| Fund shares redeemed | &nbsp;&nbsp; 104809 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 450092 |
| Distribution and service fees | &nbsp;&nbsp; 64683 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 209684 |
| Total Liabilities | &nbsp;&nbsp; 115480478 |
| **Net Assets**  | &nbsp;&nbsp; $737751712 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $612971839 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 124779873 |
| **Net Assets**  | &nbsp;&nbsp; $737751712 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $438269197 |
| Class B | &nbsp;&nbsp; 299482515 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 38590713 |
| Class B | &nbsp;&nbsp; 26881222 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.36 |
| Class B | 11.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $825,571,521.

(b) Includes securities loaned at value of $172,338,657.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $14987694 |
| Interest | &nbsp;&nbsp; 675798 |
| Securities lending income | &nbsp;&nbsp; 189717 |
| Total investment income | &nbsp;&nbsp; 15853209 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5556504 |
| Administration fees | &nbsp;&nbsp; 11490 |
| Custodian and accounting fees | &nbsp;&nbsp; 72702 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 766420 |
| Audit and tax services | &nbsp;&nbsp; 52266 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 48506 |
| Insurance | &nbsp;&nbsp; 6757 |
| Miscellaneous | &nbsp;&nbsp; 16219 |
| Total expenses | &nbsp;&nbsp; 6641449 |
| Less management fee waiver | &nbsp;&nbsp; (271915)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (17687)<br>|
| Net expenses | &nbsp;&nbsp; 6351847 |
| **Net Investment Income** | &nbsp;&nbsp; 9501362 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 93267088<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (125103699)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (31836611)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(22335249)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-137**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9501362 | &nbsp;&nbsp; $11426050 |
| Net realized gain (loss) | &nbsp;&nbsp; 93267088 | &nbsp;&nbsp; 109844096 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (125103699)<br>| &nbsp;&nbsp; (44340464)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (22335249)<br>| &nbsp;&nbsp; 76929682 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (70123498)<br>| &nbsp;&nbsp; (41606617)<br>|
| Class B | &nbsp;&nbsp; (48770291)<br>| &nbsp;&nbsp; (28327046)<br>|
| **Total distributions** | &nbsp;&nbsp; (118893789)<br>| &nbsp;&nbsp; (69933663)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 95197000 | &nbsp;&nbsp; (162130415)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (46032038)<br>| &nbsp;&nbsp; (155134396)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 783783750 | &nbsp;&nbsp; 938918146 |
| End of period | &nbsp;&nbsp; $737751712 | &nbsp;&nbsp; $783783750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1561048 | &nbsp;&nbsp; $19689377 | &nbsp;&nbsp; 82428 | &nbsp;&nbsp; $1151674 |
| Reinvestments | &nbsp;&nbsp; 6439256 | &nbsp;&nbsp; 70123498 | &nbsp;&nbsp; 3130671 | &nbsp;&nbsp; 41606617 |
| Redemptions | &nbsp;&nbsp; (1615967)<br>| &nbsp;&nbsp; (19143192)<br>| &nbsp;&nbsp; (12454202)<br>| &nbsp;&nbsp; (182814974)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6384337 | &nbsp;&nbsp; $70669683 | &nbsp;&nbsp; (9241103)<br>| &nbsp;&nbsp; $(140056683)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1514541 | &nbsp;&nbsp; $17877243 | &nbsp;&nbsp; 532789 | &nbsp;&nbsp; $7273705 |
| Reinvestments | &nbsp;&nbsp; 4557971 | &nbsp;&nbsp; 48770291 | &nbsp;&nbsp; 2164022 | &nbsp;&nbsp; 28327046 |
| Redemptions | &nbsp;&nbsp; (3524172)<br>| &nbsp;&nbsp; (42120217)<br>| &nbsp;&nbsp; (4135544)<br>| &nbsp;&nbsp; (57674483)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2548340 | &nbsp;&nbsp; $24527317 | &nbsp;&nbsp; (1438733)<br>| &nbsp;&nbsp; $(22073732)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $95197000 |  | &nbsp;&nbsp; $(162130415)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-138**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $14.72 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $19.25 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp; (12.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.12 <br>(c)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets (%) (d) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $438.3 | &nbsp;&nbsp; $449.7 | &nbsp;&nbsp; $582.4 | &nbsp;&nbsp; $575.3 | &nbsp;&nbsp; $799.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $14.55 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $19.01 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.77 <br>(c)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net ratio of expenses to average net assets (%) (d) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $299.5 | &nbsp;&nbsp; $334.1 | &nbsp;&nbsp; $356.6 | &nbsp;&nbsp; $341.2 | &nbsp;&nbsp; $436.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A and Class B would have been 31.92% and 31.56%, respectively for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-139**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — 2.5%** | **Belgium — 2.5%** | **Belgium — 2.5%** |
| Elia Group SA | 67400 | &nbsp;&nbsp; $8690108 |
| UCB SA | 42316 | &nbsp;&nbsp; 11802658 |
|  |  | &nbsp;&nbsp; 20492766 |
| **China — 7.5%** | **China — 7.5%** | **China — 7.5%** |
| Contemporary Amperex Technology Co. Ltd. - Class A | 401630 | &nbsp;&nbsp; 21026230 |
| Sieyuan Electric Co. Ltd. - Class A | 429144 | &nbsp;&nbsp; 9461436 |
| Tencent Holdings Ltd.  | 213300 | &nbsp;&nbsp; 16344590 |
| Tencent Holdings Ltd. (ADR) | 188085 | &nbsp;&nbsp; 14397907 |
|  |  | &nbsp;&nbsp; 61230163 |
| **Denmark — 3.6%** | **Denmark — 3.6%** | **Denmark — 3.6%** |
| Danske Bank AS | 410280 | &nbsp;&nbsp; 20466921 |
| NKT AS (a) | 72344 | &nbsp;&nbsp; 9043911 |
|  |  | &nbsp;&nbsp; 29510832 |
| **France — 12.4%** | **France — 12.4%** | **France — 12.4%** |
| Air Liquide SA | 85851 | &nbsp;&nbsp; 16155854 |
| Airbus SE | 33680 | &nbsp;&nbsp; 7812187 |
| AXA SA | 264938 | &nbsp;&nbsp; 12742139 |
| BNP Paribas SA | 213367 | &nbsp;&nbsp; 20189977 |
| Danone SA | 101212 | &nbsp;&nbsp; 9132300 |
| Safran SA | 46823 | &nbsp;&nbsp; 16293514 |
| SPIE SA | 338119 | &nbsp;&nbsp; 19463000 |
|  |  | &nbsp;&nbsp; 101788971 |
| **Germany — 9.0%** | **Germany — 9.0%** | **Germany — 9.0%** |
| Allianz SE | 17116 | &nbsp;&nbsp; 7850566 |
| Deutsche Boerse AG | 32185 | &nbsp;&nbsp; 8453749 |
| MTU Aero Engines AG | 30109 | &nbsp;&nbsp; 12558983 |
| RWE AG | 118003 | &nbsp;&nbsp; 6279031 |
| Siemens Healthineers AG | 225582 | &nbsp;&nbsp; 11837960 |
| Symrise AG | 98834 | &nbsp;&nbsp; 7997720 |
| Vonovia SE | 666326 | &nbsp;&nbsp; 19211623 |
|  |  | &nbsp;&nbsp; 74189632 |
| **Greece — 1.2%** | **Greece — 1.2%** | **Greece — 1.2%** |
| Piraeus Bank SA | 1212232 | &nbsp;&nbsp; 9637515 |
| **Hong Kong — 3.2%** | **Hong Kong — 3.2%** | **Hong Kong — 3.2%** |
| AIA Group Ltd.  | 1744600 | &nbsp;&nbsp; 17919647 |
| Prudential PLC | 552517 | &nbsp;&nbsp; 8524924 |
|  |  | &nbsp;&nbsp; 26444571 |
| **Italy — 2.3%** | **Italy — 2.3%** | **Italy — 2.3%** |
| BFF Bank SpA (a) | 850005 | &nbsp;&nbsp; 9440382 |
| Enel SpA | 876051 | &nbsp;&nbsp; 9127676 |
|  |  | &nbsp;&nbsp; 18568058 |
| **Japan — 5.8%** | **Japan — 5.8%** | **Japan — 5.8%** |
| Hitachi Ltd.  | 25000 | &nbsp;&nbsp; 775591 |
| Japan Post Bank Co. Ltd.  | 528200 | &nbsp;&nbsp; 7428605 |
| Mitsubishi UFJ Financial Group, Inc.  | 809500 | &nbsp;&nbsp; 12855104 |
| Mitsui Fudosan Co. Ltd.  | 579300 | &nbsp;&nbsp; 6590927 |
| Nippon Sanso Holdings Corp.  | 206133 | &nbsp;&nbsp; 6155261 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| SMC Corp.  | 15100 | &nbsp;&nbsp; $5257764 |
| Tokyo Gas Co. Ltd.  | 206935 | &nbsp;&nbsp; 8182407 |
|  |  | &nbsp;&nbsp; 47245659 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| ASML Holding NV | 4482 | &nbsp;&nbsp; 4790882 |
| Magnum Ice Cream Co. NV (a) | 174313 | &nbsp;&nbsp; 2766716 |
|  |  | &nbsp;&nbsp; 7557598 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Sberbank of Russia PJSC † (a) (b) (c) | 5306492 | &nbsp;&nbsp; 0 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Singapore Technologies Engineering Ltd.  | 179729 | &nbsp;&nbsp; 1172619 |
| **South Korea — 14.6%** | **South Korea — 14.6%** | **South Korea — 14.6%** |
| Hanwha Aerospace Co. Ltd.  | 32578 | &nbsp;&nbsp; 21195461 |
| HD Hyundai Electric Co. Ltd.  | 11626 | &nbsp;&nbsp; 6255309 |
| Hyosung Heavy Industries Corp.  | 7035 | &nbsp;&nbsp; 8605976 |
| Korea Electric Power Corp. (a) | 435654 | &nbsp;&nbsp; 14159838 |
| LIG Nex1 Co. Ltd.  | 92402 | &nbsp;&nbsp; 26819889 |
| LS Electric Co. Ltd.  | 75205 | &nbsp;&nbsp; 23686655 |
| MNC Solution Co. Ltd. (a) | 17461 | &nbsp;&nbsp; 1726012 |
| Samsung Electronics Co. Ltd.  | 174265 | &nbsp;&nbsp; 14523994 |
| Samsung Electronics Co. Ltd. (GDR) | 1303 | &nbsp;&nbsp; 2664634 |
|  |  | &nbsp;&nbsp; 119637768 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| Aena SME SA | 128732 | &nbsp;&nbsp; 3603705 |
| CaixaBank SA | 144118 | &nbsp;&nbsp; 1760003 |
|  |  | &nbsp;&nbsp; 5363708 |
| **Switzerland — 8.2%** | **Switzerland — 8.2%** | **Switzerland — 8.2%** |
| Medacta Group SA | 39027 | &nbsp;&nbsp; 7679189 |
| SGS SA | 112043 | &nbsp;&nbsp; 12845105 |
| UBS Group AG | 1004105 | &nbsp;&nbsp; 46416824 |
|  |  | &nbsp;&nbsp; 66941118 |
| **Taiwan — 4.0%** | **Taiwan — 4.0%** | **Taiwan — 4.0%** |
| Lotes Co. Ltd.  | 266000 | &nbsp;&nbsp; 10908715 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 441000 | &nbsp;&nbsp; 21544340 |
|  |  | &nbsp;&nbsp; 32453055 |
| **United Kingdom — 22.2%** | **United Kingdom — 22.2%** | **United Kingdom — 22.2%** |
| 3i Group PLC | 165894 | &nbsp;&nbsp; 7217612 |
| Babcock International Group PLC | 1021910 | &nbsp;&nbsp; 17010011 |
| Balfour Beatty PLC | 274910 | &nbsp;&nbsp; 2622163 |
| HSBC Holdings PLC | 739839 | &nbsp;&nbsp; 11589821 |
| J Sainsbury PLC | 3509347 | &nbsp;&nbsp; 15465925 |
| Lloyds Banking Group PLC | 12600703 | &nbsp;&nbsp; 16605727 |
| Melrose Industries PLC | 2377830 | &nbsp;&nbsp; 18707806 |
| National Grid PLC | 2385514 | &nbsp;&nbsp; 36763441 |
| RELX PLC | 47082 | &nbsp;&nbsp; 1904385 |
| SSE PLC | 454229 | &nbsp;&nbsp; 13319061 |
| Tesco PLC | 5053805 | &nbsp;&nbsp; 30089755 |

---

*See accompanying notes to financial statements.*

**BHFTI-140**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Unilever PLC | 171081 | &nbsp;&nbsp; $11185508 |
|  |  | &nbsp;&nbsp; 182481215 |
| **United States — 1.7%** | **United States — 1.7%** | **United States — 1.7%** |
| CRH PLC | 93996 | &nbsp;&nbsp; 11730701 |
| Nestle SA | 20407 | &nbsp;&nbsp; 2028321 |
|  |  | &nbsp;&nbsp; 13759022 |
| Total Common Stocks <br>(Cost $673,241,912) <br>|  | &nbsp;&nbsp; 818474270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.2%** | **Short-Term Investments—0.2%** | **Short-Term Investments—0.2%** |
| **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $1,637,388; collateralized <br> by U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $1,670,049<br>| 1637161 | &nbsp;&nbsp; 1637161 |
| Total Short-Term Investments <br>(Cost $1,637,161) <br>|  | &nbsp;&nbsp; 1637161 |
| Total Investments—100.0% <br>(Cost $674,879,073) <br>|  | &nbsp;&nbsp; 820111431 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; 244590 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $820356021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* <br>| Principal amount stated in U.S. dollars unless otherwise noted. |
| † <br>| Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $0, which is <br> 0.0% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) <br>| Non-income producing security. |
| (b) <br>| Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Aerospace & Defense | 14.8 |
| Banks | 12.3 |
| Electrical Equipment | 9.5 |
| Capital Markets | 7.6 |
| Insurance | 5.7 |
| Consumer Staples Distribution & Retail | 5.6 |
| Electric Utilities | 5.5 |
| Multi-Utilities | 4.5 |
| Interactive Media & Services | 3.7 |
| Chemicals | 3.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 09/16/21-02/11/22 | &nbsp;&nbsp; 5306492 | &nbsp;&nbsp; $22350736 | &nbsp;&nbsp; $0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $902685849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1101528807 |

---

*See accompanying notes to financial statements.*

**BHFTI-141**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Belgium | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20492766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20492766 |
| China | &nbsp;&nbsp; 14397907 | &nbsp;&nbsp; 46832256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61230163 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 29510832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29510832 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 101788971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101788971 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 74189632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74189632 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 9637515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9637515 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 26444571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26444571 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 18568058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18568058 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 47245659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47245659 |
| Netherlands | &nbsp;&nbsp; 2766716 | &nbsp;&nbsp; 4790882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7557598 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172619 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 119637768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119637768 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 5363708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5363708 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 66941118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66941118 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 32453055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32453055 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 182481215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182481215 |
| United States | &nbsp;&nbsp; 11730701 | &nbsp;&nbsp; 2028321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13759022 |
| Total Common Stocks | &nbsp;&nbsp; 28895324 | &nbsp;&nbsp; 789578946 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 818474270 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1637161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1637161 |
| Total Investments | &nbsp;&nbsp; $28895324 | &nbsp;&nbsp; $791216107 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $820111431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-142**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $820111431 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 366792 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2557572 |
| Dividends and interest | &nbsp;&nbsp; 4005657 |
| Prepaid expenses | &nbsp;&nbsp; 3028 |
| Total Assets | &nbsp;&nbsp; 827044480 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5265558 |
| Fund shares redeemed | &nbsp;&nbsp; 330203 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 519484 |
| Distribution and service fees | &nbsp;&nbsp; 59 |
| Deferred trustees' fees | &nbsp;&nbsp; 210058 |
| Other expenses | &nbsp;&nbsp; 363097 |
| Total Liabilities | &nbsp;&nbsp; 6688459 |
| **Net Assets**  | &nbsp;&nbsp; $820356021 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $514042355 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 306313666 |
| **Net Assets**  | &nbsp;&nbsp; $820356021 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $820077167 |
| Class B | &nbsp;&nbsp; 278854 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 64574453 |
| Class B | &nbsp;&nbsp; 22002 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.70 |
| Class B | 12.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $674,879,073.

(b) Identified cost of cash denominated in foreign currencies was $366,734.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $18946572 |
| Interest | &nbsp;&nbsp; 530134 |
| Securities lending income | &nbsp;&nbsp; 107571 |
| Total investment income | &nbsp;&nbsp; 19584277 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6229525 |
| Administration fees | &nbsp;&nbsp; 52740 |
| Custodian and accounting fees | &nbsp;&nbsp; 146873 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 641 |
| Audit and tax services | &nbsp;&nbsp; 57672 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 19131 |
| Insurance | &nbsp;&nbsp; 7593 |
| Miscellaneous | &nbsp;&nbsp; 26144 |
| Total expenses | &nbsp;&nbsp; 6650904 |
| Less management fee waiver | &nbsp;&nbsp; (40418)<br>|
| Net expenses | &nbsp;&nbsp; 6610486 |
| **Net Investment Income** | &nbsp;&nbsp; 12973791 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 150940032 |
| Foreign currency transactions | &nbsp;&nbsp; 117272 |
| Net realized gain (loss) | &nbsp;&nbsp; 151057304 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 98885181 |
| Foreign currency transactions | &nbsp;&nbsp; 383961 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 99269142 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 250326446 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $263300237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,753,362.

*See accompanying notes to financial statements.*

**BHFTI-143**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12973791 | &nbsp;&nbsp; $9968453 |
| Net realized gain (loss) | &nbsp;&nbsp; 151057304 | &nbsp;&nbsp; 145019692 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 99269142 | &nbsp;&nbsp; (57838708)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 263300237 | &nbsp;&nbsp; 97149437 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (146558193)<br>| &nbsp;&nbsp; (10251956)<br>|
| Class B | &nbsp;&nbsp; (44950)<br>| &nbsp;&nbsp; (2295)<br>|
| **Total distributions** | &nbsp;&nbsp; (146603143)<br>| &nbsp;&nbsp; (10254251)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (126389292)<br>| &nbsp;&nbsp; (175796494)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (9692198)<br>| &nbsp;&nbsp; (88901308)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 830048219 | &nbsp;&nbsp; 918949527 |
| End of period | &nbsp;&nbsp; $820356021 | &nbsp;&nbsp; $830048219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 50766 | &nbsp;&nbsp; $646188 | &nbsp;&nbsp; 7230 | &nbsp;&nbsp; $80634 |
| Reinvestments | &nbsp;&nbsp; 12733118 | &nbsp;&nbsp; 146558193 | &nbsp;&nbsp; 915353 | &nbsp;&nbsp; 10251956 |
| Redemptions | &nbsp;&nbsp; (21839682)<br>| &nbsp;&nbsp; (273619699)<br>| &nbsp;&nbsp; (16610076)<br>| &nbsp;&nbsp; (186087488)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9055798)<br>| &nbsp;&nbsp; $(126415318)<br>| &nbsp;&nbsp; (15687493)<br>| &nbsp;&nbsp; $(175754898)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 27 | &nbsp;&nbsp; $315 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; $1100 |
| Reinvestments | &nbsp;&nbsp; 3909 | &nbsp;&nbsp; 44950 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 2295 |
| Redemptions | &nbsp;&nbsp; (1563)<br>| &nbsp;&nbsp; (19239)<br>| &nbsp;&nbsp; (3955)<br>| &nbsp;&nbsp; (44991)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2373 | &nbsp;&nbsp; $26026 | &nbsp;&nbsp; (3651)<br>| &nbsp;&nbsp; $(41596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(126389292)<br>|  | &nbsp;&nbsp; $(175796494)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-144**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $13.03 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Total income (loss) from investment operations | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.08)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $14.01 |
| **Total Return (%)** (b) | 36.73 | &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 | &nbsp;&nbsp; (19.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.70 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (c) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 61 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $820.1 | &nbsp;&nbsp; $829.8 | &nbsp;&nbsp; $918.7 | &nbsp;&nbsp; $926.4 | &nbsp;&nbsp; $1236.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $13.00 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total income (loss) from investment operations | 3.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions | &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $13.97 |
| **Total Return (%)** (b) | 36.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp; (19.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.41 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net ratio of expenses to average net assets (%) (c) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 61 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-145**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—90.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| Neptune Bidco U.S., Inc. |  |  |
| 2022 USD Term Loan B, 9.027%, 3M TSFR + 5.000%, <br> 04/11/29<br>| 1355051 | &nbsp;&nbsp; $1342347 |
| Planet U.S. Buyer LLC |  |  |
| 2024 Term Loan B, 6.822%, 3M TSFR + 3.000%, 02/07/31 | 1206625 | &nbsp;&nbsp; 1215926 |
|  |  | &nbsp;&nbsp; 2558273 |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| Air Comm Corp. LLC |  |  |
| 2025 Delayed Draw Term Loan, 12/11/31 (b) | 68077 | &nbsp;&nbsp; 68332 |
| 2025 Term Loan, 6.440% - 6.572%, 3M TSFR + 2.750%, <br> 12/11/31 (c)<br>| 1396502 | &nbsp;&nbsp; 1402611 |
| BG MS U.S. Holding LLC |  |  |
| Term Loan B, 8.422%, 3M TSFR + 4.750%, 10/22/32 | 825000 | &nbsp;&nbsp; 828094 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, 6.427%, 3M TSFR + 2.500%, <br> 02/26/32 (b)<br>| 129248 | &nbsp;&nbsp; 129927 |
| 2025 Term Loan B, 6.322% - 6.544%, 3M TSFR + 2.500%, 6M <br> TSFR + 2.500%, 02/26/32 (c)<br>| 1363836 | &nbsp;&nbsp; 1370996 |
| Novaria Holdings LLC |  |  |
| 2024 Term Loan B, 6.966%, 1M TSFR + 3.250%, 06/06/31 | 197510 | &nbsp;&nbsp; 197880 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.216%, 1M TSFR + 2.500%, 02/28/31 | 3019057 | &nbsp;&nbsp; 3033588 |
| 2025 Term Loan K, 5.966%, 1M TSFR + 2.250%, 03/22/30 | 1585205 | &nbsp;&nbsp; 1591479 |
|  |  | &nbsp;&nbsp; 8622907 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| A-AG U.S. GSI Bidco, Inc. |  |  |
| Term Loan B, 8.672%, 3M TSFR + 5.000%, 10/31/31 | 496250 | &nbsp;&nbsp; 496871 |
| Alltech, Inc. |  |  |
| 2025 Term Loan, 8.081%, 1M TSFR + 4.250%, 08/13/30 | 478657 | &nbsp;&nbsp; 482247 |
|  |  | &nbsp;&nbsp; 979118 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.134%, 3M TSFR + 2.250%, 04/20/28 | 646750 | &nbsp;&nbsp; 648690 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 7.735%, 3M TSFR + 3.750%, 04/01/31 | 1039500 | &nbsp;&nbsp; 1050870 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 6.922%, 3M TSFR + 3.250%, 02/14/31 | 1479968 | &nbsp;&nbsp; 1488140 |
|  |  | &nbsp;&nbsp; 3187700 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 5.966%, 1M TSFR + 2.250%, <br> 12/21/28<br>| 1237280 | &nbsp;&nbsp; 1241147 |
| 2025 Delayed Draw Term Loan, 5.966%, 1M TSFR + 2.250%, <br> 02/13/32<br>| 570688 | &nbsp;&nbsp; 571829 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 6.922%, 3M TSFR + 3.250%, 09/12/32 | 1000000 | &nbsp;&nbsp; 1009583 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 6.672%, 3M TSFR + 3.000%, <br> 08/26/31<br>| 1492500 | &nbsp;&nbsp; 1499262 |
|  |  | &nbsp;&nbsp; 4321821 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| Adient U.S. LLC |  |  |
| 2024 Term Loan B2, 5.966%, 1M TSFR + 2.250%, 01/31/31 | 659749 | &nbsp;&nbsp; $663099 |
| Autokiniton U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.831%, 1M TSFR + 4.000%, 04/06/28 | 672283 | &nbsp;&nbsp; 667450 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 05/06/30<br>| 2295996 | &nbsp;&nbsp; 2304893 |
| DexKo Global, Inc. |  |  |
| 2021 USD Term Loan B, 7.581%, 1M TSFR + 3.750%, <br> 10/04/28<br>| 418575 | &nbsp;&nbsp; 416333 |
| First Brands Group LLC |  |  |
| 2025 DIP Term Loan, 5.393%, 1M TSFR + 1.550%, 8.450% <br> PIK, 06/29/26 (d)<br>| 96018 | &nbsp;&nbsp; 20404 |
| Garrett LX I SARL |  |  |
| 2025 USD Term Loan B, 5.840%, 3M TSFR + 2.000%, <br> 01/30/32<br>| 589241 | &nbsp;&nbsp; 591451 |
| RealTruck Group, Inc. |  |  |
| 2023 Incremental Term Loan, 8.831%, 1M TSFR + 5.000%, <br> 01/31/28<br>| 687750 | &nbsp;&nbsp; 539884 |
|  |  | &nbsp;&nbsp; 5203514 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Walker & Dunlop, Inc. |  |  |
| 2025 Term Loan B, 5.734%, 1M TSFR + 2.000%, 03/14/32 | 669938 | &nbsp;&nbsp; 674125 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Arterra Wines Canada, Inc. |  |  |
| 2020 Term Loan, 7.434%, 3M TSFR + 3.500%, 11/24/27 | 877651 | &nbsp;&nbsp; 867777 |
| City Brewing Co. LLC |  |  |
| 2025 PIK First Out Term Loan, 10.822%, 3M TSFR + 7.000%, <br> 09/30/30<br>| 126930 | &nbsp;&nbsp; 52041 |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 5.922%, 3M TSFR + 2.250%, 03/31/28 | 3160392 | &nbsp;&nbsp; 3171365 |
| Sazerac Co., Inc. |  |  |
| Term Loan B, 6.500%, 1M TSFR + 2.500%, 07/09/32 | 897750 | &nbsp;&nbsp; 900219 |
|  |  | &nbsp;&nbsp; 4991402 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Chamberlain Group, Inc. |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/08/32 | 1944176 | &nbsp;&nbsp; 1951012 |
| Cornerstone Building Brands, Inc. |  |  |
| 2024 Term Loan B, 8.250%, 1M TSFR + 4.500%, 05/15/31 | 895625 | &nbsp;&nbsp; 647089 |
| CP Iris Holdco I, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 10/27/32 (b) | 104396 | &nbsp;&nbsp; 103960 |
| 2025 Term Loan, 7.716%, 1M TSFR + 4.000%, 10/27/32 | 845604 | &nbsp;&nbsp; 842081 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.122%, 6M TSFR + 2.250%, 08/04/31 | 540664 | &nbsp;&nbsp; 542455 |
| Icebox Holdco III, Inc. |  |  |
| 2021 1st Lien Term Loan, 6.922%, 3M TSFR + 3.250%, <br> 12/22/31<br>| 1383524 | &nbsp;&nbsp; 1398050 |
| Knife River HoldCo |  |  |
| Term Loan, 5.738%, 3M TSFR + 2.000%, 03/08/32 | 223312 | &nbsp;&nbsp; 224708 |
| Oscar AcquisitionCo LLC |  |  |
| Term Loan B, 7.922%, 3M TSFR + 4.250%, 04/29/29 | 802947 | &nbsp;&nbsp; 579556 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 7.672%, 3M TSFR + 4.000%, 02/20/32 | 895500 | &nbsp;&nbsp; 893261 |

---

*See accompanying notes to financial statements.*

**BHFTI-146**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B2, 5.966%, 1M TSFR + 2.250%, 03/19/29 | 704920 | &nbsp;&nbsp; $708269 |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, 02/10/32 | 839884 | &nbsp;&nbsp; 843454 |
| 2025 Term Loan B1, 5.966%, 1M TSFR + 2.250%, 04/14/31 | 2060935 | &nbsp;&nbsp; 2069469 |
|  |  | &nbsp;&nbsp; 10803364 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/09/31 | 470250 | &nbsp;&nbsp; 472601 |
| Axalta Coating Systems U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B7, 5.422%, 3M TSFR + 1.750%, 12/20/29 | 440486 | &nbsp;&nbsp; 442276 |
| Chemours Co. |  |  |
| 2025 Term Loan B, 10/15/32 (e) | 1300000 | &nbsp;&nbsp; 1288083 |
| Discovery Purchaser Corp. |  |  |
| Term Loan, 7.607%, 3M TSFR + 3.750%, 10/04/29 | 1584314 | &nbsp;&nbsp; 1525694 |
| ECO Services Operations Corp. |  |  |
| 2024 Term Loan B, 5.840%, 3M TSFR + 2.000%, 06/12/31 | 302022 | &nbsp;&nbsp; 302730 |
| Fortis 333, Inc. |  |  |
| USD Term Loan B, 03/29/32 (e) | 1000000 | &nbsp;&nbsp; 992083 |
| Ineos U.S. Finance LLC |  |  |
| 2023 USD Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 02/18/30<br>| 1713712 | &nbsp;&nbsp; 1411670 |
| 2024 USD 1st Lien Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 02/07/31<br>| 1012005 | &nbsp;&nbsp; 817194 |
| Lonza Group AG |  |  |
| USD Term Loan B, 7.697%, 3M TSFR + 3.930%, 07/03/28 | 1056126 | &nbsp;&nbsp; 929171 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.216%, 1M TSFR + 5.500%, 03/29/30 | 490625 | &nbsp;&nbsp; 495531 |
| Nouryon Finance BV |  |  |
| 2024 USD Term Loan B1, 7.036%, 6M TSFR + 3.250%, <br> 04/03/28<br>| 739512 | &nbsp;&nbsp; 741361 |
| 2024 USD Term Loan B2, 7.162%, 3M TSFR + 3.250%, <br> 04/03/28<br>| 661580 | &nbsp;&nbsp; 664061 |
| Olympus Water U.S. Holding Corp. |  |  |
| 2024 USD Term Loan, 6.672%, 3M TSFR + 3.000%, 06/20/31 | 2612910 | &nbsp;&nbsp; 2593721 |
| Paint Intermediate III LLC |  |  |
| 2024 Term Loan B, 6.870%, 3M TSFR + 3.000%, 10/09/31 | 896063 | &nbsp;&nbsp; 900169 |
| Tronox Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 6.172% - 6.216%, 1M TSFR + <br> 2.500%, 3M TSFR + 2.500%, 09/30/31 (c)<br>| 1760220 | &nbsp;&nbsp; 1344368 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 6.689%, 3M TSFR + 3.000%, 08/19/32 | 598500 | &nbsp;&nbsp; 599622 |
|  |  | &nbsp;&nbsp; 15520335 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
| Oxbow Carbon LLC |  |  |
| 2023 Term Loan B, 7.216%, 1M TSFR + 3.500%, 05/10/30 | 529456 | &nbsp;&nbsp; 531442 |
| **Commercial Services — 9.1%** | **Commercial Services — 9.1%** | **Commercial Services — 9.1%** |
| AEA International Holdings Luxembourg SARL |  |  |
| 2024 USD Term Loan B, 6.422%, 3M TSFR + 2.750%, <br> 09/07/28<br>| 1314583 | &nbsp;&nbsp; 1322799 |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan, 6.868%, 3M TSFR + 3.000%, 05/21/31 | 1933813 | &nbsp;&nbsp; 1949525 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 08/20/32<br>| 1995000 | &nbsp;&nbsp; 2007219 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| American Residential Services LLC |  |  |
| 2025 Term Loan B, 6.422%, 3M TSFR + 2.750%, 02/02/32 | 822932 | &nbsp;&nbsp; $828076 |
| Amspec Parent LLC |  |  |
| 2025 Term Loan, 7.172%, 3M TSFR + 3.500%, 12/22/31 | 1593467 | &nbsp;&nbsp; 1601435 |
| APFS Staffing Holdings, Inc. |  |  |
| 2021 Term Loan, 7.966% - 8.072%, 1 M TSFR +4.250%, 3M <br> TSFR + 4.250%, 12/29/28 (c)<br>| 263893 | &nbsp;&nbsp; 239235 |
| Astro Acquisition LLC |  |  |
| 2025 Term Loan B, 7.122%, 6M TSFR + 3.250%, 08/30/32 | 598500 | &nbsp;&nbsp; 603986 |
| Avis Budget Car Rental LLC |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, 07/16/32 | 298500 | &nbsp;&nbsp; 298127 |
| Belfor Holdings, Inc. |  |  |
| 2025 USD Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 11/01/30<br>| 541557 | &nbsp;&nbsp; 545618 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 6.466%, 1M TSFR + 2.750%, 01/31/31 | 1490387 | &nbsp;&nbsp; 1473620 |
| CCRR Parent, Inc. |  |  |
| Term Loan B, 8.334%, 3M TSFR + 4.250%, 03/06/28 | 1472367 | &nbsp;&nbsp; 478519 |
| Citrin Cooperman Advisors LLC |  |  |
| 2025 Term Loan B, 6.672%, 3M TSFR + 3.000%, 04/01/32 | 1271812 | &nbsp;&nbsp; 1278172 |
| CohnReznick LLP |  |  |
| Delayed Draw Term Loan, 03/31/32 (b) | 126579 | &nbsp;&nbsp; 127212 |
| Term Loan, 7.172%, 3M TSFR + 3.500%, 03/31/32 | 794547 | &nbsp;&nbsp; 798520 |
| Corp. Service Co. |  |  |
| Term Loan B, 5.716%, 1M TSFR + 2.000%, 11/02/29 | 478859 | &nbsp;&nbsp; 479457 |
| Creative Artists Agency LLC |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 10/01/31<br>| 1739765 | &nbsp;&nbsp; 1748464 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 6.716%, 1M TSFR + 3.000%, 08/16/30 | 929516 | &nbsp;&nbsp; 829787 |
| Employbridge Holding Co. |  |  |
| 2025 First Out Term Loan, 9.172%, 3M TSFR + 5.500%, <br> 01/19/30<br>| 933808 | &nbsp;&nbsp; 724868 |
| 2025 Second Out Term Loan, 8.684%, 3M TSFR + 4.750%, <br> 01/19/30<br>| 1470860 | &nbsp;&nbsp; 297849 |
| Ensemble RCM LLC |  |  |
| 2024 Term Loan B, 6.840%, 3M TSFR + 3.000%, 08/01/29 | 2401122 | &nbsp;&nbsp; 2416129 |
| First Advantage Holdings LLC |  |  |
| 2025 Repriced Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 10/31/31<br>| 1272234 | &nbsp;&nbsp; 1262095 |
| Fleet Midco I Ltd. |  |  |
| 2024 1st Lien Term Loan B, 6.792%, 6M TSFR + 2.500%, <br> 02/21/31<br>| 174562 | &nbsp;&nbsp; 175654 |
| Foundational Education Group, Inc. |  |  |
| 1st Lien Term Loan, 7.852%, 3M TSFR + 3.750%, 08/31/28 | 576000 | &nbsp;&nbsp; 533880 |
| Fugue Finance BV |  |  |
| 2025 Repriced Term Loan, 01/09/32 (e) | 500000 | &nbsp;&nbsp; 501875 |
| Garda World Security Corp. |  |  |
| 2025 Term Loan B, 6.750%, 1M TSFR + 3.000%, 02/01/29 | 2758695 | &nbsp;&nbsp; 2774213 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 06/02/31 | 2173229 | &nbsp;&nbsp; 2179568 |
| Heron Bidco LLC |  |  |
| Term Loan B, 7.738%, 3M TSFR + 4.000%, 12/10/32 | 750000 | &nbsp;&nbsp; 744844 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, 7.331%, 1M TSFR + 3.500%, 06/30/28 | 200869 | &nbsp;&nbsp; 170989 |
| 2021 Term Loan C, 7.331%, 1M TSFR + 3.500%, 06/30/28 | 39640 | &nbsp;&nbsp; 33149 |

---

*See accompanying notes to financial statements.*

**BHFTI-147**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Hertz Corp. |  |  |
| 2023 Incremental Term Loan B, 7.466%, 1M TSFR + 3.750%, <br> 06/30/28<br>| 528926 | &nbsp;&nbsp; $440992 |
| Highspring Holdings LLC |  |  |
| 2022 Term Loan, 8.822%, 3M TSFR + 5.000%, 01/22/29 | 635815 | &nbsp;&nbsp; 519779 |
| KUEHG Corp. |  |  |
| 2025 Term Loan, 6.422%, 3M TSFR + 2.750%, 06/12/30 | 1219451 | &nbsp;&nbsp; 1187441 |
| Lernen Bidco Ltd. |  |  |
| 2025 USD Term Loan B3, 7.410%, 6M TSFR + 3.500%, <br> 10/27/31<br>| 519770 | &nbsp;&nbsp; 521719 |
| Mavis Tire Express Services Corp. |  |  |
| 2025 Repriced Term Loan, 6.716%, 1M TSFR + 3.000%, <br> 05/04/28<br>| 1493731 | &nbsp;&nbsp; 1500889 |
| Monitronics International, Inc. |  |  |
| 2023 Exit Term Loan, 11.434% - 11.478%, 1M TSFR + <br> 7.500%, 3M TSFR + 7.500%, 06/30/28 (c)<br>| 750335 | &nbsp;&nbsp; 754087 |
| NAB Holdings LLC |  |  |
| 2025 Repriced Term Loan B, 6.172%, 3M TSFR + 2.500%, <br> 11/23/28<br>| 913009 | &nbsp;&nbsp; 875157 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 11/17/31<br>| 1516069 | &nbsp;&nbsp; 1519453 |
| PAREXEL International Corp. |  |  |
| 2025 Repriced Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 12/12/31<br>| 387437 | &nbsp;&nbsp; 389132 |
| PG Investment Co. 59 SARL |  |  |
| 2025 Repriced Term Loan B, 5.922%, 3M TSFR + 2.250%, <br> 03/26/31<br>| 1386833 | &nbsp;&nbsp; 1394345 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, 6.129%, 6M TSFR + 2.000%, <br> 10/13/30<br>| 820452 | &nbsp;&nbsp; 822631 |
| Raven Acquisition Holdings LLC |  |  |
| Delayed Draw Term Loan, 11/19/31 (b) | 89181 | &nbsp;&nbsp; 89586 |
| Term Loan B, 6.716%, 1M TSFR + 3.000%, 11/19/31 | 1239178 | &nbsp;&nbsp; 1244792 |
| SCUR-Alpha 1503 GmbH |  |  |
| USD Term Loan B1, 9.340%, 3M TSFR + 5.500%, 03/29/30 | 1063496 | &nbsp;&nbsp; 991045 |
| Shift4 Payments LLC |  |  |
| 2025 Term Loan, 6.172%, 3M TSFR + 2.500%, 06/30/32 | 224437 | &nbsp;&nbsp; 225981 |
| Spin Holdco, Inc. |  |  |
| 2021 Term Loan, 8.022%, 3M TSFR + 4.000%, 03/04/28 | 2040466 | &nbsp;&nbsp; 1566482 |
| Spring Education Group, Inc. |  |  |
| Term Loan, 6.922%, 3M TSFR + 3.250%, 10/04/30 | 343000 | &nbsp;&nbsp; 345466 |
| TMF Group Holding BV |  |  |
| 2025 USD Term Loan B, 6.687%, 3M TSFR + 2.750%, <br> 05/03/28<br>| 392050 | &nbsp;&nbsp; 394500 |
| Trans Union LLC |  |  |
| 2024 Term Loan B9, 5.466%, 1M TSFR + 1.750%, 06/24/31 | 1621844 | &nbsp;&nbsp; 1626800 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 1631314 | &nbsp;&nbsp; 1635562 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, 5.466%, 1M TSFR + 1.750%, 03/31/28 | 912776 | &nbsp;&nbsp; 915873 |
|  |  | &nbsp;&nbsp; 47386596 |
| **Computers — 3.0%** | **Computers — 3.0%** | **Computers — 3.0%** |
| Clover Holdings 2 LLC |  |  |
| Term Loan B, 7.772%, 1M TSFR + 4.000%, 12/09/31 | 2238750 | &nbsp;&nbsp; 2241898 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Foundever Group SA |  |  |
| 2025 USD Steerco CoOp Term Loan, 7.758%, 3M TSFR + <br> 3.750%, 08/28/28<br>| 992577 | &nbsp;&nbsp; $645175 |
| Imprivata, Inc. |  |  |
| 2025 Term Loan B, 6.672%, 3M TSFR + 3.000%, 12/01/27 | 2038152 | &nbsp;&nbsp; 2050573 |
| McAfee LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 03/01/29<br>| 1480455 | &nbsp;&nbsp; 1371888 |
| NCR Atleos LLC |  |  |
| 2025 Term Loan B, 6.701%, 3M TSFR + 3.000%, 04/16/29 | 992000 | &nbsp;&nbsp; 994274 |
| Nielsen Consumer, Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 5.966%, 1M TSFR + 2.250%, <br> 10/31/30<br>| 1119375 | &nbsp;&nbsp; 1123573 |
| Synechron, Inc. |  |  |
| Term Loan B, 7.572%, 3M TSFR + 3.750%, 10/03/31 | 1117809 | &nbsp;&nbsp; 1115015 |
| Tempo Acquisition LLC |  |  |
| 2025 Repriced Term Loan B, 5.466%, 1M TSFR + 1.750%, <br> 08/31/28<br>| 726620 | &nbsp;&nbsp; 701188 |
| Trio Bidco LLC |  |  |
| 2025 Delayed Draw Term Loan, 10/29/32 (b) | 88095 | &nbsp;&nbsp; 88426 |
| 2025 Term Loan B, 7.672%, 3M TSFR + 4.000%, 10/29/32 | 836905 | &nbsp;&nbsp; 840043 |
| Verifone Systems, Inc. |  |  |
| 2025 Term Loan, 9.352%, 3M TSFR + 5.250%, 08/18/28 | 586221 | &nbsp;&nbsp; 557368 |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 8.102%, 3M TSFR + 4.000%, <br> 04/24/28<br>| 1299325 | &nbsp;&nbsp; 1209996 |
| X Corp. |  |  |
| Term Loan, 10.448%, 3M TSFR + 6.500%, 10/26/29 | 2694302 | &nbsp;&nbsp; 2652925 |
|  |  | &nbsp;&nbsp; 15592342 |
| **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
| Conair Holdings LLC |  |  |
| Term Loan B, 7.581%, 1M TSFR + 3.750%, 05/17/28 | 1151727 | &nbsp;&nbsp; 574904 |
| Journey Personal Care Corp. |  |  |
| 2024 Term Loan B, 7.466%, 1M TSFR + 3.750%, 03/01/28 | 816187 | &nbsp;&nbsp; 810066 |
| Opal Bidco SAS |  |  |
| USD Term Loan B4, 6.686%, 3M TSFR + 3.000%, 04/28/32 | 1995000 | &nbsp;&nbsp; 2009962 |
|  |  | &nbsp;&nbsp; 3394932 |
| **Distribution/Wholesale — 1.5%** | **Distribution/Wholesale — 1.5%** | **Distribution/Wholesale — 1.5%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, 5.690%, 3M TSFR + 2.000%, 07/27/28 | 1899381 | &nbsp;&nbsp; 1907691 |
| 2024 Term Loan E, 5.690%, 3M TSFR + 2.000%, 02/09/31 | 591216 | &nbsp;&nbsp; 593433 |
| Gates Global LLC |  |  |
| 2024 Term Loan B5, 5.466%, 1M TSFR + 1.750%, 06/04/31 | 1318687 | &nbsp;&nbsp; 1323723 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 7.716%, 1M TSFR + 4.000%, 05/21/32 | 1950000 | &nbsp;&nbsp; 1943906 |
| Jennmar Intermediate III LLC |  |  |
| Term Loan B, 8.734%, 3M TSFR + 5.000%, 12/16/30 | 650000 | &nbsp;&nbsp; 646750 |
| Windsor Holdings III LLC |  |  |
| 2025 USD Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 08/01/30<br>| 1173515 | &nbsp;&nbsp; 1179017 |
|  |  | &nbsp;&nbsp; 7594520 |

---

*See accompanying notes to financial statements.*

**BHFTI-148**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** |
| Accelya Lux Finco SARL |  |  |
| 2025 Term Loan B, 8.922%, 3M TSFR + 5.250%, 10/01/32 | 711000 | &nbsp;&nbsp; $710111 |
| Advisor Group, Inc. |  |  |
| 2025 Term Loan, 6.595%, 6M TSFR + 3.000%, 07/30/32 | 1632897 | &nbsp;&nbsp; 1642082 |
| AllSpring Buyer LLC |  |  |
| 2024 Term Loan B, 6.688%, 3M TSFR + 3.000%, 11/01/30 | 1293484 | &nbsp;&nbsp; 1302053 |
| Aretec Group, Inc. |  |  |
| 2025 Repriced Term Loan, 6.716%, 1M TSFR + 3.000%, <br> 08/09/30<br>| 1068277 | &nbsp;&nbsp; 1073451 |
| Astra Acquisition Corp. |  |  |
| 2024 New Money Term Loan A, 02/25/28 (f) | 674962 | &nbsp;&nbsp; 121493 |
| 2024 Term Loan B, 10/25/28 (f) | 948151 | &nbsp;&nbsp; 3627 |
| 2025 DIP Delayed Draw Term Loan, 12.627%, 3M TSFR + <br> 8.750%, 04/01/26 (b)<br>| 90055 | &nbsp;&nbsp; 90505 |
| 2025 Term Loan, 12.735%, 3M TSFR + 8.750%, 04/01/26 | 37574 | &nbsp;&nbsp; 37762 |
| Avolon TLB Borrower 1 U.S. LLC |  |  |
| 2023 Term Loan B6, 5.484%, 1M TSFR + 1.750%, 06/24/30 | 1027457 | &nbsp;&nbsp; 1035163 |
| Blackhawk Network Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.672%, 3M TSFR + 4.000%, 03/12/29 | 748111 | &nbsp;&nbsp; 752720 |
| Citco Funding LLC |  |  |
| 2024 Term Loan B, 6.511%, 1M TSFR + 2.750%, 04/27/28 | 757624 | &nbsp;&nbsp; 763661 |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.716%, 1M TSFR + 2.000%, <br> 05/19/31<br>| 2197187 | &nbsp;&nbsp; 2205884 |
| Edelman Financial Center LLC |  |  |
| 2024 Term Loan, 6.716%, 1M TSFR + 3.000%, 04/07/28 | 1679407 | &nbsp;&nbsp; 1690353 |
| Fiserv Investment Solutions, Inc. |  |  |
| 2020 Term Loan B, 7.889%, 3M TSFR + 4.000%, 02/18/27 | 472500 | &nbsp;&nbsp; 468366 |
| Focus Financial Partners LLC |  |  |
| 2025 Incremental Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 09/15/31<br>| 2456450 | &nbsp;&nbsp; 2463552 |
| Guggenheim Partners LLC |  |  |
| 2024 Term Loan B, 6.172%, 3M TSFR + 2.500%, 11/26/31 | 1331921 | &nbsp;&nbsp; 1338996 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.651%, 3M TSFR + 2.750%, <br> 02/03/32<br>| 2211387 | &nbsp;&nbsp; 2219680 |
| Kestra Advisor Services Holdings A, Inc. |  |  |
| 2024 Repriced Term Loan, 6.716%, 1M TSFR + 3.000%, <br> 03/22/31<br>| 816012 | &nbsp;&nbsp; 818562 |
| Mariner Wealth Advisors LLC |  |  |
| 2025 Repriced Term Loan B, 5.936%, 3M TSFR + 2.250%, <br> 12/31/30<br>| 1951217 | &nbsp;&nbsp; 1965038 |
| Mermaid Bidco, Inc. |  |  |
| 2024 USD Term Loan B, 7.151%, 3M TSFR + 3.250%, <br> 07/03/31<br>| 1983531 | &nbsp;&nbsp; 1990969 |
| OID-OL Intermediate I LLC |  |  |
| Term Loan 1, 9.840%, 3M TSFR + 6.000%, 02/01/29 | 109739 | &nbsp;&nbsp; 113031 |
| Term Loan 2, 8.240%, 3M TSFR + 4.250%, 02/01/29 | 448477 | &nbsp;&nbsp; 376440 |
| Orion Advisor Solutions, Inc. |  |  |
| 2025 Repriced Term Loan, 7.110%, 3M TSFR + 3.250%, <br> 09/24/30<br>| 1216960 | &nbsp;&nbsp; 1227609 |
| Orion U.S. Finco, Inc. |  |  |
| 1st Lien Term Loan, 7.427%, 3M TSFR + 3.500%, 10/08/32 | 975000 | &nbsp;&nbsp; 980687 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 8.216%, 1M TSFR + 4.500%, 10/01/31 | 967687 | &nbsp;&nbsp; 959220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Saphilux SARL |  |  |
| 2025 USD Repriced Term Loan, 6.730% - 6.910%, 3M TSFR + <br> 3.000%, 6M TSFR + 3.000%, 07/18/28 (c)<br>| 995000 | &nbsp;&nbsp; $1002463 |
| Victory Capital Holdings, Inc. |  |  |
| 2025 Term Loan, 5.672%, 3M TSFR + 2.000%, 09/23/32 | 997500 | &nbsp;&nbsp; 1004233 |
|  |  | &nbsp;&nbsp; 28357711 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| Calpine Corp. |  |  |
| 2024 Term Loan B5, 5.466%, 1M TSFR + 1.750%, 02/15/32 | 1424263 | &nbsp;&nbsp; 1425821 |
| Invenergy Thermal Operating I LLC |  |  |
| 2025 Term Loan B, 6.410%, 3M TSFR + 2.750%, 05/17/32 | 1371268 | &nbsp;&nbsp; 1388409 |
| 2025 Term Loan C, 6.410%, 3M TSFR + 2.750%, 05/17/32 | 90161 | &nbsp;&nbsp; 91288 |
| Kohler Energy Co. LLC |  |  |
| USD Term Loan B, 7.422%, 3M TSFR + 3.750%, 05/01/31 | 2129581 | &nbsp;&nbsp; 2145553 |
| Lightning Power LLC |  |  |
| Term Loan B, 5.966%, 1M TSFR + 2.250%, 08/18/31 | 1975000 | &nbsp;&nbsp; 1987960 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 6.922%, 3M TSFR + 3.250%, <br> 06/04/32 (b)<br>| 219829 | &nbsp;&nbsp; 218662 |
| Term Loan, 6.922%, 3M TSFR + 3.250%, 06/04/32 | 1725514 | &nbsp;&nbsp; 1716348 |
| Talen Energy Supply LLC |  |  |
| 2024-1 Incremental Term Loan, 6.353%, 3M TSFR + 2.500%, <br> 12/15/31<br>| 1980000 | &nbsp;&nbsp; 1991668 |
|  |  | &nbsp;&nbsp; 10965709 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| Creation Technologies, Inc. |  |  |
| 2021 Term Loan, 9.696%, 3M TSFR + 5.500%, 10/05/28 | 1061500 | &nbsp;&nbsp; 1062827 |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 5.734%, 1M TSFR + 2.000%, 03/19/32 | 1558111 | &nbsp;&nbsp; 1562006 |
| Range Red Operating, Inc. |  |  |
| First Out Term Loan, 11.989%, 3M TSFR + 8.000%, 10/01/29 <br> (g) (h)<br>| 197753 | &nbsp;&nbsp; 158202 |
| Second Out Term Loan, 11.989%, 3M TSFR + 8.000%, <br> 10/01/29 (g) (h)<br>| 829545 | &nbsp;&nbsp; 663636 |
|  |  | &nbsp;&nbsp; 3446671 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| LSF12 Crown U.S. Commercial Bidco LLC |  |  |
| 2025 Term Loan B, 7.373%, 1M TSFR + 3.500%, 12/02/31 | 1991628 | &nbsp;&nbsp; 2007810 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.721%, 1M TSFR + 2.000%, <br> 03/17/32<br>| 572129 | &nbsp;&nbsp; 574989 |
| Spectris PLC |  |  |
| USD Term Loan, 6.604%, 3M TSFR + 2.750%, 09/30/32 | 399000 | &nbsp;&nbsp; 401494 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 6.123%, 1M TSFR + 2.250%, 05/30/30 | 513253 | &nbsp;&nbsp; 518386 |
|  |  | &nbsp;&nbsp; 3502679 |
| **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** |
| Artera Services LLC |  |  |
| 2024 Term Loan, 8.172%, 3M TSFR + 4.500%, 02/15/31 | 417563 | &nbsp;&nbsp; 339269 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 05/17/28 (b) | 61688 | &nbsp;&nbsp; 62112 |
| 2025 Term Loan B, 6.716%, 1M TSFR + 3.000%, 05/17/28 | 865559 | &nbsp;&nbsp; 871510 |

---

*See accompanying notes to financial statements.*

**BHFTI-149**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, 6.466% - 6.590%, 1M TSFR <br> + 2.750%, 3M TSFR + 2.750%, 07/01/31 (c)<br>| 2095369 | &nbsp;&nbsp; $2107417 |
| Term Loan B, 6.216%, 1M TSFR + 2.500%, 07/01/31 | 1295146 | &nbsp;&nbsp; 1303241 |
| Construction Partners, Inc. |  |  |
| Term Loan B, 6.216%, 1M TSFR + 2.500%, 11/03/31 | 519750 | &nbsp;&nbsp; 524947 |
| Cube Industrials Buyer, Inc. |  |  |
| 2025 Term Loan B, 6.912%, 3M TSFR + 3.000%, 10/17/31 | 1017325 | &nbsp;&nbsp; 1025591 |
| Green Infrastructure Partners, Inc. |  |  |
| USD Term Loan B, 6.422%, 3M TSFR + 2.750%, 09/24/32 | 900000 | &nbsp;&nbsp; 902250 |
| KKR Apple Bidco LLC |  |  |
| 2025 Term Loan, 6.216%, 1M TSFR + 2.500%, 09/23/31 | 2142925 | &nbsp;&nbsp; 2155363 |
| Newly Weds Foods, Inc. |  |  |
| Term Loan B, 5.984%, 1M TSFR + 2.250%, 03/15/32 | 1119375 | &nbsp;&nbsp; 1123573 |
|  |  | &nbsp;&nbsp; 10415273 |
| **Entertainment — 3.9%** | **Entertainment — 3.9%** | **Entertainment — 3.9%** |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, 5.966%, 1M TSFR + 2.250%, 02/06/31 | 2775563 | &nbsp;&nbsp; 2754746 |
| City Football Group Ltd. |  |  |
| 2024 Term Loan, 6.934%, 3M TSFR + 3.000%, 07/22/30 | 1396114 | &nbsp;&nbsp; 1397859 |
| EOC Borrower LLC |  |  |
| Term Loan B, 6.716%, 1M TSFR + 3.000%, 03/24/32 | 3483747 | &nbsp;&nbsp; 3507154 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 5.422%, 3M TSFR + 1.750%, 11/30/30 | 1329774 | &nbsp;&nbsp; 1327697 |
| 2025 Term Loan B, 5.672%, 3M TSFR + 2.000%, 06/04/32 | 945250 | &nbsp;&nbsp; 945250 |
| GVC Holdings Gibraltar Ltd. |  |  |
| 2025 Term Loan B5 (2032), 5.922%, 3M TSFR + 2.250%, <br> 07/31/32<br>| 997500 | &nbsp;&nbsp; 990850 |
| Herschend Entertainment Co. LLC |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, 05/27/32 | 721375 | &nbsp;&nbsp; 727537 |
| Light & Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 5.986%, 1M TSFR + 2.250%, 04/14/29 | 1955175 | &nbsp;&nbsp; 1935624 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 7.922%, 3M TSFR + 4.250%, 08/01/30 | 860237 | &nbsp;&nbsp; 796257 |
| Scientific Games Holdings LP |  |  |
| 2024 USD Term Loan B, 6.934%, 3M TSFR + 3.000%, <br> 04/04/29<br>| 1157450 | &nbsp;&nbsp; 1138786 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 2024 Term Loan B3, 5.716%, 1M TSFR + 2.000%, 12/04/31 | 631529 | &nbsp;&nbsp; 629161 |
| TKO Worldwide Holdings LLC |  |  |
| 2025 Term Loan, 5.869%, 3M TSFR + 2.000%, 11/21/31 | 1340497 | &nbsp;&nbsp; 1347851 |
| Voyager Parent LLC |  |  |
| Term Loan B, 8.422%, 3M TSFR + 4.750%, 07/01/32 | 2867813 | &nbsp;&nbsp; 2872791 |
|  |  | &nbsp;&nbsp; 20371563 |
| **Environmental Control — 2.8%** | **Environmental Control — 2.8%** | **Environmental Control — 2.8%** |
| EnergySolutions LLC |  |  |
| 2023 Term Loan B, 6.966%, 1M TSFR + 3.250%, 09/20/30 | 776441 | &nbsp;&nbsp; 782426 |
| Filtration Group Corp. |  |  |
| 2025 USD Term Loan, 6.466%, 1M TSFR + 2.750%, 10/21/28 | 1432754 | &nbsp;&nbsp; 1442306 |
| Geosyntec Consultants |  |  |
| 2025 Repriced Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 07/31/31<br>| 523687 | &nbsp;&nbsp; 527288 |
| GFL Environmental, Inc. |  |  |
| 2025 Term Loan B, 6.273%, 3M TSFR + 2.500%, 03/03/32 | 1895250 | &nbsp;&nbsp; 1905517 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control—(Continued)** | **Environmental Control—(Continued)** | **Environmental Control—(Continued)** |
| Heritage-Crystal Clean, Inc. |  |  |
| Term Loan B, 7.480%, 1M TSFR + 3.750%, 10/17/30 | 2162153 | &nbsp;&nbsp; $2175666 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.702%, 6M TSFR + 2.500%, 06/21/28 | 1947076 | &nbsp;&nbsp; 1958789 |
| Northstar Group Services, Inc. |  |  |
| 2024 Term Loan B, 8.590%, 3M TSFR + 4.750%, 05/31/30 | 1596191 | &nbsp;&nbsp; 1610158 |
| Reworld Holding Corp. |  |  |
| Term Loan B, 5.984%, 1M TSFR + 2.250%, 11/30/28 | 1436034 | &nbsp;&nbsp; 1438727 |
| Term Loan B, 5.984%, 1M TSFR + 2.250%, 1/15/31 | 1325000 | &nbsp;&nbsp; 1327762 |
| Tidal Waste & Recycling Holdings LLC |  |  |
| Term Loan B, 6.422%, 3M TSFR + 2.750%, 10/24/31 | 1216312 | &nbsp;&nbsp; 1226955 |
|  |  | &nbsp;&nbsp; 14395594 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| Del Monte Foods, Inc. |  |  |
| 2024 First Out Term Loan, 08/02/28 (f) | 263177 | &nbsp;&nbsp; 131589 |
| 2024 Second Out Term Loan, 08/02/28 (f) | 1858597 | &nbsp;&nbsp; 74344 |
| 2025 DIP Term Loan, 13.350%, 1M TSFR + 9.500%, <br> 04/02/26<br>| 927751 | &nbsp;&nbsp; 892186 |
| 2025 PIK Roll-Up Term Loan, 13.350% - 13.559%, 1M TSFR + <br> 9.600%, 04/02/26 (c)<br>| 1270752 | &nbsp;&nbsp; 1054724 |
| 2025 PIK Term Loan, 08/02/28 (f) | 233925 | &nbsp;&nbsp; 117255 |
| Froneri Lux Finco SARL |  |  |
| 2025 USD Term Loan B6, 5.922%, 3M TSFR + 2.250%, <br> 09/30/32<br>| 775000 | &nbsp;&nbsp; 775920 |
| Nomad Foods Europe Midco Ltd. |  |  |
| 2025 USD Term Loan B, 6.276%, 6M TSFR + 2.500%, <br> 10/28/32<br>| 1257914 | &nbsp;&nbsp; 1266562 |
| PFI Lower Midco LLC |  |  |
| Term Loan B, 7.873%, 1M TSFR + 4.000%, 12/01/32 | 650000 | &nbsp;&nbsp; 655687 |
|  |  | &nbsp;&nbsp; 4968267 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| Aramark Services, Inc. |  |  |
| 2025 Term Loan, 5.471%, 1M TSFR + 1.750%, 06/22/30 | 506734 | &nbsp;&nbsp; 510059 |
| Gategroup Finance Luxembourg SA |  |  |
| USD Repriced Term Loan B, 7.201%, 3M TSFR + 3.500%, <br> 06/10/32<br>| 497500 | &nbsp;&nbsp; 499210 |
| Golden State Food LLC |  |  |
| Term Loan B, 7.672%, 3M TSFR + 4.000%, 12/04/31 | 747478 | &nbsp;&nbsp; 752851 |
|  |  | &nbsp;&nbsp; 1762120 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Spa Holdings 3 OYJ |  |  |
| 2025 USD Term Loan B, 8.184%, 3M TSFR + 4.250%, <br> 05/23/30<br>| 497503 | &nbsp;&nbsp; 500613 |
| **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** |
| Apex Tool Group LLC |  |  |
| 2025 Exchanged Term Loan B1, 9.716%, 1M TSFR + 6.000%, <br> 04/08/31<br>| 1018321 | &nbsp;&nbsp; 305496 |
| 2025 Super Priority Term Loan, 10.716%, 1M TSFR + 7.000%, <br> 01/07/30<br>| 18786 | &nbsp;&nbsp; 18410 |
| 2025 Term Loan A1, 8.966%, 1M TSFR + 5.250%, 04/08/30 | 453380 | &nbsp;&nbsp; 385373 |
| 2025 Term Loan A2, 13.716%, 1M TSFR + 7.000%, 01/07/30 | 299882 | &nbsp;&nbsp; 149941 |

---

*See accompanying notes to financial statements.*

**BHFTI-150**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Hand/Machine Tools—(Continued)** | **Hand/Machine Tools—(Continued)** | **Hand/Machine Tools—(Continued)** |
| Dynamo Newco II GmbH |  |  |
| 2025 USD Term Loan B, 7.093%, 1M TSFR + 3.250%, <br> 09/30/31<br>| 1481287 | &nbsp;&nbsp; $1494711 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.227%, 1M TSFR + 2.500%, <br> 09/26/31<br>| 1260654 | &nbsp;&nbsp; 1271292 |
|  |  | &nbsp;&nbsp; 3625223 |
| **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** |
| Bausch & Lomb Corp. |  |  |
| 2025 Term Loan B, 7.966%, 1M TSFR + 4.250%, 01/15/31 | 2122325 | &nbsp;&nbsp; 2134927 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 7.216%, 1M TSFR + 3.500%, <br> 10/23/31 (b)<br>| 147959 | &nbsp;&nbsp; 148637 |
| 2024 Term Loan B, 7.216%, 1M TSFR + 3.500%, 10/23/31 | 1143073 | &nbsp;&nbsp; 1148312 |
| Medline Borrower LP |  |  |
| 2025 Term Loan B, 5.466%, 1M TSFR + 1.750%, 10/23/28 | 663825 | &nbsp;&nbsp; 666480 |
|  |  | &nbsp;&nbsp; 4098356 |
| **Healthcare-Services — 3.7%** | **Healthcare-Services — 3.7%** | **Healthcare-Services — 3.7%** |
| Cano Health LLC |  |  |
| 2024 Exit Term Loan, 13.172%, 3M TSFR + 9.500%, <br> 06/28/29<br>| 611269 | &nbsp;&nbsp; 504297 |
| Concentra Health Services, Inc. |  |  |
| 2025 Repriced Term Loan B, 5.716%, 1M TSFR + 2.000%, <br> 07/26/31<br>| 371257 | &nbsp;&nbsp; 374390 |
| Electron BidCo, Inc. |  |  |
| 2021 Term Loan, 6.216%, 1M TSFR + 2.500%, 11/01/28 | 1615914 | &nbsp;&nbsp; 1626157 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.384%, 3M TSFR + 3.500%, 10/01/32 | 1825000 | &nbsp;&nbsp; 1838361 |
| Heartland Dental LLC |  |  |
| 2025 Term Loan, 7.466%, 1M TSFR + 3.750%, 08/25/32 | 1318874 | &nbsp;&nbsp; 1325880 |
| ICON Luxembourg SARL |  |  |
| 2024 LUX Term Loan B, 5.672%, 3M TSFR + 2.000%, <br> 07/03/28<br>| 53226 | &nbsp;&nbsp; 53741 |
| Loire Finco Luxembourg SARL |  |  |
| 2025 USD Term Loan B, 7.716%, 1M TSFR + 4.000%, <br> 01/21/30<br>| 284638 | &nbsp;&nbsp; 285349 |
| MDVIP, Inc. |  |  |
| 2025 Term Loan B, 6.730%, 1M TSFR + 3.000%, 10/14/31 | 721375 | &nbsp;&nbsp; 724681 |
| MED ParentCo LP |  |  |
| 2025 Repriced Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 04/15/31<br>| 1296750 | &nbsp;&nbsp; 1302151 |
| Midwest Physician Administrative Services LLC |  |  |
| 2021 Term Loan, 6.934%, 3M TSFR + 3.000%, 03/12/28 | 700484 | &nbsp;&nbsp; 637616 |
| National Mentor Holdings, Inc. |  |  |
| 2025 1st Lien Term Loan B, 9.716%, 1M TSFR + 6.000%, <br> 12/12/30<br>| 794139 | &nbsp;&nbsp; 795132 |
| Pacific Dental Services LLC |  |  |
| 2024 Term Loan B, 6.236%, 1M TSFR + 2.500%, 03/15/31 | 2311435 | &nbsp;&nbsp; 2322992 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 02/21/31 | 1581926 | &nbsp;&nbsp; 1591615 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 5.672%, 3M TSFR + 2.000%, <br> 07/03/28<br>| 13261 | &nbsp;&nbsp; 13390 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Radnet Management, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.072%, 3M TSFR + 2.250%, <br> 04/18/31<br>| 1231250 | &nbsp;&nbsp; $1237076 |
| Sotera Health Holdings LLC |  |  |
| 2025 Term Loan B, 6.340%, 3M TSFR + 2.500%, 05/30/31 | 2351132 | &nbsp;&nbsp; 2368765 |
| Surgery Center Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, 12/19/30 | 1214993 | &nbsp;&nbsp; 1221448 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.987%, 1M TSFR + 4.000%, 10/01/28 | 994805 | &nbsp;&nbsp; 1000504 |
|  |  | &nbsp;&nbsp; 19223545 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| Emerald X, Inc. |  |  |
| 2025 Term Loan B1, 6.966%, 1M TSFR + 3.250%, 01/30/32 | 199000 | &nbsp;&nbsp; 200493 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Lippert Colipper |  |  |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, 03/25/32 | 322567 | &nbsp;&nbsp; 325389 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.854% - 6.873%, 1M TSFR + <br> 3.000%, 3M TSFR + 3.000%, 07/31/28 (c)<br>| 3177807 | &nbsp;&nbsp; 3188621 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| Kronos Acquisition Holdings, Inc. |  |  |
| 2024 Term Loan, 7.672%, 3M TSFR + 4.000%, 07/08/31 | 1403829 | &nbsp;&nbsp; 914829 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Libbey Glass, Inc. |  |  |
| 2022 Term Loan, 10.509%, 3M TSFR + 6.500%, 11/22/27 | 522041 | &nbsp;&nbsp; 504205 |
| **Insurance — 6.1%** | **Insurance — 6.1%** | **Insurance — 6.1%** |
| Acrisure LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.716%, 1M TSFR + 3.000%, <br> 11/06/30<br>| 1736231 | &nbsp;&nbsp; 1737316 |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, 06/21/32 | 995000 | &nbsp;&nbsp; 998109 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 6.966%, 1M TSFR + 3.250%, 05/31/32 | 1720688 | &nbsp;&nbsp; 1731561 |
| Alliant Holdings Intermediate LLC |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, 09/19/31 | 2112629 | &nbsp;&nbsp; 2120551 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, 01/30/32 | 3952446 | &nbsp;&nbsp; 3969244 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.081%, 1M TSFR + 5.250%, <br> 01/31/28<br>| 1160000 | &nbsp;&nbsp; 1157680 |
| 2024 Term Loan B12, 7.966%, 1M TSFR + 4.250%, 09/19/30 | 2663464 | &nbsp;&nbsp; 2666460 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.466%, 1M TSFR + 2.750%, 06/13/31 | 2666772 | &nbsp;&nbsp; 2677698 |
| HUB International Ltd. |  |  |
| 2025 Term Loan B, 6.120%, 3M TSFR + 2.250%, 06/20/30 | 2976984 | &nbsp;&nbsp; 2996210 |
| IMA Financial Group, Inc. |  |  |
| Term Loan, 6.716%, 1M TSFR + 3.000%, 11/01/28 | 1391989 | &nbsp;&nbsp; 1396774 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 2025 Repriced Term Loan B, 12/10/32 (e) | 1000000 | &nbsp;&nbsp; 1002500 |

---

*See accompanying notes to financial statements.*

**BHFTI-151**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Ryan Specialty Group LLC |  |  |
| 2024 USD Term Loan B, 5.716%, 1M TSFR + 2.000%, <br> 09/15/31<br>| 1237500 | &nbsp;&nbsp; $1241625 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.216%, 1M TSFR + 2.500%, 07/31/31 | 3009873 | &nbsp;&nbsp; 3023667 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 6.966%, 1M TSFR + 3.250%, 06/17/32 | 1047375 | &nbsp;&nbsp; 1046066 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 5.922%, 3M TSFR + 2.250%, 09/29/30 | 1960200 | &nbsp;&nbsp; 1966816 |
| 2024 Term Loan D, 5.922%, 3M TSFR + 2.250%, 11/21/29 | 2109326 | &nbsp;&nbsp; 2117236 |
|  |  | &nbsp;&nbsp; 31849513 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| CNT Holdings I Corp. |  |  |
| 2025 Term Loan, 6.090%, 3M TSFR + 2.250%, 11/08/32 | 1114867 | &nbsp;&nbsp; 1118660 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, 5.466%, 1M TSFR + 1.750%, 05/30/31 | 1166917 | &nbsp;&nbsp; 1170382 |
| 2024 Term Loan B8, 5.466%, 1M TSFR + 1.750%, 11/09/29 | 144228 | &nbsp;&nbsp; 144633 |
| Newfold Digital Holdings Group, Inc. |  |  |
| 2025 Tranche A Term Loan, 7.384%, 1M TSFR + 3.500%, <br> 04/30/29<br>| 2029801 | &nbsp;&nbsp; 1689809 |
| 2025 Tranche B Term Loan, 7.384%, 1M TSFR + 3.500%, <br> 04/30/29<br>| 358200 | &nbsp;&nbsp; 217905 |
| Plano HoldCo, Inc. |  |  |
| Term Loan B, 7.172%, 3M TSFR + 3.500%, 10/02/31 | 595500 | &nbsp;&nbsp; 579124 |
| Speedster Bidco GmbH |  |  |
| 2025 USD Term Loan B1, 6.689%, 3M TSFR + 3.250%, <br> 12/11/31<br>| 843641 | &nbsp;&nbsp; 846805 |
|  |  | &nbsp;&nbsp; 5767318 |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| AAL Delaware Holdco, Inc. |  |  |
| 2025 Term Loan, 6.466%, 1M TSFR + 2.750%, 07/30/31 | 1412624 | &nbsp;&nbsp; 1421453 |
| Anuvu Holdings 2 LLC |  |  |
| 2024 Senior Takeback Term Loan, 12.051%, 3M TSFR + <br> 8.250%, 03/23/26 (g) (h)<br>| 440109 | &nbsp;&nbsp; 8098 |
| Aragorn Parent Corp. |  |  |
| 2025 Repriced Term Loan B, 7.216%, 1M TSFR + 3.500%, <br> 12/15/28<br>| 1319301 | &nbsp;&nbsp; 1330020 |
| Dragon Buyer, Inc. |  |  |
| Term Loan B, 6.422%, 3M TSFR + 2.750%, 09/30/31 | 1386000 | &nbsp;&nbsp; 1388383 |
| EIG Management Co. LLC |  |  |
| 2024 Term Loan, 8.716%, 1M TSFR + 5.000%, 05/17/29 | 370616 | &nbsp;&nbsp; 370616 |
| HDI Aerospace Intermediate Holding III Corp. |  |  |
| Term Loan B, 7.687%, 3M TSFR + 3.750%, 02/11/32 | 645125 | &nbsp;&nbsp; 648351 |
| NEXUS Buyer LLC |  |  |
| 2025 Incremental Term Loan, 7.716%, 1M TSFR + 4.000%, <br> 07/31/31<br>| 748125 | &nbsp;&nbsp; 743137 |
| 2025 Term Loan B, 7.216%, 1M TSFR + 3.500%, 07/31/31 | 788015 | &nbsp;&nbsp; 778165 |
| Nvent Electric PLC |  |  |
| Term Loan B, 6.843%, 1M TSFR + 3.000%, 01/30/32 | 1122187 | &nbsp;&nbsp; 1131072 |
|  |  | &nbsp;&nbsp; 7819295 |
| **Leisure Time — 1.8%** | **Leisure Time — 1.8%** | **Leisure Time — 1.8%** |
| Alterra Mountain Co. |  |  |
| 2025 Term Loan B8, 6.216%, 1M TSFR + 2.500%, 05/31/30 | 1596000 | &nbsp;&nbsp; 1605975 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time—(Continued)** | **Leisure Time—(Continued)** | **Leisure Time—(Continued)** |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 5.966%, 1M TSFR + 2.250%, 12/13/29 | 274312 | &nbsp;&nbsp; $275880 |
| 2024 Term Loan B4, 5.966%, 1M TSFR + 2.250%, 01/22/31 | 485230 | &nbsp;&nbsp; 487429 |
| GSM Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.672%, 3M TSFR + 5.000%, 09/30/31 | 987500 | &nbsp;&nbsp; 978859 |
| Hayward Industries, Inc. |  |  |
| 2021 Term Loan, 6.331%, 1M TSFR + 2.500%, 05/30/28 | 1488155 | &nbsp;&nbsp; 1499316 |
| Horizon U.S. Finco LP |  |  |
| Term Loan B, 8.198%, 6M TSFR + 4.500%, 10/31/31 | 1212744 | &nbsp;&nbsp; 1193037 |
| MajorDrive Holdings IV LLC |  |  |
| 2022 Incremental Term Loan B, 9.322%, 3M TSFR + 5.500%, <br> 06/01/29<br>| 487342 | &nbsp;&nbsp; 445918 |
| Term Loan B, 7.934%, 3M TSFR + 4.000%, 06/01/28 | 313779 | &nbsp;&nbsp; 286245 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 7.615%, 3M TSFR + 3.750%, <br> 02/20/30<br>| 1994237 | &nbsp;&nbsp; 2009194 |
| Sabre GLBL, Inc. |  |  |
| 2024 Term Loan B1, 9.816%, 1M TSFR + 6.000%, 11/15/29 | 722263 | &nbsp;&nbsp; 650036 |
| 2025 Term Loan B1, 10.066%, 1M TSFR + 6.250%, 07/30/29 | 137717 | &nbsp;&nbsp; 140815 |
|  |  | &nbsp;&nbsp; 9572704 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Fertitta Entertainment LLC |  |  |
| 2022 Term Loan B, 6.966%, 1M TSFR + 3.250%, 01/27/29 | 2871180 | &nbsp;&nbsp; 2874052 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 5.716%, 1M TSFR + 2.000%, 03/14/31 | 1424625 | &nbsp;&nbsp; 1431006 |
| Turquoise Topco Ltd. |  |  |
| Term Loan B, 12/30/32 (e) | 1025000 | &nbsp;&nbsp; 1012187 |
|  |  | &nbsp;&nbsp; 5317245 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Apex Tool Group LLC |  |  |
| 2025 1.5 Lien Term Loan B, 9.716%, 1M TSFR + 6.000%, <br> 04/08/31<br>| 18092 | &nbsp;&nbsp; 5428 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| WEC U.S. Holdings Ltd. |  |  |
| 2024 Term Loan, 5.873%, 1M TSFR + 2.000%, 01/27/31 | 3449779 | &nbsp;&nbsp; 3459822 |
| **Machinery-Diversified — 2.8%** | **Machinery-Diversified — 2.8%** | **Machinery-Diversified — 2.8%** |
| CD&R Hydra Buyer, Inc. |  |  |
| 2024 Term Loan B, 7.816%, 1M TSFR + 4.000%, 03/25/31 | 1358418 | &nbsp;&nbsp; 1359693 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.343%, 1M TSFR + 4.500%, 09/28/28 | 1576770 | &nbsp;&nbsp; 1572088 |
| Crown Equipment Corp. |  |  |
| 2025 1st Lien Term Loan B, 5.772%, 1M TSFR + 2.000%, <br> 10/10/31<br>| 1042125 | &nbsp;&nbsp; 1049506 |
| DXP Enterprises, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.966%, 1M TSFR + 3.250%, 3M <br> TSFR + 3.250%, 10/11/30<br>| 1333730 | &nbsp;&nbsp; 1347067 |
| Engineered Machinery Holdings, Inc. |  |  |
| 2025 USD Term Loan, 6.922%, 3M TSFR + 3.250%, 11/26/32 | 2652708 | &nbsp;&nbsp; 2673710 |
| Pro Mach Group, Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 10/15/32<br>| 1500000 | &nbsp;&nbsp; 1511147 |

---

*See accompanying notes to financial statements.*

**BHFTI-152**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| Roper Industrial Products Investment Co. LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.422%, 3M TSFR + 2.750%, <br> 11/22/29<br>| 964389 | &nbsp;&nbsp; $971105 |
| SPX Flow, Inc. |  |  |
| 2025 Term Loan, 6.466%, 1M TSFR + 2.750%, 04/05/29 | 1086375 | &nbsp;&nbsp; 1090223 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.947%, 6M TSFR + 2.750%, <br> 04/30/30<br>| 2773973 | &nbsp;&nbsp; 2793912 |
|  |  | &nbsp;&nbsp; 14368451 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Charter Communications Operating LLC |  |  |
| 2024 Term Loan B5, 6.235%, 3M TSFR + 2.250%, 12/15/31 | 569250 | &nbsp;&nbsp; 570219 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 6.987%, 1M TSFR + 3.000%, 12/01/28 | 556731 | &nbsp;&nbsp; 558123 |
| Hubbard Radio LLC |  |  |
| 2024 PIK Term Loan B, 8.216%, 1M TSFR + 4.500%, <br> 09/30/27<br>| 366277 | &nbsp;&nbsp; 73255 |
| Mission Broadcasting, Inc. |  |  |
| 2021 Term Loan B, 6.457%, 1M TSFR + 2.500%, 06/02/28 | 383000 | &nbsp;&nbsp; 384516 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, 7.115%, 1M TSFR + 3.250%, <br> 01/31/29<br>| 1125000 | &nbsp;&nbsp; 1128516 |
| 2023 USD Term Loan Y, 7.052%, 6M TSFR + 3.180%, <br> 03/31/31<br>| 850000 | &nbsp;&nbsp; 843094 |
|  |  | &nbsp;&nbsp; 3557723 |
| **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** |
| Ameriforge Group, Inc. |  |  |
| 2024 PIK Class A Delayed Draw Term Loan, 3.842%, 1M TSFR <br> + 0.000%, 11.00% PIK, 12/31/25 (d) (g) (h)<br>| 142770 | &nbsp;&nbsp; 2770 |
| 2024 PIK Class A Initial Term Loan, 3.842%, 1M TSFR + <br> 0.000%, 11.00% PIK, 12/31/25 (d) (g) (h)<br>| 1236312 | &nbsp;&nbsp; 23984 |
| WireCo WorldGroup, Inc. |  |  |
| 2023 Term Loan B, 7.607%, 3M TSFR + 3.750%, 11/13/28 | 471026 | &nbsp;&nbsp; 472204 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 5.981%, 1M TSFR + 2.250%, 01/24/31 | 1505362 | &nbsp;&nbsp; 1514394 |
|  |  | &nbsp;&nbsp; 2013352 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| American Consolidated Natural Resources, Inc. |  |  |
| 2024 2nd Lien Term Loan, 13.000%, 12/11/29 | 343094 | &nbsp;&nbsp; 343094 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 08/19/30 | 1519400 | &nbsp;&nbsp; 1525098 |
|  |  | &nbsp;&nbsp; 1868192 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| Cleanova U.S. Holdings LLC |  |  |
| 2025 Term Loan B, 8.483%, 3M TSFR + 4.750%, 06/14/32 | 523687 | &nbsp;&nbsp; 523687 |
| CoorsTek, Inc. |  |  |
| Term Loan B, 6.859%, 3M TSFR + 3.000%, 10/28/32 | 850000 | &nbsp;&nbsp; 858500 |
| LTI Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.466%, 1M TSFR + 3.750%, 07/29/29 | 1481250 | &nbsp;&nbsp; 1492545 |
|  |  | &nbsp;&nbsp; 2874732 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Apro LLC |  |  |
| 2024 Term Loan B, 7.677%, 3M TSFR + 3.750%, 07/09/31 | 592500 | &nbsp;&nbsp; $592500 |
| Hilcorp Energy I LP |  |  |
| Term Loan B, 5.736%, 1M TSFR + 2.000%, 02/11/30 | 769188 | &nbsp;&nbsp; 771110 |
|  |  | &nbsp;&nbsp; 1363610 |
| **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** |
| Altium Packaging LLC |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 06/11/31 | 956609 | &nbsp;&nbsp; 926716 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 6.922% - 7.235%, 1M TSFR + 3.250%, <br> 3M TSFR + 3.250%, 06/07/31 (c)<br>| 979881 | &nbsp;&nbsp; 983488 |
| BradyPlus Holdings LLC |  |  |
| 2025 Term Loan B, 7.186%, 3M TSFR + 3.500%, 12/29/32 | 1075000 | &nbsp;&nbsp; 1065258 |
| Charter NEX U.S., Inc. |  |  |
| 2024 Term Loan B1, 6.500%, 1M TSFR + 2.750%, 11/29/30 | 1458687 | &nbsp;&nbsp; 1463359 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 6.891%, 1M TSFR + 3.180%, 04/13/29 | 2135000 | &nbsp;&nbsp; 2139853 |
| Owens-Illinois, Inc. |  |  |
| 2025 Term Loan B, 6.838%, 3M TSFR + 3.000%, 09/30/32 | 1025000 | &nbsp;&nbsp; 1035090 |
| Pregis TopCo Corp. |  |  |
| 2025 Refinancing Term Loan, 7.716%, 1M TSFR + 4.000%, <br> 02/01/29<br>| 996250 | &nbsp;&nbsp; 1005486 |
| Proampac PG Borrower LLC |  |  |
| 2024 Term Loan, 7.878% - 7.905%, 3M TSFR + 4.000%, <br> 09/15/28 (c)<br>| 1276291 | &nbsp;&nbsp; 1278285 |
|  |  | &nbsp;&nbsp; 9897535 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.216%, 1M TSFR + 3.500%, 08/01/32 | 1496250 | &nbsp;&nbsp; 1511212 |
| Bausch Health Cos., Inc. |  |  |
| 2025 Term Loan B, 9.966%, 1M TSFR + 6.250%, 10/08/30 | 1044127 | &nbsp;&nbsp; 1021678 |
| Ceva Sante Animale |  |  |
| 2025 USD Term Loan B, 6.594%, 3M TSFR + 2.750%, <br> 11/08/30<br>| 393030 | &nbsp;&nbsp; 396100 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.772%, 3M TSFR + 4.000%, 10/01/27 | 1862411 | &nbsp;&nbsp; 1833310 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 5.972%, 3M TSFR + 2.000%, <br> 11/15/27<br>| 374570 | &nbsp;&nbsp; 374833 |
| IVC Acquisition Ltd. |  |  |
| 2025 USD Repriced Term Loan B, 7.422%, 3M TSFR + 3.750%, <br> 12/12/28<br>| 1497027 | &nbsp;&nbsp; 1508255 |
| Jazz Financing Lux SARL |  |  |
| 2024 1st Lien Term Loan B2, 5.966%, 1M TSFR + 2.250%, <br> 05/05/28<br>| 1306175 | &nbsp;&nbsp; 1313421 |
| Padagis LLC |  |  |
| Term Loan B, 8.949%, 3M TSFR + 4.750%, 07/06/28 | 1152736 | &nbsp;&nbsp; 1092218 |
|  |  | &nbsp;&nbsp; 9051027 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 5.672%, 3M TSFR + 2.000%, <br> 12/31/30<br>| 1241369 | &nbsp;&nbsp; 1246800 |

---

*See accompanying notes to financial statements.*

**BHFTI-153**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Freeport LNG Investments LLLP |  |  |
| 2025 Term Loan B, 7.120%, 3M TSFR + 3.250%, 12/21/28 | 710061 | &nbsp;&nbsp; $713759 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 5.936%, 3M TSFR + 2.000%, 10/04/30 | 470675 | &nbsp;&nbsp; 473028 |
| ITT Holdings LLC |  |  |
| 2025 Repriced Term Loan B, 6.191%, 1M TSFR + 2.480%, <br> 10/11/30<br>| 1292911 | &nbsp;&nbsp; 1302001 |
| Oryx Midstream Services Permian Basin LLC |  |  |
| 2025 Term Loan B, 5.977%, 1M TSFR + 2.250%, 10/05/28 | 1447167 | &nbsp;&nbsp; 1456574 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.422%, 3M TSFR + 2.750%, 10/01/32 | 520000 | &nbsp;&nbsp; 471900 |
| UGI Energy Services LLC |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 02/22/30 | 1311039 | &nbsp;&nbsp; 1316775 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 5.983%, 3M TSFR + 2.250%, 06/16/32 | 450000 | &nbsp;&nbsp; 452531 |
|  |  | &nbsp;&nbsp; 7433368 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 2025 Term Loan B3, 6.466%, 1M TSFR + 2.750%, 01/31/30 | 439526 | &nbsp;&nbsp; 444471 |
| Greystar Real Estate Partners LLC |  |  |
| 2025 Term Loan B, 6.322%, 3M TSFR + 2.500%, 08/21/30 | 611046 | &nbsp;&nbsp; 614865 |
|  |  | &nbsp;&nbsp; 1059336 |
| **Retail — 3.5%** | **Retail — 3.5%** | **Retail — 3.5%** |
| Boots Group Bidco Ltd. |  |  |
| USD Term Loan, 7.206%, 3M TSFR + 3.500%, 08/30/32 | 1775000 | &nbsp;&nbsp; 1786834 |
| Great Outdoors Group LLC |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, 01/23/32 | 3382754 | &nbsp;&nbsp; 3407069 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 5.966%, 1M TSFR + 2.250%, 06/11/31 | 1802187 | &nbsp;&nbsp; 1787136 |
| IRB Holding Corp. |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, 12/16/30 | 1474033 | &nbsp;&nbsp; 1479049 |
| Kodiak Building Partners, Inc. |  |  |
| 2024 Term Loan B, 7.466%, 1M TSFR + 3.750%, 12/04/31 | 951918 | &nbsp;&nbsp; 930499 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.584%, 1M TSFR + 3.750%, <br> 06/06/31<br>| 846967 | &nbsp;&nbsp; 796502 |
| 2025 Incremental Term Loan, 8.734%, 1M TSFR + 5.000%, <br> 06/06/31<br>| 473813 | &nbsp;&nbsp; 474331 |
| Les Schwab Tire Centers |  |  |
| 2025 Term Loan B, 6.216% - 6.322%, 1M TSFR + 2.500%, 3M <br> TSFR + 2.500%, 04/23/31 (c)<br>| 1514951 | &nbsp;&nbsp; 1518738 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B4B, 6.172%, 3M TSFR + 2.500%, <br> 10/28/30<br>| 1080750 | &nbsp;&nbsp; 1087054 |
| 2025 USD Term Loan B5B, 6.172%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 1410750 | &nbsp;&nbsp; 1418097 |
| Phillips Feed Service, Inc. |  |  |
| 2020 Term Loan, 10.816%, 1M TSFR + 7.000%, 11/13/26 (g) <br>(h)<br>| 10996 | &nbsp;&nbsp; 6795 |
| Reverb Buyer, Inc. |  |  |
| 2025 Steerco Term Loan, 7.440%, 3M TSFR + 3.500%, <br> 11/01/28<br>| 1070621 | &nbsp;&nbsp; 786907 |
| Serta Simmons Bedding LLC |  |  |
| 2023 New Term Loan, 11.286%, 3M TSFR + 7.500%, <br> 06/29/28<br>| 1326744 | &nbsp;&nbsp; 1247140 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| Serta Simmons Bedding LLC |  |  |
| 2024 Priority Term Loan, 11.484%, 3M TSFR + 7.500%, <br> 06/29/28<br>| 144036 | &nbsp;&nbsp; $144216 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 6.966%, 1M TSFR + 3.250%, 10/19/29 | 1562027 | &nbsp;&nbsp; 1570103 |
|  |  | &nbsp;&nbsp; 18440470 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Bright Bidco BV |  |  |
| 2022 Exit Term Loan, 10/31/27 (f) | 378225 | &nbsp;&nbsp; 136791 |
| **Software — 12.3%** | **Software — 12.3%** | **Software — 12.3%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.172%, 3M TSFR + 2.500%, <br> 02/24/31<br>| 3158587 | &nbsp;&nbsp; 3180520 |
| Ascend Learning LLC |  |  |
| 2025 Repriced Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 12/11/28<br>| 1944899 | &nbsp;&nbsp; 1953610 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 6.466%, 1M TSFR + 2.750%, 02/15/29 | 2654560 | &nbsp;&nbsp; 2663519 |
| Avalara, Inc. |  |  |
| 2025 Term Loan, 6.422%, 3M TSFR + 2.750%, 03/26/32 | 897376 | &nbsp;&nbsp; 902424 |
| Boxer Parent Co., Inc. |  |  |
| 2025 USD Term Loan B, 6.822%, 3M TSFR + 3.000%, <br> 07/30/31<br>| 2968437 | &nbsp;&nbsp; 2964495 |
| Calabrio, Inc. |  |  |
| 2025 First Out Term Loan, 7.822%, 3M TSFR + 4.000%, <br> 11/26/32<br>| 1025000 | &nbsp;&nbsp; 968625 |
| Clearwater Analytics LLC |  |  |
| 2025 Term Loan B, 6.211%, 6M TSFR + 2.000%, 04/21/32 | 748125 | &nbsp;&nbsp; 749528 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2032), 6.922%, 3M TSFR + 3.250%, <br> 08/13/32<br>| 1995000 | &nbsp;&nbsp; 1998741 |
| Cloudera, Inc. |  |  |
| 2021 Second Lien Term Loan, 9.816%, 1M TSFR + 6.000%, <br> 10/08/29<br>| 850000 | &nbsp;&nbsp; 745521 |
| 2021 Term Loan, 7.566%, 1M TSFR + 3.750%, 10/08/28 | 1583817 | &nbsp;&nbsp; 1520465 |
| Constant Contact, Inc. |  |  |
| Term Loan, 8.166%, 3M TSFR + 4.000%, 02/10/28 | 639608 | &nbsp;&nbsp; 612225 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.331%, 1M TSFR + 3.500%, 06/02/28 | 1833287 | &nbsp;&nbsp; 1838787 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.581%, 1M TSFR + 3.750%, 10/16/28 | 622502 | &nbsp;&nbsp; 573557 |
| Cotiviti Corp. |  |  |
| 2024 Term Loan, 6.623%, 1M TSFR + 2.750%, 05/01/31 | 2475006 | &nbsp;&nbsp; 2386834 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan, 08/20/32 (e) | 1900000 | &nbsp;&nbsp; 1896200 |
| Drake Software LLC |  |  |
| 2024 Term Loan B, 7.922%, 3M TSFR + 4.250%, 06/26/31 | 1000734 | &nbsp;&nbsp; 985723 |
| ECI Macola Max Holding LLC |  |  |
| 2025 Term Loan, 6.422%, 3M TSFR + 2.750%, 05/09/30 | 1922028 | &nbsp;&nbsp; 1933560 |
| Epicor Software Corp. |  |  |
| 2024 Term Loan F, 6.216%, 1M TSFR + 2.500%, 05/30/31 | 3770002 | &nbsp;&nbsp; 3785316 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 01/30/32<br>| 1496231 | &nbsp;&nbsp; 1495296 |

---

*See accompanying notes to financial statements.*

**BHFTI-154**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| iSolved, Inc. |  |  |
| 2025 Term Loan, 6.466%, 1M TSFR + 2.750%, 10/15/30 | 491303 | &nbsp;&nbsp; $494220 |
| Marcel LUX IV SARL |  |  |
| 2025 USD Repriced Term Loan, 6.930%, 1M TSFR + 3.000%, <br> 11/12/30<br>| 3147878 | &nbsp;&nbsp; 3167552 |
| Metropolis Technologies, Inc. |  |  |
| 2025 Term Loan B, 8.980%, 6M TSFR + 5.250%, 11/03/32 | 1050000 | &nbsp;&nbsp; 1042125 |
| N-Able International Holdings II LLC |  |  |
| 2025 Term Loan B, 6.585%, 3M TSFR + 2.750%, 11/26/32 | 200000 | &nbsp;&nbsp; 202250 |
| Oceankey U.S. II Corp. |  |  |
| 2021 Term Loan, 7.316%, 1M TSFR + 3.500%, 12/15/28 | 1564495 | &nbsp;&nbsp; 1545917 |
| Open Text Corp. |  |  |
| 2023 Term Loan B, 5.466%, 1M TSFR + 1.750%, 01/31/30 | 486384 | &nbsp;&nbsp; 487323 |
| Playtika Holding Corp. |  |  |
| 2021 Term Loan B1, 6.581%, 1M TSFR + 2.750%, 03/13/28 | 675289 | &nbsp;&nbsp; 654291 |
| PointClickCare Technologies, Inc. |  |  |
| 2025 Term Loan B, 6.422%, 3M TSFR + 2.750%, 11/03/31 | 1332991 | &nbsp;&nbsp; 1337433 |
| Press Ganey Holdings, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 04/30/31<br>| 1138149 | &nbsp;&nbsp; 1142684 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.922%, 3M TSFR + 3.250%, <br> 10/26/30<br>| 2462606 | &nbsp;&nbsp; 2461195 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 6.482%, 3M TSFR + 2.750%, <br> 07/16/31<br>| 1837768 | &nbsp;&nbsp; 1844660 |
| Project Ruby Ultimate Parent Corp. |  |  |
| 2025 Term Loan B, 6.581%, 1M TSFR + 2.750%, 03/10/28 | 1828843 | &nbsp;&nbsp; 1835930 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 5.922%, 3M TSFR + 2.250%, 06/28/30 | 2073373 | &nbsp;&nbsp; 2073373 |
| Rackspace Finance LLC |  |  |
| 2024 First Lien First Out Term Loan, 10.115%, 1M TSFR + <br> 6.250%, 05/15/28<br>| 458858 | &nbsp;&nbsp; 468608 |
| 2024 First Lien Second Out Term Loan, 6.615%, 1M TSFR + <br> 2.750%, 05/15/28<br>| 735337 | &nbsp;&nbsp; 271287 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 6.934%, 3M TSFR + 3.000%, 04/24/28 | 1988328 | &nbsp;&nbsp; 1989402 |
| 2024 Incremental Term Loan, 7.422%, 3M TSFR + 3.750%, <br> 04/24/28<br>| 397000 | &nbsp;&nbsp; 398635 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 7.466%, 1M TSFR + 3.750%, <br> 11/28/28<br>| 199000 | &nbsp;&nbsp; 199237 |
| SkillSoft Corp. |  |  |
| 2021 Term Loan, 9.081%, 1M TSFR + 5.250%, 07/14/28 | 855245 | &nbsp;&nbsp; 615420 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 7.701%, 3M TSFR + 4.000%, 04/16/32 | 1945125 | &nbsp;&nbsp; 1946341 |
| Symplr Software, Inc. |  |  |
| 2020 Term Loan, 8.440%, 3M TSFR + 4.500%, 12/22/27 | 471290 | &nbsp;&nbsp; 403984 |
| UKG, Inc. |  |  |
| 2024 Term Loan B, 6.338%, 3M TSFR + 2.500%, 02/10/31 | 4852134 | &nbsp;&nbsp; 4862494 |
| Waystar Technologies, Inc. |  |  |
| 2025 Term Loan B, 5.716%, 1M TSFR + 2.000%, 10/22/29 | 1549092 | &nbsp;&nbsp; 1560710 |
|  |  | &nbsp;&nbsp; 64160017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| Ciena Corp. |  |  |
| 2025 Repriced Term Loan B, 5.484%, 1M TSFR + 1.750%, <br> 10/24/30<br>| 1170855 | &nbsp;&nbsp; $1176500 |
| Crown Subsea Communications Holding, Inc. |  |  |
| 2025 Term Loan B, 7.216%, 1M TSFR + 3.500%, 01/30/31 | 1000000 | &nbsp;&nbsp; 1008875 |
| Delta TopCo, Inc. |  |  |
| 2025 Term Loan B, 6.436% - 6.585%, 1M TSFR + 2.585% - <br> 2.750%, 11/30/29 (c)<br>| 997481 | &nbsp;&nbsp; 994008 |
| Level 3 Financing, Inc. |  |  |
| 2025 Repriced Term Loan B4, 6.966%, 1M TSFR + 3.250%, <br> 03/29/32<br>| 1333212 | &nbsp;&nbsp; 1338420 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.181%, 1M TSFR + 2.350%, <br> 04/16/29<br>| 274895 | &nbsp;&nbsp; 273760 |
| 2024 Extended Term Loan B2, 6.181%, 1M TSFR + 2.350%, <br> 04/15/30<br>| 269829 | &nbsp;&nbsp; 268769 |
| Viavi Solutions, Inc. |  |  |
| Term Loan B, 6.394%, 3M TSFR + 2.500%, 10/16/32 | 1100000 | &nbsp;&nbsp; 1104583 |
|  |  | &nbsp;&nbsp; 6164915 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| AIT Worldwide Logistics, Inc. |  |  |
| 2025 Repriced Term Loan, 7.887%, 3M TSFR + 4.000%, <br> 04/08/30<br>| 643500 | &nbsp;&nbsp; 648528 |
| First Student Bidco, Inc. |  |  |
| 2025 Term Loan B, 6.172%, 3M TSFR + 2.500%, 08/15/30 | 324981 | &nbsp;&nbsp; 326345 |
| 2025 Term Loan C, 6.172%, 3M TSFR + 2.500%, 08/15/30 | 59464 | &nbsp;&nbsp; 59687 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 6.966%, 1M TSFR + 3.250%, 01/25/29 | 1724599 | &nbsp;&nbsp; 1712742 |
| Stonepeak Nile Parent LLC |  |  |
| 2025 Term Loan B, 6.162%, 3M TSFR + 2.250%, 04/09/32 | 625000 | &nbsp;&nbsp; 625781 |
| Student Transportation of America Holdings, Inc. |  |  |
| Term Loan B, 6.939%, 3M TSFR + 3.250%, 06/24/32 | 820875 | &nbsp;&nbsp; 823953 |
|  |  | &nbsp;&nbsp; 4197036 |
| Total Floating Rate Loans <br>(Cost $484,909,852) <br>|  | &nbsp;&nbsp; 472507132 |
| **Corporate Bonds & Notes—2.7%** | **Corporate Bonds & Notes—2.7%** | **Corporate Bonds & Notes—2.7%** |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| Goat Holdco LLC |  |  |
| 6.750%, 02/01/32 (144A) | 175000 | &nbsp;&nbsp; 179737 |
| TransDigm, Inc. |  |  |
| 6.875%, 12/15/30 (144A) | 500000 | &nbsp;&nbsp; 523253 |
|  |  | &nbsp;&nbsp; 702990 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) | 1500000 | &nbsp;&nbsp; 1527508 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Champ Acquisition Corp. |  |  |
| 8.375%, 12/01/31 (144A) | 375000 | &nbsp;&nbsp; 405039 |

---

*See accompanying notes to financial statements.*

**BHFTI-155**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

**Common Stocks—1.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Herc Holdings, Inc. |  |  |
| 7.000%, 06/15/30 (144A) | 85000 | &nbsp;&nbsp; $89456 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Diebold Nixdorf, Inc. |  |  |
| 7.750%, 03/31/30 (144A) | 925000 | &nbsp;&nbsp; 984353 |
| NCR Atleos Corp. |  |  |
| 9.500%, 04/01/29 (144A) | 500000 | &nbsp;&nbsp; 542688 |
|  |  | &nbsp;&nbsp; 1527041 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Focus Financial Partners LLC |  |  |
| 6.750%, 09/15/31 (144A) | 750000 | &nbsp;&nbsp; 771089 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Artera Services LLC |  |  |
| 8.500%, 02/15/31 (144A) | 125000 | &nbsp;&nbsp; 103793 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment, Inc. |  |  |
| 6.500%, 02/15/32 (144A) | 400000 | &nbsp;&nbsp; 409770 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| AmWINS Group, Inc. |  |  |
| 6.375%, 02/15/29 (144A) | 600000 | &nbsp;&nbsp; 617047 |
| Panther Escrow Issuer LLC |  |  |
| 7.125%, 06/01/31 (144A) | 2850000 | &nbsp;&nbsp; 2953307 |
|  |  | &nbsp;&nbsp; 3570354 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) | 500000 | &nbsp;&nbsp; 500118 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Virgin Media Secured Finance PLC |  |  |
| 4.500%, 08/15/30 (144A) | 800000 | &nbsp;&nbsp; 740588 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) | 525000 | &nbsp;&nbsp; 546009 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Cloud Software Group, Inc. |  |  |
| 8.250%, 06/30/32 (144A) | 1550000 | &nbsp;&nbsp; 1619812 |
| 9.000%, 09/30/29 (144A) | 500000 | &nbsp;&nbsp; 520755 |
| UKG, Inc. |  |  |
| 6.875%, 02/01/31 (144A) | 825000 | &nbsp;&nbsp; 847451 |
|  |  | &nbsp;&nbsp; 2988018 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| Altice France SA |  |  |
| 6.875%, 10/15/30 (144A) | 365797 | &nbsp;&nbsp; 354743 |
| Total Corporate Bonds & Notes <br>(Cost $13,785,571) <br>|  | &nbsp;&nbsp; 14236516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Citybrewing Topco LLC (g) (h) (i) (j) | 66853 | &nbsp;&nbsp; $360338 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| IAP Worldwide Services LLC (g) (h) (i) (j) | 44 | &nbsp;&nbsp; 0 |
| Monitronics International, Inc. (i) (j) | 16872 | &nbsp;&nbsp; 253080 |
|  |  | &nbsp;&nbsp; 253080 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Luxco Co. Ltd. (i) (j) | 2150 | &nbsp;&nbsp; 37865 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Range Red Acquisitions LLC - Class A1 (g) (h) (i) (j) | 543 | &nbsp;&nbsp; 761688 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Akorn Holding Co. LLC (g) (h) (i) (j) | 56220 | &nbsp;&nbsp; 0 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Cano Health, Inc. (i) (j) | 121458 | &nbsp;&nbsp; 303645 |
| Envision Parent, Inc. (i) (j) | 68001 | &nbsp;&nbsp; 969014 |
|  |  | &nbsp;&nbsp; 1272659 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| LG Parent Holding Co. (i) (j) | 9472 | &nbsp;&nbsp; 23680 |
| Serta Simmons Bedding, Inc. (i) (j) | 90899 | &nbsp;&nbsp; 784004 |
| Serta SSB Equipment Co. (g) (h) (i) (j) | 90899 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 807684 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| Aegletes BV (g) (h) (i) (j) | 11991 | &nbsp;&nbsp; 0 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Apex Tool Ultimate Holdings LLC (g) (h) (i) (j) | 9180 | &nbsp;&nbsp; 0 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| GEE Acquisition Holdings Corp. (g) (h) (i) (j) | 17940 | &nbsp;&nbsp; 0 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| AFG Holdings, Inc. (g) (h) (i) (j) | 24746 | &nbsp;&nbsp; 0 |
| American Consolidated Natural Resources, Inc. (i) (j) | 6321 | &nbsp;&nbsp; 673186 |
|  |  | &nbsp;&nbsp; 673186 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Mallinckrodt International Finance SA (i) (j) | 23570 | &nbsp;&nbsp; 2404140 |
| Par Health, Inc. (i) (j) | 23570 | &nbsp;&nbsp; 206968 |
|  |  | &nbsp;&nbsp; 2611108 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Skillsoft Corp. (i) (j) | 3344 | &nbsp;&nbsp; 31099 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Phillips Feed Service, Inc. (g) (h) (i) (j) | 62 | &nbsp;&nbsp; 0 |
| Total Common Stocks <br>(Cost $9,077,547) <br>|  | &nbsp;&nbsp; 6808707 |

---

*See accompanying notes to financial statements.*

**BHFTI-156**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Convertible Preferred Stocks—0.1%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Cohesity Global, Inc. - Series G-1 (j) | 4355 | &nbsp;&nbsp; $103431 |
| Cohesity Global, Inc. - Series G (j) | 6303 | &nbsp;&nbsp; 149697 |
| Total Convertible Preferred Stocks <br>(Cost $218,489) <br>|  | &nbsp;&nbsp; 253128 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| Cano Health, Inc., Expires 06/28/29 (j) <br>(Cost $0)<br>| 3834 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—6.4%** | **Short-Term Investments—6.4%** | **Short-Term Investments—6.4%** |
| **Repurchase Agreement—6.4%** | **Repurchase Agreement—6.4%** | **Repurchase Agreement—6.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $33,321,675; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $33,983,416<br>| 33317047 | &nbsp;&nbsp; 33317047 |
| Total Short-Term Investments <br>(Cost $33,317,047) <br>|  | &nbsp;&nbsp; 33317047 |
| Total Investments—101.2% <br>(Cost $541,308,506)<br>|  | &nbsp;&nbsp; 527122530 |
| Unfunded Loan Commitments—(0.1)% <br>(Cost $(757756))<br>|  | &nbsp;&nbsp; (757756)<br>|
| Net Investments—101.1% <br>(Cost $540,550,750) <br>|  | &nbsp;&nbsp; 526364774 |
| Other assets and liabilities (net)—(1.1)%  |  | &nbsp;&nbsp; (5658274)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $520706500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate. 

(b) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. 

(c) The stated interest rates represent the range of rates applicable to the underlying contracts within the loan tranche as of December 31, 2025. 

(d) Payment-in kind security for which part of the income earned may be paid as additional 

---

| | |
|:---|:---|
|  | principal. |
| (e) | This loan will settle after December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (f) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (g) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.4% of net assets.<br>|
| (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (i) | Security was acquired in connection with a restructuring of a senior loan and may be subject <br> to restrictions on resale.<br>|
| (j) | Non-income producing security. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $14,236,516, which is 2.7% of net assets.<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-157**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $172085634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $198046155 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Floating Rate Loans |  |  |  |  |
| Advertising | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2558273 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2558273 |
| Aerospace/Defense (Less Unfunded Loan Commitments of $184,973) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8437934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8437934 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 979118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 979118 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 3187700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3187700 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 4321821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4321821 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 5203514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5203514 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 674125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 674125 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 4991402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4991402 |
| Building Materials (Less Unfunded Loan Commitments of $104,396) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10698968 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10698968 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 15520335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15520335 |
| Coal | &nbsp;&nbsp; — | &nbsp;&nbsp; 531442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 531442 |
| Commercial Services (Less Unfunded Loan Commitments of $215,761) | &nbsp;&nbsp; — | &nbsp;&nbsp; 47170835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47170835 |
| Computers (Less Unfunded Loan Commitments of $40,476) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15551866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15551866 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 3394932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3394932 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 7594520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7594520 |
| Diversified Financial Services (Less Unfunded Loan Commitments of $2,228) | &nbsp;&nbsp; — | &nbsp;&nbsp; 28355483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28355483 |
| Electric (Less Unfunded Loan Commitments of $87,436) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10878273 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10878273 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 2624833 | &nbsp;&nbsp; 821838 | &nbsp;&nbsp; 3446671 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 3502679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3502679 |
| Engineering & Construction (Less Unfunded Loan Commitments of $61,688) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353585 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 20371563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20371563 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 14395594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14395594 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 4968267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4968267 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762120 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 500613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 500613 |
| Hand/Machine Tools | &nbsp;&nbsp; — | &nbsp;&nbsp; 3625223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3625223 |
| Healthcare-Products (Less Unfunded Loan Commitments of $60,798) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4037558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4037558 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 19223545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19223545 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 200493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200493 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 325389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 325389 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 3188621 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3188621 |
| Household Products/Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 914829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 914829 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 504205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504205 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 31849513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31849513 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 5767318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5767318 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 7811197 | &nbsp;&nbsp; 8098 | &nbsp;&nbsp; 7819295 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 9572704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9572704 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 5317245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5317245 |
| Machinery | &nbsp;&nbsp; — | &nbsp;&nbsp; 5428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5428 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3459822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3459822 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 14368451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14368451 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 3557723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3557723 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 1986598 | &nbsp;&nbsp; 26754 | &nbsp;&nbsp; 2013352 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1868192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1868192 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 2874732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2874732 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 1363610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1363610 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 9897535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9897535 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 9051027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9051027 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 7433368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7433368 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059336 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059336 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 18433675 | &nbsp;&nbsp; 6795 | &nbsp;&nbsp; 18440470 |

---

*See accompanying notes to financial statements.*

**BHFTI-158**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Semiconductors | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136791 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136791 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 64160017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64160017 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 6164915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6164915 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 4197036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4197036 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $757,756) | &nbsp;&nbsp; — | &nbsp;&nbsp; 470885891 | &nbsp;&nbsp; 863485 | &nbsp;&nbsp; 471749376 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 14236516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14236516 |
| Common Stocks |  |  |  |  |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 360338 | &nbsp;&nbsp; 360338 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 253080 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 253080 |
| Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 37865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37865 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 761688 | &nbsp;&nbsp; 761688 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272659 |
| Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 807684 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 807684 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Machinery | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 673186 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 673186 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 2611108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2611108 |
| Professional Services | &nbsp;&nbsp; 31099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31099 |
| Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Common Stocks | &nbsp;&nbsp; 31099 | &nbsp;&nbsp; 5655582 | &nbsp;&nbsp; 1122026 | &nbsp;&nbsp; 6808707 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 253128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253128 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 33317047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33317047 |
| Total Net Investments | &nbsp;&nbsp; $31099 | &nbsp;&nbsp; $524348164 | &nbsp;&nbsp; $1985511 | &nbsp;&nbsp; $526364774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

During the year ended December 31, 2025, a transfer into Level 3 in the amount of $5,396 was due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

*See accompanying notes to financial statements.*

**BHFTI-159**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $526364774 |
| Cash | &nbsp;&nbsp; 4039873 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2003913 |
| Interest | &nbsp;&nbsp; 1954115 |
| Prepaid expenses | &nbsp;&nbsp; 1891 |
| Total Assets | &nbsp;&nbsp; 534364566 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 12450937 |
| Fund shares redeemed | &nbsp;&nbsp; 91801 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 267452 |
| Distribution and service fees | &nbsp;&nbsp; 32542 |
| Deferred trustees' fees | &nbsp;&nbsp; 243789 |
| Other expenses | &nbsp;&nbsp; 571545 |
| Total Liabilities | &nbsp;&nbsp; 13658066 |
| **Net Assets**  | &nbsp;&nbsp; $520706500 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $575349609 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (54643109)<br>|
| **Net Assets**  | &nbsp;&nbsp; $520706500 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $368117678 |
| Class B | &nbsp;&nbsp; 152588822 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39761075 |
| Class B | &nbsp;&nbsp; 16658698 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.26 |
| Class B | 9.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $540,550,750.

(b) Investments at value is net of unfunded loan commitments of $757,756.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $32338 |
| Interest | &nbsp;&nbsp; 41227035 |
| Total investment income | &nbsp;&nbsp; 41259373 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3193611 |
| Administration fees | &nbsp;&nbsp; 49756 |
| Custodian and accounting fees | &nbsp;&nbsp; 331391 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 385164 |
| Audit and tax services | &nbsp;&nbsp; 140943 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 21601 |
| Insurance | &nbsp;&nbsp; 4750 |
| Miscellaneous | &nbsp;&nbsp; 26849 |
| Total expenses | &nbsp;&nbsp; 4264650 |
| Less management fee waiver | &nbsp;&nbsp; (5633)<br>|
| Net expenses | &nbsp;&nbsp; 4259017 |
| **Net Investment Income** | &nbsp;&nbsp; 37000356 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (11419875) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (4933279)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (16353154)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $20647202 |

---

*See accompanying notes to financial statements.*

**BHFTI-160**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $37000356 | &nbsp;&nbsp; $47360790 |
| Net realized gain (loss) | &nbsp;&nbsp; (11419875)<br>| &nbsp;&nbsp; (7702224)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (4933279)<br>| &nbsp;&nbsp; 4857650 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 20647202 | &nbsp;&nbsp; 44516216 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (33975232)<br>| &nbsp;&nbsp; (37436741)<br>|
| Class B | &nbsp;&nbsp; (13534339)<br>| &nbsp;&nbsp; (13239102)<br>|
| **Total distributions** | &nbsp;&nbsp; (47509571)<br>| &nbsp;&nbsp; (50675843)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 1670120 | &nbsp;&nbsp; (23554665)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (25192249)<br>| &nbsp;&nbsp; (29714292)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 545898749 | &nbsp;&nbsp; 575613041 |
| End of period | &nbsp;&nbsp; $520706500 | &nbsp;&nbsp; $545898749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 802854 | &nbsp;&nbsp; $7854730 | &nbsp;&nbsp; 84242 | &nbsp;&nbsp; $838379 |
| Reinvestments | &nbsp;&nbsp; 3766655 | &nbsp;&nbsp; 33975232 | &nbsp;&nbsp; 3991124 | &nbsp;&nbsp; 37436741 |
| Redemptions | &nbsp;&nbsp; (4435195)<br>| &nbsp;&nbsp; (42370534)<br>| &nbsp;&nbsp; (7409301)<br>| &nbsp;&nbsp; (72208168)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 134314 | &nbsp;&nbsp; $(540572)<br>| &nbsp;&nbsp; (3333935)<br>| &nbsp;&nbsp; $(33933048)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1735578 | &nbsp;&nbsp; $16142933 | &nbsp;&nbsp; 2067130 | &nbsp;&nbsp; $20062641 |
| Reinvestments | &nbsp;&nbsp; 1513908 | &nbsp;&nbsp; 13534339 | &nbsp;&nbsp; 1423559 | &nbsp;&nbsp; 13239102 |
| Redemptions | &nbsp;&nbsp; (2921972)<br>| &nbsp;&nbsp; (27466580)<br>| &nbsp;&nbsp; (2368675)<br>| &nbsp;&nbsp; (22923360)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 327514 | &nbsp;&nbsp; $2210692 | &nbsp;&nbsp; 1122014 | &nbsp;&nbsp; $10378383 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $1670120 |  | &nbsp;&nbsp; $(23554665)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-161**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.94 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total income (loss) from investment operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.98 |
| **Total Return (%)** (b) | 4.16 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp; (1.46 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80 <br>(c)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net ratio of expenses to average net assets (%) (d) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | 7.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $368.1 | &nbsp;&nbsp; $387.7 | &nbsp;&nbsp; $426.1 | &nbsp;&nbsp; $478.5 | &nbsp;&nbsp; $654.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.86 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total income (loss) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.89 |
| **Total Return (%)** (b) | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp; 7.81 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net ratio of expenses to average net assets (%) (d) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 6.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $152.6 | &nbsp;&nbsp; $158.2 | &nbsp;&nbsp; $149.5 | &nbsp;&nbsp; $143.7 | &nbsp;&nbsp; $145.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-162**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—35.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** |
| BAE Systems PLC |  |  |
| 5.000%, 03/26/27 (144A) (a) | 1200000 | &nbsp;&nbsp; $1214371 |
| Boeing Co. |  |  |
| 2.196%, 02/04/26 | 2600000 | &nbsp;&nbsp; 2595051 |
| 5.150%, 05/01/30 | 500000 | &nbsp;&nbsp; 513755 |
| 6.298%, 05/01/29 (a) | 1000000 | &nbsp;&nbsp; 1061448 |
| General Electric Co. |  |  |
| 4.300%, 07/29/30 (a) | 350000 | &nbsp;&nbsp; 352974 |
| Spirit AeroSystems, Inc. |  |  |
| 4.600%, 06/15/28 (a) | 1145000 | &nbsp;&nbsp; 1146328 |
|  |  | &nbsp;&nbsp; 6883927 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| BAT Capital Corp. |  |  |
| 4.906%, 04/02/30 (a) | 195000 | &nbsp;&nbsp; 199175 |
| 6.343%, 08/02/30 (a) | 540000 | &nbsp;&nbsp; 584047 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 02/15/28 (a) | 900000 | &nbsp;&nbsp; 917275 |
|  |  | &nbsp;&nbsp; 1700497 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| United Airlines Pass-Through Trust |  |  |
| 4.875%, 07/15/27 | 45825 | &nbsp;&nbsp; 45826 |
| **Auto Manufacturers — 1.7%** | **Auto Manufacturers — 1.7%** | **Auto Manufacturers — 1.7%** |
| BMW U.S. Capital LLC |  |  |
| 4.500%, 08/11/30 (144A) (a) | 740000 | &nbsp;&nbsp; 743710 |
| General Motors Financial Co., Inc. |  |  |
| 1.500%, 06/10/26 | 4400000 | &nbsp;&nbsp; 4350227 |
| 4.200%, 10/27/28 (a) | 190000 | &nbsp;&nbsp; 190270 |
| Hyundai Capital America |  |  |
| 4.850%, 03/25/27 (144A) (a) | 850000 | &nbsp;&nbsp; 857491 |
| 5.250%, 01/08/27 (144A) (a) | 1400000 | &nbsp;&nbsp; 1415944 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.400%, 03/20/26 (144A) (a) | 2400000 | &nbsp;&nbsp; 2406216 |
|  |  | &nbsp;&nbsp; 9963858 |
| **Banks — 11.1%** | **Banks — 11.1%** | **Banks — 11.1%** |
| ABN AMRO Bank NV |  |  |
| 6.339%, 1Y H15 + 1.650%, 09/18/27 (144A) (a) (b) | 600000 | &nbsp;&nbsp; 609209 |
| Bank of America Corp. |  |  |
| 3.974%, 3M TSFR + 1.472%, 02/07/30 (b) | 2000000 | &nbsp;&nbsp; 1988739 |
| 4.376%, SOFR + 1.580%, 04/27/28 (a) (b) | 2500000 | &nbsp;&nbsp; 2509974 |
| Bank of Montreal |  |  |
| 4.567%, SOFR + 0.880%, 09/10/27 (a) (b) | 1000000 | &nbsp;&nbsp; 1003741 |
| Bank of New York Mellon |  |  |
| 4.729%, SOFR + 1.135%, 04/20/29 (b) | 300000 | &nbsp;&nbsp; 304941 |
| Banque Federative du Credit Mutuel SA |  |  |
| 4.591%, 10/16/28 (144A) | 1576000 | &nbsp;&nbsp; 1592162 |
| CaixaBank SA |  |  |
| 4.634%, SOFR + 1.140%, 07/03/29 (144A) (a) (b) | 1140000 | &nbsp;&nbsp; 1151336 |
| Citibank NA |  |  |
| 4.576%, 05/29/27 (a) | 3800000 | &nbsp;&nbsp; 3838754 |
| Citigroup, Inc. |  |  |
| 4.503%, SOFR + 1.171%, 09/11/31 (a) (b) | 1420000 | &nbsp;&nbsp; 1424395 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Credit Agricole SA |  |  |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (b) | 2100000 | &nbsp;&nbsp; $2155896 |
| Danske Bank AS |  |  |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (b) | 1600000 | &nbsp;&nbsp; 1662402 |
| Fifth Third Bank NA |  |  |
| 4.967%, SOFR + 0.810%, 01/28/28 (b) | 865000 | &nbsp;&nbsp; 873141 |
| Goldman Sachs Bank USA |  |  |
| 5.283%, SOFR + 0.777%, 03/18/27 (b) | 2300000 | &nbsp;&nbsp; 2305755 |
| Goldman Sachs Group, Inc. |  |  |
| 2.640%, SOFR + 1.114%, 02/24/28 (a) (b) | 2000000 | &nbsp;&nbsp; 1968806 |
| 4.387%, SOFR + 1.510%, 06/15/27 (a) (b) | 900000 | &nbsp;&nbsp; 901401 |
| Huntington Bancshares, Inc. |  |  |
| 6.208%, SOFR + 2.020%, 08/21/29 (b) | 1000000 | &nbsp;&nbsp; 1048804 |
| Huntington National Bank |  |  |
| 4.552%, SOFR + 1.650%, 05/17/28 (b) | 2400000 | &nbsp;&nbsp; 2414100 |
| JPMorgan Chase & Co. |  |  |
| 4.255%, SOFR + 0.930%, 10/22/31 (b) | 830000 | &nbsp;&nbsp; 827482 |
| 5.012%, SOFR + 1.310%, 01/23/30 (b) | 1000000 | &nbsp;&nbsp; 1024700 |
| Lloyds Banking Group PLC |  |  |
| 3.750%, 1Y H15 + 1.800%, 03/18/28 (b) | 2700000 | &nbsp;&nbsp; 2690134 |
| 5.087%, 1Y H15 + 0.850%, 11/26/28 (a) (b) | 960000 | &nbsp;&nbsp; 978254 |
| Morgan Stanley |  |  |
| 4.210%, SOFR + 1.610%, 04/20/28 (a) (b) | 2500000 | &nbsp;&nbsp; 2505734 |
| 4.350%, 09/08/26 | 2200000 | &nbsp;&nbsp; 2203758 |
| 5.173%, SOFR + 1.450%, 01/16/30 (b) | 1500000 | &nbsp;&nbsp; 1539850 |
| NatWest Group PLC |  |  |
| 1.642%, 1Y H15 + 0.900%, 06/14/27 (a) (b) | 2500000 | &nbsp;&nbsp; 2472758 |
| NatWest Markets PLC |  |  |
| 4.412%, 11/06/30 (144A) (a) | 1010000 | &nbsp;&nbsp; 1011072 |
| PNC Financial Services Group, Inc. |  |  |
| 5.300%, SOFR + 1.342%, 01/21/28 (a) (b) | 600000 | &nbsp;&nbsp; 607756 |
| Royal Bank of Canada |  |  |
| 4.696%, SOFR + 1.060%, 08/06/31 (a) (b) | 1950000 | &nbsp;&nbsp; 1975070 |
| Santander Holdings USA, Inc. |  |  |
| 5.473%, SOFR + 1.610%, 03/20/29 (a) (b) | 2700000 | &nbsp;&nbsp; 2759236 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.673%, SOFR + 0.989%, 06/14/27 (a) (b) | 1800000 | &nbsp;&nbsp; 1779879 |
| Shinhan Bank Co. Ltd. |  |  |
| 1.375%, 10/21/26 (144A) | 2500000 | &nbsp;&nbsp; 2451979 |
| Societe Generale SA |  |  |
| 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (a) (b) | 1500000 | &nbsp;&nbsp; 1484003 |
| Truist Financial Corp. |  |  |
| 5.435%, SOFR + 1.620%, 01/24/30 (b) | 2000000 | &nbsp;&nbsp; 2070664 |
| UBS Group AG |  |  |
| 4.550%, 04/17/26 (a) | 1200000 | &nbsp;&nbsp; 1202023 |
| 5.711%, 1Y H15 + 1.550%, 01/12/27 (144A) (b) | 1900000 | &nbsp;&nbsp; 1900718 |
| Wells Fargo & Co. |  |  |
| 4.100%, 06/03/26 (a) | 3000000 | &nbsp;&nbsp; 3000277 |
| 5.198%, SOFR + 1.500%, 01/23/30 (b) | 800000 | &nbsp;&nbsp; 823880 |
| 6.303%, SOFR + 1.790%, 10/23/29 (b) | 900000 | &nbsp;&nbsp; 950934 |
|  |  | &nbsp;&nbsp; 64013717 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.500%, 01/15/27 (144A) | 1600000 | &nbsp;&nbsp; 1558953 |

---

*See accompanying notes to financial statements.*

**BHFTI-163**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Royalty Pharma PLC |  |  |
| 4.450%, 03/25/31 (a) | 635000 | &nbsp;&nbsp; $633182 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Carrier Global Corp. |  |  |
| 2.493%, 02/15/27 | 1500000 | &nbsp;&nbsp; 1475609 |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 25000 | &nbsp;&nbsp; 25518 |
| Owens Corning |  |  |
| 5.500%, 06/15/27 (a) | 1300000 | &nbsp;&nbsp; 1326673 |
|  |  | &nbsp;&nbsp; 2827800 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Rain Carbon, Inc. |  |  |
| 12.250%, 09/01/29 (144A) (a) | 1100000 | &nbsp;&nbsp; 1145469 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| EquipmentShare.com, Inc. |  |  |
| 9.000%, 05/15/28 (144A) (a) | 1100000 | &nbsp;&nbsp; 1143099 |
| Verisk Analytics, Inc. |  |  |
| 4.500%, 08/15/30 (a) | 242000 | &nbsp;&nbsp; 243831 |
|  |  | &nbsp;&nbsp; 1386930 |
| **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
| Haleon U.S. Capital LLC |  |  |
| 3.375%, 03/24/27 (a) | 3400000 | &nbsp;&nbsp; 3375061 |
| **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 (a) | 1000000 | &nbsp;&nbsp; 969489 |
| 6.100%, 01/15/27 (a) | 1000000 | &nbsp;&nbsp; 1018906 |
| American Express Co. |  |  |
| 5.645%, SOFR + 0.750%, 04/23/27 (b) | 2400000 | &nbsp;&nbsp; 2411486 |
| Capital One Financial Corp. |  |  |
| 3.800%, 01/31/28 | 2500000 | &nbsp;&nbsp; 2489801 |
| 4.493%, SOFR + 1.250%, 09/11/31 (a) (b) | 640000 | &nbsp;&nbsp; 639061 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.500%, 10/01/30 (144A) | 40000 | &nbsp;&nbsp; 40800 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 340000 | &nbsp;&nbsp; 346321 |
| Freedom Mortgage Holdings LLC |  |  |
| 6.875%, 05/01/31 (144A) | 300000 | &nbsp;&nbsp; 300180 |
| Jefferson Capital Holdings LLC |  |  |
| 9.500%, 02/15/29 (144A) | 700000 | &nbsp;&nbsp; 735128 |
| OneMain Finance Corp. |  |  |
| 6.625%, 05/15/29 (a) | 700000 | &nbsp;&nbsp; 725021 |
| Power Finance Corp. Ltd. |  |  |
| 3.950%, 04/23/30 | 360000 | &nbsp;&nbsp; 351081 |
| SLM Corp. |  |  |
| 6.500%, 01/31/30 (a) | 300000 | &nbsp;&nbsp; 310517 |
|  |  | &nbsp;&nbsp; 10337791 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| Dominion Energy, Inc. |  |  |
| 1.450%, 04/15/26 (a) | 2000000 | &nbsp;&nbsp; 1985101 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| DTE Energy Co. |  |  |
| 4.950%, 07/01/27 | 800000 | &nbsp;&nbsp; $810536 |
| Duke Energy Corp. |  |  |
| 4.300%, 03/15/28 (a) | 4500000 | &nbsp;&nbsp; 4524237 |
| Enel Finance International NV |  |  |
| 4.375%, 09/30/30 (144A) (a) | 650000 | &nbsp;&nbsp; 647252 |
| Engie SA |  |  |
| 5.250%, 04/10/29 (144A) (a) | 1400000 | &nbsp;&nbsp; 1445374 |
| Exelon Corp. |  |  |
| 3.400%, 04/15/26 (a) | 2000000 | &nbsp;&nbsp; 1996118 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.685%, 09/01/27 | 460000 | &nbsp;&nbsp; 465466 |
| Pacific Gas & Electric Co. |  |  |
| 4.550%, 07/01/30 (a) | 1600000 | &nbsp;&nbsp; 1593126 |
| Southern Power Co. |  |  |
| 4.250%, 10/01/30 (a) | 315000 | &nbsp;&nbsp; 314158 |
| Vistra Operations Co. LLC |  |  |
| 4.375%, 05/01/29 (144A) (a) | 1200000 | &nbsp;&nbsp; 1184934 |
| Xcel Energy, Inc. |  |  |
| 3.400%, 06/01/30 (a) | 1000000 | &nbsp;&nbsp; 961659 |
|  |  | &nbsp;&nbsp; 15927961 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| WESCO Distribution, Inc. |  |  |
| 6.375%, 03/15/29 (144A) (a) | 1100000 | &nbsp;&nbsp; 1135936 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Amphenol Corp. |  |  |
| 3.900%, 11/15/28 (a) | 420000 | &nbsp;&nbsp; 419538 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Banijay Entertainment SAS |  |  |
| 8.125%, 05/01/29 (144A) (a) | 600000 | &nbsp;&nbsp; 623386 |
| Caesars Entertainment, Inc. |  |  |
| 4.625%, 10/15/29 (144A) (a) | 1200000 | &nbsp;&nbsp; 1151086 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| 6.250%, 10/15/30 (144A) | 330000 | &nbsp;&nbsp; 336840 |
| Warnermedia Holdings, Inc. |  |  |
| 3.755%, 03/15/27 (a) | 278000 | &nbsp;&nbsp; 276130 |
|  |  | &nbsp;&nbsp; 2387442 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| Mars, Inc. |  |  |
| 4.800%, 03/01/30 (144A) (a) | 2585000 | &nbsp;&nbsp; 2641773 |
| Sysco Corp. |  |  |
| 5.750%, 01/17/29 (a) | 1100000 | &nbsp;&nbsp; 1149635 |
|  |  | &nbsp;&nbsp; 3791408 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH |  |  |
| 6.000%, 01/15/29 | 330000 | &nbsp;&nbsp; 339865 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Southern Co. Gas Capital Corp. |  |  |
| 4.050%, 09/15/28 (a) | 320000 | &nbsp;&nbsp; 320101 |

---

*See accompanying notes to financial statements.*

**BHFTI-164**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Baxter International, Inc. |  |  |
| 1.915%, 02/01/27 | 1305000 | &nbsp;&nbsp; $1273426 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.150%, 12/15/28 | 310000 | &nbsp;&nbsp; 310854 |
|  |  | &nbsp;&nbsp; 1584280 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| CHS/Community Health Systems, Inc. |  |  |
| 6.000%, 01/15/29 (144A) | 1100000 | &nbsp;&nbsp; 1099687 |
| Cigna Group |  |  |
| 1.250%, 03/15/26 (a) | 1666000 | &nbsp;&nbsp; 1656473 |
| Icon Investments Six DAC |  |  |
| 5.809%, 05/08/27 (a) | 1700000 | &nbsp;&nbsp; 1734589 |
| IQVIA, Inc. |  |  |
| 6.250%, 02/01/29 (a) | 1000000 | &nbsp;&nbsp; 1054118 |
| Kedrion SpA |  |  |
| 6.500%, 09/01/29 (144A) (a) | 500000 | &nbsp;&nbsp; 490517 |
|  |  | &nbsp;&nbsp; 6035384 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| DR Horton, Inc. |  |  |
| 4.850%, 10/15/30 (a) | 1500000 | &nbsp;&nbsp; 1532470 |
| Toll Brothers Finance Corp. |  |  |
| 4.350%, 02/15/28 (a) | 1500000 | &nbsp;&nbsp; 1504884 |
|  |  | &nbsp;&nbsp; 3037354 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 8.500%, 06/15/29 (144A) | 300000 | &nbsp;&nbsp; 313932 |
| AEGON Funding Co. LLC |  |  |
| 5.500%, 04/16/27 (144A) (a) | 2100000 | &nbsp;&nbsp; 2133138 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 5.875%, 11/01/29 (144A) (a) | 600000 | &nbsp;&nbsp; 599472 |
| 6.750%, 04/15/28 (144A) | 700000 | &nbsp;&nbsp; 712723 |
| Athene Global Funding |  |  |
| 5.516%, 03/25/27 (144A) (a) | 2000000 | &nbsp;&nbsp; 2030936 |
| Brown & Brown, Inc. |  |  |
| 4.900%, 06/23/30 | 345000 | &nbsp;&nbsp; 349771 |
| Corebridge Global Funding |  |  |
| 5.900%, 09/19/28 (144A) (a) | 1300000 | &nbsp;&nbsp; 1357693 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 (a) | 300000 | &nbsp;&nbsp; 312534 |
| GA Global Funding Trust |  |  |
| 4.400%, 09/23/27 (144A) (a) | 2150000 | &nbsp;&nbsp; 2157981 |
| Northwestern Mutual Global Funding |  |  |
| 4.900%, 06/12/28 (144A) | 1150000 | &nbsp;&nbsp; 1175494 |
| RGA Global Funding |  |  |
| 5.448%, 05/24/29 (144A) | 500000 | &nbsp;&nbsp; 517322 |
|  |  | &nbsp;&nbsp; 11660996 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Alphabet, Inc. |  |  |
| 4.100%, 11/15/30 (a) | 850000 | &nbsp;&nbsp; 852609 |
| Amazon.com, Inc. |  |  |
| 4.100%, 11/20/30 (a) | 385000 | &nbsp;&nbsp; 385420 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Meta Platforms, Inc. |  |  |
| 4.200%, 11/15/30 (a) | 1415000 | &nbsp;&nbsp; $1417990 |
|  |  | &nbsp;&nbsp; 2656019 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 5.750%, 03/15/30 (144A) (a) | 400000 | &nbsp;&nbsp; 411365 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Sands China Ltd. |  |  |
| 2.300%, 03/08/27 | 1200000 | &nbsp;&nbsp; 1170485 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Eaton Capital ULC |  |  |
| 4.450%, 05/09/30 (a) | 520000 | &nbsp;&nbsp; 525446 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Esab Corp. |  |  |
| 6.250%, 04/15/29 (144A) | 200000 | &nbsp;&nbsp; 205643 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) (a) | 550000 | &nbsp;&nbsp; 556486 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 5.875%, 08/15/27 (144A) (a) | 247000 | &nbsp;&nbsp; 248450 |
| Paramount Global |  |  |
| 7.875%, 07/30/30 | 1500000 | &nbsp;&nbsp; 1622595 |
|  |  | &nbsp;&nbsp; 2427531 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.000%, 09/30/29 | 250000 | &nbsp;&nbsp; 237254 |
| Glencore Funding LLC |  |  |
| 4.907%, 04/01/28 (144A) | 1110000 | &nbsp;&nbsp; 1128479 |
|  |  | &nbsp;&nbsp; 1365733 |
| **Multi-National — 0.2%** | **Multi-National — 0.2%** | **Multi-National — 0.2%** |
| Banque Ouest Africaine de Developpement |  |  |
| 5.000%, 07/27/27 (144A) | 1300000 | &nbsp;&nbsp; 1295382 |
| **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
| Equinor ASA |  |  |
| 1.750%, 01/22/26 (a) | 1300000 | &nbsp;&nbsp; 1298383 |
| Harbour Energy PLC |  |  |
| 5.500%, 10/15/26 (144A) | 2200000 | &nbsp;&nbsp; 2180750 |
| KazMunayGas National Co. JSC |  |  |
| 5.375%, 04/24/30 | 460000 | &nbsp;&nbsp; 469764 |
| Pertamina Hulu Energi PT |  |  |
| 5.250%, 05/21/30 (144A) | 340000 | &nbsp;&nbsp; 346608 |
| Petronas Capital Ltd. |  |  |
| 4.950%, 01/03/31 (144A) | 455000 | &nbsp;&nbsp; 469704 |
| Sunoco LP |  |  |
| 7.000%, 05/01/29 (144A) | 700000 | &nbsp;&nbsp; 730069 |
| Transocean International Ltd. |  |  |
| 8.750%, 02/15/30 (144A) | 300000 | &nbsp;&nbsp; 313472 |

---

*See accompanying notes to financial statements.*

**BHFTI-165**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Var Energi ASA |  |  |
| 7.500%, 01/15/28 (144A) (a) | 1400000 | &nbsp;&nbsp; $1482559 |
| Viper Energy Partners LLC |  |  |
| 4.900%, 08/01/30 (a) | 244000 | &nbsp;&nbsp; 246799 |
|  |  | &nbsp;&nbsp; 7538108 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| AptarGroup, Inc. |  |  |
| 4.750%, 03/30/31 (a) | 360000 | &nbsp;&nbsp; 362542 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |  |  |
| 9.500%, 05/15/30 (144A) | 200000 | &nbsp;&nbsp; 199721 |
|  |  | &nbsp;&nbsp; 562263 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Bayer U.S. Finance LLC |  |  |
| 6.250%, 01/21/29 (144A) | 2500000 | &nbsp;&nbsp; 2628001 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (a) | 1600000 | &nbsp;&nbsp; 1605299 |
| 5.000%, 01/30/29 (a) | 1500000 | &nbsp;&nbsp; 1531799 |
| Novartis Capital Corp. |  |  |
| 4.100%, 11/05/30 | 1235000 | &nbsp;&nbsp; 1233684 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.750%, 05/09/27 (a) | 303000 | &nbsp;&nbsp; 303774 |
|  |  | &nbsp;&nbsp; 7302557 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Energy Transfer LP |  |  |
| 3.900%, 07/15/26 (a) | 1200000 | &nbsp;&nbsp; 1198963 |
| Hess Midstream Operations LP |  |  |
| 5.875%, 03/01/28 (144A) (a) | 150000 | &nbsp;&nbsp; 152816 |
| 6.500%, 06/01/29 (144A) (a) | 250000 | &nbsp;&nbsp; 258175 |
| MPLX LP |  |  |
| 4.800%, 02/15/31 (a) | 1900000 | &nbsp;&nbsp; 1919951 |
| ONEOK, Inc. |  |  |
| 4.850%, 07/15/26 (a) | 1100000 | &nbsp;&nbsp; 1102068 |
| Venture Global LNG, Inc. |  |  |
| 8.125%, 06/01/28 (144A) (a) | 600000 | &nbsp;&nbsp; 607742 |
|  |  | &nbsp;&nbsp; 5239715 |
| **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** |
| Crown Castle, Inc. |  |  |
| 1.050%, 07/15/26 (a) | 733000 | &nbsp;&nbsp; 720878 |
| 3.700%, 06/15/26 | 2367000 | &nbsp;&nbsp; 2361644 |
| Iron Mountain, Inc. |  |  |
| 4.875%, 09/15/27 (144A) (a) | 1400000 | &nbsp;&nbsp; 1398578 |
| Millrose Properties, Inc. |  |  |
| 6.375%, 08/01/30 (144A) | 550000 | &nbsp;&nbsp; 562773 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 5.000%, 10/15/27 | 850000 | &nbsp;&nbsp; 820574 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 5.250%, 04/01/29 (144A) (a) | 500000 | &nbsp;&nbsp; 514814 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.500%, 02/15/29 (144A) | 600000 | &nbsp;&nbsp; 594025 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.750%, 02/15/27 (144A) | 1500000 | &nbsp;&nbsp; $1490079 |
|  |  | &nbsp;&nbsp; 8463365 |
| **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
| KSouth Africa Ltd. |  |  |
| 3.000%, 12/31/49 (144A) † (c) (d) (e) | 712186 | &nbsp;&nbsp; 0 |
| 25.000%, 12/31/49 (144A) † (c) (d) (e) | 313720 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** |
| Foundry JV Holdco LLC |  |  |
| 5.900%, 01/25/30 (144A) (a) | 1900000 | &nbsp;&nbsp; 1987162 |
| SK Hynix, Inc. |  |  |
| 1.500%, 01/19/26 (144A) (a) | 3400000 | &nbsp;&nbsp; 3395441 |
|  |  | &nbsp;&nbsp; 5382603 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fiserv, Inc. |  |  |
| 2.250%, 06/01/27 (a) | 1000000 | &nbsp;&nbsp; 973241 |
| Oracle Corp. |  |  |
| 4.450%, 09/26/30 (a) | 445000 | &nbsp;&nbsp; 435360 |
|  |  | &nbsp;&nbsp; 1408601 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| APLD ComputeCo LLC |  |  |
| 9.250%, 12/15/30 (144A) | 205000 | &nbsp;&nbsp; 201085 |
| AT&T, Inc. |  |  |
| 2.300%, 06/01/27 | 400000 | &nbsp;&nbsp; 390857 |
| Cipher Compute LLC |  |  |
| 7.125%, 11/15/30 (144A) | 100000 | &nbsp;&nbsp; 101848 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) (a) | 600000 | &nbsp;&nbsp; 636443 |
| Motorola Solutions, Inc. |  |  |
| 4.850%, 08/15/30 (a) | 1015000 | &nbsp;&nbsp; 1035609 |
| T-Mobile USA, Inc. |  |  |
| 4.950%, 03/15/28 (a) | 3000000 | &nbsp;&nbsp; 3055618 |
| WULF Compute LLC |  |  |
| 7.750%, 10/15/30 (144A) (a) | 160000 | &nbsp;&nbsp; 164840 |
|  |  | &nbsp;&nbsp; 5586300 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Beacon Mobility Corp. |  |  |
| 7.250%, 08/01/30 (144A) | 35000 | &nbsp;&nbsp; 36606 |
| **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** |
| Avolon Holdings Funding Ltd. |  |  |
| 4.900%, 10/10/30 (144A) (a) | 665000 | &nbsp;&nbsp; 668527 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.100%, 04/01/30 (144A) (a) | 2100000 | &nbsp;&nbsp; 2147967 |
|  |  | &nbsp;&nbsp; 2816494 |
| Total Corporate Bonds & Notes <br>(Cost $204,026,855) <br>|  | &nbsp;&nbsp; 204907492 |

---

*See accompanying notes to financial statements.*

**BHFTI-166**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—18.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 18.3%** | **U.S. Treasury — 18.3%** | **U.S. Treasury — 18.3%** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 04/15/26 (f) | 8814508 | &nbsp;&nbsp; $8737752 |
| U.S. Treasury Notes |  |  |
| 0.500%, 08/31/27 (a) (g) | 2800000 | &nbsp;&nbsp; 2666125 |
| 0.750%, 08/31/26 | 4000000 | &nbsp;&nbsp; 3926820 |
| 2.000%, 11/15/26 | 11300000 | &nbsp;&nbsp; 11150694 |
| 2.875%, 08/15/28 | 1300000 | &nbsp;&nbsp; 1279129 |
| 3.750%, 08/31/26 | 4000000 | &nbsp;&nbsp; 4004305 |
| 3.750%, 12/31/28 | 21600000 | &nbsp;&nbsp; 21722344 |
| 4.000%, 10/31/29 (a) | 11900000 | &nbsp;&nbsp; 12055722 |
| 4.625%, 04/30/29 | 25400000 | &nbsp;&nbsp; 26220539 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 11/15/27 (a) | 14400000 | &nbsp;&nbsp; 13484918 |
| Total U.S. Treasury & Government Agencies <br>(Cost $104,826,033) <br>|  | &nbsp;&nbsp; 105248348 |
| **Asset-Backed Securities—16.1%** | **Asset-Backed Securities—16.1%** | **Asset-Backed Securities—16.1%** |
| **Asset-Backed - Automobile — 3.5%** | **Asset-Backed - Automobile — 3.5%** | **Asset-Backed - Automobile — 3.5%** |
| Ford Credit Auto Owner Trust |  |  |
| 5.090%, 12/15/28 | 2191455 | &nbsp;&nbsp; 2210059 |
| GM Financial Consumer Automobile Receivables Trust |  |  |
| 4.850%, 12/18/28 | 3315908 | &nbsp;&nbsp; 3336141 |
| 5.780%, 08/16/28 | 1828039 | &nbsp;&nbsp; 1846461 |
| Honda Auto Receivables Owner Trust |  |  |
| 5.410%, 02/18/28 | 1558165 | &nbsp;&nbsp; 1569080 |
| 5.670%, 06/21/28 | 1594557 | &nbsp;&nbsp; 1611958 |
| Hyundai Auto Receivables Trust |  |  |
| 4.990%, 02/15/29 | 1226818 | &nbsp;&nbsp; 1237318 |
| 5.480%, 04/17/28 | 656179 | &nbsp;&nbsp; 660782 |
| Nissan Auto Receivables Owner Trust |  |  |
| 4.910%, 11/15/27 | 1873262 | &nbsp;&nbsp; 1878583 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.830%, 10/16/28 | 1946112 | &nbsp;&nbsp; 1958736 |
| 5.330%, 01/16/29 | 2713648 | &nbsp;&nbsp; 2741920 |
| Truist Bank Auto Credit-Linked Notes |  |  |
| 4.728%, 09/26/33 (144A) | 796121 | &nbsp;&nbsp; 797407 |
|  |  | &nbsp;&nbsp; 19848445 |
| **Asset-Backed - Credit Card — 1.6%** | **Asset-Backed - Credit Card — 1.6%** | **Asset-Backed - Credit Card — 1.6%** |
| American Express Credit Account Master Trust |  |  |
| 4.870%, 05/15/28 | 3620000 | &nbsp;&nbsp; 3633240 |
| BA Credit Card Trust |  |  |
| 4.980%, 11/15/28 | 2000000 | &nbsp;&nbsp; 2020759 |
| Discover Card Execution Note Trust |  |  |
| 4.930%, 06/15/28 | 3620000 | &nbsp;&nbsp; 3638296 |
|  |  | &nbsp;&nbsp; 9292295 |
| **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** |
| Angel Oak Mortgage Trust |  |  |
| 5.872%, SOFR30A + 1.800%, 02/25/55 (144A) (b) | 261798 | &nbsp;&nbsp; 263449 |
| BRAVO Residential Funding Trust |  |  |
| 5.224%, SOFR30A + 1.350%, 09/25/72 (144A) (b) | 676924 | &nbsp;&nbsp; 676438 |
| FIGRE Trust |  |  |
| 5.053%, 11/25/55 (144A) (h) | 660000 | &nbsp;&nbsp; 661167 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| FIGRE Trust |  |  |
| 5.265%, 07/25/55 (144A) (h) | 282837 | &nbsp;&nbsp; $283736 |
| 5.285%, 08/25/55 (144A) (b) | 358048 | &nbsp;&nbsp; 359434 |
| 5.408%, 07/25/55 (144A) (b) | 410817 | &nbsp;&nbsp; 413932 |
| GS Mortgage-Backed Securities Trust |  |  |
| 5.180%, 09/25/55 (144A) (h) | 542664 | &nbsp;&nbsp; 544008 |
| JP Morgan Mortgage Trust |  |  |
| 5.268%, SOFR30A + 1.350%, 03/20/56 (144A) (b) | 412175 | &nbsp;&nbsp; 412299 |
| 5.618%, SOFR30A + 1.700%, 03/20/54 (144A) (b) | 183612 | &nbsp;&nbsp; 184309 |
|  |  | &nbsp;&nbsp; 3798772 |
| **Asset-Backed - Other — 10.3%** | **Asset-Backed - Other — 10.3%** | **Asset-Backed - Other — 10.3%** |
| AGL CLO 13 Ltd. |  |  |
| 4.984%, 3M TSFR + 1.100%, 10/20/34 (144A) (b) | 850000 | &nbsp;&nbsp; 850007 |
| Apex Credit CLO LLC |  |  |
| 5.064%, 3M TSFR + 1.180%, 10/20/34 (144A) (b) | 2300000 | &nbsp;&nbsp; 2297801 |
| Apidos CLO XXXI |  |  |
| 5.266%, 3M TSFR + 1.362%, 04/15/31 (144A) (b) | 947631 | &nbsp;&nbsp; 947780 |
| Apidos CLO XXXII Ltd. |  |  |
| 4.984%, 3M TSFR + 1.100%, 01/20/33 (144A) (b) | 1257014 | &nbsp;&nbsp; 1257576 |
| Bain Capital Credit CLO Ltd. |  |  |
| 4.874%, 3M TSFR + 0.990%, 04/18/33 (144A) (b) | 1534431 | &nbsp;&nbsp; 1533800 |
| Basswood Park CLO Ltd. |  |  |
| 4.914%, 3M TSFR + 1.030%, 04/20/34 (144A) (b) | 800000 | &nbsp;&nbsp; 800118 |
| Battalion CLO IX Ltd. |  |  |
| 4.865%, 3M TSFR + 0.960%, 07/15/31 (144A) (b) | 2576594 | &nbsp;&nbsp; 2576638 |
| Beechwood Park CLO Ltd. |  |  |
| 4.969%, 3M TSFR + 1.070%, 01/17/35 (144A) (b) | 3000000 | &nbsp;&nbsp; 3001122 |
| Bellemeade RE Ltd. |  |  |
| 7.724%, SOFR30A + 3.850%, 09/25/31 (144A) (b) | 494000 | &nbsp;&nbsp; 510728 |
| BlueMountain CLO Ltd. |  |  |
| 5.052%, 3M TSFR + 1.200%, 11/15/30 (144A) (b) | 774846 | &nbsp;&nbsp; 774583 |
| Buckhorn Park CLO Ltd. |  |  |
| 4.954%, 3M TSFR + 1.070%, 07/18/34 (144A) (b) | 900000 | &nbsp;&nbsp; 900183 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 4.804%, 3M TSFR + 0.920%, 07/20/32 (144A) (b) | 1403672 | &nbsp;&nbsp; 1404141 |
| CF Hippolyta Issuer LLC |  |  |
| 1.690%, 07/15/60 (144A) | 1128826 | &nbsp;&nbsp; 949778 |
| Compass Datacenters Issuer II LLC |  |  |
| 4.926%, 11/25/50 (144A) | 671000 | &nbsp;&nbsp; 669728 |
| 5.022%, 08/25/49 (144A) | 286000 | &nbsp;&nbsp; 286556 |
| 5.316%, 05/25/50 (144A) | 307000 | &nbsp;&nbsp; 309761 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.596%, 1M TSFR + 0.864%, 03/25/34 (b) | 21349 | &nbsp;&nbsp; 22046 |
| Dryden 68 CLO Ltd. |  |  |
| 5.005%, 3M TSFR + 1.100%, 07/15/35 (144A) (b) | 2250000 | &nbsp;&nbsp; 2245707 |
| Dryden 80 CLO Ltd. |  |  |
| 4.832%, 3M TSFR + 0.950%, 01/17/33 (144A) (b) | 2610237 | &nbsp;&nbsp; 2610266 |
| Elevation CLO Ltd. |  |  |
| 4.804%, 3M TSFR + 0.920%, 10/20/31 (144A) (b) | 148619 | &nbsp;&nbsp; 148591 |
| Flatiron CLO 28 Ltd. |  |  |
| 4.985%, 3M TSFR + 1.080%, 07/15/36 (144A) (b) | 3610000 | &nbsp;&nbsp; 3609025 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |
| 4.964%, 3M TSFR + 1.080%, 10/20/34 (144A) (b) | 3200000 | &nbsp;&nbsp; 3198397 |
| Home Partners of America Trust |  |  |
| 2.649%, 01/17/41 (144A) | 476202 | &nbsp;&nbsp; 448553 |

---

*See accompanying notes to financial statements.*

**BHFTI-167**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| JP Morgan Mortgage Trust |  |  |
| 5.118%, SOFR30A + 1.200%, 02/25/55 (144A) (b) | 457641 | &nbsp;&nbsp; $457639 |
| LCM 34 Ltd. |  |  |
| 5.064%, 3M TSFR + 1.180%, 10/20/34 (144A) (b) | 1700000 | &nbsp;&nbsp; 1701052 |
| Madison Park Funding XLV Ltd. |  |  |
| 4.985%, 3M TSFR + 1.080%, 07/15/34 (144A) (b) | 2500000 | &nbsp;&nbsp; 2501027 |
| Marble Point CLO XV Ltd. |  |  |
| 4.900%, 3M TSFR + 1.040%, 07/23/32 (144A) (b) | 633641 | &nbsp;&nbsp; 633129 |
| Neuberger Berman Loan Advisers CLO 50 Ltd. |  |  |
| 5.110%, 3M TSFR + 1.250%, 07/23/36 (144A) (b) | 300000 | &nbsp;&nbsp; 300068 |
| New Economy Assets - Phase 1 Sponsor LLC |  |  |
| 1.910%, 10/20/61 (144A) | 5010000 | &nbsp;&nbsp; 4182310 |
| Octagon Investment Partners 45 Ltd. |  |  |
| 5.055%, 3M TSFR + 1.150%, 04/15/35 (144A) (b) | 1200000 | &nbsp;&nbsp; 1200466 |
| PK Alift Loan Funding 7 LP |  |  |
| 4.750%, 03/15/43 (144A) | 293036 | &nbsp;&nbsp; 293588 |
| RAAC Trust |  |  |
| 4.546%, 1M TSFR + 0.814%, 03/25/34 (b) | 33792 | &nbsp;&nbsp; 33715 |
| RR 14 Ltd. |  |  |
| 5.286%, 3M TSFR + 1.382%, 04/15/36 (144A) (b) | 5382000 | &nbsp;&nbsp; 5387592 |
| Sound Point CLO XXII Ltd. |  |  |
| 4.914%, 3M TSFR + 1.030%, 01/20/32 (144A) (b) | 795723 | &nbsp;&nbsp; 794698 |
| Southwick Park CLO LLC |  |  |
| 4.884%, 3M TSFR + 1.000%, 07/20/32 (144A) (b) | 1152604 | &nbsp;&nbsp; 1151870 |
| Symphony CLO XXIII Ltd. |  |  |
| 4.805%, 3M TSFR + 0.900%, 01/15/34 (144A) (b) | 928447 | &nbsp;&nbsp; 927664 |
| TCI-Flatiron CLO Ltd. |  |  |
| 4.793%, 3M TSFR + 0.950%, 07/29/35 (144A) (b) | 2314445 | &nbsp;&nbsp; 2313476 |
| Trinitas CLO XII Ltd. |  |  |
| 4.908%, 3M TSFR + 1.050%, 04/25/33 (144A) (b) | 942279 | &nbsp;&nbsp; 941896 |
| Venture 41 CLO Ltd. |  |  |
| 5.014%, 3M TSFR + 1.130%, 01/20/34 (144A) (b) | 2500000 | &nbsp;&nbsp; 2496442 |
| Wellfleet CLO Ltd. |  |  |
| 5.105%, 3M TSFR + 1.200%, 01/15/35 (144A) (b) | 2900000 | &nbsp;&nbsp; 2900905 |
|  |  | &nbsp;&nbsp; 59570422 |
| Total Asset-Backed Securities <br>(Cost $93,276,066) <br>|  | &nbsp;&nbsp; 92509934 |
| **Agency Sponsored Mortgage-Backed Securities—10.6%** | **Agency Sponsored Mortgage-Backed Securities—10.6%** | **Agency Sponsored Mortgage-Backed Securities—10.6%** |
| **Agency Collateralized Mortgage Obligations — 9.4%** | **Agency Collateralized Mortgage Obligations — 9.4%** | **Agency Collateralized Mortgage Obligations — 9.4%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.500%, 03/25/51 (i) | 6922986 | &nbsp;&nbsp; 1058334 |
| 2.500%, 07/25/51 (i) | 6605052 | &nbsp;&nbsp; 1053734 |
| 4.774%, SOFR30A + 0.900%, 08/25/54 (b) | 1541376 | &nbsp;&nbsp; 1543546 |
| 4.824%, SOFR30A + 0.950%, 06/25/54 (b) | 3583633 | &nbsp;&nbsp; 3598465 |
| 4.974%, SOFR30A + 1.100%, 02/25/54 (b) | 2279548 | &nbsp;&nbsp; 2286134 |
| 4.974%, SOFR30A + 1.100%, 08/25/54 (b) | 1908663 | &nbsp;&nbsp; 1914631 |
| 4.974%, SOFR30A + 1.100%, 02/25/55 (b) | 1491659 | &nbsp;&nbsp; 1495971 |
| 4.974%, SOFR30A + 1.100%, 08/25/55 (b) | 2577776 | &nbsp;&nbsp; 2587149 |
| 5.024%, SOFR30A + 1.150%, 03/25/55 (b) | 1868106 | &nbsp;&nbsp; 1875169 |
| 5.024%, SOFR30A + 1.150%, 05/25/55 (b) | 2719826 | &nbsp;&nbsp; 2729766 |
| 5.074%, SOFR30A + 1.200%, 06/25/55 (b) | 2499555 | &nbsp;&nbsp; 2514410 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 4.724%, SOFR30A + 0.850%, 11/25/41 (144A) (b) | 75738 | &nbsp;&nbsp; 75667 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 4.824%, SOFR30A + 0.950%, 01/25/45 (144A) (b) | 513150 | &nbsp;&nbsp; $513151 |
| 4.824%, SOFR30A + 0.950%, 09/25/45 (144A) (b) | 580425 | &nbsp;&nbsp; 580580 |
| 4.874%, SOFR30A + 1.000%, 10/25/44 (144A) (b) | 4149 | &nbsp;&nbsp; 4148 |
| 4.974%, SOFR30A + 1.100%, 05/25/45 (144A) (b) | 410787 | &nbsp;&nbsp; 411703 |
| 5.074%, SOFR30A + 1.200%, 08/25/44 (144A) (b) | 1633219 | &nbsp;&nbsp; 1634517 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 4.824%, SOFR30A + 0.950%, 01/25/45 (144A) (b) | 481716 | &nbsp;&nbsp; 481716 |
| 4.874%, SOFR30A + 1.000%, 07/25/44 (144A) (b) | 209847 | &nbsp;&nbsp; 209716 |
| 4.874%, SOFR30A + 1.000%, 02/25/45 (144A) (b) | 308937 | &nbsp;&nbsp; 309411 |
| 4.874%, SOFR30A + 1.000%, 05/25/45 (144A) (b) | 359958 | &nbsp;&nbsp; 360317 |
| 4.924%, SOFR30A + 1.050%, 09/25/44 (144A) (b) | 56910 | &nbsp;&nbsp; 56893 |
| 4.974%, SOFR30A + 1.100%, 02/25/44 (144A) (b) | 498832 | &nbsp;&nbsp; 498522 |
| 5.024%, SOFR30A + 1.150%, 03/25/44 (144A) (b) | 575150 | &nbsp;&nbsp; 575522 |
| 5.074%, SOFR30A + 1.200%, 01/25/42 (144A) (b) | 15100 | &nbsp;&nbsp; 15095 |
| 5.324%, SOFR30A + 1.450%, 03/25/45 (144A) (b) | 430631 | &nbsp;&nbsp; 432687 |
| 5.374%, SOFR30A + 1.500%, 10/25/43 (144A) (b) | 1481170 | &nbsp;&nbsp; 1483666 |
| 6.539%, SOFR30A + 2.664%, 12/25/30 (b) | 267476 | &nbsp;&nbsp; 274654 |
| 6.789%, SOFR30A + 2.914%, 02/25/30 (b) | 317809 | &nbsp;&nbsp; 322555 |
| 10.939%, SOFR30A + 7.064%, 08/25/28 (b) | 179775 | &nbsp;&nbsp; 181466 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 3.000%, 01/25/53 (i) | 6448298 | &nbsp;&nbsp; 1142209 |
| Federal National Mortgage Association REMICS |  |  |
| 4.824%, SOFR30A + 0.950%, 01/25/54 (b) | 1219656 | &nbsp;&nbsp; 1224695 |
| 4.824%, SOFR30A + 0.950%, 11/25/54 (b) | 4286369 | &nbsp;&nbsp; 4294332 |
| 4.844%, SOFR30A + 0.970%, 08/25/54 (b) | 2556788 | &nbsp;&nbsp; 2568434 |
| 4.974%, SOFR30A + 1.100%, 06/25/54 (b) | 1933725 | &nbsp;&nbsp; 1941602 |
| 4.974%, SOFR30A + 1.100%, 07/25/55 (b) | 2749470 | &nbsp;&nbsp; 2759152 |
| 5.024%, SOFR30A + 1.150%, 12/25/53 (b) | 2197514 | &nbsp;&nbsp; 2204441 |
| 5.074%, SOFR30A + 1.200%, 10/25/53 (b) | 2480791 | &nbsp;&nbsp; 2494879 |
| 5.074%, SOFR30A + 1.200%, 05/25/54 (b) | 1802476 | &nbsp;&nbsp; 1808616 |
| Government National Mortgage Association REMICS |  |  |
| 2.000%, 02/20/51 (i) | 12986115 | &nbsp;&nbsp; 1330495 |
| 3.500%, 11/20/49 (i) | 5822298 | &nbsp;&nbsp; 1142555 |
|  |  | &nbsp;&nbsp; 53990705 |
| **Agency Mortgage-Backed Securities — 1.2%** | **Agency Mortgage-Backed Securities — 1.2%** | **Agency Mortgage-Backed Securities — 1.2%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.000%, 10/01/37 | 2518129 | &nbsp;&nbsp; 2422219 |
| 3.500%, 10/01/37 | 2574957 | &nbsp;&nbsp; 2504084 |
| Federal National Mortgage Association |  |  |
| 5.220%, 6M RFUCCT + 0.845%, 11/01/33 (b) | 213 | &nbsp;&nbsp; 213 |
| 5.300%, 1Y H15 + 1.675%, 11/01/32 (b) | 5680 | &nbsp;&nbsp; 5748 |
| 5.522%, 6M RFUCCT + 1.171%, 03/01/28 (b) | 346 | &nbsp;&nbsp; 346 |
| 5.619%, 1Y H15 + 2.051%, 03/01/30 (b) | 27 | &nbsp;&nbsp; 27 |
| 5.665%, 6M RFUCCT + 1.415%, 12/01/32 (b) | 29078 | &nbsp;&nbsp; 29417 |
| 5.850%, 6M RFUCCT + 1.430%, 02/01/36 (b) | 6361 | &nbsp;&nbsp; 6478 |
| 5.915%, 6M RFUCCT + 1.415%, 06/01/32 (b) | 5154 | &nbsp;&nbsp; 5212 |
| 6.005%, 1Y RFUCCT + 1.571%, 11/01/36 (b) | 95 | &nbsp;&nbsp; 98 |
| 6.016%, 6M RFUCCT + 1.569%, 12/01/34 (b) | 8514 | &nbsp;&nbsp; 8701 |
| 6.030%, 1Y RFUCCT + 1.655%, 08/01/34 (b) | 606 | &nbsp;&nbsp; 621 |
| 6.038%, 6M RFUCCT + 1.413%, 11/01/34 (b) | 1275 | &nbsp;&nbsp; 1295 |
| 6.048%, 6M RFUCCT + 1.400%, 03/01/35 (b) | 7280 | &nbsp;&nbsp; 7419 |
| 6.050%, 1Y RFUCCT + 1.550%, 07/01/33 (b) | 13946 | &nbsp;&nbsp; 14203 |
| 6.068%, 6M RFUCCT + 1.541%, 04/01/36 (b) | 3943 | &nbsp;&nbsp; 4031 |

---

*See accompanying notes to financial statements.*

**BHFTI-168**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.071%, 1Y H15 + 2.060%, 07/01/33 (b) | 8519 | &nbsp;&nbsp; $8688 |
| 6.110%, 6M RFUCCT + 1.610%, 06/01/28 (b) | 32 | &nbsp;&nbsp; 32 |
| 6.123%, 1Y H15 + 1.998%, 10/01/32 (b) | 2877 | &nbsp;&nbsp; 2937 |
| 6.125%, 1Y RFUCCT + 1.375%, 07/01/33 (b) | 8478 | &nbsp;&nbsp; 8636 |
| 6.150%, 1Y H15 + 2.150%, 08/01/33 (b) | 28627 | &nbsp;&nbsp; 29372 |
| 6.163%, 6M RFUCCT + 1.538%, 09/01/35 (b) | 3586 | &nbsp;&nbsp; 3665 |
| 6.189%, 6M RFUCCT + 1.570%, 11/01/35 (b) | 17683 | &nbsp;&nbsp; 18330 |
| 6.223%, 1Y H15 + 2.223%, 07/01/35 (b) | 4959 | &nbsp;&nbsp; 5135 |
| 6.236%, 6M RFUCCT + 1.585%, 03/01/36 (b) | 30404 | &nbsp;&nbsp; 31149 |
| 6.243%, 1Y H15 + 2.175%, 09/01/33 (b) | 606 | &nbsp;&nbsp; 615 |
| 6.245%, 6M RFUCCT + 1.620%, 11/01/32 (b) | 2372 | &nbsp;&nbsp; 2411 |
| 6.254%, 1Y H15 + 2.185%, 11/01/35 (b) | 318423 | &nbsp;&nbsp; 327613 |
| 6.270%, 1Y H15 + 2.270%, 08/01/30 (b) | 3613 | &nbsp;&nbsp; 3677 |
| 6.283%, 1Y H15 + 2.244%, 03/01/38 (b) | 2769 | &nbsp;&nbsp; 2840 |
| 6.289%, 6M RFUCCT + 1.635%, 03/01/37 (b) | 813 | &nbsp;&nbsp; 841 |
| 6.294%, 1Y H15 + 2.169%, 07/01/33 (b) | 13600 | &nbsp;&nbsp; 13914 |
| 6.340%, 1Y H15 + 2.215%, 08/01/29 (b) | 35 | &nbsp;&nbsp; 35 |
| 6.346%, 1Y H15 + 2.360%, 11/01/34 (b) | 425278 | &nbsp;&nbsp; 445452 |
| 6.395%, 1Y H15 + 2.270%, 01/01/29 (b) | 636 | &nbsp;&nbsp; 642 |
| 6.395%, 1Y RFUCCT + 1.645%, 09/01/39 (b) | 767 | &nbsp;&nbsp; 792 |
| 6.402%, 1Y H15 + 2.152%, 12/01/33 (b) | 17495 | &nbsp;&nbsp; 17924 |
| 6.404%, 1Y H15 + 2.258%, 09/01/36 (b) | 126 | &nbsp;&nbsp; 130 |
| 6.405%, 1Y RFUCCT + 1.530%, 02/01/33 (b) | 20249 | &nbsp;&nbsp; 20667 |
| 6.406%, 1Y RFUCCT + 1.656%, 10/01/36 (b) | 566 | &nbsp;&nbsp; 584 |
| 6.425%, 1Y RFUCCT + 1.550%, 02/01/44 (b) | 23847 | &nbsp;&nbsp; 24615 |
| 6.432%, 1Y RFUCCT + 1.682%, 05/01/33 (b) | 2374 | &nbsp;&nbsp; 2423 |
| 6.447%, 1Y RFUCCT + 1.698%, 08/01/37 (b) | 2568 | &nbsp;&nbsp; 2662 |
| 6.460%, 1Y RFUCCT + 1.669%, 11/01/36 (b) | 317423 | &nbsp;&nbsp; 327114 |
| 6.473%, 1Y H15 + 2.320%, 07/01/28 (b) | 98 | &nbsp;&nbsp; 99 |
| 6.477%, 1Y RFUCCT + 1.602%, 03/01/33 (b) | 8012 | &nbsp;&nbsp; 8179 |
| 6.489%, 1Y RFUCCT + 1.690%, 11/01/35 (b) | 1880 | &nbsp;&nbsp; 1932 |
| 6.493%, 1Y RFUCCT + 1.621%, 01/01/36 (b) | 10149 | &nbsp;&nbsp; 10415 |
| 6.515%, 1Y RFUCCT + 1.765%, 10/01/33 (b) | 9661 | &nbsp;&nbsp; 9876 |
| 6.520%, 1Y H15 + 2.270%, 01/01/32 (b) | 2788 | &nbsp;&nbsp; 2849 |
| 6.525%, 1Y H15 + 2.275%, 06/01/35 (b) | 28647 | &nbsp;&nbsp; 29476 |
| 6.533%, 1Y H15 + 2.372%, 01/01/32 (b) | 62 | &nbsp;&nbsp; 63 |
| 6.535%, 1Y H15 + 2.285%, 02/01/35 (b) | 21852 | &nbsp;&nbsp; 22513 |
| 6.569%, 1Y RFUCCT + 1.708%, 09/01/35 (b) | 408459 | &nbsp;&nbsp; 424604 |
| 6.583%, 1Y RFUCCT + 1.833%, 08/01/32 (b) | 22003 | &nbsp;&nbsp; 22518 |
| 6.585%, 1Y RFUCCT + 1.585%, 02/01/36 (b) | 7912 | &nbsp;&nbsp; 8127 |
| 6.594%, 1Y RFUCCT + 1.844%, 09/01/37 (b) | 561 | &nbsp;&nbsp; 581 |
| 6.635%, 1Y RFUCCT + 1.905%, 11/01/35 (b) | 123623 | &nbsp;&nbsp; 128240 |
| 6.653%, 1Y RFUCCT + 1.778%, 12/01/35 (b) | 75923 | &nbsp;&nbsp; 78221 |
| 6.726%, 1Y H15 + 2.481%, 09/01/33 (b) | 193 | &nbsp;&nbsp; 196 |
| 6.731%, 6M RFUCCT + 2.106%, 09/01/33 (b) | 14024 | &nbsp;&nbsp; 14110 |
| 6.732%, 1Y H15 + 2.483%, 04/01/36 (b) | 780 | &nbsp;&nbsp; 810 |
| 6.748%, 1Y RFUCCT + 1.815%, 03/01/36 (b) | 7454 | &nbsp;&nbsp; 7645 |
| 6.750%, 6M RFUCCT + 2.250%, 10/01/33 (b) | 12236 | &nbsp;&nbsp; 12632 |
| 6.750%, 1Y RFUCCT + 1.750%, 04/01/34 (b) | 11116 | &nbsp;&nbsp; 11365 |
| 6.810%, 1Y RFUCCT + 1.810%, 04/01/40 (b) | 395 | &nbsp;&nbsp; 407 |
| 6.824%, 1Y RFUCCT + 1.823%, 03/01/36 (b) | 10788 | &nbsp;&nbsp; 11079 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.935%, 1Y RFUCCT + 1.810%, 04/01/35 (b) | 66866 | &nbsp;&nbsp; $68903 |
|  |  | &nbsp;&nbsp; 7187847 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $61,063,378) <br>|  | &nbsp;&nbsp; 61178552 |
| **Non-Agency Mortgage-Backed Securities—10.2%** | **Non-Agency Mortgage-Backed Securities—10.2%** | **Non-Agency Mortgage-Backed Securities—10.2%** |
| **Collateralized Mortgage Obligations — 5.6%** | **Collateralized Mortgage Obligations — 5.6%** | **Collateralized Mortgage Obligations — 5.6%** |
| A&D Mortgage Trust |  |  |
| 6.733%, 07/25/68 (144A) (h) | 383042 | &nbsp;&nbsp; 385260 |
| Adjustable Rate Mortgage Trust |  |  |
| 5.389%, 02/25/35 (b) | 134607 | &nbsp;&nbsp; 133889 |
| BRAVO Residential Funding Trust |  |  |
| 3.500%, 10/25/44 (144A) (b) | 567203 | &nbsp;&nbsp; 545644 |
| 6.191%, 03/25/64 (144A) (h) | 1158408 | &nbsp;&nbsp; 1169749 |
| 6.285%, 02/25/64 (144A) (h) | 242315 | &nbsp;&nbsp; 244473 |
| 6.394%, 10/25/63 (144A) (h) | 686043 | &nbsp;&nbsp; 691011 |
| 6.435%, 05/25/63 (144A) (h) | 1658910 | &nbsp;&nbsp; 1664405 |
| 6.505%, 06/25/63 (144A) (h) | 146219 | &nbsp;&nbsp; 146938 |
| 6.602%, 09/25/63 (144A) (h) | 277655 | &nbsp;&nbsp; 279488 |
| CAFL Issuer LP |  |  |
| 5.684%, 05/28/40 (144A) (h) | 227000 | &nbsp;&nbsp; 228705 |
| CHL Mortgage Pass-Through Trust |  |  |
| 4.953%, 07/25/34 (b) | 127654 | &nbsp;&nbsp; 121772 |
| COLT Mortgage Loan Trust |  |  |
| 5.835%, 02/25/69 (144A) (h) | 740247 | &nbsp;&nbsp; 745379 |
| 5.903%, 12/25/68 (144A) (h) | 405730 | &nbsp;&nbsp; 408528 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 5.000%, 01/25/38 | 33359 | &nbsp;&nbsp; 18638 |
| Cross Mortgage Trust |  |  |
| 5.883%, 04/25/70 (144A) (b) | 298651 | &nbsp;&nbsp; 302670 |
| 6.085%, 12/25/68 (144A) (h) | 1026601 | &nbsp;&nbsp; 1034703 |
| Deephaven Residential Mortgage Trust |  |  |
| 5.735%, 07/25/69 (144A) (h) | 727543 | &nbsp;&nbsp; 733048 |
| GS Mortgage-Backed Securities Trust |  |  |
| 5.174%, SOFR30A + 1.300%, 02/25/56 (144A) (b) | 213770 | &nbsp;&nbsp; 213706 |
| HOMES Trust |  |  |
| 5.915%, 07/25/69 (144A) (h) | 347457 | &nbsp;&nbsp; 350872 |
| Imperial Fund Mortgage Trust |  |  |
| 5.941%, 02/25/68 (144A) (h) | 537977 | &nbsp;&nbsp; 536614 |
| JP Morgan Mortgage Trust |  |  |
| 2.500%, 06/25/52 (144A) (b) | 602785 | &nbsp;&nbsp; 541897 |
| 5.919%, 06/25/54 (144A) (h) | 271327 | &nbsp;&nbsp; 273429 |
| LHOME Mortgage Trust |  |  |
| 5.612%, 04/25/40 (144A) (b) | 185000 | &nbsp;&nbsp; 186366 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.586%, 1M TSFR + 0.854%, 03/25/28 (b) | 23479 | &nbsp;&nbsp; 22799 |
| Mill City Mortgage Loan Trust |  |  |
| 3.250%, 05/25/62 (144A) (b) | 110523 | &nbsp;&nbsp; 109911 |
| 3.500%, 04/25/66 (144A) (b) | 678636 | &nbsp;&nbsp; 668877 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 5.224%, SOFR30A + 1.350%, 09/25/54 (144A) (b) | 565680 | &nbsp;&nbsp; 564612 |
| 6.152%, 12/25/68 (144A) (h) | 822454 | &nbsp;&nbsp; 829252 |

---

*See accompanying notes to financial statements.*

**BHFTI-169**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| New York Mortgage Trust |  |  |
| 4.521%, 1M TSFR + 0.789%, 02/25/36 (b) | 16552 | &nbsp;&nbsp; $16408 |
| OBX Trust |  |  |
| 2.500%, 10/25/51 (144A) (b) | 237112 | &nbsp;&nbsp; 213493 |
| 4.496%, 1M TSFR + 0.764%, 06/25/57 (144A) (b) | 186937 | &nbsp;&nbsp; 183281 |
| 5.878%, 12/25/63 (144A) (h) | 367967 | &nbsp;&nbsp; 370395 |
| 5.928%, 11/25/63 (144A) (h) | 490540 | &nbsp;&nbsp; 493654 |
| 6.067%, 01/25/64 (144A) (h) | 267673 | &nbsp;&nbsp; 269958 |
| 6.129%, 12/25/63 (144A) (h) | 433384 | &nbsp;&nbsp; 437617 |
| 6.233%, 05/25/64 (144A) (h) | 730503 | &nbsp;&nbsp; 739075 |
| 6.465%, 10/25/63 (144A) (h) | 1214727 | &nbsp;&nbsp; 1226143 |
| Onity Loan Investment Trust |  |  |
| 3.000%, 06/25/38 (144A) (b) | 349871 | &nbsp;&nbsp; 343795 |
| 3.000%, 11/25/38 (144A) (b) | 866130 | &nbsp;&nbsp; 845501 |
| PRKCM Trust |  |  |
| 6.333%, 03/25/59 (144A) (h) | 241251 | &nbsp;&nbsp; 243581 |
| 6.431%, 05/25/59 (144A) (h) | 267463 | &nbsp;&nbsp; 270797 |
| Provident Funding Mortgage Trust |  |  |
| 2.500%, 10/25/51 (144A) (b) | 455430 | &nbsp;&nbsp; 407850 |
| PSMC Trust |  |  |
| 2.500%, 08/25/51 (144A) (b) | 2169337 | &nbsp;&nbsp; 1970770 |
| Sequoia Mortgage Trust |  |  |
| 4.488%, 1M TSFR + 0.754%, 11/20/34 (b) | 75364 | &nbsp;&nbsp; 71917 |
| Station Place Securitization Trust |  |  |
| 4.630%, 1M TSFR + 0.900%, 09/23/26 (144A) (b) | 2040000 | &nbsp;&nbsp; 2043721 |
| 4.630%, 1M TSFR + 0.900%, 11/24/26 (144A) (b) | 2069000 | &nbsp;&nbsp; 2068983 |
| 4.851%, 1M TSFR + 0.900%, 07/23/26 (144A) (b) | 2052000 | &nbsp;&nbsp; 2065715 |
| Toorak Mortgage Trust |  |  |
| 5.524%, 02/25/40 (144A) (h) | 270000 | &nbsp;&nbsp; 271248 |
| Towd Point Mortgage Trust |  |  |
| 3.000%, 06/25/58 (144A) (b) | 1066455 | &nbsp;&nbsp; 1016700 |
| 3.750%, 03/25/58 (144A) (b) | 246811 | &nbsp;&nbsp; 241117 |
| 3.750%, 05/25/58 (144A) (b) | 1172395 | &nbsp;&nbsp; 1155152 |
| Verus Securitization Trust |  |  |
| 6.095%, 02/25/69 (144A) (h) | 158511 | &nbsp;&nbsp; 159860 |
| 6.218%, 06/25/69 (144A) (h) | 454088 | &nbsp;&nbsp; 459899 |
| 6.338%, 04/25/69 (144A) (h) | 864451 | &nbsp;&nbsp; 874151 |
| 6.665%, 09/25/68 (144A) (h) | 138839 | &nbsp;&nbsp; 139974 |
| 6.876%, 11/25/68 (144A) (b) | 463786 | &nbsp;&nbsp; 470242 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.306%, 1M TSFR + 0.574%, 04/25/45 (b) | 309862 | &nbsp;&nbsp; 301617 |
|  |  | &nbsp;&nbsp; 32525249 |
| **Commercial Mortgage-Backed Securities — 4.6%** | **Commercial Mortgage-Backed Securities — 4.6%** | **Commercial Mortgage-Backed Securities — 4.6%** |
| Bank5 |  |  |
| 1.221%, 07/15/58 (b) (i) | 8258444 | &nbsp;&nbsp; 402908 |
| Bank5 Trust |  |  |
| 1.062%, 01/15/58 (144A) (b) (i) | 17904775 | &nbsp;&nbsp; 701982 |
| BBCMS Mortgage Trust |  |  |
| 1.168%, 05/15/58 (b) (i) | 11514186 | &nbsp;&nbsp; 525419 |
| Benchmark Mortgage Trust |  |  |
| 1.258%, 10/15/58 (144A) (b) (i) | 4214522 | &nbsp;&nbsp; 222492 |
| 2.211%, 03/15/53 | 1028842 | &nbsp;&nbsp; 974351 |
| 2.889%, 08/15/57 | 1210571 | &nbsp;&nbsp; 1170610 |
| 5.597%, 01/15/58 (b) | 733000 | &nbsp;&nbsp; 756433 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| BMO Mortgage Trust |  |  |
| 1.354%, 05/15/58 (b) (i) | 7922220 | &nbsp;&nbsp; $397952 |
| BX Mortgage Trust |  |  |
| 4.554%, 1M TSFR + 0.804%, 10/15/36 (144A) (b) | 2643000 | &nbsp;&nbsp; 2634764 |
| BX Trust |  |  |
| 5.031%, 12/13/42 (144A) (b) | 843000 | &nbsp;&nbsp; 850642 |
| 5.241%, 1M TSFR + 1.491%, 04/15/37 (144A) (b) | 1563610 | &nbsp;&nbsp; 1565050 |
| 5.450%, 1M TSFR + 1.700%, 12/15/44 (144A) (b) | 483000 | &nbsp;&nbsp; 483300 |
| Cantor Commercial Real Estate Lending |  |  |
| 2.942%, 01/15/53 | 751770 | &nbsp;&nbsp; 723324 |
| CGMS Commercial Mortgage Trust |  |  |
| 3.711%, 08/15/50 (b) | 337000 | &nbsp;&nbsp; 330451 |
| Citigroup Commercial Mortgage Trust |  |  |
| 2.450%, 07/10/49 | 447450 | &nbsp;&nbsp; 446471 |
| 3.154%, 11/15/49 | 1132000 | &nbsp;&nbsp; 1119678 |
| 4.408%, 06/10/51 (b) | 518000 | &nbsp;&nbsp; 514848 |
| COMM Mortgage Trust |  |  |
| 4.418%, 02/10/48 (b) | 244944 | &nbsp;&nbsp; 237599 |
| CSAIL Commercial Mortgage Trust |  |  |
| 1.085%, 03/15/53 (b) (i) | 14318015 | &nbsp;&nbsp; 489090 |
| 3.398%, 11/15/50 | 719619 | &nbsp;&nbsp; 718442 |
| CSTL Commercial Mortgage Trust |  |  |
| 4.561%, 11/10/42 (144A) (b) | 782000 | &nbsp;&nbsp; 779526 |
| GS Mortgage Securities Trust |  |  |
| 0.613%, 02/13/53 (b) (i) | 26834923 | &nbsp;&nbsp; 539492 |
| 2.592%, 10/10/49 | 1112821 | &nbsp;&nbsp; 1105000 |
| 2.933%, 09/10/52 | 1800099 | &nbsp;&nbsp; 1756444 |
| 3.050%, 05/10/49 | 320000 | &nbsp;&nbsp; 318989 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 3.576%, 03/17/49 | 314176 | &nbsp;&nbsp; 313600 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.994%, 12/15/49 (b) | 602000 | &nbsp;&nbsp; 595756 |
| 4.068%, 12/15/47 | 41238 | &nbsp;&nbsp; 40826 |
| 5.384%, 11/15/58 | 1135000 | &nbsp;&nbsp; 1162172 |
| Morgan Stanley Capital I Trust |  |  |
| 1.219%, 07/15/52 (b) (i) | 15145124 | &nbsp;&nbsp; 541712 |
| NYC Commercial Mortgage Trust |  |  |
| 4.668%, 11/05/38 (144A) (b) | 886000 | &nbsp;&nbsp; 887874 |
| UBS Commercial Mortgage Trust |  |  |
| 3.344%, 04/15/52 | 894000 | &nbsp;&nbsp; 880725 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 1.022%, 10/15/52 (b) (i) | 15007147 | &nbsp;&nbsp; 476722 |
| 2.918%, 11/15/49 | 600000 | &nbsp;&nbsp; 594786 |
| 4.382%, 08/15/51 | 433000 | &nbsp;&nbsp; 428827 |
| 4.684%, 01/15/59 (b) | 321000 | &nbsp;&nbsp; 314480 |
| 4.720%, 11/15/48 (b) | 316802 | &nbsp;&nbsp; 311258 |
|  |  | &nbsp;&nbsp; 26313995 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $59,634,106) <br>|  | &nbsp;&nbsp; 58839244 |
| **Floating Rate Loans (j)—2.4%** | **Floating Rate Loans (j)—2.4%** | **Floating Rate Loans (j)—2.4%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
| Barnes Group, Inc. |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 01/27/32 | 135641 | &nbsp;&nbsp; 136167 |

---

*See accompanying notes to financial statements.*

**BHFTI-170**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 5.966%, 1M TSFR + 2.250%, 03/22/30 | 99750 | &nbsp;&nbsp; $100145 |
|  |  | &nbsp;&nbsp; 236312 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| AS Mileage Plan IP Ltd. |  |  |
| 2025 Repriced Term Loan B, 5.634%, 3M TSFR + 1.750%, <br> 10/15/31<br>| 135578 | &nbsp;&nbsp; 136425 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 5.732%, 1M TSFR + 2.000%, <br> 02/22/31<br>| 197882 | &nbsp;&nbsp; 198954 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 6.922%, 3M TSFR + 3.250%, 02/14/31 | 86181 | &nbsp;&nbsp; 86657 |
|  |  | &nbsp;&nbsp; 422036 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| American Axle and Manufacturing, Inc. |  |  |
| 2025 Incremental Term Loan C, 02/24/32 (k) | 118159 | &nbsp;&nbsp; 118405 |
| Clarios Global LP |  |  |
| 2025 USD Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 109705 | &nbsp;&nbsp; 110117 |
| First Brands Group LLC |  |  |
| 2021 Term Loan, 03/30/27 (c) | 104126 | &nbsp;&nbsp; 561 |
| 2025 DIP Term Loan, 5.393%, 1M TSFR + 1.550%, 06/29/26 <br> †<br>| 42860 | &nbsp;&nbsp; 9108 |
| 2025 PIK DIP Roll-Up Term Loan B, 06/29/26 † (c) | 49091 | &nbsp;&nbsp; 1391 |
|  |  | &nbsp;&nbsp; 239582 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 5.922%, 3M TSFR + 2.250%, 03/31/28 | 104254 | &nbsp;&nbsp; 104616 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Chamberlain Group, Inc. |  |  |
| 2025 Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/08/32 | 30548 | &nbsp;&nbsp; 30656 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.122%, 6M TSFR + 2.250%, 08/04/31 | 70121 | &nbsp;&nbsp; 70353 |
| Term Loan B, 6.072%, 3M TSFR + 2.250%, 05/31/30 | 237534 | &nbsp;&nbsp; 238452 |
| Knife River HoldCo |  |  |
| Term Loan, 5.738%, 3M TSFR + 2.000%, 03/08/32 | 18957 | &nbsp;&nbsp; 19075 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B2, 5.966%, 1M TSFR + 2.250%, 03/19/29 | 147735 | &nbsp;&nbsp; 148437 |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, 02/10/32 | 88983 | &nbsp;&nbsp; 89361 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 2025 Term Loan B, 6.716%, 1M TSFR + 3.000%, 04/02/29 | 27962 | &nbsp;&nbsp; 28171 |
| Watlow Electric Manufacturing Co. |  |  |
| Term Loan B, 6.840%, 3M TSFR + 3.000%, 03/02/28 | 190131 | &nbsp;&nbsp; 191478 |
|  |  | &nbsp;&nbsp; 815983 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/09/31 | 100183 | &nbsp;&nbsp; 100684 |
| Albaugh LLC |  |  |
| 2022 Term Loan B, 7.466%, 1M TSFR + 3.750%, 04/06/29 | 227997 | &nbsp;&nbsp; 224577 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| INEOS Quattro Holdings U.K. Ltd. |  |  |
| 2023 USD 1st Lien Term Loan B, 8.066%, 1M TSFR + 4.250%, <br> 04/02/29<br>| 138281 | &nbsp;&nbsp; $98179 |
| Paint Intermediate III LLC |  |  |
| 2024 Term Loan B, 6.870%, 3M TSFR + 3.000%, 10/09/31 | 198872 | &nbsp;&nbsp; 199784 |
| Solstice Advanced Materials, Inc. |  |  |
| Term Loan B, 5.593%, 3M TSFR + 1.750%, 10/29/32 | 90036 | &nbsp;&nbsp; 90655 |
|  |  | &nbsp;&nbsp; 713879 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan, 6.868%, 3M TSFR + 3.000%, 05/21/31 | 27956 | &nbsp;&nbsp; 28183 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 08/20/32<br>| 135209 | &nbsp;&nbsp; 136038 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.466%, 1M TSFR + 1.750%, 01/03/29 † | 100000 | &nbsp;&nbsp; 100516 |
| Boost Newco Borrower LLC |  |  |
| 2025 USD Term Loan B2, 5.672%, 3M TSFR + 2.000%, <br> 01/31/31<br>| 98502 | &nbsp;&nbsp; 98760 |
| Cimpress PLC |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 05/17/28 | 148496 | &nbsp;&nbsp; 149053 |
| Creative Artists Agency LLC |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 10/01/31<br>| 173316 | &nbsp;&nbsp; 174182 |
| Garda World Security Corp. |  |  |
| 2025 Term Loan B, 6.750%, 1M TSFR + 3.000%, 02/01/29 | 98502 | &nbsp;&nbsp; 99056 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 11/17/31<br>| 193795 | &nbsp;&nbsp; 194227 |
| PG Investment Co. 59 SARL |  |  |
| Term Loan B, 6.715%, 1M TSFR + 2.750%, 03/26/31 | 82554 | &nbsp;&nbsp; 82935 |
| Prime Security Services Borrower LLC |  |  |
| 2025 Incremental Term Loan B, 5.585%, 1M TSFR + 1.750%, <br> 03/07/32<br>| 98502 | &nbsp;&nbsp; 98394 |
| Veritiv Corp. |  |  |
| Term Loan B, 7.672%, 3M TSFR + 4.000%, 11/30/30 | 190585 | &nbsp;&nbsp; 190803 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 91755 | &nbsp;&nbsp; 91995 |
|  |  | &nbsp;&nbsp; 1444142 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Clover Holdings 2 LLC |  |  |
| Term Loan B, 7.772%, 1M TSFR + 4.000%, 12/09/31 | 47268 | &nbsp;&nbsp; 47335 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 7.590%, 3M TSFR + 3.750%, 07/23/32 | 93750 | &nbsp;&nbsp; 93926 |
| McAfee LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 03/01/29<br>| 147752 | &nbsp;&nbsp; 136917 |
| Nielsen Consumer, Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 5.966%, 1M TSFR + 2.250%, <br> 10/31/30<br>| 148379 | &nbsp;&nbsp; 148935 |
|  |  | &nbsp;&nbsp; 427113 |

---

*See accompanying notes to financial statements.*

**BHFTI-171**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, 5.690%, 3M TSFR + 2.000%, 07/27/28 | 145532 | &nbsp;&nbsp; $146168 |
| Openlane, Inc. |  |  |
| Term Loan B, 6.365%, 3M TSFR + 2.500%, 10/08/32 | 100000 | &nbsp;&nbsp; 100250 |
|  |  | &nbsp;&nbsp; 246418 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.672%, 3M TSFR + 2.000%, <br> 10/31/31<br>| 173236 | &nbsp;&nbsp; 174319 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 5.716%, 1M TSFR + 2.000%, 05/19/31 | 99119 | &nbsp;&nbsp; 99475 |
| Edelman Financial Center LLC |  |  |
| 2024 Term Loan, 6.716%, 1M TSFR + 3.000%, 04/07/28 | 179647 | &nbsp;&nbsp; 180818 |
| Jane Street Group LLC |  |  |
| 2024 Term Loan B1, 5.822%, 3M TSFR + 2.000%, 12/15/31 | 194977 | &nbsp;&nbsp; 194337 |
| Speed Midco 3 SARL |  |  |
| 2025 USD Term Loan, 6.288%, 6M TSFR + 2.500%, 09/23/32 | 73100 | &nbsp;&nbsp; 73602 |
|  |  | &nbsp;&nbsp; 722551 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Calpine Construction Finance Co. LP |  |  |
| 2023 Refinancing Term Loan B, 5.485%, 1M TSFR + 1.750%, <br> 07/31/30<br>| 100000 | &nbsp;&nbsp; 100203 |
| Calpine Corp. |  |  |
| 2024 Term Loan B10, 5.466%, 1M TSFR + 1.750%, 01/31/31 | 149624 | &nbsp;&nbsp; 149783 |
|  |  | &nbsp;&nbsp; 249986 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.721%, 1M TSFR + 2.000%, <br> 03/17/32<br>| 22558 | &nbsp;&nbsp; 22671 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 10/01/32 (l) | 14050 | &nbsp;&nbsp; 14133 |
| Term Loan, 6.485%, 3M TSFR + 2.500%, 10/01/32 | 72875 | &nbsp;&nbsp; 73249 |
|  |  | &nbsp;&nbsp; 110053 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Brand Industrial Services, Inc. |  |  |
| 2024 Term Loan B, 8.354%, 3M TSFR + 4.500%, 08/01/30 | 147735 | &nbsp;&nbsp; 134716 |
| Radar Bidco SARL |  |  |
| 2025 USD Term Loan B, 7.186%, 3M TSFR + 3.250%, <br> 04/04/31<br>| 83123 | &nbsp;&nbsp; 83799 |
|  |  | &nbsp;&nbsp; 218515 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Banijay Entertainment SAS |  |  |
| 2025 USD Term Loan B3, 6.614%, 1M TSFR + 2.750%, <br> 03/01/28<br>| 43986 | &nbsp;&nbsp; 44435 |
| Caesars Entertainment, Inc. |  |  |
| Term Loan B, 5.966%, 1M TSFR + 2.250%, 02/06/30 | 85752 | &nbsp;&nbsp; 85127 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 5.422%, 3M TSFR + 1.750%, 11/30/30 | 97857 | &nbsp;&nbsp; 97703 |
| Great Canadian Gaming Corp. |  |  |
| 2024 Term Loan B, 8.445%, 3M TSFR + 4.750%, 11/01/29 | 150000 | &nbsp;&nbsp; 147625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Scientific Games Holdings LP |  |  |
| 2024 USD Term Loan B, 6.934%, 3M TSFR + 3.000%, <br> 04/04/29<br>| 189916 | &nbsp;&nbsp; $186854 |
|  |  | &nbsp;&nbsp; 561744 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.221%, 1M TSFR + 3.500%, 12/23/30 | 87353 | &nbsp;&nbsp; 87899 |
| Chobani LLC |  |  |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, 10/28/32 | 109057 | &nbsp;&nbsp; 109738 |
| Froneri Lux Finco SARL |  |  |
| 2024 USD Term Loan B4, 6.447%, 6M TSFR + 2.250%, <br> 09/30/31<br>| 132076 | &nbsp;&nbsp; 132177 |
|  |  | &nbsp;&nbsp; 329814 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| 2025 Term Loan, 5.471%, 1M TSFR + 1.750%, 06/22/30 | 22356 | &nbsp;&nbsp; 22503 |
| Golden State Food LLC |  |  |
| Term Loan B, 7.672%, 3M TSFR + 4.000%, 12/04/31 | 66951 | &nbsp;&nbsp; 67432 |
|  |  | &nbsp;&nbsp; 89935 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| Bausch & Lomb Corp. |  |  |
| 2025 Term Loan B, 7.966%, 1M TSFR + 4.250%, 01/15/31 | 100199 | &nbsp;&nbsp; 100794 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.011%, 1M TSFR + 4.250%, <br> 02/11/28<br>| 77009 | &nbsp;&nbsp; 75710 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| 2022 Term Loan B, 8.090%, 3M TSFR + 4.250%, 03/30/29 | 124356 | &nbsp;&nbsp; 120158 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 02/21/31 | 98503 | &nbsp;&nbsp; 99106 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.987%, 1M TSFR + 4.000%, 10/01/28 | 145145 | &nbsp;&nbsp; 145977 |
|  |  | &nbsp;&nbsp; 440951 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| Forward Air Corp. |  |  |
| Term Loan B, 8.338%, 3M TSFR + 4.500%, 12/19/30 | 150000 | &nbsp;&nbsp; 149234 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 6.716%, 1M TSFR + 3.000%, 02/18/32 | 71250 | &nbsp;&nbsp; 71597 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.854% - 6.873%, 1M TSFR + <br> 3.000%, 3M TSFR + 3.000%, 07/31/28 (m)<br>| 201889 | &nbsp;&nbsp; 202576 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Hunter Douglas, Inc. |  |  |
| 2025 USD Term Loan B, 6.672%, 3M TSFR + 3.000%, <br> 01/20/32<br>| 148459 | &nbsp;&nbsp; 149527 |

---

*See accompanying notes to financial statements.*

**BHFTI-172**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Alliant Holdings Intermediate LLC |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, 09/19/31 | 147754 | &nbsp;&nbsp; $148308 |
| Asurion LLC |  |  |
| 2023 Term Loan B11, 8.066%, 1M TSFR + 4.250%, 08/19/28 | 95347 | &nbsp;&nbsp; 95704 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.466%, 1M TSFR + 2.750%, 06/13/31 | 136761 | &nbsp;&nbsp; 137322 |
|  |  | &nbsp;&nbsp; 381334 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| MH Sub I LLC |  |  |
| 2023 Term Loan, 7.966%, 1M TSFR + 4.250%, 05/03/28 | 146249 | &nbsp;&nbsp; 136377 |
| 2024 Term Loan B4, 7.966%, 1M TSFR + 4.250%, 12/31/31 | 98992 | &nbsp;&nbsp; 85221 |
|  |  | &nbsp;&nbsp; 221598 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Horizon U.S. Finco LP |  |  |
| Term Loan B, 8.198%, 6M TSFR + 4.500%, 10/31/31 | 147631 | &nbsp;&nbsp; 145232 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.343%, 1M TSFR + 4.500%, 09/28/28 † | 136044 | &nbsp;&nbsp; 135640 |
| Crown Equipment Corp. |  |  |
| 2025 1st Lien Term Loan B, 5.772%, 1M TSFR + 2.000%, <br> 10/10/31<br>| 98747 | &nbsp;&nbsp; 99446 |
| Roper Industrial Products Investment Co. LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.422%, 3M TSFR + 2.750%, <br> 11/22/29<br>| 197378 | &nbsp;&nbsp; 198753 |
|  |  | &nbsp;&nbsp; 433839 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Charter Communications Operating LLC |  |  |
| 2024 Term Loan B5, 6.235%, 3M TSFR + 2.250%, 12/15/31 | 97878 | &nbsp;&nbsp; 98044 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| Tiger Acquisition LLC |  |  |
| 2025 Term Loan B, 6.230%, 1M TSFR + 2.500%, 08/23/32 | 41562 | &nbsp;&nbsp; 41738 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 5.981%, 1M TSFR + 2.250%, 01/24/31 | 136054 | &nbsp;&nbsp; 136870 |
|  |  | &nbsp;&nbsp; 178608 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| Delek U.S. Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.316%, 1M TSFR + 3.500%, 11/19/29 | 149231 | &nbsp;&nbsp; 149511 |
| Hilcorp Energy I LP |  |  |
| Term Loan B, 5.736%, 1M TSFR + 2.000%, 02/11/30 | 113428 | &nbsp;&nbsp; 113712 |
|  |  | &nbsp;&nbsp; 263223 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 6.593%, 1M TSFR + 2.750%, 10/01/32 | 49722 | &nbsp;&nbsp; 49970 |
| Star Holding LLC |  |  |
| 2024 1st Lien Term Loan B, 8.216%, 1M TSFR + 4.500%, <br> 07/31/31<br>| 147746 | &nbsp;&nbsp; 145530 |
|  |  | &nbsp;&nbsp; 195500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Owens-Illinois, Inc. |  |  |
| 2025 Term Loan B, 6.838%, 3M TSFR + 3.000%, 09/30/32 | 123640 | &nbsp;&nbsp; $124857 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Southern Veterinary Partners LLC |  |  |
| 2025 Term Loan B, 6.365%, 3M TSFR + 2.500%, 12/04/31 | 99750 | &nbsp;&nbsp; 99719 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| Oryx Midstream Services Permian Basin LLC |  |  |
| 2025 Term Loan B, 5.977%, 1M TSFR + 2.250%, 10/05/28 | 156816 | &nbsp;&nbsp; 157836 |
| UGI Energy Services LLC |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, 02/22/30 | 166019 | &nbsp;&nbsp; 166745 |
|  |  | &nbsp;&nbsp; 324581 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| 1011778 B.C. Unlimited Liability Co. |  |  |
| 2024 Term Loan B6, 5.466%, 1M TSFR + 1.750%, 09/20/30 | 93684 | &nbsp;&nbsp; 93918 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.125%, 3M TSFR + 3.250%, 06/29/29 | 150000 | &nbsp;&nbsp; 138937 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 7.466%, 1M TSFR + 3.750%, <br> 01/28/32<br>| 113260 | &nbsp;&nbsp; 113880 |
| General Nutrition Centers, Inc. |  |  |
| 2020 2nd Lien Term Loan, 9.816%, 1M TSFR + 6.100%, <br> 10/07/26 † (d) (e)<br>| 237932 | &nbsp;&nbsp; 178449 |
| Great Outdoors Group LLC |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, 01/23/32 | 208510 | &nbsp;&nbsp; 210009 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B5B, 6.172%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 177024 | &nbsp;&nbsp; 177946 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 08/03/28<br>| 56022 | &nbsp;&nbsp; 56231 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 6.966%, 1M TSFR + 3.250%, 10/19/29 | 137663 | &nbsp;&nbsp; 138375 |
|  |  | &nbsp;&nbsp; 1107745 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Altar Bidco, Inc. |  |  |
| 2021 Term Loan, 6.783%, 12M TSFR + 3.100%, 02/01/29 | 198969 | &nbsp;&nbsp; 197153 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Adeia, Inc. |  |  |
| 2025 Repriced Term Loan, 6.216%, 1M TSFR + 2.500%, <br> 06/08/28<br>| 182517 | &nbsp;&nbsp; 183373 |
| Central Parent, Inc. |  |  |
| 2024 Term Loan B, 6.922%, 3M TSFR + 3.250%, 07/06/29 | 112092 | &nbsp;&nbsp; 95392 |
| ConnectWise LLC |  |  |
| 2021 Term Loan B, 7.434%, 3M TSFR + 3.500%, 09/29/28 | 89511 | &nbsp;&nbsp; 88093 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.331%, 1M TSFR + 3.500%, 06/02/28 | 147676 | &nbsp;&nbsp; 148119 |
| Cotiviti Corp. |  |  |
| 2024 Term Loan, 6.623%, 1M TSFR + 2.750%, 05/01/31 | 124370 | &nbsp;&nbsp; 119940 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan, 08/20/32 † (k) | 166667 | &nbsp;&nbsp; 166333 |
| Flash Charm, Inc. |  |  |
| 2024 Term Loan, 7.354%, 3M TSFR + 3.500%, 03/02/28 | 147730 | &nbsp;&nbsp; 138313 |

---

*See accompanying notes to financial statements.*

**BHFTI-173**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Kaseya, Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 03/20/32 †<br>| 96833 | &nbsp;&nbsp; $97022 |
| Playtika Holding Corp. |  |  |
| 2021 Term Loan B1, 6.581%, 1M TSFR + 2.750%, 03/13/28 | 147664 | &nbsp;&nbsp; 143073 |
| Skopima Merger Sub, Inc. |  |  |
| 2024 Repriced Term Loan, 7.466%, 1M TSFR + 3.750%, <br> 05/12/28<br>| 147751 | &nbsp;&nbsp; 135423 |
|  |  | &nbsp;&nbsp; 1315081 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 6.966%, 1M TSFR + 3.250%, 01/25/29 | 256746 | &nbsp;&nbsp; 254981 |
| Rand Parent LLC |  |  |
| 2025 Term Loan B, 6.672%, 3M TSFR + 3.000%, 03/18/30 | 148372 | &nbsp;&nbsp; 148959 |
| Worldwide Express Operations LLC |  |  |
| 2024 Term Loan B, 7.672%, 3M TSFR + 4.000%, 07/26/28 † <br>| 142236 | &nbsp;&nbsp; 143054 |
|  |  | &nbsp;&nbsp; 546994 |
| Total Floating Rate Loans <br>(Cost $13,967,478) <br>|  | &nbsp;&nbsp; 13680866 |
| **Municipals—1.8%** | **Municipals—1.8%** | **Municipals—1.8%** |
| Curators of the University of Missouri |  |  |
| 2.012%, 11/01/27 | 2000000 | &nbsp;&nbsp; 1939952 |
| Empire State Development Corp. |  |  |
| 2.250%, 03/15/26 | 5950000 | &nbsp;&nbsp; 5929358 |
| Golden State Tobacco Securitization Corp. |  |  |
| 3.850%, 06/01/50 | 1305000 | &nbsp;&nbsp; 1192707 |
| Texas State University System |  |  |
| 2.351%, 03/15/26 | 1385000 | &nbsp;&nbsp; 1381336 |
| Total Municipals <br>(Cost $10,611,266) <br>|  | &nbsp;&nbsp; 10443353 |
| **Foreign Government—1.7%** | **Foreign Government—1.7%** | **Foreign Government—1.7%** |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| Korea Electric Power Corp. |  |  |
| 5.375%, 04/06/26 (144A) | 800000 | &nbsp;&nbsp; 802762 |
| **Sovereign — 1.5%** | **Sovereign — 1.5%** | **Sovereign — 1.5%** |
| Brazil Government International Bonds |  |  |
| 4.500%, 05/30/29 | 230000 | &nbsp;&nbsp; 227873 |
| Chile Government International Bonds |  |  |
| 4.850%, 01/22/29 | 340000 | &nbsp;&nbsp; 347191 |
| Colombia Government International Bonds |  |  |
| 7.375%, 04/25/30 | 220000 | &nbsp;&nbsp; 232320 |
| Dominican Republic International Bonds |  |  |
| 5.950%, 01/25/27 | 450000 | &nbsp;&nbsp; 454072 |
| Guatemala Government Bonds |  |  |
| 4.875%, 02/13/28 (144A) | 460000 | &nbsp;&nbsp; 461858 |
| Hungary Government International Bonds |  |  |
| 5.250%, 06/16/29 | 450000 | &nbsp;&nbsp; 459140 |
| Indonesia Government International Bonds |  |  |
| 3.850%, 10/15/30 | 240000 | &nbsp;&nbsp; 235710 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Ivory Coast Government International Bonds |  |  |
| 6.375%, 03/03/28 | 340000 | &nbsp;&nbsp; $344819 |
| Jamaica Government International Bonds |  |  |
| 6.750%, 04/28/28 | 340000 | &nbsp;&nbsp; 350030 |
| Mexico Government International Bonds |  |  |
| 4.150%, 03/28/27 (a) | 230000 | &nbsp;&nbsp; 229655 |
| Morocco Government International Bonds |  |  |
| 5.950%, 03/08/28 (144A) | 340000 | &nbsp;&nbsp; 349716 |
| Panama Government International Bonds |  |  |
| 9.375%, 04/01/29 | 330000 | &nbsp;&nbsp; 375623 |
| Paraguay Government International Bonds |  |  |
| 4.700%, 03/27/27 | 460000 | &nbsp;&nbsp; 462760 |
| Peru Government International Bonds |  |  |
| 2.783%, 01/23/31 (a) | 440000 | &nbsp;&nbsp; 405702 |
| Philippines Government International Bonds |  |  |
| 9.500%, 02/02/30 | 380000 | &nbsp;&nbsp; 456813 |
| Republic of Poland Government International Bonds |  |  |
| 4.875%, 02/12/30 | 560000 | &nbsp;&nbsp; 577027 |
| Republic of South Africa Government International Bonds |  |  |
| 4.850%, 09/27/27 | 580000 | &nbsp;&nbsp; 587447 |
| Republic of Uzbekistan International Bonds |  |  |
| 7.850%, 10/12/28 (144A) | 320000 | &nbsp;&nbsp; 342482 |
| Romania Government International Bonds |  |  |
| 2.875%, 05/26/28 (144A) (EUR) | 500000 | &nbsp;&nbsp; 582964 |
| Serbia International Bonds |  |  |
| 6.250%, 05/26/28 (144A) | 330000 | &nbsp;&nbsp; 342006 |
| Turkiye Government International Bonds |  |  |
| 8.600%, 09/24/27 | 320000 | &nbsp;&nbsp; 342474 |
| Uruguay Government International Bonds |  |  |
| 4.375%, 10/27/27 | 580000 | &nbsp;&nbsp; 582088 |
|  |  | &nbsp;&nbsp; 8749770 |
| Total Foreign Government <br>(Cost $9,598,172) <br>|  | &nbsp;&nbsp; 9552532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
| KSouth Africa Ltd. (d) (e) (n) | 40457 | &nbsp;&nbsp; 652 |
| KSouth Africa Ltd. - Class A (d) (e) (n) | 8217950 | &nbsp;&nbsp; 0 |
| Party City Holdco, Inc. (d) (e) (n) | 8 | &nbsp;&nbsp; 0 |
| Total Common Stocks <br>(Cost $481,169) <br>|  | &nbsp;&nbsp; 652 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Sanchez Energy Corp. (c) <br>(Cost $1,200,000)<br>| 1200000 | &nbsp;&nbsp; 120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** |
| **Discount Note—2.6%** | **Discount Note—2.6%** | **Discount Note—2.6%** |
| Federal Home Loan Bank |  |  |
| 3.500%, 01/02/26 (o) | 14936000 | &nbsp;&nbsp; 14933087 |

---

*See accompanying notes to financial statements.*

**BHFTI-174**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $133,228; collateralized by <br> U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $135,878<br>| 133210 | &nbsp;&nbsp; $133210 |
| Total Short-Term Investments <br>(Cost $15,067,758) <br>|  | &nbsp;&nbsp; 15066297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (p)—9.3%** | **Securities Lending Reinvestments (p)—9.3%** | **Securities Lending Reinvestments (p)—9.3%** |
| **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (q)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (q)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 11000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** |
| Bank of Montreal |  |  |
| 4.120%, SOFR + 0.350%, 05/14/26 (b) | 2000000 | &nbsp;&nbsp; 2000050 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| 4.090%, SOFR + 0.380%, 08/11/26 (b) | 1300000 | &nbsp;&nbsp; 1300797 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (b) | 1000000 | &nbsp;&nbsp; 1000373 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (b) | 1000000 | &nbsp;&nbsp; 1000278 |
|  |  | &nbsp;&nbsp; 5301498 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1000000 | &nbsp;&nbsp; 999456 |
| **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $3,000,628; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,341,027<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $3,000,642; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,341,027<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,475,899; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,545,417<br>| 3475160 | &nbsp;&nbsp; 3475160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $4,801,064; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,342,200<br>| 4800000 | &nbsp;&nbsp; 4800000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $10,007,544; collateralized <br> by various Common Stock with an aggregate market value of <br> $11,121,855<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $4,015,206; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,928<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $88,623; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $90,377<br>| 88605 | &nbsp;&nbsp; 88605 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 33363765 |
| **Time Deposits—0.5%** | **Time Deposits—0.5%** | **Time Deposits—0.5%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-175**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $53,663,422) <br>|  | &nbsp;&nbsp; 53664719 |
| Total Purchased Options—0.0% (r) <br>(Cost $177,550) <br>|  | &nbsp;&nbsp; 89884 |
| Total Investments—108.6% <br>(Cost $627,593,253)<br>|  | &nbsp;&nbsp; 625181993 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(14050))<br>|  | &nbsp;&nbsp; (14050)<br>|
| Net Investments—108.6% <br>(Cost $627,579,203) <br>|  | &nbsp;&nbsp; 625167943 |
| Other assets and liabilities (net)—(8.6)%  |  | &nbsp;&nbsp; (49376409)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $575791534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $831,513, which is 0.1% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $87,005,156 and the collateral received consisted of cash in the <br> amount of $53,653,718 and non-cash collateral with a value of $36,174,519. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br>|

---

---

| | |
|:---|:---|
|  | mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (f) | Principal amount of security is adjusted for inflation. |
| (g) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was $2,094,813.<br>|
| (h) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (i) | Interest only security. |
| (j) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (k) | This loan will settle after December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (l) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (m) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (n) | Non-income producing security. |
| (o) | The rate shown represents current yield to maturity. |
| (p) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (q) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (r) | For a breakout of open positions, see details shown in the Purchased Options table <br> that follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $189,422,841, which is 32.9% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| APi Group DE, Inc., 5.466%, 01/03/29 | 02/26/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100516 |
| CPM Holdings, Inc., 8.343%, 09/28/28 | 06/21/24-06/24/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 136044 | &nbsp;&nbsp; 135710 | &nbsp;&nbsp; 135640 |
| Dayforce, Inc., 08/20/32 | 10/07/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 166667 | &nbsp;&nbsp; 166201 | &nbsp;&nbsp; 166333 |
| First Brands Group LLC, 06/29/26 | 10/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 49091 | &nbsp;&nbsp; 27774 | &nbsp;&nbsp; 1391 |
| First Brands Group LLC, 5.393%, 06/29/26 | 10/02/25-11/10/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 42860 | &nbsp;&nbsp; 37109 | &nbsp;&nbsp; 9108 |
| General Nutrition Centers, Inc., 9.816%, 10/07/26 | 10/30/20-12/31/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 237932 | &nbsp;&nbsp; 237333 | &nbsp;&nbsp; 178449 |
| Kaseya, Inc., 6.716%, 03/20/32 | 03/10/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 96833 | &nbsp;&nbsp; 96722 | &nbsp;&nbsp; 97022 |
| KSouth Africa Ltd., 3.000%, 12/31/49 | 04/15/13-12/31/18 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 712186 | &nbsp;&nbsp; 1372248 | &nbsp;&nbsp; 0 |
| KSouth Africa Ltd., 25.000%, 12/31/49 | 12/22/16-12/31/18 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 313720 | &nbsp;&nbsp; 313720 | &nbsp;&nbsp; 0 |
| Worldwide Express Operations LLC, 7.672%, 07/26/28 | 02/25/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 142236 | &nbsp;&nbsp; 142236 | &nbsp;&nbsp; 143054 |
|  |  |  |  |  | &nbsp;&nbsp; $831513 |

---

*See accompanying notes to financial statements.*

**BHFTI-176**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $175363008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $233510621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $182 <br>,068579<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $315720180 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(51662018)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(51662018)<br>|
| Foreign Government | &nbsp;&nbsp; (95500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (95500)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (1896200)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1896200)<br>|
| Total Borrowings | &nbsp;&nbsp; $(53653718)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(53653718)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(53653718)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 504000 | JPMC | 02/17/26 | USD | 589640 | &nbsp;&nbsp; $(3865)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(3865)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 508 | USD | 106064844 | &nbsp;&nbsp; $(36537)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 115 | USD | 12570039 | &nbsp;&nbsp; (41486)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (23)<br>| USD | (2586063)<br>| &nbsp;&nbsp; 17217 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (5)<br>| USD | (575078)<br>| &nbsp;&nbsp; 4524 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(56282)<br>|

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| JPY Call/EUR Put | JPY | 181.050 | 03/16/26 | JPMC | 7762000 | EUR | 7762000 | $131980 | $68177 | $(63803)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-177**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Purchased Options — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default** <br>**Swaptions**<br>| **Strike** <br>**Spread**<br>| **Reference** <br>**Obligation**<br>| **Buy/Sell** <br>**Protection**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 5 Yr. CDS | 0.500% | CDX.NA.IG.45.V1 | Buy | 02/18/26<br> CBNA | 14700000 | USD | 14700000 | $45570 | $21707 | $(23863)<br>|

---

**Written Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| JPY Call/EUR Put | JPY | 176.450 | 03/16/26 | JPMC | (7762000)<br>| EUR | (7762000)<br>| $(52084)<br>| $(23242)<br>| $28842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaptions** | **Strike** <br>**Spread**<br>| **Reference** <br>**Obligation**<br>| **Buy/Sell** <br>**Protection**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 5 Yr. CDS | 0.600% | CDX.NA.IG.45.V1 | Sell | 02/18/26<br> CBNA | (29400000)<br>| USD | (29400000)<br>| $(50274)<br>| $(14542)<br>| $35732 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 4.000<br> %<br>| Annually | 08/26/27 | USD | 7900000 | $83077 | $1940 | $81137 |
| Pay | 12M SOFR | Annually | 4.110<br> %<br>| Annually | 02/24/27 | USD | 76500000 | 601614 | 71363 | 530251 |
| Receive | 12M SOFR | Annually | 4.000<br> %<br>| Annually | 02/26/35 | USD | 2300000 | (44870)<br>| 1104 | (45974)<br>|
| Receive | 12M SOFR | Annually | 4.060<br> %<br>| Annually | 02/24/30 | USD | 17100000 | (429336)<br>| 4458 | (433794)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $210485 | $78865 | $131620 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.45.V1 | 5.000% | Quarterly | 12/20/30 | 3.155% | USD | 2740000 | $209350 | $186123 | $23227 |
| CDX.NA.IG.45.V1 | 1.000% | Quarterly | 12/20/30 | 0.500% | USD | 34825000 | 789308 | 756292 | 33016 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $998658 | $942415 | $56243 |

---

**OTC Credit Default Swap Contracts on Credit Indices—Buy Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.45 (25-35% Tranche) | (5.000%) | Quarterly | 12/20/30<br> CBNA | 1.642<br> %<br>| USD | 1400000 | $(212780)<br>| $(208150)<br>| $(4630)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-178**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.39 (15-25% Tranche) | 5.000% | Quarterly | 12/20/27 | JPMC | 0.760<br> %<br>| USD | 1900000 | $154283 | $45405 | $108878 |
| CDX.NA.IG.41 (3-7% Tranche) | 1.000% | Quarterly | 12/20/28 | CBNA | 0.289<br> %<br>| USD | 5000000 | 100840 | (99183)<br>| 200023 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $255123 | $(53778)<br>| $308901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

Securities in the amount of $214,361 have been received at the custodian bank as collateral for OTC derivative contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | Investments at market value (a) <br>| &nbsp;&nbsp; $21707 |  |  |
|  | OTC swap contracts at market value (b) (c) <br>| &nbsp;&nbsp; 255123 | OTC swap contracts at market value (b) (c) <br>| &nbsp;&nbsp; $212780 |
|  | Unrealized appreciation on centrally cleared swap contracts (d) (e) <br>| &nbsp;&nbsp; 56243 |  |  |
|  |  |  | Written options at value | &nbsp;&nbsp; 14542 |
| Foreign Exchange | Investments at market value (a) <br>| &nbsp;&nbsp; 68177 |  |  |
|  |  |  | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 3865 |
|  |  |  | Written options at value | &nbsp;&nbsp; 23242 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (d) (e) <br>| &nbsp;&nbsp; 611388 | Unrealized depreciation on centrally cleared swap contracts (d) (e) <br>| &nbsp;&nbsp; 479768 |
|  | Unrealized appreciation on futures contracts (e) (f) <br>| &nbsp;&nbsp; 21741 | Unrealized depreciation on futures contracts (e) (f) <br>| &nbsp;&nbsp; 78023 |
| Total |  | &nbsp;&nbsp; $1034379 |  | &nbsp;&nbsp; $812220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes OTC swap interest payable of $1,944.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Excludes OTC swap interest receivable of $4,028.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Financial instrument not subject to a master netting agreement.

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

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

*See accompanying notes to financial statements.*

**BHFTI-179**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Citibank NA | &nbsp;&nbsp; $122547 | &nbsp;&nbsp;&nbsp;&nbsp; $(122547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 222460 | &nbsp;&nbsp;&nbsp;&nbsp; (27107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (195353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $345007 | &nbsp;&nbsp;&nbsp;&nbsp; $(149654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(195353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Citibank NA | &nbsp;&nbsp; $227322 | &nbsp;&nbsp;&nbsp;&nbsp; $(122547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(104775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 27107 | &nbsp;&nbsp;&nbsp;&nbsp; (27107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $254429 | &nbsp;&nbsp;&nbsp;&nbsp; $(149654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(104775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Total** |
| Purchased options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $95826 | &nbsp;&nbsp;&nbsp; $95826 |
| Futures contracts | &nbsp;&nbsp; 1047973 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1047973 |
| Swap contracts | &nbsp;&nbsp; (159591)<br>| &nbsp;&nbsp;&nbsp; 899939 | &nbsp;&nbsp;&nbsp; 740348 |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35948 | &nbsp;&nbsp;&nbsp; 35948 |
|  | &nbsp;&nbsp; $888382 | &nbsp;&nbsp;&nbsp; $1031713 | &nbsp;&nbsp;&nbsp; $1920095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(23863)<br>| &nbsp;&nbsp;&nbsp; $(63803)<br>| &nbsp;&nbsp;&nbsp; $(87666)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3865)<br>| &nbsp;&nbsp;&nbsp; (3865)<br>|
| Futures contracts | &nbsp;&nbsp; (260572)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (260572)<br>|
| Swap contracts | &nbsp;&nbsp; 131620 | &nbsp;&nbsp;&nbsp; (220173)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (88553)<br>|
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35732 | &nbsp;&nbsp;&nbsp; 28842 | &nbsp;&nbsp;&nbsp; 64574 |
|  | &nbsp;&nbsp; $(128952)<br>| &nbsp;&nbsp;&nbsp; $(208304)<br>| &nbsp;&nbsp;&nbsp; $(38826)<br>| &nbsp;&nbsp;&nbsp; $(376082)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $44721902 |
| Forward foreign currency transactions | &nbsp;&nbsp; 589640 |
| Futures contracts long | &nbsp;&nbsp; 134735519 |
| Futures contracts short | &nbsp;&nbsp; (3177816)<br>|
| Swap contracts | &nbsp;&nbsp; 137888250 |
| Written options | &nbsp;&nbsp; (46373967)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-180**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6883927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6883927 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 1700497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1700497 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 45826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45826 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 9963858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9963858 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 64013717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64013717 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 1558953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1558953 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 633182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 633182 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 2827800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2827800 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 1145469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1145469 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1386930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1386930 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 3375061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3375061 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 10337791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10337791 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 15927961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15927961 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1135936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1135936 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 419538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 419538 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 2387442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2387442 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 3791408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3791408 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 339865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 339865 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 320101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 320101 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1584280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1584280 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 6035384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6035384 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 3037354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3037354 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 11660996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11660996 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 2656019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2656019 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 411365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 411365 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1170485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1170485 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 525446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 525446 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 205643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 205643 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 2427531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2427531 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1365733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1365733 |
| Multi-National | &nbsp;&nbsp; — | &nbsp;&nbsp; 1295382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1295382 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 7538108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7538108 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 562263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 562263 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 7302557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7302557 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 5239715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5239715 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8463365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8463365 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 5382603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5382603 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 1408601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1408601 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 5586300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5586300 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 36606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36606 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 2816494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2816494 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 204907492 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 204907492 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 105248348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105248348 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 92509934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92509934 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 61178552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61178552 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 58839244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58839244 |
| Floating Rate Loans |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 236312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236312 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 422036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 422036 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 239582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 239582 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 104616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104616 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 815983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 815983 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 713879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 713879 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1444142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1444142 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 427113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427113 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 246418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 246418 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 722551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 722551 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 249986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249986 |

---

*See accompanying notes to financial statements.*

**BHFTI-181**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Electronics (Less Unfunded Loan Commitments of $14,050) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96003 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96003 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 218515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218515 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 561744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 561744 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 329814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 329814 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 89935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89935 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 100794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100794 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 440951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 440951 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 149234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149234 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 71597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71597 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 202576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202576 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 149527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149527 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 381334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 381334 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 221598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221598 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 145232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145232 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 433839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 433839 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 98044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98044 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 178608 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178608 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 263223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263223 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 195500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195500 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 124857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124857 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 99719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99719 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 324581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 324581 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 929296 | &nbsp;&nbsp; 178449 | &nbsp;&nbsp; 1107745 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 197153 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197153 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 1315081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1315081 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 546994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 546994 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $14,050) | &nbsp;&nbsp; — | &nbsp;&nbsp; 13488367 | &nbsp;&nbsp; 178449 | &nbsp;&nbsp; 13666816 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10443353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10443353 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9552532 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9552532 |
| Total Common Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 652 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15066297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15066297 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 5301498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5301498 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 999456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999456 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 33363765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33363765 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 42664719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53664719 |
| Total Purchased Options at Value\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 89884 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89884 |
| Total Net Investments | &nbsp;&nbsp; $11000000 | &nbsp;&nbsp; $613988842 | &nbsp;&nbsp; $179101 | &nbsp;&nbsp; $625167943 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53653718)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53653718)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3865)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3865)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3865)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3865)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $21741 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21741 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (78023)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (78023)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(56282)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56282)<br>|
| Total Written Options at Value\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37784)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37784)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $667631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $667631 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (479768)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (479768)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187863 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255123 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255123 |

---

*See accompanying notes to financial statements.*

**BHFTI-182**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212780)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212780)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

During the year ended December 31, 2025, a transfer into Level 3 in the amount of $146,749 was due to the determination that available vendor quotes were unreliable which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.*

**BHFTI-183**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $625167943 |
| Cash | &nbsp;&nbsp; 191481 |
| Cash collateral (d) | &nbsp;&nbsp; 917031 |
| OTC swap contracts at market value (e) | &nbsp;&nbsp; 255123 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 656172 |
| Fund shares sold | &nbsp;&nbsp; 6082 |
| Interest | &nbsp;&nbsp; 4336265 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 4028 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 19598 |
| Prepaid expenses | &nbsp;&nbsp; 2065 |
| Total Assets | &nbsp;&nbsp; 631555788 |
| **Liabilities** |  |
| Written options at value (f) | &nbsp;&nbsp; 37784 |
| OTC swap contracts at market value (g) | &nbsp;&nbsp; 212780 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3865 |
| Collateral for securities loaned | &nbsp;&nbsp; 53653718 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 731178 |
| Fund shares redeemed | &nbsp;&nbsp; 279711 |
| Variation margin on futures contracts | &nbsp;&nbsp; 43594 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 1944 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 211298 |
| Distribution and service fees | &nbsp;&nbsp; 44902 |
| Deferred trustees' fees | &nbsp;&nbsp; 237805 |
| Other expenses | &nbsp;&nbsp; 305675 |
| Total Liabilities | &nbsp;&nbsp; 55764254 |
| **Net Assets**  | &nbsp;&nbsp; $575791534 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $713525372 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (137733838)<br>|
| **Net Assets**  | &nbsp;&nbsp; $575791534 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $364314445 |
| Class B | &nbsp;&nbsp; 211477089 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 41197321 |
| Class B | &nbsp;&nbsp; 24057511 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.84 |
| Class B | 8.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $627,579,203.

(b) Investments at value is net of unfunded loan commitments of $14,050.

(c) Includes securities loaned at value of $87,005,156.

(d) Includes collateral of $717,031 for futures contracts and $200,000 for OTC derivative contracts. 

(e) Net premium received on OTC swap contracts was $53,778.

(f) Premiums received on written options were $102,358.

(g) Net premium received on OTC swap contracts was $208,150.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $28317594 |
| Securities lending income | &nbsp;&nbsp; 172089 |
| Total investment income | &nbsp;&nbsp; 28489683 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3039699 |
| Administration fees | &nbsp;&nbsp; 56454 |
| Custodian and accounting fees | &nbsp;&nbsp; 90339 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 541575 |
| Audit and tax services | &nbsp;&nbsp; 110132 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 24152 |
| Insurance | &nbsp;&nbsp; 5557 |
| Miscellaneous | &nbsp;&nbsp; 20344 |
| Total expenses | &nbsp;&nbsp; 3998837 |
| Less management fee waiver | &nbsp;&nbsp; (451834)<br>|
| Net expenses | &nbsp;&nbsp; 3547003 |
| **Net Investment Income** | &nbsp;&nbsp; 24942680 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (825952)<br>|
| Purchased options | &nbsp;&nbsp; 95826 |
| Futures contracts | &nbsp;&nbsp; 1047973 |
| Written options | &nbsp;&nbsp; 35948 |
| Swap contracts | &nbsp;&nbsp; 740348 |
| Foreign currency transactions | &nbsp;&nbsp; 402 |
| Net realized gain (loss) | &nbsp;&nbsp; 1094545 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 6284651 |
| Purchased options | &nbsp;&nbsp; (87666)<br>|
| Futures contracts | &nbsp;&nbsp; (260572)<br>|
| Written options | &nbsp;&nbsp; 64574 |
| Swap contracts | &nbsp;&nbsp; (88553)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 86 |
| Forward foreign currency transactions | &nbsp;&nbsp; (3865)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5908655 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 7003200 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $31945880 |

---

*See accompanying notes to financial statements.*

**BHFTI-184**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $24942680 | &nbsp;&nbsp; $27288726 |
| Net realized gain (loss) | &nbsp;&nbsp; 1094545 | &nbsp;&nbsp; (227583)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5908655 | &nbsp;&nbsp; 7090981 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 31945880 | &nbsp;&nbsp; 34152124 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (19373385)<br>| &nbsp;&nbsp; (20601305)<br>|
| Class B | &nbsp;&nbsp; (10676742)<br>| &nbsp;&nbsp; (8912426)<br>|
| **Total distributions** | &nbsp;&nbsp; (30050127)<br>| &nbsp;&nbsp; (29513731)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (76427469)<br>| &nbsp;&nbsp; (76112669)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (74531716)<br>| &nbsp;&nbsp; (71474276)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 650323250 | &nbsp;&nbsp; 721797526 |
| End of period | &nbsp;&nbsp; $575791534 | &nbsp;&nbsp; $650323250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 240502 | &nbsp;&nbsp; $2159609 | &nbsp;&nbsp; 28672 | &nbsp;&nbsp; $252470 |
| Reinvestments | &nbsp;&nbsp; 2255342 | &nbsp;&nbsp; 19373385 | &nbsp;&nbsp; 2406695 | &nbsp;&nbsp; 20601305 |
| Redemptions | &nbsp;&nbsp; (9609699)<br>| &nbsp;&nbsp; (85768108)<br>| &nbsp;&nbsp; (10565829)<br>| &nbsp;&nbsp; (92820070)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7113855)<br>| &nbsp;&nbsp; $(64235114)<br>| &nbsp;&nbsp; (8130462)<br>| &nbsp;&nbsp; $(71966295)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2834709 | &nbsp;&nbsp; $24817970 | &nbsp;&nbsp; 2757741 | &nbsp;&nbsp; $24090401 |
| Reinvestments | &nbsp;&nbsp; 1248742 | &nbsp;&nbsp; 10676742 | &nbsp;&nbsp; 1046059 | &nbsp;&nbsp; 8912426 |
| Redemptions | &nbsp;&nbsp; (5422972)<br>| &nbsp;&nbsp; (47687067)<br>| &nbsp;&nbsp; (4251834)<br>| &nbsp;&nbsp; (37149201)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1339521)<br>| &nbsp;&nbsp; $(12192355)<br>| &nbsp;&nbsp; (448034)<br>| &nbsp;&nbsp; $(4146374)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(76427469)<br>|  | &nbsp;&nbsp; $(76112669)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-185**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.45 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total income (loss) from investment operations | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $9.31 |
| **Total Return (%)** (b) | 5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net ratio of expenses to average net assets (%) (c) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Ratio of net investment income (loss) to average net assets (%) | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 <br>(d)<br>| &nbsp;&nbsp; 78 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $364.3 | &nbsp;&nbsp; $427.1 | &nbsp;&nbsp; $496.0 | &nbsp;&nbsp; $529.3 | &nbsp;&nbsp; $716.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.40 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total income (loss) from investment operations | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.25 |
| **Total Return (%)** (b) | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (c) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | 3.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 <br>(d)<br>| &nbsp;&nbsp; 78 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $211.5 | &nbsp;&nbsp; $223.2 | &nbsp;&nbsp; $225.8 | &nbsp;&nbsp; $226.4 | &nbsp;&nbsp; $278.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 49% and 50% for the years ended December 31, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-186**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—80.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Australia — 10.0%** | **Australia — 10.0%** | **Australia — 10.0%** |
| New South Wales Treasury Corp. |  |  |
| 1.750%, 03/20/34 (AUD) | 6419000 | &nbsp;&nbsp; $3317013 |
| 2.000%, 03/08/33 (AUD) | 12458000 | &nbsp;&nbsp; 6830490 |
| Queensland Treasury Corp. |  |  |
| 1.750%, 07/20/34 (AUD) (144A) | 15808000 | &nbsp;&nbsp; 8027618 |
| 2.000%, 08/22/33 (AUD) | 9320000 | &nbsp;&nbsp; 5006674 |
| Treasury Corp. of Victoria |  |  |
| 2.000%, 11/20/37 (AUD) | 23416000 | &nbsp;&nbsp; 10701299 |
| 2.250%, 11/20/34 (AUD) | 2047000 | &nbsp;&nbsp; 1072225 |
|  |  | &nbsp;&nbsp; 34955319 |
| **Brazil — 7.9%** | **Brazil — 7.9%** | **Brazil — 7.9%** |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 122391000 | &nbsp;&nbsp; 19614190 |
| 10.000%, 01/01/33 (BRL) | 52045000 | &nbsp;&nbsp; 7997440 |
|  |  | &nbsp;&nbsp; 27611630 |
| **Colombia — 6.4%** | **Colombia — 6.4%** | **Colombia — 6.4%** |
| Colombia TES |  |  |
| 6.250%, 07/09/36 (COP) | 4082000000 | &nbsp;&nbsp; 668924 |
| 7.000%, 03/26/31 (COP) | 9039100000 | &nbsp;&nbsp; 1862223 |
| 7.000%, 06/30/32 (COP) | 19600000000 | &nbsp;&nbsp; 3825675 |
| 7.250%, 10/18/34 (COP) | 11954000000 | &nbsp;&nbsp; 2236626 |
| 7.750%, 09/18/30 (COP) | 19529600000 | &nbsp;&nbsp; 4235859 |
| 9.250%, 05/28/42 (COP) | 18685000000 | &nbsp;&nbsp; 3668476 |
| 13.250%, 02/09/33 (COP) | 22995000000 | &nbsp;&nbsp; 6109489 |
|  |  | &nbsp;&nbsp; 22607272 |
| **Egypt — 6.4%** | **Egypt — 6.4%** | **Egypt — 6.4%** |
| Egypt Government International Bonds |  |  |
| 8.500%, 01/31/47 (144A) | 2830000 | &nbsp;&nbsp; 2776181 |
| 8.700%, 03/01/49 (144A) | 1700000 | &nbsp;&nbsp; 1698295 |
| 8.750%, 09/30/51 (144A) | 1430000 | &nbsp;&nbsp; 1430722 |
| 8.875%, 05/29/50 (144A) | 3810000 | &nbsp;&nbsp; 3855885 |
| Egypt Treasury Bills |  |  |
| 25.978%, 06/09/26 (EGP) (a) | 671000000 | &nbsp;&nbsp; 12698702 |
|  |  | &nbsp;&nbsp; 22459785 |
| **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** |
| Ghana Government International Bonds |  |  |
| 5.000%, 07/03/35 (144A) (b) | 270000 | &nbsp;&nbsp; 246674 |
| Republic of Ghana Government Bonds |  |  |
| 8.350%, 3.350% PIK, 02/16/27 (GHS) (c) | 5711308 | &nbsp;&nbsp; 509407 |
| 8.500%, 3.500% PIK, 02/15/28 (GHS) (c) | 5369603 | &nbsp;&nbsp; 454922 |
| 8.650%, 3.650% PIK, 02/13/29 (GHS) (c) | 6642607 | &nbsp;&nbsp; 532553 |
| 8.950%, 3.950% PIK, 02/11/31 (GHS) (c) | 1215162 | &nbsp;&nbsp; 89578 |
| 9.100%, 4.100% PIK, 02/10/32 (GHS) (c) | 4631448 | &nbsp;&nbsp; 328495 |
| 9.250%, 4.250% PIK, 02/08/33 (GHS) (c) | 3510546 | &nbsp;&nbsp; 240429 |
| 9.400%, 4.400% PIK, 02/07/34 (GHS) (c) | 652492 | &nbsp;&nbsp; 43415 |
| 9.550%, 4.550% PIK, 02/06/35 (GHS) (c) | 803785 | &nbsp;&nbsp; 52157 |
| 9.700%, 4.700% PIK, 02/05/36 (GHS) (c) | 882209 | &nbsp;&nbsp; 56636 |
| 9.850%, 4.850% PIK, 02/03/37 (GHS) (c) | 691653 | &nbsp;&nbsp; 44101 |
| 10.000%, 5.000% PIK, 02/02/38 (GHS) (c) | 862921 | &nbsp;&nbsp; 54826 |
|  |  | &nbsp;&nbsp; 2653193 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Greece — 1.5%** | **Greece — 1.5%** | **Greece — 1.5%** |
| Hellenic Republic Government Bonds |  |  |
| 3.375%, 06/15/34 (EUR) (144A) | 2265000 | &nbsp;&nbsp; $2676629 |
| 4.250%, 06/15/33 (EUR) (144A) | 2004000 | &nbsp;&nbsp; 2521230 |
|  |  | &nbsp;&nbsp; 5197859 |
| **India — 6.3%** | **India — 6.3%** | **India — 6.3%** |
| India Government Bonds |  |  |
| 6.790%, 05/15/27 (INR) | 24810000 | &nbsp;&nbsp; 279045 |
| 6.790%, 10/07/34 (INR) | 234400000 | &nbsp;&nbsp; 2623832 |
| 7.100%, 04/18/29 (INR) | 131600000 | &nbsp;&nbsp; 1505546 |
| 7.100%, 04/08/34 (INR) | 95110000 | &nbsp;&nbsp; 1084197 |
| 7.180%, 08/14/33 (INR) | 778400000 | &nbsp;&nbsp; 8909631 |
| 7.260%, 08/22/32 (INR) | 658300000 | &nbsp;&nbsp; 7558818 |
|  |  | &nbsp;&nbsp; 21961069 |
| **Malaysia — 9.2%** | **Malaysia — 9.2%** | **Malaysia — 9.2%** |
| Malaysia Government Bonds |  |  |
| 3.582%, 07/15/32 (MYR) | 29727000 | &nbsp;&nbsp; 7403034 |
| 3.733%, 06/15/28 (MYR) | 7220000 | &nbsp;&nbsp; 1807877 |
| 3.885%, 08/15/29 (MYR) | 1440000 | &nbsp;&nbsp; 362968 |
| 3.899%, 11/16/27 (MYR) | 72760000 | &nbsp;&nbsp; 18267819 |
| 4.498%, 04/15/30 (MYR) | 16474000 | &nbsp;&nbsp; 4257555 |
|  |  | &nbsp;&nbsp; 32099253 |
| **Mexico — 3.8%** | **Mexico — 3.8%** | **Mexico — 3.8%** |
| Mexico Bonos |  |  |
| 7.750%, 05/29/31 (MXN) | 19550000 | &nbsp;&nbsp; 1045870 |
| 8.500%, 03/01/29 (MXN) | 35670000 | &nbsp;&nbsp; 1997916 |
| 8.500%, 05/31/29 (MXN) | 86600000 | &nbsp;&nbsp; 4849167 |
| 8.500%, 02/28/30 (MXN) | 99060000 | &nbsp;&nbsp; 5514959 |
|  |  | &nbsp;&nbsp; 13407912 |
| **Norway — 4.5%** | **Norway — 4.5%** | **Norway — 4.5%** |
| Norway Government Bonds |  |  |
| 1.750%, 02/17/27 (NOK) (144A) | 164831000 | &nbsp;&nbsp; 15960596 |
| **Panama — 4.5%** | **Panama — 4.5%** | **Panama — 4.5%** |
| Panama Government International Bonds |  |  |
| 2.252%, 09/29/32 | 340000 | &nbsp;&nbsp; 280874 |
| 3.298%, 01/19/33 | 290000 | &nbsp;&nbsp; 254214 |
| 6.400%, 02/14/35 | 1730000 | &nbsp;&nbsp; 1824458 |
| 6.700%, 01/26/36 (d) | 310000 | &nbsp;&nbsp; 333126 |
| 6.875%, 01/31/36 | 1970000 | &nbsp;&nbsp; 2141587 |
| 8.000%, 03/01/38 | 9500000 | &nbsp;&nbsp; 11092200 |
|  |  | &nbsp;&nbsp; 15926459 |
| **South Africa — 7.7%** | **South Africa — 7.7%** | **South Africa — 7.7%** |
| Republic of South Africa Government Bonds |  |  |
| 8.500%, 01/31/37 (ZAR) | 167321000 | &nbsp;&nbsp; 10006580 |
| 8.750%, 01/31/44 (ZAR) | 81417600 | &nbsp;&nbsp; 4702841 |
| 8.875%, 02/28/35 (ZAR) | 19320000 | &nbsp;&nbsp; 1213876 |
| 9.000%, 01/31/40 (ZAR) | 180730000 | &nbsp;&nbsp; 10929548 |
|  |  | &nbsp;&nbsp; 26852845 |

---

*See accompanying notes to financial statements.*

**BHFTI-187**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **South Korea — 3.6%** | **South Korea — 3.6%** | **South Korea — 3.6%** |
| Korea Treasury Bonds |  |  |
| 3.125%, 09/10/27 (KRW) | 18121100000 | &nbsp;&nbsp; $12646521 |
| **Spain — 4.5%** | **Spain — 4.5%** | **Spain — 4.5%** |
| Spain Government Bonds |  |  |
| 3.150%, 04/30/35 (EUR) (144A) | 12510000 | &nbsp;&nbsp; 14602750 |
| 3.550%, 10/31/33 (EUR) (144A) | 1037000 | &nbsp;&nbsp; 1260025 |
|  |  | &nbsp;&nbsp; 15862775 |
| **Uruguay — 3.3%** | **Uruguay — 3.3%** | **Uruguay — 3.3%** |
| Uruguay Government International Bonds |  |  |
| 3.875%, 07/02/40 (UYU) (e) | 425566275 | &nbsp;&nbsp; 11723667 |
| Total Foreign Government <br>(Cost $277,191,369) <br>|  | &nbsp;&nbsp; 281926155 |
| **Corporate Bonds & Notes—4.4%** | **Corporate Bonds & Notes—4.4%** | **Corporate Bonds & Notes—4.4%** |
| **Supranational — 4.4%** | **Supranational — 4.4%** | **Supranational — 4.4%** |
| International Bank for Reconstruction & Development |  |  |
| 6.890%, 02/06/30 (INR) | 900000000 | &nbsp;&nbsp; 10066489 |
| 7.070%, 06/26/29 (MXN) | 98200000 | &nbsp;&nbsp; 5242786 |
|  |  | &nbsp;&nbsp; 15309275 |
| Total Corporate Bonds & Notes <br>(Cost $15,962,348) <br>|  | &nbsp;&nbsp; 15309275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—13.3%** | **Short-Term Investments—13.3%** | **Short-Term Investments—13.3%** |
| **Discount Note — 13.3%** |  |  |
| Federal Home Loan Bank |  |  |
| 3.500%, 01/02/26 (a) | 46675000 | &nbsp;&nbsp; 46665898 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement — 0.0%** | **Repurchase Agreement — 0.0%** | **Repurchase Agreement — 0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $119,990; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $122,547<br>| 119974 | &nbsp;&nbsp; $119974 |
| Total Short-Term Investments <br>(Cost $46,790,436) <br>|  | &nbsp;&nbsp; 46785872 |
| Total Investments—98.1% <br>(Cost $339,944,153) <br>|  | &nbsp;&nbsp; 344021302 |
| Other assets and liabilities (net)—1.9%  |  | &nbsp;&nbsp; 6746583 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $350767885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

(b) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(c) Payment-in kind security for which part of the income earned may be paid as additional principal. 

(d) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $268,650 and the collateral received consisted of non-cash collateral with a value of $281,822. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(e) Principal amount of security is adjusted for inflation.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of 144A securities was $55,056,605, which is 15.7% of net assets. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65691845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178654355 |

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| CLP | &nbsp;&nbsp; 2238400000 | HSBC | 01/26/26 | USD | 2351730 | &nbsp;&nbsp; $135628 |
| CLP | &nbsp;&nbsp; 2435700000 | HSBC | 03/11/26 | USD | 2631824 | &nbsp;&nbsp; 76090 |
| CLP | &nbsp;&nbsp; 1979400000 | HSBC | 03/19/26 | USD | 2157996 | &nbsp;&nbsp; 42572 |
| CLP | &nbsp;&nbsp; 1521500000 | JPMC | 02/27/26 | USD | 1624857 | &nbsp;&nbsp; 66721 |
| EGP | &nbsp;&nbsp; 171631000 | HSBC | 06/17/26 | USD | 3200578 | &nbsp;&nbsp; 200998 |
| JPY | &nbsp;&nbsp; 187851130 | JPMC | 02/13/26 | USD | 1295605 | &nbsp;&nbsp; (92312)<br>|
| JPY | &nbsp;&nbsp; 4188844000 | MSCS | 02/10/26 | USD | 27557640 | &nbsp;&nbsp; (732628)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-188**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| JPY | &nbsp;&nbsp; 4611202000 | MSCS | 03/17/26 | USD | 30294602 | &nbsp;&nbsp; $(676113)<br>|
| JPY | &nbsp;&nbsp; 4611202000 | MSCS | 05/07/26 | USD | 30560631 | &nbsp;&nbsp; (818674)<br>|
| KRW | &nbsp;&nbsp; 19421000000 | JPMC | 03/18/26 | USD | 13293405 | &nbsp;&nbsp; 226467 |
| MXN | &nbsp;&nbsp; 10878660 | BNP | 02/27/26 | USD | 574678 | &nbsp;&nbsp; 26314 |
| MXN | &nbsp;&nbsp; 3953377 | BNP | 06/10/26 | USD | 212326 | &nbsp;&nbsp; 3767 |
| MXN | &nbsp;&nbsp; 22784240 | HSBC | 02/27/26 | USD | 1203681 | &nbsp;&nbsp; 55036 |
| MXN | &nbsp;&nbsp; 4025000 | HSBC | 06/10/26 | USD | 216203 | &nbsp;&nbsp; 3805 |
| MXN | &nbsp;&nbsp; 239610000 | JPMC | 02/27/26 | USD | 12659693 | &nbsp;&nbsp; 577583 |
| RSD | &nbsp;&nbsp; 188900280 | DBAG | 01/20/26 | USD | 1876617 | &nbsp;&nbsp; 15426 |
| RSD | &nbsp;&nbsp; 831323473 | DBAG | 03/17/26 | USD | 8329060 | &nbsp;&nbsp; (7377)<br>|
| RSD | &nbsp;&nbsp; 104954000 | DBAG | 04/01/26 | USD | 1047612 | &nbsp;&nbsp; 2834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| CNH | &nbsp;&nbsp; 44960770 | CBNA | 02/24/26 | USD | 6333930 | &nbsp;&nbsp; (130541)<br>|
| CNH | &nbsp;&nbsp; 44737762 | CBNA | 03/17/26 | USD | 6339667 | &nbsp;&nbsp; (100586)<br>|
| CNH | &nbsp;&nbsp; 44926665 | DBAG | 02/24/26 | USD | 6328323 | &nbsp;&nbsp; (131245)<br>|
| CNH | &nbsp;&nbsp; 2301916 | DBAG | 02/24/26 | USD | 327689 | &nbsp;&nbsp; (3281)<br>|
| CNH | &nbsp;&nbsp; 75487460 | HSBC | 01/16/26 | USD | 10721889 | &nbsp;&nbsp; (106313)<br>|
| CNH | &nbsp;&nbsp; 154661000 | HSBC | 03/30/26 | USD | 21939598 | &nbsp;&nbsp; (341274)<br>|
| CNH | &nbsp;&nbsp; 35742451 | JPMC | 05/21/26 | USD | 5079795 | &nbsp;&nbsp; (83684)<br>|
| CNH | &nbsp;&nbsp; 167009000 | MSCS | 01/26/26 | USD | 23647225 | &nbsp;&nbsp; (323782)<br>|
| EUR | &nbsp;&nbsp; 4408795 | BBP | 01/16/26 | USD | 5132212 | &nbsp;&nbsp; (51705)<br>|
| EUR | &nbsp;&nbsp; 8779000 | JPMC | 01/16/26 | USD | 10227482 | &nbsp;&nbsp; (94977)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(2261251)<br>|

---

Securities in the amount of $747,334 and cash in the amount of $80,000 has been received at the custodian bank as collateral for OTC derivative contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $1433241 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $3694492 |

---

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| BNP Paribas SA | &nbsp;&nbsp; $30081 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(30081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 18260 | &nbsp;&nbsp;&nbsp;&nbsp; (18260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 514129 | &nbsp;&nbsp;&nbsp;&nbsp; (447587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 870771 | &nbsp;&nbsp;&nbsp;&nbsp; (270973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (599798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1433241 | &nbsp;&nbsp;&nbsp;&nbsp; $(736820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(696421)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

*See accompanying notes to financial statements.*

**BHFTI-189**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $51705 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $51705 |
| Citibank NA | &nbsp;&nbsp; 231127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (190000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41127 |
| Deutsche Bank AG | &nbsp;&nbsp; 141903 | &nbsp;&nbsp;&nbsp;&nbsp; (18260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23643 |
| HSBC Bank PLC | &nbsp;&nbsp; 447587 | &nbsp;&nbsp;&nbsp;&nbsp; (447587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 270973 | &nbsp;&nbsp;&nbsp;&nbsp; (270973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 2551197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2110000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 441197 |
|  | &nbsp;&nbsp; $3694492 | &nbsp;&nbsp;&nbsp;&nbsp; $(736820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $557672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(4498124)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (5328936)<br>|
| Written options | &nbsp;&nbsp; 2091231 |
|  | &nbsp;&nbsp; $(7735829)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $2996529 |
| Forward foreign currency transactions | &nbsp;&nbsp; 873213 |
| Written options | &nbsp;&nbsp; (76879)<br>|
|  | &nbsp;&nbsp; $3792863 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $278025222 |
| Forward foreign currency transactions | &nbsp;&nbsp; 296380840 |
| Written options | &nbsp;&nbsp; (236729111)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Foreign Government\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281926155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281926155 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15309275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15309275 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 46785872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46785872 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344021302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344021302 |

---

*See accompanying notes to financial statements.*

**BHFTI-190**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1433241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1433241 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3694492)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3694492)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2261251)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2261251)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-191**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $344021302 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 612524 |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 2400000 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1433241 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 14449 |
| Interest | &nbsp;&nbsp; 7420848 |
| Prepaid expenses | &nbsp;&nbsp; 1207 |
| Total Assets | &nbsp;&nbsp; 355903571 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 60000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3694492 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 349546 |
| Fund shares redeemed | &nbsp;&nbsp; 148816 |
| Foreign taxes | &nbsp;&nbsp; 14707 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 166586 |
| Distribution and service fees | &nbsp;&nbsp; 6032 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 444552 |
| Total Liabilities | &nbsp;&nbsp; 5135686 |
| **Net Assets**  | &nbsp;&nbsp; $350767885 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $460282500 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; (109514615)<br>|
| **Net Assets**  | &nbsp;&nbsp; $350767885 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $322376586 |
| Class B | &nbsp;&nbsp; 28391299 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39645005 |
| Class B | &nbsp;&nbsp; 3593783 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.13 |
| Class B | 7.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $339,944,153.

(b) Includes securities loaned at value of $268,650.

(c) Identified cost of cash denominated in foreign currencies was $612,931.

(d) Includes foreign capital gains tax of $14,707.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $27428919 |
| Securities lending income | &nbsp;&nbsp; 2050 |
| Total investment income | &nbsp;&nbsp; 27430969 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2337717 |
| Administration fees | &nbsp;&nbsp; 48496 |
| Custodian and accounting fees | &nbsp;&nbsp; 165186 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 72342 |
| Audit and tax services | &nbsp;&nbsp; 94725 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 15329 |
| Insurance | &nbsp;&nbsp; 3645 |
| Miscellaneous | &nbsp;&nbsp; 72477 |
| Total expenses | &nbsp;&nbsp; 2920502 |
| Less management fee waiver | &nbsp;&nbsp; (155848)<br>|
| Net expenses | &nbsp;&nbsp; 2764654 |
| **Net Investment Income** | &nbsp;&nbsp; 24666315 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; (20069559)<br>|
| Purchased options | &nbsp;&nbsp; (4498124)<br>|
| Written options | &nbsp;&nbsp; 2091231 |
| Foreign currency transactions | &nbsp;&nbsp; 87711 |
| Forward foreign currency transactions | &nbsp;&nbsp; (5328936)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (27717677)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 61997772 |
| Purchased options | &nbsp;&nbsp; 2996529 |
| Written options | &nbsp;&nbsp; (76879)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 351842 |
| Forward foreign currency transactions | &nbsp;&nbsp; 873213 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 66142477 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 38424800 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $63091115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $2,181,739.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $12,960.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $7,922.

*See accompanying notes to financial statements.*

**BHFTI-192**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $24666315 | &nbsp;&nbsp; $28191686 |
| Net realized gain (loss) | &nbsp;&nbsp; (27717677)<br>| &nbsp;&nbsp; (30417476)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 66142477 | &nbsp;&nbsp; (57237553)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 63091115 | &nbsp;&nbsp; (59463343)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (151046176)<br>| &nbsp;&nbsp; (76952694)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (87955061)<br>| &nbsp;&nbsp; (136416037)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 438722946 | &nbsp;&nbsp; 575138983 |
| End of period | &nbsp;&nbsp; $350767885 | &nbsp;&nbsp; $438722946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 322023 | &nbsp;&nbsp; $2352256 | &nbsp;&nbsp; 168507 | &nbsp;&nbsp; $1241890 |
| Redemptions | &nbsp;&nbsp; (19536758)<br>| &nbsp;&nbsp; (149129427)<br>| &nbsp;&nbsp; (10514715)<br>| &nbsp;&nbsp; (78204387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (19214735)<br>| &nbsp;&nbsp; $(146777171)<br>| &nbsp;&nbsp; (10346208)<br>| &nbsp;&nbsp; $(76962497)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 158292 | &nbsp;&nbsp; $1159690 | &nbsp;&nbsp; 506889 | &nbsp;&nbsp; $3642934 |
| Redemptions | &nbsp;&nbsp; (727147)<br>| &nbsp;&nbsp; (5428695)<br>| &nbsp;&nbsp; (495614)<br>| &nbsp;&nbsp; (3633131)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (568855)<br>| &nbsp;&nbsp; $(4269005)<br>| &nbsp;&nbsp; 11275 | &nbsp;&nbsp; $9803 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(151046176)<br>|  | &nbsp;&nbsp; $(76952694)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-193**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $8.31 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.67 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total income (loss) from investment operations | 1.16 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.39)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.92 |
| **Total Return (%)** (b) | 16.64 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (4.69)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net ratio of expenses to average net assets (%) (c) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 6.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 41 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $322.4 | &nbsp;&nbsp; $410.4 | &nbsp;&nbsp; $543.3 | &nbsp;&nbsp; $579.6 | &nbsp;&nbsp; $871.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.79 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.41 | &nbsp;&nbsp; $7.77 | &nbsp;&nbsp; $8.18 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.65 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total income (loss) from investment operations | 1.11 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.90 | &nbsp;&nbsp; $6.79 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.41 | &nbsp;&nbsp; $7.77 |
| **Total Return (%)** (b) | 16.35 | &nbsp;&nbsp; (11.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (5.01)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net ratio of expenses to average net assets (%) (c) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Ratio of net investment income (loss) to average net assets (%) | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 41 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $28.4 | &nbsp;&nbsp; $28.3 | &nbsp;&nbsp; $31.8 | &nbsp;&nbsp; $34.1 | &nbsp;&nbsp; $42.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-194**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.9% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Boeing Co. (a) | 51298 | &nbsp;&nbsp; $11137822 |
| Loar Holdings, Inc. (a) (b) | 40435 | &nbsp;&nbsp; 2749580 |
| Northrop Grumman Corp.  | 19853 | &nbsp;&nbsp; 11320379 |
| StandardAero, Inc. (a) (b) | 277196 | &nbsp;&nbsp; 7949981 |
|  |  | &nbsp;&nbsp; 33157762 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. (b) | 55629 | &nbsp;&nbsp; 8942918 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Goodyear Tire & Rubber Co. (a) (b) | 307586 | &nbsp;&nbsp; 2694453 |
| **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
| Tesla, Inc. (a) | 109123 | &nbsp;&nbsp; 49074796 |
| **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
| KeyCorp | 679936 | &nbsp;&nbsp; 14033879 |
| Wells Fargo & Co.  | 683655 | &nbsp;&nbsp; 63716646 |
|  |  | &nbsp;&nbsp; 77750525 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Celsius Holdings, Inc. (a) (b) | 52818 | &nbsp;&nbsp; 2415895 |
| Coca-Cola Co.  | 221973 | &nbsp;&nbsp; 15518132 |
| Monster Beverage Corp. (a) | 76832 | &nbsp;&nbsp; 5890710 |
| PepsiCo, Inc.  | 23772 | &nbsp;&nbsp; 3411758 |
| Vita Coco Co., Inc. (a) (b) | 53915 | &nbsp;&nbsp; 2858034 |
|  |  | &nbsp;&nbsp; 30094529 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc.  | 46729 | &nbsp;&nbsp; 10677109 |
| Amgen, Inc.  | 8745 | &nbsp;&nbsp; 2862326 |
| Argenx SE (ADR) (a) | 2445 | &nbsp;&nbsp; 2056123 |
| Ascendis Pharma AS (ADR) (a) | 6634 | &nbsp;&nbsp; 1414634 |
| Cytokinetics, Inc. (a) | 39259 | &nbsp;&nbsp; 2494517 |
| Disc Medicine, Inc. (a) | 8658 | &nbsp;&nbsp; 687532 |
| Gilead Sciences, Inc.  | 26537 | &nbsp;&nbsp; 3257151 |
| Incyte Corp. (a) | 4841 | &nbsp;&nbsp; 478146 |
| Ionis Pharmaceuticals, Inc. (a) | 9837 | &nbsp;&nbsp; 778205 |
| Kymera Therapeutics, Inc. (a) (b) | 7299 | &nbsp;&nbsp; 567935 |
| Mirum Pharmaceuticals, Inc. (a) (b) | 9380 | &nbsp;&nbsp; 740926 |
| Natera, Inc. (a) | 9588 | &nbsp;&nbsp; 2196515 |
| Newamsterdam Pharma Co. NV (a) (b) | 82600 | &nbsp;&nbsp; 2897608 |
| Protagonist Therapeutics, Inc. (a) (b) | 9112 | &nbsp;&nbsp; 795842 |
| PTC Therapeutics, Inc. (a) | 8925 | &nbsp;&nbsp; 677943 |
| Regeneron Pharmaceuticals, Inc.  | 4389 | &nbsp;&nbsp; 3387737 |
| Revolution Medicines, Inc. (a) (b) | 22793 | &nbsp;&nbsp; 1815462 |
| Scholar Rock Holding Corp. (a) (b) | 13373 | &nbsp;&nbsp; 589081 |
| Soleno Therapeutics, Inc. (a) (b) | 12485 | &nbsp;&nbsp; 578056 |
| United Therapeutics Corp. (a) | 8701 | &nbsp;&nbsp; 4239562 |
| Vertex Pharmaceuticals, Inc. (a) | 16921 | &nbsp;&nbsp; 7671305 |
| Xenon Pharmaceuticals, Inc. (a) | 58161 | &nbsp;&nbsp; 2606776 |
|  |  | &nbsp;&nbsp; 53470491 |
| **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** |
| Amazon.com, Inc. (a) | 537535 | &nbsp;&nbsp; 124073829 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| AAON, Inc. (b) | 158323 | &nbsp;&nbsp; $12072129 |
| Builders FirstSource, Inc. (a) | 25838 | &nbsp;&nbsp; 2658472 |
| Johnson Controls International PLC | 47413 | &nbsp;&nbsp; 5677707 |
| Modine Manufacturing Co. (a) (b) | 41267 | &nbsp;&nbsp; 5509557 |
| Trex Co., Inc. (a) (b) | 164268 | &nbsp;&nbsp; 5762521 |
|  |  | &nbsp;&nbsp; 31680386 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Blackrock, Inc.  | 8129 | &nbsp;&nbsp; 8700794 |
| Goldman Sachs Group, Inc.  | 54733 | &nbsp;&nbsp; 48110307 |
| KKR & Co., Inc.  | 291043 | &nbsp;&nbsp; 37102161 |
|  |  | &nbsp;&nbsp; 93913262 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Celanese Corp. (b) | 57505 | &nbsp;&nbsp; 2431311 |
| Ingevity Corp. (a) (b) | 17175 | &nbsp;&nbsp; 1016417 |
| Linde PLC | 38241 | &nbsp;&nbsp; 16305580 |
| PPG Industries, Inc.  | 92382 | &nbsp;&nbsp; 9465460 |
|  |  | &nbsp;&nbsp; 29218768 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Clean Harbors, Inc. (a) (b) | 86362 | &nbsp;&nbsp; 20250162 |
| Waste Connections, Inc.  | 28654 | &nbsp;&nbsp; 5024765 |
|  |  | &nbsp;&nbsp; 25274927 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Arista Networks, Inc. (a) | 92355 | &nbsp;&nbsp; 12101276 |
| F5, Inc. (a) (b) | 24221 | &nbsp;&nbsp; 6182652 |
|  |  | &nbsp;&nbsp; 18283928 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| James Hardie Industries PLC (a) (b) | 726014 | &nbsp;&nbsp; 15064790 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Casey's General Stores, Inc. (b) | 5283 | &nbsp;&nbsp; 2919967 |
| Performance Food Group Co. (a) (b) | 54050 | &nbsp;&nbsp; 4860176 |
| U.S. Foods Holding Corp. (a) (b) | 224138 | &nbsp;&nbsp; 16882074 |
| Walmart, Inc.  | 167081 | &nbsp;&nbsp; 18614494 |
|  |  | &nbsp;&nbsp; 43276711 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Packaging Corp. of America | 23556 | &nbsp;&nbsp; 4857954 |
| **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
| Pool Corp. (b) | 47231 | &nbsp;&nbsp; 10804091 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| American Electric Power Co., Inc.  | 63057 | &nbsp;&nbsp; 7271103 |
| Eversource Energy | 59660 | &nbsp;&nbsp; 4016908 |
| NRG Energy, Inc.  | 53751 | &nbsp;&nbsp; 8559309 |
| PG&E Corp.  | 637204 | &nbsp;&nbsp; 10239868 |
|  |  | &nbsp;&nbsp; 30087188 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Vertiv Holdings Co. - Class A | 37914 | &nbsp;&nbsp; 6142447 |

---

*See accompanying notes to financial statements.*

**BHFTI-195**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp. - Class A | 44700 | &nbsp;&nbsp; $6040758 |
| Coherent Corp. (a) | 13104 | &nbsp;&nbsp; 2418605 |
| Flex Ltd. (a) | 99958 | &nbsp;&nbsp; 6039462 |
| Novanta, Inc. (a) (b) | 12320 | &nbsp;&nbsp; 1465957 |
|  |  | &nbsp;&nbsp; 15964782 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Netflix, Inc. (a) | 130418 | &nbsp;&nbsp; 12227992 |
| Walt Disney Co. (b) | 147693 | &nbsp;&nbsp; 16803032 |
|  |  | &nbsp;&nbsp; 29031024 |
| **Financial Services — 4.4%** | **Financial Services — 4.4%** | **Financial Services — 4.4%** |
| Berkshire Hathaway, Inc. - Class B (a) (b) | 70751 | &nbsp;&nbsp; 35562990 |
| Equitable Holdings, Inc.  | 174574 | &nbsp;&nbsp; 8318451 |
| Mastercard, Inc. - Class A | 111385 | &nbsp;&nbsp; 63587469 |
|  |  | &nbsp;&nbsp; 107468910 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Freshpet, Inc. (a) (b) | 57022 | &nbsp;&nbsp; 3474351 |
| Magnum Ice Cream Co. NV (a) | 42607 | &nbsp;&nbsp; 675321 |
| McCormick & Co., Inc.  | 38192 | &nbsp;&nbsp; 2601257 |
|  |  | &nbsp;&nbsp; 6750929 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| Atmos Energy Corp. (b) | 56718 | &nbsp;&nbsp; 9507638 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| Knight-Swift Transportation Holdings, Inc. (b) | 396789 | &nbsp;&nbsp; 20744129 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Abbott Laboratories (b) | 50272 | &nbsp;&nbsp; 6298579 |
| Boston Scientific Corp. (a) | 34084 | &nbsp;&nbsp; 3249909 |
| Edwards Lifesciences Corp. (a) | 61819 | &nbsp;&nbsp; 5270070 |
| Intuitive Surgical, Inc. (a) | 22619 | &nbsp;&nbsp; 12810497 |
| LivaNova PLC (a) | 20837 | &nbsp;&nbsp; 1282100 |
| Medtronic PLC | 75653 | &nbsp;&nbsp; 7267227 |
| STERIS PLC | 14463 | &nbsp;&nbsp; 3666660 |
| Stryker Corp.  | 8738 | &nbsp;&nbsp; 3071145 |
|  |  | &nbsp;&nbsp; 42916187 |
| **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| Acadia Healthcare Co., Inc. (a) (b) | 68984 | &nbsp;&nbsp; 978883 |
| Cardinal Health, Inc.  | 28675 | &nbsp;&nbsp; 5892712 |
| Cencora, Inc.  | 13180 | &nbsp;&nbsp; 4451545 |
| CVS Health Corp.  | 71769 | &nbsp;&nbsp; 5695588 |
| Elevance Health, Inc.  | 18787 | &nbsp;&nbsp; 6585783 |
| HCA Healthcare, Inc.  | 8246 | &nbsp;&nbsp; 3849728 |
| Labcorp Holdings, Inc. (b) | 17496 | &nbsp;&nbsp; 4389396 |
| UnitedHealth Group, Inc.  | 45055 | &nbsp;&nbsp; 14873106 |
|  |  | &nbsp;&nbsp; 46716741 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Welltower, Inc.  | 110525 | &nbsp;&nbsp; 20514545 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| DoorDash, Inc. - Class A (a) | 51849 | &nbsp;&nbsp; 11742762 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Hyatt Hotels Corp. - Class A (b) | 108086 | &nbsp;&nbsp; $17328347 |
| Marriott International, Inc. - Class A | 48362 | &nbsp;&nbsp; 15003827 |
| Navan, Inc. - Class A (a) | 126567 | &nbsp;&nbsp; 2161764 |
| Royal Caribbean Cruises Ltd. (b) | 34290 | &nbsp;&nbsp; 9564167 |
| Starbucks Corp. (b) | 82511 | &nbsp;&nbsp; 6948251 |
|  |  | &nbsp;&nbsp; 62749118 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Champion Homes, Inc. (a) (b) | 36412 | &nbsp;&nbsp; 3076814 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| American International Group, Inc.  | 91836 | &nbsp;&nbsp; 7856570 |
| Arch Capital Group Ltd. (a) | 71523 | &nbsp;&nbsp; 6860486 |
| Chubb Ltd.  | 37996 | &nbsp;&nbsp; 11859311 |
| Everest Group Ltd.  | 17803 | &nbsp;&nbsp; 6041448 |
| Hamilton Insurance Group Ltd. - Class B (a) | 113571 | &nbsp;&nbsp; 3168631 |
| Marsh & McLennan Cos., Inc.  | 101790 | &nbsp;&nbsp; 18884081 |
|  |  | &nbsp;&nbsp; 54670527 |
| **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** |
| Alphabet, Inc. - Class A | 493852 | &nbsp;&nbsp; 154575676 |
| Meta Platforms, Inc. - Class A | 50385 | &nbsp;&nbsp; 33258635 |
|  |  | &nbsp;&nbsp; 187834311 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Snowflake, Inc. - Class A (a) | 58566 | &nbsp;&nbsp; 12847038 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| 10X Genomics, Inc. - Class A (a) (b) | 37026 | &nbsp;&nbsp; 603894 |
| Agilent Technologies, Inc.  | 32861 | &nbsp;&nbsp; 4471396 |
| Bio-Techne Corp. (b) | 20599 | &nbsp;&nbsp; 1211427 |
| Danaher Corp.  | 22098 | &nbsp;&nbsp; 5058674 |
| ICON PLC (a) (b) | 8727 | &nbsp;&nbsp; 1590234 |
| Thermo Fisher Scientific, Inc.  | 22770 | &nbsp;&nbsp; 13194077 |
|  |  | &nbsp;&nbsp; 26129702 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| IDEX Corp. (b) | 34152 | &nbsp;&nbsp; 6077007 |
| Ingersoll Rand, Inc. (b) | 30492 | &nbsp;&nbsp; 2415576 |
| Middleby Corp. (a) (b) | 31999 | &nbsp;&nbsp; 4757292 |
| PACCAR, Inc.  | 28510 | &nbsp;&nbsp; 3122130 |
|  |  | &nbsp;&nbsp; 16372005 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| New York Times Co. - Class A | 105325 | &nbsp;&nbsp; 7311662 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Nucor Corp.  | 46139 | &nbsp;&nbsp; 7525732 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| Dominion Energy, Inc. (b) | 273272 | &nbsp;&nbsp; 16011007 |
| Sempra (b) | 186822 | &nbsp;&nbsp; 16494514 |
|  |  | &nbsp;&nbsp; 32505521 |
| **Oil, Gas & Consumable Fuels — 3.6%** | **Oil, Gas & Consumable Fuels — 3.6%** | **Oil, Gas & Consumable Fuels — 3.6%** |
| EQT Corp.  | 114318 | &nbsp;&nbsp; 6127445 |

---

*See accompanying notes to financial statements.*

**BHFTI-196**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Exxon Mobil Corp.  | 326372 | &nbsp;&nbsp; $39275606 |
| Marathon Petroleum Corp.  | 56193 | &nbsp;&nbsp; 9138668 |
| Shell PLC (ADR) (b) | 282577 | &nbsp;&nbsp; 20763758 |
| Targa Resources Corp.  | 68596 | &nbsp;&nbsp; 12655962 |
|  |  | &nbsp;&nbsp; 87961439 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| BellRing Brands, Inc. (a) | 100403 | &nbsp;&nbsp; 2683772 |
| elf Beauty, Inc. (a) | 14258 | &nbsp;&nbsp; 1084178 |
| Oddity Tech Ltd. - Class A (a) (b) | 26744 | &nbsp;&nbsp; 1074574 |
| Unilever PLC (ADR) (b) | 189366 | &nbsp;&nbsp; 12384537 |
|  |  | &nbsp;&nbsp; 17227061 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| AstraZeneca PLC (ADR) | 36727 | &nbsp;&nbsp; 3376313 |
| Eli Lilly & Co.  | 40963 | &nbsp;&nbsp; 44022117 |
| GSK PLC (ADR) (b) | 126795 | &nbsp;&nbsp; 6218027 |
| Haleon PLC (ADR) (b) | 1087942 | &nbsp;&nbsp; 10999093 |
| Johnson & Johnson | 36807 | &nbsp;&nbsp; 7617209 |
| Merck & Co., Inc.  | 230795 | &nbsp;&nbsp; 24293482 |
| Structure Therapeutics, Inc. (ADR) (a) (b) | 39451 | &nbsp;&nbsp; 2743817 |
|  |  | &nbsp;&nbsp; 99270058 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| KBR, Inc.  | 123715 | &nbsp;&nbsp; 4973343 |
| **Semiconductors & Semiconductor Equipment — 13.9%** | **Semiconductors & Semiconductor Equipment — 13.9%** | **Semiconductors & Semiconductor Equipment — 13.9%** |
| Advanced Micro Devices, Inc. (a) | 134448 | &nbsp;&nbsp; 28793384 |
| Broadcom, Inc.  | 217142 | &nbsp;&nbsp; 75152846 |
| MKS, Inc. (b) | 42444 | &nbsp;&nbsp; 6782551 |
| NVIDIA Corp.  | 1157065 | &nbsp;&nbsp; 215792623 |
| NXP Semiconductors NV | 43673 | &nbsp;&nbsp; 9479661 |
| Texas Instruments, Inc.  | 32776 | &nbsp;&nbsp; 5686308 |
|  |  | &nbsp;&nbsp; 341687373 |
| **Software — 10.2%** | **Software — 10.2%** | **Software — 10.2%** |
| Autodesk, Inc. (a) | 54845 | &nbsp;&nbsp; 16234669 |
| Cadence Design Systems, Inc. (a) | 27868 | &nbsp;&nbsp; 8710979 |
| Figma, Inc. - Class A (a) (b) | 88787 | &nbsp;&nbsp; 3317970 |
| Intuit, Inc.  | 20851 | &nbsp;&nbsp; 13812119 |
| Microsoft Corp.  | 324105 | &nbsp;&nbsp; 156743660 |
| Oracle Corp.  | 45274 | &nbsp;&nbsp; 8824355 |
| Palantir Technologies, Inc. - Class A (a) | 85513 | &nbsp;&nbsp; 15199936 |
| Samsara, Inc. - Class A (a) (b) | 127911 | &nbsp;&nbsp; 4534445 |
| SAP SE (ADR) | 22754 | &nbsp;&nbsp; 5527174 |
| ServiceNow, Inc. (a) | 21605 | &nbsp;&nbsp; 3309670 |
| Synopsys, Inc. (a) | 32419 | &nbsp;&nbsp; 15227853 |
|  |  | &nbsp;&nbsp; 251442830 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Burlington Stores, Inc. (a) | 22781 | &nbsp;&nbsp; 6580292 |
| Lowe's Cos., Inc.  | 55098 | &nbsp;&nbsp; 13287434 |
| O'Reilly Automotive, Inc. (a) | 151866 | &nbsp;&nbsp; 13851698 |
| Williams-Sonoma, Inc.  | 45313 | &nbsp;&nbsp; 8092448 |
|  |  | &nbsp;&nbsp; 41811872 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| Apple, Inc.  | 570638 | &nbsp;&nbsp; $155133647 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Lululemon Athletica, Inc. (a) | 36750 | &nbsp;&nbsp; 7637018 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| British American Tobacco PLC (ADR) | 41185 | &nbsp;&nbsp; 2331895 |
| Philip Morris International, Inc.  | 90861 | &nbsp;&nbsp; 14574104 |
|  |  | &nbsp;&nbsp; 16905999 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| Ferguson Enterprises, Inc.  | 40495 | &nbsp;&nbsp; 9015402 |
| WESCO International, Inc. (b) | 28310 | &nbsp;&nbsp; 6925759 |
| WW Grainger, Inc.  | 6847 | &nbsp;&nbsp; 6908965 |
|  |  | &nbsp;&nbsp; 22850126 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| T-Mobile U.S., Inc.  | 92317 | &nbsp;&nbsp; 18744044 |
| Total Common Stocks <br>(Cost $1,971,621,923) <br>|  | &nbsp;&nbsp; 2464145880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** |
| **Repurchase Agreement—0.1%** | **Repurchase Agreement—0.1%** | **Repurchase Agreement—0.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $3,157,190; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $3,220,084<br>| 3156751 | &nbsp;&nbsp; 3156751 |
| Total Short-Term Investments <br>(Cost $3,156,751) <br>|  | &nbsp;&nbsp; 3156751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—4.2%** | **Securities Lending Reinvestments (c)—4.2%** | **Securities Lending Reinvestments (c)—4.2%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class 3.670% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 2500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.3%** | **Certificates of Deposit—0.3%** | **Certificates of Deposit—0.3%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (e) | 2500000 | &nbsp;&nbsp; 2500748 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (e) | 1000000 | &nbsp;&nbsp; 1000343 |
| Mizuho Bank Ltd. |  |  |
| 4.010%, SOFR + 0.240%, 01/13/26 (e) | 1500000 | &nbsp;&nbsp; 1500006 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (e) | 1000000 | &nbsp;&nbsp; 1000086 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (e) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 7001374 |

---

*See accompanying notes to financial statements.*

**BHFTI-197**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1500000 | &nbsp;&nbsp; $1499184 |
| **Repurchase Agreements—3.7%** | **Repurchase Agreements—3.7%** | **Repurchase Agreements—3.7%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $3,000,628; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,872<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $15,003,142; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,705,136<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,515,218; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,670,728<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,746,653; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,821,586<br>| 3745856 | &nbsp;&nbsp; 3745856 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $10,214,531; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $10,401,251<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $15,003,258; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,668,505<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,051,119; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,620,440<br>| 5050000 | &nbsp;&nbsp; 5050000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $2,500,536; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,787,193<br>| 2500000 | &nbsp;&nbsp; 2500000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $5,003,772; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,560,928<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $12,009,123; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,379,100<br>| 12000000 | &nbsp;&nbsp; 12000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $200,041; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; $200000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $7,001,454; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,701,600<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $10,007,758; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,641<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 89995856 |
| **Time Deposit—0.0%** | **Time Deposit—0.0%** | **Time Deposit—0.0%** |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments <br>(Cost $101,995,342) <br>|  | &nbsp;&nbsp; 101996414 |
| Total Investments—104.2% <br>(Cost $2,076,774,016) <br>|  | &nbsp;&nbsp; 2569299045 |
| Other assets and liabilities (net)—(4.2)%  |  | &nbsp;&nbsp; (103507774)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2465791271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $162,328,815 and the collateral received consisted of cash in the amount of $101,980,785 and non-cash collateral with a value of $65,673,786. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-198**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1708311866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1986217276 |

---

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $647,828 in purchases of investments, which are included above.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(101980785)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(101980785)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(101980785)<br>|

---

**Investments in Derivative Instruments**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $989089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $77352 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $12811671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $2464145880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2464145880 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3156751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3156751 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2500000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 7001374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7001374 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 89995856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89995856 |

---

*See accompanying notes to financial statements.*

**BHFTI-199**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Time Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 99496414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101996414 |
| Total Investments | &nbsp;&nbsp; $2466645880 | &nbsp;&nbsp; $102653165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2569299045 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(101980785)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(101980785)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-200**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2569299045 |
| Cash | &nbsp;&nbsp; 29728 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 93559 |
| Dividends and interest | &nbsp;&nbsp; 1378488 |
| Prepaid expenses | &nbsp;&nbsp; 8393 |
| Total Assets | &nbsp;&nbsp; 2570809213 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 101980785 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 248428 |
| Fund shares redeemed | &nbsp;&nbsp; 1045436 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1030752 |
| Distribution and service fees | &nbsp;&nbsp; 28128 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 433458 |
| Total Liabilities | &nbsp;&nbsp; 105017942 |
| **Net Assets**  | &nbsp;&nbsp; $2465791271 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1664034542 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 801756729 |
| **Net Assets**  | &nbsp;&nbsp; $2465791271 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2304841162 |
| Class B | &nbsp;&nbsp; 86385560 |
| Class E | &nbsp;&nbsp; 74564549 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 156366020 |
| Class B | &nbsp;&nbsp; 6186432 |
| Class E | &nbsp;&nbsp; 5171171 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $14.74 |
| Class B | 13.96 |
| Class E | 14.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $2,076,774,016.

(b) Includes securities loaned at value of $162,328,815.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $23231153 |
| Interest | &nbsp;&nbsp; 358399 |
| Securities lending income | &nbsp;&nbsp; 402962 |
| Total investment income | &nbsp;&nbsp; 23992514 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 13368071 |
| Administration fees | &nbsp;&nbsp; 113034 |
| Custodian and accounting fees | &nbsp;&nbsp; 98955 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 216954 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 108844 |
| Audit and tax services | &nbsp;&nbsp; 50455 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 129752 |
| Insurance | &nbsp;&nbsp; 20403 |
| Miscellaneous | &nbsp;&nbsp; 24209 |
| Total expenses | &nbsp;&nbsp; 14241262 |
| Less management fee waiver | &nbsp;&nbsp; (1680315)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (14068)<br>|
| Net expenses | &nbsp;&nbsp; 12546879 |
| **Net Investment Income** | &nbsp;&nbsp; 11445635 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 304822430 |
| Futures contracts | &nbsp;&nbsp; 989089 |
| Net realized gain (loss) | &nbsp;&nbsp; 305811519 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 39197519 |
| Futures contracts | &nbsp;&nbsp; 77352 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 39274871 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 345086390 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $356532025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $90,422.

*See accompanying notes to financial statements.*

**BHFTI-201**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $11445635 | &nbsp;&nbsp; $12480980 |
| Net realized gain (loss) | &nbsp;&nbsp; 305811519 | &nbsp;&nbsp; 425590401 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 39274871 | &nbsp;&nbsp; 26741963 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 356532025 | &nbsp;&nbsp; 464813344 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (407148526)<br>| &nbsp;&nbsp; (163158928)<br>|
| Class B | &nbsp;&nbsp; (16620788)<br>| &nbsp;&nbsp; (6597304)<br>|
| Class E | &nbsp;&nbsp; (13328013)<br>| &nbsp;&nbsp; (5406864)<br>|
| **Total distributions** | &nbsp;&nbsp; (437097327)<br>| &nbsp;&nbsp; (175163096)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 131530238 | &nbsp;&nbsp; (116946952)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 50964936 | &nbsp;&nbsp; 172703296 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2414826335 | &nbsp;&nbsp; 2242123039 |
| End of period | &nbsp;&nbsp; $2465791271 | &nbsp;&nbsp; $2414826335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 602949 | &nbsp;&nbsp; $8728462 | &nbsp;&nbsp; 4068031 | &nbsp;&nbsp; $62298279 |
| Reinvestments | &nbsp;&nbsp; 31391559 | &nbsp;&nbsp; 407148526 | &nbsp;&nbsp; 11144736 | &nbsp;&nbsp; 163158928 |
| Redemptions | &nbsp;&nbsp; (19963000)<br>| &nbsp;&nbsp; (289432686)<br>| &nbsp;&nbsp; (21633098)<br>| &nbsp;&nbsp; (326304490)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 12031508 | &nbsp;&nbsp; $126444302 | &nbsp;&nbsp; (6420331)<br>| &nbsp;&nbsp; $(100847283)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 364023 | &nbsp;&nbsp; $5116677 | &nbsp;&nbsp; 492469 | &nbsp;&nbsp; $7116265 |
| Reinvestments | &nbsp;&nbsp; 1350186 | &nbsp;&nbsp; 16620788 | &nbsp;&nbsp; 470564 | &nbsp;&nbsp; 6597304 |
| Redemptions | &nbsp;&nbsp; (1477051)<br>| &nbsp;&nbsp; (20230240)<br>| &nbsp;&nbsp; (1617587)<br>| &nbsp;&nbsp; (23271182)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 237158 | &nbsp;&nbsp; $1507225 | &nbsp;&nbsp; (654554)<br>| &nbsp;&nbsp; $(9557613)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 125190 | &nbsp;&nbsp; $1684536 | &nbsp;&nbsp; 174240 | &nbsp;&nbsp; $2534689 |
| Reinvestments | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 13328013 | &nbsp;&nbsp; 375738 | &nbsp;&nbsp; 5406864 |
| Redemptions | &nbsp;&nbsp; (800319)<br>| &nbsp;&nbsp; (11433838)<br>| &nbsp;&nbsp; (982946)<br>| &nbsp;&nbsp; (14483609)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 374321 | &nbsp;&nbsp; $3578711 | &nbsp;&nbsp; (432968)<br>| &nbsp;&nbsp; $(6542056)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $131530238 |  | &nbsp;&nbsp; $(116946952)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-202**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $17.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Total income (loss) from investment operations | 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>|
| Total distributions | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (2.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $19.02 |
| **Total Return (%)** (b) | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp; (19.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.38 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Ratio of net investment income (loss) to average net assets (%) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2304.8 | &nbsp;&nbsp; $2252.5 | &nbsp;&nbsp; $2083.4 | &nbsp;&nbsp; $1899.6 | &nbsp;&nbsp; $2562.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $16.67 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| Total income (loss) from investment operations | 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>|
| Total distributions | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (2.02)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $18.45 |
| **Total Return (%)** (b) | 15.62 | &nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;25.42 | &nbsp;&nbsp; (19.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.03 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $86.4 | &nbsp;&nbsp; $88.8 | &nbsp;&nbsp; $87.6 | &nbsp;&nbsp; $81.8 | &nbsp;&nbsp; $118.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-203**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $16.93 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.79 |
| Total income (loss) from investment operations | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>|
| Total distributions | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp; $18.78 |
| **Total Return (%)** (b) | 15.74 | &nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;25.51 | &nbsp;&nbsp; (19.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.20 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Ratio of net investment income (loss) to average net assets (%) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $74.6 | &nbsp;&nbsp; $73.5 | &nbsp;&nbsp; $71.1 | &nbsp;&nbsp; $63.9 | &nbsp;&nbsp; $87.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-204**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 7.0%** | **Australia — 7.0%** | **Australia — 7.0%** |
| Charter Hall Group (REIT) | 858938 | &nbsp;&nbsp; $13964811 |
| Goodman Group (REIT) | 876196 | &nbsp;&nbsp; 18013981 |
| GPT Group (REIT) | 1985529 | &nbsp;&nbsp; 7155511 |
| Ingenia Communities Group (REIT) | 1170924 | &nbsp;&nbsp; 4024408 |
| Scentre Group (REIT) | 1233013 | &nbsp;&nbsp; 3443267 |
| Stockland (REIT) | 3335686 | &nbsp;&nbsp; 12712281 |
|  |  | &nbsp;&nbsp; 59314259 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Aedifica SA (REIT) | 16157 | &nbsp;&nbsp; 1278249 |
| Montea NV (REIT) | 35544 | &nbsp;&nbsp; 3057697 |
| Warehouses De Pauw CVA (REIT) | 133682 | &nbsp;&nbsp; 3468983 |
|  |  | &nbsp;&nbsp; 7804929 |
| **Canada — 3.1%** | **Canada — 3.1%** | **Canada — 3.1%** |
| Boardwalk Real Estate Investment Trust (REIT) (a) | 105361 | &nbsp;&nbsp; 4949676 |
| Canadian Apartment Properties REIT (REIT) (a) | 293725 | &nbsp;&nbsp; 7890161 |
| Granite Real Estate Investment Trust (REIT) | 91218 | &nbsp;&nbsp; 5430347 |
| H&R Real Estate Investment Trust (REIT) | 453969 | &nbsp;&nbsp; 3383558 |
| Killam Apartment Real Estate Investment Trust (REIT) (a) | 195185 | &nbsp;&nbsp; 2332180 |
| Primaris Real Estate Investment Trust (REIT) | 186027 | &nbsp;&nbsp; 2112973 |
|  |  | &nbsp;&nbsp; 26098895 |
| **France — 4.0%** | **France — 4.0%** | **France — 4.0%** |
| Carmila SA (REIT) (b) | 155998 | &nbsp;&nbsp; 3112832 |
| Klepierre SA (REIT) | 333575 | &nbsp;&nbsp; 13207565 |
| Mercialys SA (REIT) | 188627 | &nbsp;&nbsp; 2447362 |
| Unibail-Rodamco-Westfield (REIT) (b) | 142172 | &nbsp;&nbsp; 15452050 |
|  |  | &nbsp;&nbsp; 34219809 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Aroundtown SA (b) | 374979 | &nbsp;&nbsp; 1166569 |
| Grand City Properties SA | 200577 | &nbsp;&nbsp; 2314966 |
| Sirius Real Estate Ltd. (REIT) | 2262671 | &nbsp;&nbsp; 2925737 |
| TAG Immobilien AG | 311597 | &nbsp;&nbsp; 4832629 |
|  |  | &nbsp;&nbsp; 11239901 |
| **Hong Kong — 2.3%** | **Hong Kong — 2.3%** | **Hong Kong — 2.3%** |
| Henderson Land Development Co. Ltd. (a) | 1746889 | &nbsp;&nbsp; 6302389 |
| Hysan Development Co. Ltd.  | 972593 | &nbsp;&nbsp; 2356994 |
| Link (REIT) | 719566 | &nbsp;&nbsp; 3204974 |
| Swire Properties Ltd.  | 2706328 | &nbsp;&nbsp; 7287455 |
|  |  | &nbsp;&nbsp; 19151812 |
| **Japan — 9.6%** | **Japan — 9.6%** | **Japan — 9.6%** |
| Activia Properties, Inc. (REIT) | 3752 | &nbsp;&nbsp; 3371309 |
| Daiwa Office Investment Corp. (REIT) | 2658 | &nbsp;&nbsp; 6350893 |
| Frontier Real Estate Investment Corp. (REIT) (a) | 4265 | &nbsp;&nbsp; 2530860 |
| Invincible Investment Corp. (REIT) (a) | 13873 | &nbsp;&nbsp; 5703905 |
| Japan Hotel REIT Investment Corp. (REIT) (a) | 9401 | &nbsp;&nbsp; 4910737 |
| Japan Metropolitan Fund Invest (REIT) (a) | 9850 | &nbsp;&nbsp; 7795381 |
| LaSalle Logiport REIT (REIT) (a) | 3312 | &nbsp;&nbsp; 3353724 |
| Mitsui Fudosan Co. Ltd.  | 1953400 | &nbsp;&nbsp; 22224612 |
| Orix JREIT, Inc. (REIT) | 11934 | &nbsp;&nbsp; 8092027 |
| Sumitomo Realty & Development Co. Ltd.  | 484400 | &nbsp;&nbsp; 12139465 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Tokyo Tatemono Co. Ltd. (a) | 194700 | &nbsp;&nbsp; $4396452 |
|  |  | &nbsp;&nbsp; 80869365 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| CTP NV | 191611 | &nbsp;&nbsp; 4013678 |
| Eurocommercial Properties NV (REIT) | 73847 | &nbsp;&nbsp; 2260772 |
|  |  | &nbsp;&nbsp; 6274450 |
| **Singapore — 4.3%** | **Singapore — 4.3%** | **Singapore — 4.3%** |
| CapitaLand Ascendas (REIT) | 4243390 | &nbsp;&nbsp; 9327030 |
| CapitaLand Integrated Commercial Trust (REIT) | 6323800 | &nbsp;&nbsp; 11729896 |
| Centurion Accommodation REIT (REIT) (b) | 5387900 | &nbsp;&nbsp; 4646881 |
| Keppel DC REIT (REIT) | 3203376 | &nbsp;&nbsp; 5601004 |
| Lendlease Global Commercial REIT (REIT) | 9790800 | &nbsp;&nbsp; 4716303 |
|  |  | &nbsp;&nbsp; 36021114 |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| Pandox AB | 218007 | &nbsp;&nbsp; 4804096 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
| PSP Swiss Property AG (a) | 18089 | &nbsp;&nbsp; 3277082 |
| **United Kingdom — 4.3%** | **United Kingdom — 4.3%** | **United Kingdom — 4.3%** |
| Big Yellow Group PLC (REIT) | 341017 | &nbsp;&nbsp; 4788587 |
| Land Securities Group PLC (REIT) | 1036205 | &nbsp;&nbsp; 8623844 |
| LondonMetric Property PLC (REIT) | 4070184 | &nbsp;&nbsp; 10367130 |
| Primary Health Properties PLC (REIT) | 2042107 | &nbsp;&nbsp; 2694895 |
| Tritax Big Box REIT PLC (REIT) | 4952040 | &nbsp;&nbsp; 10131748 |
|  |  | &nbsp;&nbsp; 36606204 |
| **United States — 60.7%** | **United States — 60.7%** | **United States — 60.7%** |
| American Healthcare REIT, Inc. (REIT) (a) | 142962 | &nbsp;&nbsp; 6727792 |
| American Homes 4 Rent (REIT) - Class A | 620947 | &nbsp;&nbsp; 19932399 |
| American Tower Corp. (REIT) | 18074 | &nbsp;&nbsp; 3173252 |
| Brixmor Property Group, Inc. (REIT) (a) | 558184 | &nbsp;&nbsp; 14635584 |
| BXP, Inc. (REIT) (a) | 104781 | &nbsp;&nbsp; 7070622 |
| COPT Defense Properties (REIT) (a) | 192432 | &nbsp;&nbsp; 5349610 |
| Cousins Properties, Inc. (REIT) | 295325 | &nbsp;&nbsp; 7613478 |
| CubeSmart (REIT) | 194017 | &nbsp;&nbsp; 6994313 |
| Digital Realty Trust, Inc. (REIT) | 38126 | &nbsp;&nbsp; 5898473 |
| EastGroup Properties, Inc. (REIT) (a) | 70893 | &nbsp;&nbsp; 12628879 |
| Empire State Realty Trust, Inc. (REIT) - Class A (a) | 328715 | &nbsp;&nbsp; 2143222 |
| Equinix, Inc. (REIT) | 60375 | &nbsp;&nbsp; 46256910 |
| Essential Properties Realty Trust, Inc. (REIT) (a) | 198805 | &nbsp;&nbsp; 5896556 |
| First Industrial Realty Trust, Inc. (REIT) (a) | 255409 | &nbsp;&nbsp; 14627273 |
| Getty Realty Corp. (REIT) (a) | 130694 | &nbsp;&nbsp; 3577095 |
| Healthpeak Properties, Inc. (REIT) | 588417 | &nbsp;&nbsp; 9461745 |
| Hilton Worldwide Holdings, Inc.  | 20946 | &nbsp;&nbsp; 6016738 |
| Host Hotels & Resorts, Inc. (REIT) (a) | 357982 | &nbsp;&nbsp; 6347021 |
| Independence Realty Trust, Inc. (REIT) (a) | 430024 | &nbsp;&nbsp; 7516820 |
| Iron Mountain, Inc. (REIT) | 235804 | &nbsp;&nbsp; 19559942 |
| LXP Industrial Trust (REIT) (a) | 83642 | &nbsp;&nbsp; 4146970 |
| Omega Healthcare Investors, Inc. (REIT) | 375353 | &nbsp;&nbsp; 16643152 |
| Prologis, Inc. (REIT) | 170155 | &nbsp;&nbsp; 21721987 |
| Public Storage (REIT) | 91192 | &nbsp;&nbsp; 23664324 |
| Regency Centers Corp. (REIT) | 263935 | &nbsp;&nbsp; 18219433 |

---

*See accompanying notes to financial statements.*

**BHFTI-205**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Simon Property Group, Inc. (REIT) | 247583 | &nbsp;&nbsp; $45830089 |
| STAG Industrial, Inc. (REIT) (a) | 364805 | &nbsp;&nbsp; 13410232 |
| UDR, Inc. (REIT) (a) | 554428 | &nbsp;&nbsp; 20336419 |
| Ventas, Inc. (REIT) (a) | 269520 | &nbsp;&nbsp; 20855458 |
| VICI Properties, Inc. (REIT) | 1107440 | &nbsp;&nbsp; 31141213 |
| Vornado Realty Trust (REIT) (a) | 311995 | &nbsp;&nbsp; 10383194 |
| Welltower, Inc. (REIT) | 411675 | &nbsp;&nbsp; 76410997 |
|  |  | &nbsp;&nbsp; 514191192 |
| Total Common Stocks <br>(Cost $783,321,171) <br>|  | &nbsp;&nbsp; 839873108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Repurchase Agreement — 0.4%** | **Repurchase Agreement — 0.4%** | **Repurchase Agreement — 0.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $3,386,614; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $3,453,916<br>| 3386143 | &nbsp;&nbsp; 3386143 |
| Total Short-Term Investments <br>(Cost $3,386,143) <br>|  | &nbsp;&nbsp; 3386143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—7.1%** | **Securities Lending Reinvestments (c)—7.1%** | **Securities Lending Reinvestments (c)—7.1%** |
| **Short-Term Investment Funds — 2.9%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class, 3.710% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 25000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Time Deposits — 0.5%** | **Time Deposits — 0.5%** | **Time Deposits — 0.5%** |
| Banco Santander SA <br>3.620%, 01/02/26<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV <br>3.590%, 01/02/26<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| **Repurchase Agreements — 3.7%** | **Repurchase Agreements — 3.7%** | **Repurchase Agreements — 3.7%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $8,256,523; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $8,421,653<br>| 8254766 | &nbsp;&nbsp; 8254766 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $1,000,214; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,114,877<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $5,001,072; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,161<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $2,001,509; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,371<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $200,041; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 31454766 |
| Total Securities Lending Reinvestments <br>(Cost $60,454,766) <br>|  | &nbsp;&nbsp; 60454766 |
| Total Investments—106.7% <br>(Cost $847,162,080) <br>|  | &nbsp;&nbsp; 903714017 |
| Other assets and liabilities (net)—(6.7)%  |  | &nbsp;&nbsp; (56951734)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $846762283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

*See accompanying notes to financial statements.*

**BHFTI-206**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | securities loaned was $114,365,591 and the collateral received consisted of cash in the amount <br> of $60,454,766 and non-cash collateral with a value of $58,778,258. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) <br>| Non-income producing security. |
| (c) <br>| Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (d) <br>| The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Specialized REITs | 17.4 |
| Retail REITs | 16.8 |
| Health Care REITs | 15.8 |
| Industrial REITs | 15.3 |
| Real Estate Management & Development | 9.2 |
| Residential REITs | 8.5 |
| Diversified REITs | 7.9 |
| Office REITs | 5.6 |
| Hotel & Resort REITs | 2.0 |
| Hotels, Restaurants & Leisure | 0.7 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $840909793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $875907069 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(60454766)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(60454766)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(60454766)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59314259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59314259 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 7804929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7804929 |
| Canada | &nbsp;&nbsp; 26098895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26098895 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 34219809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34219809 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 11239901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11239901 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 19151812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19151812 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 80869365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80869365 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 6274450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6274450 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 36021114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36021114 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 4804096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4804096 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 3277082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3277082 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 36606204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36606204 |
| United States | &nbsp;&nbsp; 514191192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 514191192 |
| Total Common Stocks | &nbsp;&nbsp; 540290087 | &nbsp;&nbsp; 299583021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 839873108 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3386143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3386143 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25000000 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-207**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31454766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31454766 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 35454766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60454766 |
| Total Investments | &nbsp;&nbsp; $565290087 | &nbsp;&nbsp; $338423930 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $903714017 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(60454766)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(60454766)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-208**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $903714017 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 119021 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 498425 |
| Fund shares sold | &nbsp;&nbsp; 367578 |
| Dividends and interest | &nbsp;&nbsp; 4249737 |
| Prepaid expenses | &nbsp;&nbsp; 3140 |
| Total Assets | &nbsp;&nbsp; 908951918 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 60454766 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 549270 |
| Fund shares redeemed | &nbsp;&nbsp; 130860 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 438053 |
| Distribution and service fees | &nbsp;&nbsp; 62675 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 303056 |
| Total Liabilities | &nbsp;&nbsp; 62189635 |
| **Net Assets**  | &nbsp;&nbsp; $846762283 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $802510350 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 44251933 |
| **Net Assets**  | &nbsp;&nbsp; $846762283 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $544345361 |
| Class B | &nbsp;&nbsp; 282220216 |
| Class E | &nbsp;&nbsp; 20196706 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 51260332 |
| Class B | &nbsp;&nbsp; 26713180 |
| Class E | &nbsp;&nbsp; 1902413 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.62 |
| Class B | 10.56 |
| Class E | 10.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $847,162,080.

(b) Includes securities loaned at value of $114,365,591.

(c) Identified cost of cash denominated in foreign currencies was $119,064.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $28810600 |
| Interest | &nbsp;&nbsp; 101764 |
| Securities lending income | &nbsp;&nbsp; 131518 |
| Total investment income | &nbsp;&nbsp; 29043882 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5564591 |
| Administration fees | &nbsp;&nbsp; 54232 |
| Custodian and accounting fees | &nbsp;&nbsp; 73503 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 730741 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 30805 |
| Audit and tax services | &nbsp;&nbsp; 55790 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 92435 |
| Insurance | &nbsp;&nbsp; 7689 |
| Miscellaneous | &nbsp;&nbsp; 20436 |
| Total expenses | &nbsp;&nbsp; 6740807 |
| Less management fee waiver | &nbsp;&nbsp; (350000)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (136538)<br>|
| Net expenses | &nbsp;&nbsp; 6254269 |
| **Net Investment Income** | &nbsp;&nbsp; 22789613 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 4990235 |
| Foreign currency transactions | &nbsp;&nbsp; (135600)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 4854635 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 30337894 |
| Foreign currency transactions | &nbsp;&nbsp; 77856 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 30415750 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 35270385 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $58059998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,414,395.

*See accompanying notes to financial statements.*

**BHFTI-209**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $22789613 | &nbsp;&nbsp; $28777444 |
| Net realized gain (loss) | &nbsp;&nbsp; 4854635 | &nbsp;&nbsp; 19728032 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 30415750 | &nbsp;&nbsp; (37396630)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 58059998 | &nbsp;&nbsp; 11108846 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15996919)<br>| &nbsp;&nbsp; (21845861)<br>|
| Class B | &nbsp;&nbsp; (7775880)<br>| &nbsp;&nbsp; (11229231)<br>|
| Class E | &nbsp;&nbsp; (564216)<br>| &nbsp;&nbsp; (763021)<br>|
| **Total distributions** | &nbsp;&nbsp; (24337015)<br>| &nbsp;&nbsp; (33838113)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (39477886)<br>| &nbsp;&nbsp; (104073848)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (5754903)<br>| &nbsp;&nbsp; (126803115)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 852517186 | &nbsp;&nbsp; 979320301 |
| End of period | &nbsp;&nbsp; $846762283 | &nbsp;&nbsp; $852517186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1045239 | &nbsp;&nbsp; $10899550 | &nbsp;&nbsp; 1223663 | &nbsp;&nbsp; $12544085 |
| Reinvestments | &nbsp;&nbsp; 1536688 | &nbsp;&nbsp; 15996919 | &nbsp;&nbsp; 2236014 | &nbsp;&nbsp; 21845861 |
| Redemptions | &nbsp;&nbsp; (3486346)<br>| &nbsp;&nbsp; (36791491)<br>| &nbsp;&nbsp; (8712821)<br>| &nbsp;&nbsp; (93228663)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (904419)<br>| &nbsp;&nbsp; $(9895022)<br>| &nbsp;&nbsp; (5253144)<br>| &nbsp;&nbsp; $(58838717)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 963308 | &nbsp;&nbsp; $9963740 | &nbsp;&nbsp; 1119360 | &nbsp;&nbsp; $11427902 |
| Reinvestments | &nbsp;&nbsp; 749844 | &nbsp;&nbsp; 7775880 | &nbsp;&nbsp; 1154083 | &nbsp;&nbsp; 11229231 |
| Redemptions | &nbsp;&nbsp; (4425657)<br>| &nbsp;&nbsp; (45902320)<br>| &nbsp;&nbsp; (6354616)<br>| &nbsp;&nbsp; (66512643)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2712505)<br>| &nbsp;&nbsp; $(28162700)<br>| &nbsp;&nbsp; (4081173)<br>| &nbsp;&nbsp; $(43855510)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 145442 | &nbsp;&nbsp; $1511463 | &nbsp;&nbsp; 181038 | &nbsp;&nbsp; $1861450 |
| Reinvestments | &nbsp;&nbsp; 54199 | &nbsp;&nbsp; 564216 | &nbsp;&nbsp; 78098 | &nbsp;&nbsp; 763021 |
| Redemptions | &nbsp;&nbsp; (334719)<br>| &nbsp;&nbsp; (3495843)<br>| &nbsp;&nbsp; (379536)<br>| &nbsp;&nbsp; (4004092)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (135078)<br>| &nbsp;&nbsp; $(1420164)<br>| &nbsp;&nbsp; (120400)<br>| &nbsp;&nbsp; $(1379621)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(39477886)<br>|  | &nbsp;&nbsp; $(104073848)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-210**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.03 | &nbsp;&nbsp; $11.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.43 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| Total income (loss) from investment operations | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.41)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.03 |
| **Total Return (%)** (b) | 7.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 12.99 <br>(c)<br>| &nbsp;&nbsp; (24.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.35 <br>(c)(d)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net ratio of expenses to average net assets (%) (e) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $544.3 | &nbsp;&nbsp; $532.8 | &nbsp;&nbsp; $605.2 | &nbsp;&nbsp; $594.1 | &nbsp;&nbsp; $834.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $14.95 | &nbsp;&nbsp; $11.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| Total income (loss) from investment operations | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (0.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $14.95 |
| **Total Return (%)** (b) | 6.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp; (24.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.07 <br>(c)(d)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net ratio of expenses to average net assets (%) (e) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Ratio of net investment income (loss) to average net assets (%) | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $282.2 | &nbsp;&nbsp; $299.0 | &nbsp;&nbsp; $351.4 | &nbsp;&nbsp; $337.9 | &nbsp;&nbsp; $492.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-211**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp; $11.52 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.43 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| Total income (loss) from investment operations | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.39)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.02 |
| **Total Return (%)** (b) | 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp; (24.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.21 <br>(c)(d)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (e) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.2 | &nbsp;&nbsp; $20.8 | &nbsp;&nbsp; $22.7 | &nbsp;&nbsp; $22.3 | &nbsp;&nbsp; $31.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 33.99%, 33.71% and 33.85%, respectively for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-212**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—96.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 2.5%** | **Australia — 2.5%** | **Australia — 2.5%** |
| Glencore PLC (a) | 9550565 | &nbsp;&nbsp; $51952557 |
| **China — 3.3%** | **China — 3.3%** | **China — 3.3%** |
| Alibaba Group Holding Ltd.  | 1987900 | &nbsp;&nbsp; 36381349 |
| Prosus NV | 507133 | &nbsp;&nbsp; 31322400 |
|  |  | &nbsp;&nbsp; 67703749 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| DSV AS | 184700 | &nbsp;&nbsp; 46479045 |
| **France — 22.1%** | **France — 22.1%** | **France — 22.1%** |
| Accor SA | 844680 | &nbsp;&nbsp; 47860416 |
| Airbus SE | 179900 | &nbsp;&nbsp; 41728400 |
| BNP Paribas SA | 636075 | &nbsp;&nbsp; 60188968 |
| Capgemini SE | 253930 | &nbsp;&nbsp; 42054020 |
| Danone SA | 351600 | &nbsp;&nbsp; 31724663 |
| Dassault Systemes SE | 1691700 | &nbsp;&nbsp; 47249748 |
| Edenred SE | 1145340 | &nbsp;&nbsp; 25444349 |
| Kering SA | 113700 | &nbsp;&nbsp; 40120390 |
| LVMH Moet Hennessy Louis Vuitton SE | 55301 | &nbsp;&nbsp; 41691433 |
| Pernod Ricard SA | 492867 | &nbsp;&nbsp; 42193819 |
| Publicis Groupe SA | 331098 | &nbsp;&nbsp; 34348503 |
|  |  | &nbsp;&nbsp; 454604709 |
| **Germany — 20.6%** | **Germany — 20.6%** | **Germany — 20.6%** |
| adidas AG | 306907 | &nbsp;&nbsp; 60414261 |
| Allianz SE | 59400 | &nbsp;&nbsp; 27244893 |
| Aumovio SE (a) | 256127 | &nbsp;&nbsp; 12906722 |
| Bayer AG | 1105483 | &nbsp;&nbsp; 47687435 |
| Bayerische Motoren Werke AG | 440307 | &nbsp;&nbsp; 48141683 |
| Brenntag SE | 705814 | &nbsp;&nbsp; 41108662 |
| Continental AG | 462455 | &nbsp;&nbsp; 36917936 |
| Daimler Truck Holding AG | 753813 | &nbsp;&nbsp; 33054369 |
| Fresenius Medical Care AG | 103364 | &nbsp;&nbsp; 4952166 |
| Fresenius SE & Co. KGaA | 582923 | &nbsp;&nbsp; 33550347 |
| Siemens Healthineers AG | 553700 | &nbsp;&nbsp; 29056744 |
| Symrise AG | 331700 | &nbsp;&nbsp; 26841409 |
| thyssenkrupp AG | 1932251 | &nbsp;&nbsp; 20889803 |
| Tkms AG& Co. KGaA (a) | 31858 | &nbsp;&nbsp; 2466313 |
|  |  | &nbsp;&nbsp; 425232743 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| Prudential PLC | 2285862 | &nbsp;&nbsp; 35269141 |
| **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| Bank Mandiri Persero Tbk. PT | 117076200 | &nbsp;&nbsp; 35802938 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Intesa Sanpaolo SpA | 3276700 | &nbsp;&nbsp; 22694089 |
| Ryanair Holdings PLC | 176500 | &nbsp;&nbsp; 6129472 |
| Ryanair Holdings PLC (ADR) | 164725 | &nbsp;&nbsp; 11891498 |
|  |  | &nbsp;&nbsp; 40715059 |
| **Japan — 5.5%** | **Japan — 5.5%** | **Japan — 5.5%** |
| Asahi Group Holdings Ltd. (b) | 3126000 | &nbsp;&nbsp; 32700144 |
| Fujitsu Ltd.  | 1009800 | &nbsp;&nbsp; 27686291 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Mitsubishi Estate Co. Ltd.  | 471800 | &nbsp;&nbsp; $11490803 |
| SMC Corp.  | 121000 | &nbsp;&nbsp; 42131755 |
|  |  | &nbsp;&nbsp; 114008993 |
| **Luxembourg — 1.6%** | **Luxembourg — 1.6%** | **Luxembourg — 1.6%** |
| Eurofins Scientific SE | 451352 | &nbsp;&nbsp; 33010122 |
| **Mexico — 1.5%** | **Mexico — 1.5%** | **Mexico — 1.5%** |
| Fomento Economico Mexicano SAB de CV (ADR) | 304700 | &nbsp;&nbsp; 30796029 |
| **Netherlands — 6.7%** | **Netherlands — 6.7%** | **Netherlands — 6.7%** |
| Akzo Nobel NV | 617830 | &nbsp;&nbsp; 42910669 |
| ASML Holding NV (NY Registry Shares) | 24100 | &nbsp;&nbsp; 25783626 |
| ASR Nederland NV | 458100 | &nbsp;&nbsp; 32519049 |
| IMCD NV | 238200 | &nbsp;&nbsp; 21670362 |
| Koninklijke Ahold Delhaize NV | 385200 | &nbsp;&nbsp; 15798125 |
|  |  | &nbsp;&nbsp; 138681831 |
| **South Korea — 2.0%** | **South Korea — 2.0%** | **South Korea — 2.0%** |
| KB Financial Group, Inc.  | 478043 | &nbsp;&nbsp; 41325898 |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| Hexagon AB - B Shares | 3043000 | &nbsp;&nbsp; 35992779 |
| Volvo AB - B Shares | 818173 | &nbsp;&nbsp; 26225644 |
|  |  | &nbsp;&nbsp; 62218423 |
| **Switzerland — 1.7%** | **Switzerland — 1.7%** | **Switzerland — 1.7%** |
| Cie Financiere Richemont SA - Class A | 164713 | &nbsp;&nbsp; 35547735 |
| **United Kingdom — 13.3%** | **United Kingdom — 13.3%** | **United Kingdom — 13.3%** |
| Ashtead Group PLC | 797095 | &nbsp;&nbsp; 54381874 |
| AstraZeneca PLC (ADR) | 302300 | &nbsp;&nbsp; 27790439 |
| Bunzl PLC | 914900 | &nbsp;&nbsp; 25531987 |
| Diageo PLC | 1002000 | &nbsp;&nbsp; 21583784 |
| Flutter Entertainment PLC (a) | 118602 | &nbsp;&nbsp; 25504174 |
| Intertek Group PLC | 291300 | &nbsp;&nbsp; 18065798 |
| Reckitt Benckiser Group PLC | 642313 | &nbsp;&nbsp; 52002424 |
| Rentokil Initial PLC | 3469302 | &nbsp;&nbsp; 20721614 |
| Unilever PLC | 431900 | &nbsp;&nbsp; 28238209 |
|  |  | &nbsp;&nbsp; 273820303 |
| **United States — 4.5%** | **United States — 4.5%** | **United States — 4.5%** |
| CNH Industrial NV | 4898029 | &nbsp;&nbsp; 45159827 |
| Roche Holding AG | 49600 | &nbsp;&nbsp; 20498096 |
| Sanofi SA | 267500 | &nbsp;&nbsp; 25952243 |
|  |  | &nbsp;&nbsp; 91610166 |
| Total Common Stocks <br>(Cost $1,674,492,157) <br>|  | &nbsp;&nbsp; 1978779441 |
| **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** |
| **South Korea — 1.8%** | **South Korea — 1.8%** | **South Korea — 1.8%** |
| Samsung Electronics Co. Ltd. <br>(Cost $25,356,846)<br>| 613500 | &nbsp;&nbsp; 37649551 |

---

*See accompanying notes to financial statements.*

**BHFTI-213**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—2.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement — 2.0%** | **Repurchase Agreement — 2.0%** | **Repurchase Agreement — 2.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $41,113,616; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $41,930,085<br>| 41107907 | &nbsp;&nbsp; $41107907 |
| Total Short-Term Investments <br>(Cost $41,107,907) <br>|  | &nbsp;&nbsp; 41107907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—0.9%** | **Securities Lending Reinvestments (c)—0.9%** | **Securities Lending Reinvestments (c)—0.9%** |
| **Short-Term Investment Funds — 0.6%** |  |  |
| Allspring Government Money Market Fund, <br>Select Class, 3.710% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (d)<br>| 3600000 | &nbsp;&nbsp; 3600000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 11600000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.3%** | **Repurchase Agreements — 0.3%** | **Repurchase Agreements — 0.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $2,000,419; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,227,351<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $535,337; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.750%, maturity dates ranging from 02/05/26 - <br> 11/15/55, and an aggregate market value of $546,044<br>| 535223 | &nbsp;&nbsp; 535223 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $1,000,222; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,112,958<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $15,510; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $15,817<br>| 15507 | &nbsp;&nbsp; 15507 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,229<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 6550730 |
| Total Securities Lending Reinvestments <br>(Cost $18,150,730) <br>|  | &nbsp;&nbsp; 18150730 |
| Total Investments—100.7% <br>(Cost $1,759,107,640) <br>|  | &nbsp;&nbsp; 2075687629 |
| Other assets and liabilities (net)—(0.7)%  |  | &nbsp;&nbsp; (13450000)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2062237629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $27,643,442 and the collateral received consisted of cash in the amount of $18,150,730 and non-cash collateral with a value of $11,046,286. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Textiles, Apparel & Luxury Goods | 8.6 |
| Banks | 7.8 |
| Machinery | 7.1 |
| Trading Companies & Distributors | 6.9 |
| Beverages | 6.2 |
| Pharmaceuticals | 5.9 |
| Insurance | 4.6 |
| Hotels, Restaurants & Leisure | 3.6 |
| Metals & Mining | 3.5 |
| Chemicals | 3.4 |

---

*See accompanying notes to financial statements.*

**BHFTI-214**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1170192005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1625466428 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $(18150730)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(18150730)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(18150730)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51952557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51952557 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 67703749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67703749 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 46479045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46479045 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 454604709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 454604709 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 425232743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 425232743 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 35269141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35269141 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 35802938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35802938 |
| Italy | &nbsp;&nbsp; 11891498 | &nbsp;&nbsp; 28823561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40715059 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 114008993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114008993 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 33010122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33010122 |
| Mexico | &nbsp;&nbsp; 30796029 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30796029 |
| Netherlands | &nbsp;&nbsp; 25783626 | &nbsp;&nbsp; 112898205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138681831 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 41325898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41325898 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 62218423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62218423 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 35547735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35547735 |
| United Kingdom | &nbsp;&nbsp; 53294613 | &nbsp;&nbsp; 220525690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 273820303 |
| United States | &nbsp;&nbsp; 45159827 | &nbsp;&nbsp; 46450339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91610166 |
| Total Common Stocks | &nbsp;&nbsp; 166925593 | &nbsp;&nbsp; 1811853848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1978779441 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 37649551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37649551 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 41107907 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41107907 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11600000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 6550730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6550730 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp; 6550730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18150730 |
| Total Investments | &nbsp;&nbsp; $178525593 | &nbsp;&nbsp; $1897162036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2075687629 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18150730)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18150730)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-215**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2075687629 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 486 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5897052 |
| Fund shares sold | &nbsp;&nbsp; 34034 |
| Dividends and interest | &nbsp;&nbsp; 6372129 |
| Prepaid expenses | &nbsp;&nbsp; 7519 |
| Total Assets | &nbsp;&nbsp; 2087998849 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 18150730 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3092367 |
| Fund shares redeemed | &nbsp;&nbsp; 2219392 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1198904 |
| Distribution and service fees | &nbsp;&nbsp; 152246 |
| Deferred trustees' fees | &nbsp;&nbsp; 250956 |
| Other expenses | &nbsp;&nbsp; 696625 |
| Total Liabilities | &nbsp;&nbsp; 25761220 |
| **Net Assets**  | &nbsp;&nbsp; $2062237629 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1623141135 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 439096494 |
| **Net Assets**  | &nbsp;&nbsp; $2062237629 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1321132565 |
| Class B | &nbsp;&nbsp; 682518312 |
| Class E | &nbsp;&nbsp; 58586752 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 86091029 |
| Class B | &nbsp;&nbsp; 45866554 |
| Class E | &nbsp;&nbsp; 3889538 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $15.35 |
| Class B | 14.88 |
| Class E | 15.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,759,107,640.

(b) Includes securities loaned at value of $27,643,442.

(c) Identified cost of cash denominated in foreign currencies was $484.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $59988541 |
| Interest | &nbsp;&nbsp; 1600128 |
| Securities lending income | &nbsp;&nbsp; 199698 |
| Total investment income | &nbsp;&nbsp; 61788367 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 15995873 |
| Administration fees | &nbsp;&nbsp; 100883 |
| Custodian and accounting fees | &nbsp;&nbsp; 282227 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1707648 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 85289 |
| Audit and tax services | &nbsp;&nbsp; 57164 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 107350 |
| Insurance | &nbsp;&nbsp; 18541 |
| Miscellaneous | &nbsp;&nbsp; 32417 |
| Total expenses | &nbsp;&nbsp; 18497977 |
| Less management fee waiver | &nbsp;&nbsp; (1919587)<br>|
| Net expenses | &nbsp;&nbsp; 16578390 |
| **Net Investment Income** | &nbsp;&nbsp; 45209977 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 144524248 |
| Foreign currency transactions | &nbsp;&nbsp; (367349)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 144156899 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 402610258 |
| Foreign currency transactions | &nbsp;&nbsp; 664382 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 403274640 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 547431539 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $592641516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $8,140,005.

*See accompanying notes to financial statements.*

**BHFTI-216**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $45209977 | &nbsp;&nbsp; $46395799 |
| Net realized gain (loss) | &nbsp;&nbsp; 144156899 | &nbsp;&nbsp; 169689129 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 403274640 | &nbsp;&nbsp; (319831655)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 592641516 | &nbsp;&nbsp; (103746727)<br>|
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (74787997)<br>| &nbsp;&nbsp; (33229053)<br>|
| Class B | &nbsp;&nbsp; (38404692)<br>| &nbsp;&nbsp; (15142240)<br>|
| Class E | &nbsp;&nbsp; (3215004)<br>| &nbsp;&nbsp; (1303511)<br>|
| **Total distributions** | &nbsp;&nbsp; (116407693)<br>| &nbsp;&nbsp; (49674804)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (401412497)<br>| &nbsp;&nbsp; (167152492)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 74821326 | &nbsp;&nbsp; (320574023)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1987416303 | &nbsp;&nbsp; 2307990326 |
| End of period | &nbsp;&nbsp; $2062237629 | &nbsp;&nbsp; $1987416303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1128484 | &nbsp;&nbsp; $15570186 | &nbsp;&nbsp; 1356282 | &nbsp;&nbsp; $17159296 |
| Reinvestments | &nbsp;&nbsp; 5364993 | &nbsp;&nbsp; 74787997 | &nbsp;&nbsp; 2604158 | &nbsp;&nbsp; 33229053 |
| Redemptions | &nbsp;&nbsp; (25069179)<br>| &nbsp;&nbsp; (354577150)<br>| &nbsp;&nbsp; (12535480)<br>| &nbsp;&nbsp; (157957538)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (18575702)<br>| &nbsp;&nbsp; $(264218967)<br>| &nbsp;&nbsp; (8575040)<br>| &nbsp;&nbsp; $(107569189)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1194903 | &nbsp;&nbsp; $15755267 | &nbsp;&nbsp; 2787514 | &nbsp;&nbsp; $33970028 |
| Reinvestments | &nbsp;&nbsp; 2836388 | &nbsp;&nbsp; 38404692 | &nbsp;&nbsp; 1220164 | &nbsp;&nbsp; 15142240 |
| Redemptions | &nbsp;&nbsp; (13586802)<br>| &nbsp;&nbsp; (184236629)<br>| &nbsp;&nbsp; (8082445)<br>| &nbsp;&nbsp; (100797323)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9555511)<br>| &nbsp;&nbsp; $(130076670)<br>| &nbsp;&nbsp; (4074767)<br>| &nbsp;&nbsp; $(51685055)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 245211 | &nbsp;&nbsp; $3420772 | &nbsp;&nbsp; 347584 | &nbsp;&nbsp; $4317813 |
| Reinvestments | &nbsp;&nbsp; 234843 | &nbsp;&nbsp; 3215004 | &nbsp;&nbsp; 103865 | &nbsp;&nbsp; 1303511 |
| Redemptions | &nbsp;&nbsp; (998012)<br>| &nbsp;&nbsp; (13752636)<br>| &nbsp;&nbsp; (1074548)<br>| &nbsp;&nbsp; (13519572)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (517958)<br>| &nbsp;&nbsp; $(7116860)<br>| &nbsp;&nbsp; (623099)<br>| &nbsp;&nbsp; $(7898248)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(401412497)<br>|  | &nbsp;&nbsp; $(167152492)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-217**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $13.45 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 3.65 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Total income (loss) from investment operations | 3.97 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.50 |
| **Total Return (%)** (b) | 33.17 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.66 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (c) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1321.1 | &nbsp;&nbsp; $1277.5 | &nbsp;&nbsp; $1484.9 | &nbsp;&nbsp; $1532.0 | &nbsp;&nbsp; $1956.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $13.10 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 3.53 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total income (loss) from investment operations | 3.81 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $14.12 |
| **Total Return (%)** (b) | 32.78 | &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.95 | &nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.44 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net ratio of expenses to average net assets (%) (c) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $682.5 | &nbsp;&nbsp; $657.0 | &nbsp;&nbsp; $758.2 | &nbsp;&nbsp; $741.5 | &nbsp;&nbsp; $952.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-218**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $13.24 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 3.58 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total income (loss) from investment operations | 3.87 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.11)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.06 | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $14.27 |
| **Total Return (%)** (b) | 32.98 | &nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp; (15.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net ratio of expenses to average net assets (%) (c) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Ratio of net investment income (loss) to average net assets (%) | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $58.6 | &nbsp;&nbsp; $52.9 | &nbsp;&nbsp; $64.8 | &nbsp;&nbsp; $60.9 | &nbsp;&nbsp; $81.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-219**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—7.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 7.0%** | **U.S. Treasury — 7.0%** | **U.S. Treasury — 7.0%** |
| U.S. Treasury Floating Rate Notes |  |  |
| 3.752%, 3M USTBMM + 0.150%, 04/30/26 (a) | 17600000 | &nbsp;&nbsp; $17598784 |
| 3.784%, 3M USTBMM + 0.182%, 07/31/26 (a) | 32400000 | &nbsp;&nbsp; 32411139 |
| Total U.S. Treasury & Government Agencies <br>(Cost $50,000,000) <br>|  | &nbsp;&nbsp; 50009923 |
| **Municipals—3.5%** | **Municipals—3.5%** | **Municipals—3.5%** |
| Board of Regents of the University of Texas System |  |  |
| 3.800%, 08/01/45 (a) | 20000000 | &nbsp;&nbsp; 20000000 |
| California Public Finance Authority |  |  |
| 3.800%, 12/01/64 (a) | 5000000 | &nbsp;&nbsp; 5000000 |
| Total Municipals <br>(Cost $25,000,000) <br>|  | &nbsp;&nbsp; 25000000 |
| **Corporate Bonds & Notes—2.5%** | **Corporate Bonds & Notes—2.5%** | **Corporate Bonds & Notes—2.5%** |
| **Commercial Services — 2.5%** | **Commercial Services — 2.5%** | **Commercial Services — 2.5%** |
| Altoona-Blair County Development Corp. |  |  |
| 3.850%, 09/01/38 (144A) (a) <br>(Cost $17,850,000)<br>| 17850000 | &nbsp;&nbsp; 17850000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—82.1%** | **Short-Term Investments—82.1%** | **Short-Term Investments—82.1%** |
| **Certificates of Deposit—4.0%** | **Certificates of Deposit—4.0%** | **Certificates of Deposit—4.0%** |
| Banco Santander SA |  |  |
| 4.030%, 03/19/26 | 14500000 | &nbsp;&nbsp; 14506797 |
| Bank of Montreal |  |  |
| 4.010%, SOFR + 0.300%, 03/19/26 (a) | 5000000 | &nbsp;&nbsp; 5001806 |
| Toronto-Dominion Bank |  |  |
| 4.080%, SOFR + 0.370%, 07/10/26 (a) | 8000000 | &nbsp;&nbsp; 8005172 |
| Westpac Banking Corp. |  |  |
| 4.060%, SOFR + 0.290%, 10/15/26 (a) | 1000000 | &nbsp;&nbsp; 999839 |
|  |  | &nbsp;&nbsp; 28513614 |
| **Commercial Paper—55.9%** | **Commercial Paper—55.9%** | **Commercial Paper—55.9%** |
| ABN AMRO Funding USA LLC |  |  |
| 3.843%, 03/09/26 (b) | 10000000 | &nbsp;&nbsp; 9928600 |
| Aquitaine Funding Co. LLC |  |  |
| 3.996%, 03/02/26 (144A) (b) | 20000000 | &nbsp;&nbsp; 19870534 |
| Banque et Caisse d'Epargne de l'Etat |  |  |
| 3.932%, 02/09/26 (b) | 10000000 | &nbsp;&nbsp; 9958815 |
| Britannia Funding Co. LLC |  |  |
| 3.960%, 01/26/26 (144A) (b) | 10000000 | &nbsp;&nbsp; 9972785 |
| 4.011%, 02/27/26 (144A) (b) | 12000000 | &nbsp;&nbsp; 11926933 |
| Caisse des Depots et Consignations |  |  |
| 3.398%, 01/06/26 (144A) (b) | 8500000 | &nbsp;&nbsp; 8494755 |
| 3.885%, 02/04/26 (b) | 10200000 | &nbsp;&nbsp; 10163275 |
| CDP Financial, Inc. |  |  |
| 3.835%, 03/19/26 (b) | 10000000 | &nbsp;&nbsp; 9918317 |
| Chevron Corp. |  |  |
| 3.629%, 01/20/26 (b) | 15000000 | &nbsp;&nbsp; 14969547 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.004%, 02/04/26 (144A) (b) | 10000000 | &nbsp;&nbsp; 9963039 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Erste Abwicklungsanstalt |  |  |
| 3.525%, 01/15/26 (b) | 20500000 | &nbsp;&nbsp; $20468256 |
| Falcon Asset Funding LLC |  |  |
| 4.120%, SOFR + 0.350%, 09/08/26 (144A) (a) | 10000000 | &nbsp;&nbsp; 10000446 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 3.841%, 01/22/26 (144A) (b) | 12000000 | &nbsp;&nbsp; 11972360 |
| 3.884%, 01/30/26 (b) | 10000000 | &nbsp;&nbsp; 9968917 |
| Home Depot, Inc. |  |  |
| 3.710%, 01/28/26 (b) | 7000000 | &nbsp;&nbsp; 6980111 |
| Lloyds Bank PLC |  |  |
| 4.032%, 03/10/26 (b) | 12000000 | &nbsp;&nbsp; 11914049 |
| LVMH Moet Hennessy Louis Vuitton SE |  |  |
| 3.937%, 03/03/26 (144A) (b) | 10000000 | &nbsp;&nbsp; 9936462 |
| Macquarie Bank Ltd. |  |  |
| 3.940%, SOFR + 0.230%, 05/04/26 (144A) (a) | 10000000 | &nbsp;&nbsp; 10001204 |
| Mizuho Bank Ltd. |  |  |
| 3.800%, 01/14/26 (b) | 5150000 | &nbsp;&nbsp; 5142495 |
| Natixis SA |  |  |
| 4.129%, 03/03/26 (b) | 15500000 | &nbsp;&nbsp; 15398923 |
| Nestle Finance International Ltd. |  |  |
| 3.685%, 01/22/26 (b) | 15000000 | &nbsp;&nbsp; 14966439 |
| New York Life Capital Corp. |  |  |
| 3.910%, 01/26/26 (144A) (b) | 7000000 | &nbsp;&nbsp; 6981286 |
| New York Life Short Term Funding LLC |  |  |
| 3.835%, 03/19/26 (b) | 5800000 | &nbsp;&nbsp; 5753126 |
| 3.944%, 02/18/26 (144A) (b) | 10000000 | &nbsp;&nbsp; 9949330 |
| Novartis Finance Corp. |  |  |
| 3.700%, 01/16/26 (b) | 4790000 | &nbsp;&nbsp; 4782177 |
| 3.700%, 01/20/26 (b) | 5300000 | &nbsp;&nbsp; 5289206 |
| Oesterreichische Kontrollbank AG |  |  |
| 3.783%, 03/09/26 (b) | 13200000 | &nbsp;&nbsp; 13107248 |
| PACCAR Financial Corp. |  |  |
| 3.620%, 01/14/26 (b) | 12000000 | &nbsp;&nbsp; 11982281 |
| Pacific Life Short Term Funding LLC |  |  |
| 3.813%, 01/21/26 (b) | 10000000 | &nbsp;&nbsp; 9978264 |
| Province of British Columbia |  |  |
| 3.509%, 01/09/26 (b) | 20000000 | &nbsp;&nbsp; 19981704 |
| Province of Ontario |  |  |
| 3.770%, 01/14/26 (b) | 8000000 | &nbsp;&nbsp; 7988622 |
| 3.858%, 02/26/26 (b) | 15000000 | &nbsp;&nbsp; 14912481 |
| Province of Quebec |  |  |
| 3.700%, 03/17/26 (b) | 8200000 | &nbsp;&nbsp; 8136307 |
| PSP Capital, Inc. |  |  |
| 3.889%, 02/05/26 (b) | 10000000 | &nbsp;&nbsp; 9962960 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 3.483%, 01/06/26 (b) | 9000000 | &nbsp;&nbsp; 8994500 |
| Thunder Bay Funding LLC |  |  |
| 3.983%, 04/17/26 (b) | 12000000 | &nbsp;&nbsp; 11865632 |
| TotalEnergies Capital SA |  |  |
| 3.924%, 02/18/26 (144A) (b) | 7000000 | &nbsp;&nbsp; 6964436 |
|  |  | &nbsp;&nbsp; 398545822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—22.2%** |  |  |
| Invesco Government & Agency Portfolio, <br>Institutional Class<br>|  |  |
| 3.680% (c) (d) | 20091503 | &nbsp;&nbsp; 20091503 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-220**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Short-Term Investment Funds —(Continued)** |  |  |
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class |  |  |
| 3.950% (c) (d) | 125345741 | &nbsp;&nbsp; $125345741 |
| STIT-Treasury Portfolio, <br>Institutional Class<br>|  |  |
| 3.640% (c) (d) | 12624527 | &nbsp;&nbsp; 12624527 |
| Total Short-Term Investment Funds <br>(Cost $158,061,771) <br>|  | &nbsp;&nbsp; 158061771 |
| Total Short-Term Investments <br>(Cost $585,077,846) <br>|  | &nbsp;&nbsp; 585121207 |
| Total Investments—95.1% <br>(Cost $677,927,846) <br>|  | &nbsp;&nbsp; 677981130 |
| Other assets and liabilities (net)—4.9%  |  | &nbsp;&nbsp; 34741354 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $712722484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. 

---

| | |
|:---|:---|
|  | Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | The rate shown represents current yield to maturity. |
| (c) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated <br> issuers.)<br>|
| (d) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $143,883,570, which is 20.2% of net assets.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| Invesco Government & Agency Portfolio, <br>Institutional Class<br>| &nbsp;&nbsp; $20171879 | &nbsp;&nbsp; $178484121 | &nbsp;&nbsp; $(178564497)<br>| &nbsp;&nbsp; $20091503 |
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class | &nbsp;&nbsp; 133391798 | &nbsp;&nbsp; 129236957 | &nbsp;&nbsp; (137283014)<br>| &nbsp;&nbsp; 125345741 |
| STIT-Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 12678111 | &nbsp;&nbsp; 118989414 | &nbsp;&nbsp; (119042998)<br>| &nbsp;&nbsp; 12624527 |
|  | &nbsp;&nbsp; $166241788 | &nbsp;&nbsp; $426710492 | &nbsp;&nbsp; $(434890509)<br>| &nbsp;&nbsp; $158061771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| Invesco Government & Agency Portfolio, <br>Institutional Class<br>| &nbsp;&nbsp; $1076659 | &nbsp;&nbsp; 20091503 |
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class | &nbsp;&nbsp; 5536046 | &nbsp;&nbsp; 125345741 |
| STIT-Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 665710 | &nbsp;&nbsp; 12624527 |
|  | &nbsp;&nbsp; $7278415 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 <br>,306842<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-221**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 1124 | AUD | 123060083 | &nbsp;&nbsp; $107571 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 1106 | CAD | 133726460 | &nbsp;&nbsp; (1503281)<br>|
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 785 | EUR | 45851850 | &nbsp;&nbsp; 630117 |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 428 | EUR | 54599960 | &nbsp;&nbsp; (539288)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 415 | GBP | 41255150 | &nbsp;&nbsp; 1083590 |
| Gold 100 Troy Ounces Futures | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; 100 | USD | 43411000 | &nbsp;&nbsp; 846253 |
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 65 | JPY | 8606650000 | &nbsp;&nbsp; (423327)<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 663 | USD | 46787910 | &nbsp;&nbsp; 880017 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 166 | USD | 11956980 | &nbsp;&nbsp; (294876)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 340 | USD | 42466000 | &nbsp;&nbsp; (1281633)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 92 | USD | 31705500 | &nbsp;&nbsp; 12606 |
| Silver Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 61 | USD | 21533915 | &nbsp;&nbsp; 5698472 |
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 296 | JPY | 10103960000 | &nbsp;&nbsp; 491803 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 761 | GBP | 69532570 | &nbsp;&nbsp; 563982 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 476 | USD | 55022625 | &nbsp;&nbsp; (374265)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $5897741 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Fixed Rate** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premium** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 0.170% | Monthly | 10/26/26 | BBP | Barclays Brent Crude Excess Return Index | USD | 12001922 | $109472 | $— | $109472 |
| Pay | 0.170% | Monthly | 04/07/26 | BBP | Barclays Copper Excess Return Index | USD | 25822402 | 1735442 |  | 1735442 |
| Pay | 0.190% | Monthly | 11/24/26 | BBP | Barclays Soybean Oil Seasonal Index | USD | 4867349 | (118109)<br>|  | (118109)<br>|
| Pay | 0.190% | Monthly | 02/12/26 | BBP | Barclays Soybeans Seasonal Excess Return Index | USD | 4933468 | (134031)<br>|  | (134031)<br>|
| Pay | 0.170% | Monthly | 05/05/26 | BBP | Barclays Wheat Chicago Seasonal Index | USD | 3056103 | (39744)<br>|  | (39744)<br>|
| Pay | 0.200% | Monthly | 04/01/26 | CIBC | CIBC Lean Hogs Seasonal Index | USD | 1324807 | 10022 |  | 10022 |
| Pay | 0.150% | Monthly | 12/10/26 | CIBC | CIBC Live Cattle Seasonal Index | USD | 2347895 | 39324 |  | 39324 |
| Pay | 0.280% | Monthly | 02/05/26 | CIBC | CIBC Seasonal Cotton Index | USD | 4012836 | 18819 |  | 18819 |
| Pay | 0.260% | Monthly | 02/10/26 | CIBC | CIBC Soybean Oil Seasonal Index | USD | 2168973 | (99977)<br>|  | (99977)<br>|
| Pay | 0.140% | Monthly | 02/18/26 | CIBC | CIBC Soymeal Front Month Excess Return Index | USD | 5558722 | (137608)<br>|  | (137608)<br>|
| Pay | 0.210% | Monthly | 12/11/26 | CIBC | CIBC Sugar Excess Return Index | USD | 8500587 | 91586 |  | 91586 |
| Pay | 0.180% | Monthly | 05/05/26 | GSI | Goldman Sachs Corn Seasonal Return Index | USD | 2045635 | (11192)<br>|  | (11192)<br>|
| Pay | 0.140% | Monthly | 10/29/26 | GSI | Goldman Sachs Heating Oil Front Month Index | USD | 2012511 | (141392)<br>|  | (141392)<br>|
| Pay | 0.250% | Monthly | 02/10/26 | GSI | Goldman Sachs Soybean Oil Seasonal Index | USD | 5017040 | (232133)<br>|  | (232133)<br>|
| Pay | 0.140% | Monthly | 07/02/26 | GSI | Goldman Sachs Soybeans Seasonal Excess Return Index | USD | 1852466 | (84745)<br>|  | (84745)<br>|
| Pay | 0.200% | Monthly | 07/02/26 | GSI | Goldman Sachs Wheat Chicago Seasonal Index | USD | 3086398 | (106573)<br>|  | (106573)<br>|
| Pay | 0.250% | Monthly | 01/27/26 | JPMC | JPMorgan Contag Gas Oil Excess Return Index | USD | 14141211 | 75843 |  | 75843 |
| Pay | 0.110% | Monthly | 10/29/26 | JPMC | JPMorgan Heating Oil Excess Return Index | USD | 11762838 | (164558)<br>|  | (164558)<br>|
| Pay | 0.300% | Monthly | 10/22/26 | MBL | Macquarie Dynamic Roll Aluminum Excess Return Index | USD | 10468195 | 146871 |  | 146871 |
| Pay | 0.170% | Monthly | 05/05/26 | MBL | Macquarie Soymeal Front Month Excess Return Index | USD | 5195212 | (66802)<br>|  | (66802)<br>|
| Pay | 0.280% | Monthly | 10/09/26 | MLI | Merrill Lynch Aluminum Excess Return Index | USD | 6227889 |  |  |  |
| Pay | 0.120% | Monthly | 05/05/26 | MLI | Merrill Lynch Corn Seasonal Index | USD | 3381345 |  |  |  |
| Pay | 0.180% | Monthly | 10/09/26 | MLI | Merrill Lynch Cotton Seasonal Index | USD | 4127843 |  |  |  |
| Pay | 0.250% | Monthly | 10/28/26 | MLI | Merrill Lynch Natural Gas Seasonal Index | USD | 5986450 |  |  |  |
| Pay | 0.230% | Monthly | 10/26/26 | RBC | RBC Brent Crude Oil Excess Return Index | USD | 7291342 |  |  |  |
| Pay | 0.160% | Monthly | 11/23/26 | RBC | RBC Coffee Front Month Excess Return Index | USD | 7709636 |  |  |  |
| Pay | 0.280% | Monthly | 07/02/26 | RBC | RBC Seasonal Cotton Index | USD | 1008485 |  |  |  |
| Pay | 0.180% | Monthly | 02/12/26 | RBC | RBC Soybean Seasonal Excess Return Index | USD | 4782588 |  |  |  |

---

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

*See accompanying notes to financial statements.*

**BHFTI-222**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**OTC Total Return Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Fixed Rate** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Counterparty**  | **Underlying Reference**<br> **Instrument** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premium**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 0.180% | Monthly | 11/23/26 | RBC | RBC Sugar Excess Return Index | USD | 2537941 | $— | $— | $— |
| Pay | 0.300% | Monthly | 04/27/26 | MSCS | S&P GSCI Aluminum Dynamic Roll Excess Return Index | USD | 10147250 | 364449 |  | 364449 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1254964 | $— | $1254964 |

---

Cash in the amount of $2,360,000 has been received at the custodian bank and held in a segregated account as collateral for OTC swap contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $2591828 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $1336864 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 6544725 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 294876 |
| Equity | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 3098133 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 1281633 |
| Interest Rate | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 671553 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 2840161 |
| Total |  | &nbsp;&nbsp; $12906239 |  | &nbsp;&nbsp; $5753534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $20,957.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $1844914 | &nbsp;&nbsp;&nbsp;&nbsp; $(291884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1553030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 159751 | &nbsp;&nbsp;&nbsp;&nbsp; (159751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 75843 | &nbsp;&nbsp;&nbsp;&nbsp; (75843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 146871 | &nbsp;&nbsp;&nbsp;&nbsp; (66802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80069 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 364449 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94449 |
|  | &nbsp;&nbsp; $2591828 | &nbsp;&nbsp;&nbsp;&nbsp; $(594280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1823030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174518 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $291884 | &nbsp;&nbsp;&nbsp;&nbsp; $(291884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 237585 | &nbsp;&nbsp;&nbsp;&nbsp; (159751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77834 |
| Goldman Sachs International | &nbsp;&nbsp; 576035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (340000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 236035 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 164558 | &nbsp;&nbsp;&nbsp;&nbsp; (75843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88715 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-223**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp; $66802 | &nbsp;&nbsp;&nbsp;&nbsp; $(66802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $1336864 | &nbsp;&nbsp;&nbsp;&nbsp; $(594280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(340000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $402584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $(15489447)<br>| &nbsp;&nbsp;&nbsp; $36874412 | &nbsp;&nbsp;&nbsp; $7603381 | &nbsp;&nbsp;&nbsp; $28988346 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15898178 | &nbsp;&nbsp;&nbsp; 15898178 |
|  | &nbsp;&nbsp; $(15489447)<br>| &nbsp;&nbsp;&nbsp; $36874412 | &nbsp;&nbsp;&nbsp; $23501559 | &nbsp;&nbsp;&nbsp; $44886524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $3348845 | &nbsp;&nbsp;&nbsp; $7371148 | &nbsp;&nbsp;&nbsp; $5613155 | &nbsp;&nbsp;&nbsp; $16333148 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2800642 | &nbsp;&nbsp;&nbsp; 2800642 |
|  | &nbsp;&nbsp; $3348845 | &nbsp;&nbsp;&nbsp; $7371148 | &nbsp;&nbsp;&nbsp; $8413797 | &nbsp;&nbsp;&nbsp; $19133790 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $754161150 |
| Swap contracts | &nbsp;&nbsp; 182232144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50009923 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50009923 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25000000 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17850000 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 28513614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28513614 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 398545822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398545822 |
| Short-Term Investment Funds | &nbsp;&nbsp; 158061771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158061771 |
| Total Short-Term Investments | &nbsp;&nbsp; 158061771 | &nbsp;&nbsp; 427059436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 585121207 |
| Total Investments | &nbsp;&nbsp; $158061771 | &nbsp;&nbsp; $519919359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $677981130 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $10314411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10314411 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (4416670)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4416670)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $5897741 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5897741 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2591828 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2591828 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-224**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1336864)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1336864)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1254964 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1254964 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-225**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $519919359 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 158061771 |
| Cash | &nbsp;&nbsp; 4666770 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 46712 |
| Cash collateral (d) | &nbsp;&nbsp; 35139585 |
| OTC swap contracts at market value | &nbsp;&nbsp; 2591828 |
| Receivable for: |  |
| OTC swap contracts | &nbsp;&nbsp; 294661 |
| Interest | &nbsp;&nbsp; 687431 |
| Dividends on affiliated investments | &nbsp;&nbsp; 472492 |
| Prepaid expenses | &nbsp;&nbsp; 2340 |
| Total Assets | &nbsp;&nbsp; 721882949 |
| **Liabilities** |  |
| OTC swap contracts at market value | &nbsp;&nbsp; 1336864 |
| Payable for: |  |
| OTC swap contracts | &nbsp;&nbsp; 1862221 |
| Fund shares redeemed | &nbsp;&nbsp; 216605 |
| Variation margin on futures contracts | &nbsp;&nbsp; 4649923 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 20957 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 391343 |
| Distribution and service fees | &nbsp;&nbsp; 151513 |
| Deferred trustees' fees | &nbsp;&nbsp; 231604 |
| Other expenses | &nbsp;&nbsp; 299435 |
| Total Liabilities | &nbsp;&nbsp; 9160465 |
| **Net Assets**  | &nbsp;&nbsp; $712722484 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $728622197 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (15899713)<br>|
| **Net Assets**  | &nbsp;&nbsp; $712722484 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $712722484 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 80767141 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $519,866,075.

(b) Identified cost of affiliated investments was $158,061,771.

(c) Identified cost of cash denominated in foreign currencies was $45,501.

(d) Includes collateral of $33,419,585 for futures contracts and $1,720,000 for OTC swap contracts. 

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $7278415 |
| Interest | &nbsp;&nbsp; 23909888 |
| Total investment income | &nbsp;&nbsp; 31188303 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4715089 |
| Administration fees | &nbsp;&nbsp; 66280 |
| Custodian and accounting fees | &nbsp;&nbsp; 77382 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1789457 |
| Audit and tax services | &nbsp;&nbsp; 105924 |
| Legal | &nbsp;&nbsp; 58770 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 18327 |
| Insurance | &nbsp;&nbsp; 7596 |
| Miscellaneous | &nbsp;&nbsp; 30076 |
| Total expenses | &nbsp;&nbsp; 6930994 |
| Less management fee waiver | &nbsp;&nbsp; (99954)<br>|
| Net expenses | &nbsp;&nbsp; 6831040 |
| **Net Investment Income** | &nbsp;&nbsp; 24357263 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 5561 |
| Futures contracts | &nbsp;&nbsp; 28988346 |
| Swap contracts | &nbsp;&nbsp; 15898178 |
| Foreign currency transactions | &nbsp;&nbsp; (45700)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 44846385 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 16910 |
| Futures contracts | &nbsp;&nbsp; 16333148 |
| Swap contracts | &nbsp;&nbsp; 2800642 |
| Foreign currency transactions | &nbsp;&nbsp; 14463 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19165163 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 64011548 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $88368811 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-226**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $24357263 | &nbsp;&nbsp; $46279694 |
| Net realized gain (loss) | &nbsp;&nbsp; 44846385 | &nbsp;&nbsp; 33749460 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19165163 | &nbsp;&nbsp; (32659854)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 88368811 | &nbsp;&nbsp; 47369300 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (42291465)<br>| &nbsp;&nbsp; (16204335)<br>|
| **Total distributions** | &nbsp;&nbsp; (42291465)<br>| &nbsp;&nbsp; (16204335)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (66157574)<br>| &nbsp;&nbsp; (417590589)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (20080228)<br>| &nbsp;&nbsp; (386425624)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 732802712 | &nbsp;&nbsp; 1119228336 |
| End of period | &nbsp;&nbsp; $712722484 | &nbsp;&nbsp; $732802712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1368056 | &nbsp;&nbsp; $11386641 | &nbsp;&nbsp; 2234361 | &nbsp;&nbsp; $18616871 |
| Reinvestments | &nbsp;&nbsp; 5260132 | &nbsp;&nbsp; 42291465 | &nbsp;&nbsp; 1945298 | &nbsp;&nbsp; 16204335 |
| Redemptions | &nbsp;&nbsp; (14204929)<br>| &nbsp;&nbsp; (119835680)<br>| &nbsp;&nbsp; (54134377)<br>| &nbsp;&nbsp; (452411795)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7576741)<br>| &nbsp;&nbsp; $(66157574)<br>| &nbsp;&nbsp; (49954718)<br>| &nbsp;&nbsp; $(417590589)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(66157574)<br>|  | &nbsp;&nbsp; $(417590589)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-227**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.91 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 0.75 | &nbsp;&nbsp; (0.04 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Total income (loss) from investment operations | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.23 |
| **Total Return (%)** (c) | 13.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp; (12.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.69 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Ratio of net investment income (loss) to average net assets (%) | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (0.80)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 57 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $712.7 | &nbsp;&nbsp; $732.8 | &nbsp;&nbsp; $1119.2 | &nbsp;&nbsp; $1181.8 | &nbsp;&nbsp; $1398.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) does not directly correlate to the amounts reported in the Consolidated Statement of Operations due to the timing of shareholder activity in the Portfolio.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to financial statements.*

**BHFTI-228**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Textron, Inc.  | 293361 | &nbsp;&nbsp; $25572278 |
| **Air Freight & Logistics — 2.1%** | **Air Freight & Logistics — 2.1%** | **Air Freight & Logistics — 2.1%** |
| FedEx Corp.  | 135232 | &nbsp;&nbsp; 39063115 |
| **Banks — 14.3%** | **Banks — 14.3%** | **Banks — 14.3%** |
| Bank of America Corp.  | 1306841 | &nbsp;&nbsp; 71876255 |
| Citigroup, Inc.  | 284904 | &nbsp;&nbsp; 33245448 |
| Citizens Financial Group, Inc.  | 529600 | &nbsp;&nbsp; 30933936 |
| Fifth Third Bancorp (a) | 605402 | &nbsp;&nbsp; 28338868 |
| Huntington Bancshares, Inc.  | 1875451 | &nbsp;&nbsp; 32539075 |
| M&T Bank Corp. (a) | 116125 | &nbsp;&nbsp; 23396865 |
| Wells Fargo & Co.  | 537128 | &nbsp;&nbsp; 50060329 |
|  |  | &nbsp;&nbsp; 270390776 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Anheuser-Busch InBev SA (a) | 278482 | &nbsp;&nbsp; 17867517 |
| Coca-Cola Co.  | 283726 | &nbsp;&nbsp; 19835285 |
|  |  | &nbsp;&nbsp; 37702802 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Regeneron Pharmaceuticals, Inc.  | 13953 | &nbsp;&nbsp; 10769902 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| eBay, Inc.  | 280152 | &nbsp;&nbsp; 24401239 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Johnson Controls International PLC | 241822 | &nbsp;&nbsp; 28958184 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| Goldman Sachs Group, Inc.  | 13386 | &nbsp;&nbsp; 11766294 |
| State Street Corp.  | 337356 | &nbsp;&nbsp; 43522298 |
|  |  | &nbsp;&nbsp; 55288592 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Corteva, Inc.  | 160679 | &nbsp;&nbsp; 10770314 |
| International Flavors & Fragrances, Inc. (a) | 367898 | &nbsp;&nbsp; 24792646 |
|  |  | &nbsp;&nbsp; 35562960 |
| **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** |
| Cisco Systems, Inc.  | 660484 | &nbsp;&nbsp; 50877083 |
| F5, Inc. (b) | 34893 | &nbsp;&nbsp; 8906787 |
|  |  | &nbsp;&nbsp; 59783870 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| Capital One Financial Corp.  | 35358 | &nbsp;&nbsp; 8569365 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Sysco Corp.  | 390838 | &nbsp;&nbsp; 28800852 |
| **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** |
| International Paper Co. (a) | 415600 | &nbsp;&nbsp; 16370484 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Evergy, Inc. (a) | 211526 | &nbsp;&nbsp; 15333520 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Eaton Corp. PLC | 64254 | &nbsp;&nbsp; $20465542 |
| Emerson Electric Co.  | 185735 | &nbsp;&nbsp; 24650749 |
|  |  | &nbsp;&nbsp; 45116291 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Tenaris SA (a) | 556537 | &nbsp;&nbsp; 10735695 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Universal Music Group NV | 350502 | &nbsp;&nbsp; 9157042 |
| Walt Disney Co.  | 156650 | &nbsp;&nbsp; 17822070 |
|  |  | &nbsp;&nbsp; 26979112 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Becton Dickinson & Co.  | 92804 | &nbsp;&nbsp; 18010472 |
| GE HealthCare Technologies, Inc.  | 161290 | &nbsp;&nbsp; 13229006 |
| Medtronic PLC | 211675 | &nbsp;&nbsp; 20333501 |
|  |  | &nbsp;&nbsp; 51572979 |
| **Health Care Providers & Services — 6.7%** | **Health Care Providers & Services — 6.7%** | **Health Care Providers & Services — 6.7%** |
| CVS Health Corp.  | 640535 | &nbsp;&nbsp; 50832858 |
| Elevance Health, Inc.  | 90197 | &nbsp;&nbsp; 31618558 |
| Henry Schein, Inc. (a) (b) | 193457 | &nbsp;&nbsp; 14621480 |
| Humana, Inc.  | 42938 | &nbsp;&nbsp; 10997710 |
| UnitedHealth Group, Inc.  | 53868 | &nbsp;&nbsp; 17782365 |
|  |  | &nbsp;&nbsp; 125852971 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Domino's Pizza, Inc.  | 43644 | &nbsp;&nbsp; 18191692 |
| Restaurant Brands International, Inc. (a) | 322544 | &nbsp;&nbsp; 22009742 |
| Starbucks Corp.  | 245560 | &nbsp;&nbsp; 20678607 |
|  |  | &nbsp;&nbsp; 60880041 |
| **Household Products — 3.2%** | **Household Products — 3.2%** | **Household Products — 3.2%** |
| Clorox Co.  | 186259 | &nbsp;&nbsp; 18780495 |
| Kimberly-Clark Corp.  | 113172 | &nbsp;&nbsp; 11417923 |
| Reckitt Benckiser Group PLC | 368966 | &nbsp;&nbsp; 29871926 |
|  |  | &nbsp;&nbsp; 60070344 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| Allstate Corp. (a) | 66206 | &nbsp;&nbsp; 13780779 |
| American International Group, Inc.  | 306441 | &nbsp;&nbsp; 26216027 |
|  |  | &nbsp;&nbsp; 39996806 |
| **Interactive Media & Services — 5.1%** | **Interactive Media & Services — 5.1%** | **Interactive Media & Services — 5.1%** |
| Alphabet, Inc. - Class A | 216922 | &nbsp;&nbsp; 67896586 |
| Meta Platforms, Inc. - Class A | 42689 | &nbsp;&nbsp; 28178582 |
|  |  | &nbsp;&nbsp; 96075168 |
| **IT Services — 2.4%** | **IT Services — 2.4%** | **IT Services — 2.4%** |
| Cognizant Technology Solutions Corp. - Class A | 407096 | &nbsp;&nbsp; 33788968 |
| DXC Technology Co. (a) (b) | 780658 | &nbsp;&nbsp; 11436640 |
|  |  | &nbsp;&nbsp; 45225608 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| ICON PLC (a) (b) | 90103 | &nbsp;&nbsp; 16418569 |

---

*See accompanying notes to financial statements.*

**BHFTI-229**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| IQVIA Holdings, Inc. (b) | 41861 | &nbsp;&nbsp; $9435888 |
|  |  | &nbsp;&nbsp; 25854457 |
| **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
| Caterpillar, Inc.  | 41950 | &nbsp;&nbsp; 24031897 |
| Westinghouse Air Brake Technologies Corp.  | 104096 | &nbsp;&nbsp; 22219291 |
|  |  | &nbsp;&nbsp; 46251188 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| Charter Communications, Inc. - Class A (a) (b) | 95964 | &nbsp;&nbsp; 20032485 |
| Comcast Corp. - Class A | 455941 | &nbsp;&nbsp; 13628076 |
|  |  | &nbsp;&nbsp; 33660561 |
| **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** |
| Dominion Energy, Inc. (a) | 400768 | &nbsp;&nbsp; 23480997 |
| Sempra | 387589 | &nbsp;&nbsp; 34220233 |
|  |  | &nbsp;&nbsp; 57701230 |
| **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** |
| Chevron Corp.  | 291450 | &nbsp;&nbsp; 44419894 |
| ConocoPhillips | 249285 | &nbsp;&nbsp; 23335569 |
| EQT Corp.  | 183122 | &nbsp;&nbsp; 9815339 |
| Exxon Mobil Corp.  | 149401 | &nbsp;&nbsp; 17978916 |
| Suncor Energy, Inc.  | 589696 | &nbsp;&nbsp; 26158915 |
|  |  | &nbsp;&nbsp; 121708633 |
| **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** |
| AstraZeneca PLC | 153580 | &nbsp;&nbsp; 28288201 |
| Bristol-Myers Squibb Co.  | 281339 | &nbsp;&nbsp; 15175426 |
| Johnson & Johnson | 137938 | &nbsp;&nbsp; 28546269 |
| Merck & Co., Inc.  | 285823 | &nbsp;&nbsp; 30085729 |
| Sanofi SA (ADR) (a) | 539955 | &nbsp;&nbsp; 26166219 |
|  |  | &nbsp;&nbsp; 128261844 |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |
| TransUnion | 197898 | &nbsp;&nbsp; 16969753 |
| **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| Intel Corp. (b) | 605265 | &nbsp;&nbsp; 22334279 |
| NXP Semiconductors NV | 144256 | &nbsp;&nbsp; 31312207 |
| QUALCOMM, Inc.  | 80958 | &nbsp;&nbsp; 13847866 |
|  |  | &nbsp;&nbsp; 67494352 |
| **Software — 2.9%** | **Software — 2.9%** | **Software — 2.9%** |
| Microsoft Corp.  | 114638 | &nbsp;&nbsp; 55441230 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| SBA Communications Corp.  | 74499 | &nbsp;&nbsp; 14410342 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| NIKE, Inc. - Class B | 364971 | &nbsp;&nbsp; 23252302 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Tobacco — 1.7%** | **Tobacco — 1.7%** | **Tobacco — 1.7%** |
| Philip Morris International, Inc.  | 196772 | &nbsp;&nbsp; $31562229 |
| Total Common Stocks <br>(Cost $1,318,159,314) <br>|  | &nbsp;&nbsp; 1841641075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** |
| **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $44,543,588; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $45,428,347<br>| 44537403 | &nbsp;&nbsp; 44537403 |
| Total Short-Term Investments <br>(Cost $44,537,403) <br>|  | &nbsp;&nbsp; 44537403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—1.9%** | **Securities Lending Reinvestments (c)—1.9%** | **Securities Lending Reinvestments (c)—1.9%** |
| **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710%<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 16000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.0%** | **Repurchase Agreements—1.0%** | **Repurchase Agreements—1.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,600,963; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,122,908<br>| 4600000 | &nbsp;&nbsp; 4600000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $5,001,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $5,100,004<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,301,731; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,347,765<br>| 2301241 | &nbsp;&nbsp; 2301241 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $4,000,869; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,935<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $200,041; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |

---

*See accompanying notes to financial statements.*

**BHFTI-230**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $2,001,552; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,528<br>| 2000000 | &nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp; 18101241 |
| **Time Deposits—0.1%** | **Time Deposits—0.1%** | **Time Deposits—0.1%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $36,101,241) <br>|  | &nbsp;&nbsp; 36101241 |
| Total Investments—101.9% <br>(Cost $1,398,797,958) <br>|  | &nbsp;&nbsp; 1922279719 |
| Other assets and liabilities (net)—(1.9)%  |  | &nbsp;&nbsp; (36669363)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1885610356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $101,015,903 and the collateral received consisted of cash in the amount <br> of $36,101,241 and non-cash collateral with a value of $70,422,954. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (d) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $348655870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $627798469 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(36101241)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(36101241)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(36101241)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| CAD | &nbsp;&nbsp; 823182 | GSI | 01/21/26 | USD | 598194 | &nbsp;&nbsp; $2072 |
| CAD | &nbsp;&nbsp; 1151400 | GSI | 01/21/26 | USD | 826797 | &nbsp;&nbsp; 12805 |
| CAD | &nbsp;&nbsp; 815161 | JPMC | 01/21/26 | USD | 593884 | &nbsp;&nbsp; 532 |

---

*See accompanying notes to financial statements.*

**BHFTI-231**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| CAD | &nbsp;&nbsp; 676305 | JPMC | 01/21/26 | USD | 491239 | &nbsp;&nbsp; $1924 |
| CAD | &nbsp;&nbsp; 1021929 | JPMC | 01/21/26 | USD | 734269 | &nbsp;&nbsp; 10923 |
| EUR | &nbsp;&nbsp; 647581 | GSI | 01/21/26 | USD | 757705 | &nbsp;&nbsp; 3909 |
| EUR | &nbsp;&nbsp; 748191 | RBC | 01/21/26 | USD | 874082 | &nbsp;&nbsp; 5859 |
| GBP | &nbsp;&nbsp; 482345 | CIBC | 01/21/26 | USD | 643479 | &nbsp;&nbsp; 6685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| CAD | &nbsp;&nbsp; 37270487 | RBC | 01/21/26 | USD | 26692436 | &nbsp;&nbsp; (485251)<br>|
| EUR | &nbsp;&nbsp; 28519784 | GSI | 01/21/26 | USD | 33192694 | &nbsp;&nbsp; (349168)<br>|
| GBP | &nbsp;&nbsp; 21837346 | JPMC | 01/21/26 | USD | 28847173 | &nbsp;&nbsp; (587937)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1377647)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $44709 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $1422356 |

---

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; $6685 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6685 |
| Goldman Sachs International | &nbsp;&nbsp; 18786 | &nbsp;&nbsp;&nbsp;&nbsp; (18786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 13379 | &nbsp;&nbsp;&nbsp;&nbsp; (13379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 5859 | &nbsp;&nbsp;&nbsp;&nbsp; (5859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $44709 | &nbsp;&nbsp;&nbsp;&nbsp; $(38024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6685 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Goldman Sachs International | &nbsp;&nbsp; $349168 | &nbsp;&nbsp;&nbsp;&nbsp; $(18786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $330382 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 587937 | &nbsp;&nbsp;&nbsp;&nbsp; (13379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 574558 |
| Royal Bank of Canada | &nbsp;&nbsp; 485251 | &nbsp;&nbsp;&nbsp;&nbsp; (5859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479392 |
|  | &nbsp;&nbsp; $1422356 | &nbsp;&nbsp;&nbsp;&nbsp; $(38024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1384332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

*See accompanying notes to financial statements.*

**BHFTI-232**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $(3610321)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $(2687511)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $107968199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $25572278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25572278 |
| Air Freight & Logistics | &nbsp;&nbsp; 39063115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39063115 |
| Banks | &nbsp;&nbsp; 270390776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 270390776 |
| Beverages | &nbsp;&nbsp; 19835285 | &nbsp;&nbsp; 17867517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37702802 |
| Biotechnology | &nbsp;&nbsp; 10769902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10769902 |
| Broadline Retail | &nbsp;&nbsp; 24401239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24401239 |
| Building Products | &nbsp;&nbsp; 28958184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28958184 |
| Capital Markets | &nbsp;&nbsp; 55288592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55288592 |
| Chemicals | &nbsp;&nbsp; 35562960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35562960 |
| Communications Equipment | &nbsp;&nbsp; 59783870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59783870 |
| Consumer Finance | &nbsp;&nbsp; 8569365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8569365 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 28800852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28800852 |
| Containers & Packaging | &nbsp;&nbsp; 16370484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16370484 |
| Electric Utilities | &nbsp;&nbsp; 15333520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15333520 |
| Electrical Equipment | &nbsp;&nbsp; 45116291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45116291 |
| Energy Equipment & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 10735695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10735695 |
| Entertainment | &nbsp;&nbsp; 17822070 | &nbsp;&nbsp; 9157042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26979112 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 51572979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51572979 |
| Health Care Providers & Services | &nbsp;&nbsp; 125852971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125852971 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 60880041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60880041 |
| Household Products | &nbsp;&nbsp; 30198418 | &nbsp;&nbsp; 29871926 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60070344 |
| Insurance | &nbsp;&nbsp; 39996806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39996806 |
| Interactive Media & Services | &nbsp;&nbsp; 96075168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96075168 |
| IT Services | &nbsp;&nbsp; 45225608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45225608 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 25854457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25854457 |
| Machinery | &nbsp;&nbsp; 46251188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46251188 |
| Media | &nbsp;&nbsp; 33660561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33660561 |
| Multi-Utilities | &nbsp;&nbsp; 57701230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57701230 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 121708633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121708633 |
| Pharmaceuticals | &nbsp;&nbsp; 99973643 | &nbsp;&nbsp; 28288201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128261844 |
| Professional Services | &nbsp;&nbsp; 16969753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16969753 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 67494352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67494352 |
| Software | &nbsp;&nbsp; 55441230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55441230 |
| Specialized REITs | &nbsp;&nbsp; 14410342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14410342 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 23252302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23252302 |

---

*See accompanying notes to financial statements.*

**BHFTI-233**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Tobacco | &nbsp;&nbsp; $31562229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31562229 |
| Total Common Stocks | &nbsp;&nbsp; 1745720694 | &nbsp;&nbsp; 95920381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1841641075 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 44537403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44537403 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 18101241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18101241 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 20101241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36101241 |
| Total Investments | &nbsp;&nbsp; $1761720694 | &nbsp;&nbsp; $160559025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1922279719 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36101241)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36101241)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44709 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1422356)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1422356)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1377647)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1377647)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-234**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1922279719 |
| Cash | &nbsp;&nbsp; 43130 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 45 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 44709 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 493717 |
| Dividends and interest | &nbsp;&nbsp; 2868356 |
| Prepaid expenses | &nbsp;&nbsp; 6642 |
| Total Assets | &nbsp;&nbsp; 1925736318 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1422356 |
| Collateral for securities loaned | &nbsp;&nbsp; 36101241 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 929609 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 865151 |
| Distribution and service fees | &nbsp;&nbsp; 184063 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 372587 |
| Total Liabilities | &nbsp;&nbsp; 40125962 |
| **Net Assets**  | &nbsp;&nbsp; $1885610356 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1136446981 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 749163375 |
| **Net Assets**  | &nbsp;&nbsp; $1885610356 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1023373685 |
| Class B | &nbsp;&nbsp; 862236671 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 77470717 |
| Class B | &nbsp;&nbsp; 65992468 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $13.21 |
| Class B | 13.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,398,797,958.

(b) Includes securities loaned at value of $101,015,903.

(c) Identified cost of cash denominated in foreign currencies was $45.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $42369170 |
| Interest | &nbsp;&nbsp; 1593384 |
| Securities lending income | &nbsp;&nbsp; 124899 |
| Total investment income | &nbsp;&nbsp; 44087453 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10816173 |
| Administration fees | &nbsp;&nbsp; 93290 |
| Custodian and accounting fees | &nbsp;&nbsp; 84309 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2106866 |
| Audit and tax services | &nbsp;&nbsp; 54489 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 63832 |
| Insurance | &nbsp;&nbsp; 16273 |
| Miscellaneous | &nbsp;&nbsp; 23266 |
| Total expenses | &nbsp;&nbsp; 13369083 |
| Less management fee waiver | &nbsp;&nbsp; (772583)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (805)<br>|
| Net expenses | &nbsp;&nbsp; 12595695 |
| **Net Investment Income** | &nbsp;&nbsp; 31491758 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 212819903 |
| Foreign currency transactions | &nbsp;&nbsp; 38509 |
| Forward foreign currency transactions | &nbsp;&nbsp; (3610321)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 209248091 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 66040384 |
| Foreign currency transactions | &nbsp;&nbsp; 10869 |
| Forward foreign currency transactions | &nbsp;&nbsp; (2687511)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 63363742 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 272611833 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $304103591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $667,026.

*See accompanying notes to financial statements.*

**BHFTI-235**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $31491758 | &nbsp;&nbsp; $33263929 |
| Net realized gain (loss) | &nbsp;&nbsp; 209248091 | &nbsp;&nbsp; 229744046 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 63363742 | &nbsp;&nbsp; 8272884 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 304103591 | &nbsp;&nbsp; 271280859 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (147888995)<br>| &nbsp;&nbsp; (110440347)<br>|
| Class B | &nbsp;&nbsp; (118498551)<br>| &nbsp;&nbsp; (89455234)<br>|
| **Total distributions** | &nbsp;&nbsp; (266387546)<br>| &nbsp;&nbsp; (199895581)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (32888136)<br>| &nbsp;&nbsp; (96982626)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 4827909 | &nbsp;&nbsp; (25597348)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1880782447 | &nbsp;&nbsp; 1906379795 |
| End of period | &nbsp;&nbsp; $1885610356 | &nbsp;&nbsp; $1880782447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 155431 | &nbsp;&nbsp; $2021408 | &nbsp;&nbsp; 952034 | &nbsp;&nbsp; $13106828 |
| Reinvestments | &nbsp;&nbsp; 12501183 | &nbsp;&nbsp; 147888995 | &nbsp;&nbsp; 9000843 | &nbsp;&nbsp; 110440347 |
| Redemptions | &nbsp;&nbsp; (14157222)<br>| &nbsp;&nbsp; (182381001)<br>| &nbsp;&nbsp; (13195819)<br>| &nbsp;&nbsp; (176140248)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1500608)<br>| &nbsp;&nbsp; $(32470598)<br>| &nbsp;&nbsp; (3242942)<br>| &nbsp;&nbsp; $(52593073)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3099283 | &nbsp;&nbsp; $39495052 | &nbsp;&nbsp; 2199081 | &nbsp;&nbsp; $28447414 |
| Reinvestments | &nbsp;&nbsp; 10110798 | &nbsp;&nbsp; 118498551 | &nbsp;&nbsp; 7350471 | &nbsp;&nbsp; 89455234 |
| Redemptions | &nbsp;&nbsp; (12389963)<br>| &nbsp;&nbsp; (158411141)<br>| &nbsp;&nbsp; (12426028)<br>| &nbsp;&nbsp; (162292201)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 820118 | &nbsp;&nbsp; $(417538)<br>| &nbsp;&nbsp; (2876476)<br>| &nbsp;&nbsp; $(44389553)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(32888136)<br>|  | &nbsp;&nbsp; $(96982626)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-236**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $12.84 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| Total income (loss) from investment operations | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $16.79 |
| **Total Return (%)** (b) | 17.54 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;33.47 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1023.4 | &nbsp;&nbsp; $1035.0 | &nbsp;&nbsp; $1047.2 | &nbsp;&nbsp; $1032.1 | &nbsp;&nbsp; $1384.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $12.76 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| Total income (loss) from investment operations | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.22 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.07 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $16.68 |
| **Total Return (%)** (b) | 17.31 | &nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;33.18 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Ratio of net investment income (loss) to average net assets (%) | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $862.2 | &nbsp;&nbsp; $845.8 | &nbsp;&nbsp; $859.2 | &nbsp;&nbsp; $862.0 | &nbsp;&nbsp; $1017.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021, respectively (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-237**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| MercadoLibre, Inc. (a) | 2938 | &nbsp;&nbsp; $5917896 |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
| Shopify, Inc. - Class A (a) | 168073 | &nbsp;&nbsp; 27054711 |
| **China — 2.3%** | **China — 2.3%** | **China — 2.3%** |
| JD.com, Inc. (ADR) (b) | 505613 | &nbsp;&nbsp; 14511093 |
| Tencent Holdings Ltd.  | 143700 | &nbsp;&nbsp; 11011334 |
|  |  | &nbsp;&nbsp; 25522427 |
| **France — 5.8%** | **France — 5.8%** | **France — 5.8%** |
| Airbus SE | 144797 | &nbsp;&nbsp; 33586143 |
| EssilorLuxottica SA | 31364 | &nbsp;&nbsp; 9916482 |
| LVMH Moet Hennessy Louis Vuitton SE | 29808 | &nbsp;&nbsp; 22472256 |
|  |  | &nbsp;&nbsp; 65974881 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| Allianz SE | 21507 | &nbsp;&nbsp; 9864578 |
| SAP SE | 68273 | &nbsp;&nbsp; 16704924 |
|  |  | &nbsp;&nbsp; 26569502 |
| **India — 4.5%** | **India — 4.5%** | **India — 4.5%** |
| DLF Ltd.  | 4235101 | &nbsp;&nbsp; 32431434 |
| HDFC Bank Ltd.  | 626692 | &nbsp;&nbsp; 6936852 |
| ICICI Bank Ltd. (ADR) | 379491 | &nbsp;&nbsp; 11308832 |
|  |  | &nbsp;&nbsp; 50677118 |
| **Italy — 1.2%** | **Italy — 1.2%** | **Italy — 1.2%** |
| Brunello Cucinelli SpA (b) | 93115 | &nbsp;&nbsp; 10715018 |
| Moncler SpA | 37579 | &nbsp;&nbsp; 2415239 |
|  |  | &nbsp;&nbsp; 13130257 |
| **Japan — 1.9%** | **Japan — 1.9%** | **Japan — 1.9%** |
| Capcom Co. Ltd. (b) | 317400 | &nbsp;&nbsp; 7384469 |
| Hoya Corp.  | 41500 | &nbsp;&nbsp; 6285967 |
| Keyence Corp.  | 13900 | &nbsp;&nbsp; 5036036 |
| Nintendo Co. Ltd.  | 40500 | &nbsp;&nbsp; 2735749 |
|  |  | &nbsp;&nbsp; 21442221 |
| **Netherlands — 2.3%** | **Netherlands — 2.3%** | **Netherlands — 2.3%** |
| Adyen NV (a) | 9105 | &nbsp;&nbsp; 14608721 |
| ASML Holding NV | 3549 | &nbsp;&nbsp; 3793583 |
| BE Semiconductor Industries NV | 34527 | &nbsp;&nbsp; 5369156 |
| Universal Music Group NV | 100923 | &nbsp;&nbsp; 2636664 |
|  |  | &nbsp;&nbsp; 26408124 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| Amadeus IT Group SA | 109501 | &nbsp;&nbsp; 8031758 |
| **Sweden — 1.2%** | **Sweden — 1.2%** | **Sweden — 1.2%** |
| Assa Abloy AB - Class B | 180490 | &nbsp;&nbsp; 6997500 |
| Atlas Copco AB - A Shares | 336815 | &nbsp;&nbsp; 6034297 |
|  |  | &nbsp;&nbsp; 13031797 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Switzerland — 2.0%** | **Switzerland — 2.0%** | **Switzerland — 2.0%** |
| Galderma Group AG | 42095 | &nbsp;&nbsp; $8544583 |
| Lonza Group AG | 21165 | &nbsp;&nbsp; 14319335 |
|  |  | &nbsp;&nbsp; 22863918 |
| **Taiwan — 4.9%** | **Taiwan — 4.9%** | **Taiwan — 4.9%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 1126000 | &nbsp;&nbsp; 55008903 |
| **United States — 67.2%** | **United States — 67.2%** | **United States — 67.2%** |
| Alphabet, Inc. - Class A | 426159 | &nbsp;&nbsp; 133387767 |
| Amazon.com, Inc. (a) | 132614 | &nbsp;&nbsp; 30609963 |
| Analog Devices, Inc.  | 109593 | &nbsp;&nbsp; 29721622 |
| ARM Holdings PLC (ADR) (a) | 62030 | &nbsp;&nbsp; 6780499 |
| Berkshire Hathaway, Inc. - Class A (a) | 3 | &nbsp;&nbsp; 2264400 |
| Boston Scientific Corp. (a) | 164116 | &nbsp;&nbsp; 15648461 |
| Broadcom, Inc.  | 103014 | &nbsp;&nbsp; 35653145 |
| Cadence Design Systems, Inc. (a) | 18239 | &nbsp;&nbsp; 5701147 |
| Ecolab, Inc.  | 24788 | &nbsp;&nbsp; 6507346 |
| Eli Lilly & Co.  | 33771 | &nbsp;&nbsp; 36293018 |
| Equifax, Inc.  | 43221 | &nbsp;&nbsp; 9378093 |
| IDEXX Laboratories, Inc. (a) | 8681 | &nbsp;&nbsp; 5872957 |
| Intuit, Inc.  | 47451 | &nbsp;&nbsp; 31432491 |
| Intuitive Surgical, Inc. (a) | 31473 | &nbsp;&nbsp; 17825048 |
| IQVIA Holdings, Inc. (a) | 21631 | &nbsp;&nbsp; 4875844 |
| Lam Research Corp.  | 231344 | &nbsp;&nbsp; 39601466 |
| Las Vegas Sands Corp.  | 34426 | &nbsp;&nbsp; 2240788 |
| Linde PLC | 7638 | &nbsp;&nbsp; 3256767 |
| Marriott International, Inc. - Class A | 40758 | &nbsp;&nbsp; 12644762 |
| Marvell Technology, Inc.  | 171764 | &nbsp;&nbsp; 14596505 |
| Mastercard, Inc. - Class A | 18862 | &nbsp;&nbsp; 10767939 |
| Meta Platforms, Inc. - Class A | 103479 | &nbsp;&nbsp; 68305453 |
| Microsoft Corp.  | 69041 | &nbsp;&nbsp; 33389608 |
| Netflix, Inc. (a) | 123020 | &nbsp;&nbsp; 11534355 |
| NVIDIA Corp.  | 322277 | &nbsp;&nbsp; 60104661 |
| Phathom Pharmaceuticals, Inc. (a) | 239503 | &nbsp;&nbsp; 3973355 |
| S&P Global, Inc.  | 85170 | &nbsp;&nbsp; 44508990 |
| ServiceNow, Inc. (a) | 34960 | &nbsp;&nbsp; 5355522 |
| Spotify Technology SA (a) | 15445 | &nbsp;&nbsp; 8969066 |
| Stryker Corp.  | 13190 | &nbsp;&nbsp; 4635889 |
| Thermo Fisher Scientific, Inc.  | 28124 | &nbsp;&nbsp; 16296452 |
| TJX Cos., Inc.  | 57874 | &nbsp;&nbsp; 8890025 |
| Visa, Inc. - Class A (b) | 101845 | &nbsp;&nbsp; 35718060 |
|  |  | &nbsp;&nbsp; 756741464 |
| Total Common Stocks <br>(Cost $601,232,094) <br>|  | &nbsp;&nbsp; 1118374977 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** |
| **Repurchase Agreement — 1.2%** | **Repurchase Agreement — 1.2%** | **Repurchase Agreement — 1.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $13,286,262; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $13,550,119<br>| 13284417 | &nbsp;&nbsp; 13284417 |
| Total Short-Term Investments <br>(Cost $13,284,417) <br>|  | &nbsp;&nbsp; 13284417 |

---

*See accompanying notes to financial statements.*

**BHFTI-238**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (c)—1.8%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds — 1.7%** |  |  |
| Allspring Government Money Market Fund, <br>Select Class, 3.710% (d)<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 3.690% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 19000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $448,894; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.750%, maturity dates ranging from 02/05/26 - <br> 11/15/55, and an aggregate market value of $457,872<br>| 448799 | &nbsp;&nbsp; 448799 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $26,862; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $27,394<br>| 26857 | &nbsp;&nbsp; 26857 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 1475656 |
| Total Securities Lending Reinvestments <br>(Cost $20,475,656) <br>|  | &nbsp;&nbsp; 20475656 |
| Total Investments—102.3% <br>(Cost $634,992,167) <br>|  | &nbsp;&nbsp; 1152135050 |
| Other assets and liabilities (net)—(2.3)%  |  | &nbsp;&nbsp; (25462098)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1126672952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $55,973,429 and the collateral received consisted of cash in the amount of $20,475,656 and non-cash collateral with a value of $37,360,285. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Semiconductors & Semiconductor Equipment | 22.2 |
| Interactive Media & Services | 18.9 |
| Software | 8.2 |
| Financial Services | 5.6 |
| Health Care Equipment & Supplies | 5.3 |
| Broadline Retail | 4.5 |
| Pharmaceuticals | 4.3 |
| Capital Markets | 4.0 |
| Textiles, Apparel & Luxury Goods | 3.2 |
| Life Sciences Tools & Services | 3.2 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $238283787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $402193012 |

---

*See accompanying notes to financial statements.*

**BHFTI-239**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(20475656)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(20475656)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(20475656)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; $5917896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5917896 |
| Canada | &nbsp;&nbsp; 27054711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27054711 |
| China | &nbsp;&nbsp; 14511093 | &nbsp;&nbsp; 11011334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25522427 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 65974881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65974881 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 26569502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26569502 |
| India | &nbsp;&nbsp; 11308832 | &nbsp;&nbsp; 39368286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50677118 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 13130257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13130257 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 21442221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21442221 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 26408124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26408124 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 8031758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8031758 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 13031797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13031797 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 22863918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22863918 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 55008903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55008903 |
| United States | &nbsp;&nbsp; 756741464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 756741464 |
| Total Common Stocks | &nbsp;&nbsp; 815533996 | &nbsp;&nbsp; 302840981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1118374977 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 13284417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13284417 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 1475656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1475656 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp; 1475656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20475656 |
| Total Investments | &nbsp;&nbsp; $834533996 | &nbsp;&nbsp; $317601054 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1152135050 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20475656)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20475656)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-240**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1152135050 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 28 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 34026 |
| Dividends and interest | &nbsp;&nbsp; 600321 |
| Prepaid expenses | &nbsp;&nbsp; 3928 |
| Total Assets | &nbsp;&nbsp; 1152773353 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 20475656 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 691787 |
| Foreign taxes | &nbsp;&nbsp; 3759975 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 505288 |
| Distribution and service fees | &nbsp;&nbsp; 64361 |
| Deferred trustees' fees | &nbsp;&nbsp; 265892 |
| Other expenses | &nbsp;&nbsp; 337442 |
| Total Liabilities | &nbsp;&nbsp; 26100401 |
| **Net Assets**  | &nbsp;&nbsp; $1126672952 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $422388279 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 704284673 |
| **Net Assets**  | &nbsp;&nbsp; $1126672952 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $820081563 |
| Class B | &nbsp;&nbsp; 293932298 |
| Class E | &nbsp;&nbsp; 12659091 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 32735824 |
| Class B | &nbsp;&nbsp; 11942945 |
| Class E | &nbsp;&nbsp; 510195 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $25.05 |
| Class B | 24.61 |
| Class E | 24.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $634,992,167.

(b) Includes securities loaned at value of $55,973,429.

(c) Identified cost of cash denominated in foreign currencies was $28.

(d) Includes foreign capital gains tax of $3,759,975.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8605179 |
| Interest | &nbsp;&nbsp; 132906 |
| Securities lending income | &nbsp;&nbsp; 139803 |
| Total investment income | &nbsp;&nbsp; 8877888 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7356723 |
| Administration fees | &nbsp;&nbsp; 63481 |
| Custodian and accounting fees | &nbsp;&nbsp; 83062 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 728586 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 19132 |
| Audit and tax services | &nbsp;&nbsp; 59072 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 85017 |
| Insurance | &nbsp;&nbsp; 9698 |
| Miscellaneous | &nbsp;&nbsp; 35783 |
| Total expenses | &nbsp;&nbsp; 8551139 |
| Less management fee waiver | &nbsp;&nbsp; (1535331)<br>|
| Net expenses | &nbsp;&nbsp; 7015808 |
| **Net Investment Income** | &nbsp;&nbsp; 1862080 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 189389019 |
| Foreign currency transactions | &nbsp;&nbsp; 98435 |
| Net realized gain (loss) | &nbsp;&nbsp; 189487454 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; (27082245)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 34007 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (27048238)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 162439216 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $164301296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $758,704.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $983,840.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $1,963,090.

*See accompanying notes to financial statements.*

**BHFTI-241**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1862080 | &nbsp;&nbsp; $2442496 |
| Net realized gain (loss) | &nbsp;&nbsp; 189487454 | &nbsp;&nbsp; 167606991 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (27048238)<br>| &nbsp;&nbsp; 7437799 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 164301296 | &nbsp;&nbsp; 177487286 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (122843459)<br>| &nbsp;&nbsp; (74930530)<br>|
| Class B | &nbsp;&nbsp; (45244534)<br>| &nbsp;&nbsp; (26837158)<br>|
| Class E | &nbsp;&nbsp; (1963440)<br>| &nbsp;&nbsp; (1235318)<br>|
| **Total distributions** | &nbsp;&nbsp; (170051433)<br>| &nbsp;&nbsp; (103003006)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 12845779 | &nbsp;&nbsp; (93691324)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 7095642 | &nbsp;&nbsp; (19207044)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1119577310 | &nbsp;&nbsp; 1138784354 |
| End of period | &nbsp;&nbsp; $1126672952 | &nbsp;&nbsp; $1119577310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 374063 | &nbsp;&nbsp; $9264164 | &nbsp;&nbsp; 368753 | &nbsp;&nbsp; $9381271 |
| Reinvestments | &nbsp;&nbsp; 5359662 | &nbsp;&nbsp; 122843459 | &nbsp;&nbsp; 2981716 | &nbsp;&nbsp; 74930530 |
| Redemptions | &nbsp;&nbsp; (4729201)<br>| &nbsp;&nbsp; (117071091)<br>| &nbsp;&nbsp; (6232275)<br>| &nbsp;&nbsp; (159081372)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1004524 | &nbsp;&nbsp; $15036532 | &nbsp;&nbsp; (2881806)<br>| &nbsp;&nbsp; $(74769571)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 488662 | &nbsp;&nbsp; $11785774 | &nbsp;&nbsp; 576122 | &nbsp;&nbsp; $14403289 |
| Reinvestments | &nbsp;&nbsp; 2006410 | &nbsp;&nbsp; 45244534 | &nbsp;&nbsp; 1081707 | &nbsp;&nbsp; 26837158 |
| Redemptions | &nbsp;&nbsp; (2422828)<br>| &nbsp;&nbsp; (58739004)<br>| &nbsp;&nbsp; (2349025)<br>| &nbsp;&nbsp; (59272653)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 72244 | &nbsp;&nbsp; $(1708696)<br>| &nbsp;&nbsp; (691196)<br>| &nbsp;&nbsp; $(18032206)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 23346 | &nbsp;&nbsp; $582133 | &nbsp;&nbsp; 19350 | &nbsp;&nbsp; $488078 |
| Reinvestments | &nbsp;&nbsp; 86419 | &nbsp;&nbsp; 1963440 | &nbsp;&nbsp; 49532 | &nbsp;&nbsp; 1235318 |
| Redemptions | &nbsp;&nbsp; (124616)<br>| &nbsp;&nbsp; (3027630)<br>| &nbsp;&nbsp; (103600)<br>| &nbsp;&nbsp; (2612943)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14851)<br>| &nbsp;&nbsp; $(482057)<br>| &nbsp;&nbsp; (34718)<br>| &nbsp;&nbsp; $(889547)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $12845779 |  | &nbsp;&nbsp; $(93691324)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-242**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.47 | &nbsp;&nbsp; $23.94 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $32.65 | &nbsp;&nbsp; $29.42 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.00 ) (b)<br>|
| Net realized and unrealized gain (loss) | 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp; (10.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| Total income (loss) from investment operations | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>|
| Total distributions | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.34)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $25.47 | &nbsp;&nbsp; $23.94 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $32.65 |
| **Total Return (%)** (c) | 15.88 | &nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;34.99 | &nbsp;&nbsp; (31.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; (0.00 ) (f)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $820.1 | &nbsp;&nbsp; $808.2 | &nbsp;&nbsp; $828.6 | &nbsp;&nbsp; $730.5 | &nbsp;&nbsp; $1079.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $32.39 | &nbsp;&nbsp; $29.23 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp; (10.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.54 |
| Total income (loss) from investment operations | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.46 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>|
| Total distributions | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $32.39 |
| **Total Return (%)** (c) | 15.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp; (31.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.47 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.25)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $293.9 | &nbsp;&nbsp; $298.1 | &nbsp;&nbsp; $296.9 | &nbsp;&nbsp; $256.4 | &nbsp;&nbsp; $388.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-243**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.26 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $32.50 | &nbsp;&nbsp; $29.29 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 3.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp; (10.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.56 |
| Total income (loss) from investment operations | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp; (10.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>|
| Total distributions | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $24.81 | &nbsp;&nbsp; $25.26 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $32.50 |
| **Total Return (%)** (c) | 15.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;34.73 | &nbsp;&nbsp; (31.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.61 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.15)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $12.7 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $12.5 | &nbsp;&nbsp; $22.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTI-244**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 6.3%** | **Aerospace & Defense — 6.3%** | **Aerospace & Defense — 6.3%** |
| AeroVironment, Inc. (a) (b) | 21343 | &nbsp;&nbsp; $5162658 |
| BWX Technologies, Inc.  | 23884 | &nbsp;&nbsp; 4128111 |
| Carpenter Technology Corp.  | 49061 | &nbsp;&nbsp; 15446365 |
| Embraer SA (ADR) | 99892 | &nbsp;&nbsp; 6430048 |
| Kratos Defense & Security Solutions, Inc. (b) | 85910 | &nbsp;&nbsp; 6521428 |
| Rocket Lab Corp. (a) (b) | 198997 | &nbsp;&nbsp; 13882031 |
|  |  | &nbsp;&nbsp; 51570641 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| Bancorp, Inc. (b) | 138501 | &nbsp;&nbsp; 9351588 |
| **Biotechnology — 9.7%** | **Biotechnology — 9.7%** | **Biotechnology — 9.7%** |
| ADMA Biologics, Inc. (a) (b) | 180533 | &nbsp;&nbsp; 3292940 |
| Ascendis Pharma AS (ADR) (b) | 59959 | &nbsp;&nbsp; 12785657 |
| Bridgebio Pharma, Inc. (a) (b) | 202735 | &nbsp;&nbsp; 15507200 |
| Halozyme Therapeutics, Inc. (b) | 97096 | &nbsp;&nbsp; 6534561 |
| Insmed, Inc. (b) | 56112 | &nbsp;&nbsp; 9765733 |
| Ionis Pharmaceuticals, Inc. (b) | 76854 | &nbsp;&nbsp; 6079920 |
| Madrigal Pharmaceuticals, Inc. (b) | 29903 | &nbsp;&nbsp; 17413713 |
| Protagonist Therapeutics, Inc. (b) | 56602 | &nbsp;&nbsp; 4943619 |
| Soleno Therapeutics, Inc. (b) | 58174 | &nbsp;&nbsp; 2693456 |
|  |  | &nbsp;&nbsp; 79016799 |
| **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** |
| Ollie's Bargain Outlet Holdings, Inc. (b) | 107274 | &nbsp;&nbsp; 11758303 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| Armstrong World Industries, Inc.  | 37575 | &nbsp;&nbsp; 7180582 |
| Modine Manufacturing Co. (b) | 3127 | &nbsp;&nbsp; 417486 |
| Zurn Elkay Water Solutions Corp. (a) | 177627 | &nbsp;&nbsp; 8257879 |
|  |  | &nbsp;&nbsp; 15855947 |
| **Capital Markets — 5.3%** | **Capital Markets — 5.3%** | **Capital Markets — 5.3%** |
| Bullish (a) (b) | 110500 | &nbsp;&nbsp; 4184635 |
| Evercore, Inc. - Class A | 32648 | &nbsp;&nbsp; 11108482 |
| Galaxy Digital, Inc. - Class A (a) (b) | 168352 | &nbsp;&nbsp; 3764351 |
| Piper Sandler Cos.  | 45278 | &nbsp;&nbsp; 15381389 |
| StepStone Group, Inc. - Class A | 144728 | &nbsp;&nbsp; 9287196 |
|  |  | &nbsp;&nbsp; 43726053 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Element Solutions, Inc. (a) | 247689 | &nbsp;&nbsp; 6189748 |
| **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** |
| Casella Waste Systems, Inc. - Class A (a) (b) | 92874 | &nbsp;&nbsp; 9096080 |
| Clean Harbors, Inc. (b) | 48596 | &nbsp;&nbsp; 11394790 |
|  |  | &nbsp;&nbsp; 20490870 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Applied Optoelectronics, Inc. (a) (b) | 60358 | &nbsp;&nbsp; 2104080 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| API Group Corp. (a) (b) | 315346 | &nbsp;&nbsp; 12065138 |
| Construction Partners, Inc. - Class A (a) (b) | 38419 | &nbsp;&nbsp; 4170382 |
| Sterling Infrastructure, Inc. (b) | 12881 | &nbsp;&nbsp; 3944549 |
|  |  | &nbsp;&nbsp; 20180069 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 2.6%** | **Electrical Equipment — 2.6%** | **Electrical Equipment — 2.6%** |
| Bloom Energy Corp. - Class A (b) | 52168 | &nbsp;&nbsp; $4532877 |
| Hammond Power Solutions, Inc. (a) | 39912 | &nbsp;&nbsp; 4637475 |
| nVent Electric PLC | 63407 | &nbsp;&nbsp; 6465612 |
| Regal Rexnord Corp. (a) | 40165 | &nbsp;&nbsp; 5635953 |
|  |  | &nbsp;&nbsp; 21271917 |
| **Electronic Equipment, Instruments & Components — 9.6%** | **Electronic Equipment, Instruments & Components — 9.6%** | **Electronic Equipment, Instruments & Components — 9.6%** |
| Advanced Energy Industries, Inc.  | 59521 | &nbsp;&nbsp; 12461912 |
| Fabrinet (b) | 32949 | &nbsp;&nbsp; 15001021 |
| Mirion Technologies, Inc. (a) (b) | 407843 | &nbsp;&nbsp; 9551683 |
| OSI Systems, Inc. (a) (b) | 25874 | &nbsp;&nbsp; 6599422 |
| Sanmina Corp. (a) (b) | 140079 | &nbsp;&nbsp; 21021655 |
| TTM Technologies, Inc. (b) | 197598 | &nbsp;&nbsp; 13634262 |
|  |  | &nbsp;&nbsp; 78269955 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
| TechnipFMC PLC | 194966 | &nbsp;&nbsp; 8687685 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Paymentus Holdings, Inc. - Class A (b) | 133891 | &nbsp;&nbsp; 4229617 |
| PennyMac Financial Services, Inc.  | 76903 | &nbsp;&nbsp; 10138891 |
|  |  | &nbsp;&nbsp; 14368508 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Post Holdings, Inc. (b) | 48214 | &nbsp;&nbsp; 4775597 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Glaukos Corp. (b) | 73300 | &nbsp;&nbsp; 8276303 |
| TransMedics Group, Inc. (a) (b) | 50956 | &nbsp;&nbsp; 6198797 |
|  |  | &nbsp;&nbsp; 14475100 |
| **Health Care Providers & Services — 8.9%** | **Health Care Providers & Services — 8.9%** | **Health Care Providers & Services — 8.9%** |
| Alignment Healthcare, Inc. (b) | 429873 | &nbsp;&nbsp; 8489992 |
| Billiontoone, Inc. - Class A (b) | 31079 | &nbsp;&nbsp; 2543505 |
| BrightSpring Health Services, Inc. (b) | 314638 | &nbsp;&nbsp; 11783193 |
| Encompass Health Corp.  | 101508 | &nbsp;&nbsp; 10774059 |
| GeneDx Holdings Corp. (b) | 51508 | &nbsp;&nbsp; 6699131 |
| Guardant Health, Inc. (b) | 193070 | &nbsp;&nbsp; 19720170 |
| HealthEquity, Inc. (b) | 75666 | &nbsp;&nbsp; 6931762 |
| RadNet, Inc. (a) (b) | 81542 | &nbsp;&nbsp; 5818022 |
|  |  | &nbsp;&nbsp; 72759834 |
| **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |
| HeartFlow, Inc. (a) (b) | 84037 | &nbsp;&nbsp; 2449679 |
| Waystar Holding Corp. (b) | 168502 | &nbsp;&nbsp; 5518440 |
|  |  | &nbsp;&nbsp; 7968119 |
| **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
| Dutch Bros, Inc. - Class A (b) | 38235 | &nbsp;&nbsp; 2340747 |
| Planet Fitness, Inc. - Class A (b) | 65211 | &nbsp;&nbsp; 7073437 |
| Red Rock Resorts, Inc. - Class A | 140042 | &nbsp;&nbsp; 8675602 |
| Travel & Leisure Co.  | 112021 | &nbsp;&nbsp; 7900841 |
| Wyndham Hotels & Resorts, Inc. (a) | 54927 | &nbsp;&nbsp; 4150284 |
|  |  | &nbsp;&nbsp; 30140911 |

---

*See accompanying notes to financial statements.*

**BHFTI-245**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Cavco Industries, Inc. (b) | 8894 | &nbsp;&nbsp; $5254042 |
| **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** |
| Talen Energy Corp. (a) (b) | 38542 | &nbsp;&nbsp; 14447083 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| Palomar Holdings, Inc. (b) | 33366 | &nbsp;&nbsp; 4496402 |
| Root, Inc. - Class A (b) | 35736 | &nbsp;&nbsp; 2581211 |
|  |  | &nbsp;&nbsp; 7077613 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| Cargurus, Inc. (b) | 163118 | &nbsp;&nbsp; 6255575 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Adaptive Biotechnologies Corp. (b) | 134721 | &nbsp;&nbsp; 2187869 |
| BioLife Solutions, Inc. (b) | 289253 | &nbsp;&nbsp; 6994138 |
|  |  | &nbsp;&nbsp; 9182007 |
| **Machinery — 9.6%** | **Machinery — 9.6%** | **Machinery — 9.6%** |
| Atmus Filtration Technologies, Inc.  | 228321 | &nbsp;&nbsp; 11852143 |
| Enpro, Inc.  | 46062 | &nbsp;&nbsp; 9863256 |
| ESCO Technologies, Inc.  | 52477 | &nbsp;&nbsp; 10253481 |
| Federal Signal Corp.  | 78641 | &nbsp;&nbsp; 8539626 |
| Mueller Industries, Inc.  | 92718 | &nbsp;&nbsp; 10644026 |
| RBC Bearings, Inc. (b) | 25470 | &nbsp;&nbsp; 11421512 |
| SPX Technologies, Inc. (b) | 78927 | &nbsp;&nbsp; 15790136 |
|  |  | &nbsp;&nbsp; 78364180 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| MP Materials Corp. (a) (b) | 142426 | &nbsp;&nbsp; 7195362 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| Antero Resources Corp. (b) | 189339 | &nbsp;&nbsp; 6524622 |
| **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| Axsome Therapeutics, Inc. (b) | 81393 | &nbsp;&nbsp; 14865617 |
| **Semiconductors & Semiconductor Equipment — 9.4%** | **Semiconductors & Semiconductor Equipment — 9.4%** | **Semiconductors & Semiconductor Equipment — 9.4%** |
| Impinj, Inc. (a) (b) | 76499 | &nbsp;&nbsp; 13311591 |
| Lattice Semiconductor Corp. (b) | 162366 | &nbsp;&nbsp; 11946890 |
| MACOM Technology Solutions Holdings, Inc. (b) | 109510 | &nbsp;&nbsp; 18756873 |
| MKS, Inc.  | 52605 | &nbsp;&nbsp; 8406279 |
| Nova Ltd. (b) | 39026 | &nbsp;&nbsp; 12815748 |
| Rambus, Inc. (a) (b) | 115848 | &nbsp;&nbsp; 10645273 |
| Rigetti Computing, Inc. (b) | 29817 | &nbsp;&nbsp; 660447 |
| SiTime Corp. (b) | 1127 | &nbsp;&nbsp; 398045 |
|  |  | &nbsp;&nbsp; 76941146 |
| **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** |
| Agilysys, Inc. (a) (b) | 64786 | &nbsp;&nbsp; 7699168 |
| Cellebrite DI Ltd. (b) | 368909 | &nbsp;&nbsp; 6651429 |
| D-Wave Quantum, Inc. (a) (b) | 114405 | &nbsp;&nbsp; 2991691 |
| InterDigital, Inc. (a) | 11944 | &nbsp;&nbsp; 3802731 |
| JFrog Ltd. (b) | 125501 | &nbsp;&nbsp; 7838792 |
| Porch Group, Inc. (b) | 348262 | &nbsp;&nbsp; 3179632 |
|  |  | &nbsp;&nbsp; 32163443 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| Academy Sports & Outdoors, Inc.  | 74194 | &nbsp;&nbsp; $3706732 |
| Boot Barn Holdings, Inc. (b) | 61547 | &nbsp;&nbsp; 10861199 |
|  |  | &nbsp;&nbsp; 14567931 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| IonQ, Inc. (a) (b) | 16917 | &nbsp;&nbsp; 759066 |
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| Kontoor Brands, Inc.  | 78659 | &nbsp;&nbsp; 4805278 |
| Steven Madden Ltd.  | 135974 | &nbsp;&nbsp; 5661958 |
|  |  | &nbsp;&nbsp; 10467236 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| Applied Industrial Technologies, Inc.  | 31537 | &nbsp;&nbsp; 8097756 |
| FTAI Aviation Ltd.  | 42779 | &nbsp;&nbsp; 8421046 |
|  |  | &nbsp;&nbsp; 16518802 |
| Total Common Stocks <br>(Cost $637,984,911) <br>|  | &nbsp;&nbsp; 813545449 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** |
| **Repurchase Agreement—0.5%** | **Repurchase Agreement—0.5%** | **Repurchase Agreement—0.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $3,750,658; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $3,825,269<br>| 3750137 | &nbsp;&nbsp; 3750137 |
| Total Short-Term Investments <br>(Cost $3,750,137) <br>|  | &nbsp;&nbsp; 3750137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.7%** | **Securities Lending Reinvestments (c)—2.7%** | **Securities Lending Reinvestments (c)—2.7%** |
| **Short-Term Investment Funds—1.8%** | **Short-Term Investment Funds—1.8%** | **Short-Term Investment Funds—1.8%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 15000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.9%** | **Repurchase Agreements—0.9%** | **Repurchase Agreements—0.9%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $1,000,209; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,676<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-246**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,250,593; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,315,605<br>| 3249902 | &nbsp;&nbsp; $3249902 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $1,000,754; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,186<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $41,170; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $41,985<br>| 41162 | &nbsp;&nbsp; 41162 |
|  |  | &nbsp;&nbsp; 7291064 |
| Total Securities Lending Reinvestments <br>(Cost $22,291,064) <br>|  | &nbsp;&nbsp; 22291064 |
| Total Investments—102.9% <br>(Cost $664,026,112) <br>|  | &nbsp;&nbsp; 839586650 |
| Other assets and liabilities (net)—(2.9)%  |  | &nbsp;&nbsp; (23330184)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $816256466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $90,162,509 and the collateral received consisted of cash in the amount of $22,291,064 and non-cash collateral with a value of $71,087,593. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $742270474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $824592368 |

---

*See accompanying notes to financial statements.*

**BHFTI-247**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(22291064)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22291064)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(22291064)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $813545449 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $813545449 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3750137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3750137 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 7291064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7291064 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 7291064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22291064 |
| Total Investments | &nbsp;&nbsp; $828545449 | &nbsp;&nbsp; $11041201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $839586650 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22291064)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22291064)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-248**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $839586650 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 69 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 65451 |
| Fund shares sold | &nbsp;&nbsp; 49499 |
| Dividends and interest | &nbsp;&nbsp; 59810 |
| Prepaid expenses | &nbsp;&nbsp; 2839 |
| Total Assets | &nbsp;&nbsp; 839764318 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 22291064 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 164937 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 489283 |
| Distribution and service fees | &nbsp;&nbsp; 88850 |
| Deferred trustees' fees | &nbsp;&nbsp; 250487 |
| Other expenses | &nbsp;&nbsp; 223231 |
| Total Liabilities | &nbsp;&nbsp; 23507852 |
| **Net Assets**  | &nbsp;&nbsp; $816256466 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $578969920 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 237286546 |
| **Net Assets**  | &nbsp;&nbsp; $816256466 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $404198533 |
| Class B | &nbsp;&nbsp; 399936386 |
| Class E | &nbsp;&nbsp; 12121547 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39832010 |
| Class B | &nbsp;&nbsp; 50032244 |
| Class E | &nbsp;&nbsp; 1330357 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.15 |
| Class B | 7.99 |
| Class E | 9.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $664,026,112.

(b) Includes securities loaned at value of $90,162,509.

(c) Identified cost of cash denominated in foreign currencies was $62.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $2877922 |
| Interest | &nbsp;&nbsp; 413626 |
| Securities lending income | &nbsp;&nbsp; 224736 |
| Total investment income | &nbsp;&nbsp; 3516284 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7073505 |
| Administration fees | &nbsp;&nbsp; 52903 |
| Custodian and accounting fees | &nbsp;&nbsp; 54137 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1013265 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 18532 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 56806 |
| Insurance | &nbsp;&nbsp; 7199 |
| Miscellaneous | &nbsp;&nbsp; 17340 |
| Total expenses | &nbsp;&nbsp; 8454537 |
| Less management fee waiver | &nbsp;&nbsp; (807272)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (61489)<br>|
| Net expenses | &nbsp;&nbsp; 7585776 |
| **Net Investment Loss** | &nbsp;&nbsp; (4069492)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 71807679 |
| Foreign currency transactions | &nbsp;&nbsp; 5695 |
| Net realized gain (loss) | &nbsp;&nbsp; 71813374 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (14231148)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 11 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14231137)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 57582237 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $53512745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $14,434.

*See accompanying notes to financial statements.*

**BHFTI-249**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(4069492)<br>| &nbsp;&nbsp; $(4085394)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 71813374 | &nbsp;&nbsp; 108403404 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14231137)<br>| &nbsp;&nbsp; 41700350 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 53512745 | &nbsp;&nbsp; 146018360 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (95904431)<br>| &nbsp;&nbsp; (234165184)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (42391686)<br>| &nbsp;&nbsp; (88146824)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 858648152 | &nbsp;&nbsp; 946794976 |
| End of period | &nbsp;&nbsp; $816256466 | &nbsp;&nbsp; $858648152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3042339 | &nbsp;&nbsp; $26452738 | &nbsp;&nbsp; 599808 | &nbsp;&nbsp; $5370013 |
| Redemptions | &nbsp;&nbsp; (7158688)<br>| &nbsp;&nbsp; (70290706)<br>| &nbsp;&nbsp; (18172711)<br>| &nbsp;&nbsp; (167060205)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (4116349)<br>| &nbsp;&nbsp; $(43837968)<br>| &nbsp;&nbsp; (17572903)<br>| &nbsp;&nbsp; $(161690192)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3633645 | &nbsp;&nbsp; $25016773 | &nbsp;&nbsp; 1842192 | &nbsp;&nbsp; $13035085 |
| Redemptions | &nbsp;&nbsp; (9815653)<br>| &nbsp;&nbsp; (74853103)<br>| &nbsp;&nbsp; (11677208)<br>| &nbsp;&nbsp; (83675857)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (6182008)<br>| &nbsp;&nbsp; $(49836330)<br>| &nbsp;&nbsp; (9835016)<br>| &nbsp;&nbsp; $(70640772)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 177664 | &nbsp;&nbsp; $1494768 | &nbsp;&nbsp; 145535 | &nbsp;&nbsp; $1203268 |
| Redemptions | &nbsp;&nbsp; (441183)<br>| &nbsp;&nbsp; (3724901)<br>| &nbsp;&nbsp; (381184)<br>| &nbsp;&nbsp; (3037488)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (263519)<br>| &nbsp;&nbsp; $(2230133)<br>| &nbsp;&nbsp; (235649)<br>| &nbsp;&nbsp; $(1834220)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(95904431)<br>|  | &nbsp;&nbsp; $(234165184)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-250**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $7.30 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $19.33 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Total income (loss) from investment operations | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (6.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $7.30 | &nbsp;&nbsp; $17.05 |
| **Total Return (%)** (c) | 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp; (35.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.12 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.44)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $404.2 | &nbsp;&nbsp; $420.3 | &nbsp;&nbsp; $504.5 | &nbsp;&nbsp; $482.4 | &nbsp;&nbsp; $655.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.79 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $17.22 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Total income (loss) from investment operations | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.99 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.79 | &nbsp;&nbsp; $14.76 |
| **Total Return (%)** (c) | 5.83 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp; 12.09 <br>(f)<br>| &nbsp;&nbsp; (35.26 ) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.93 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net ratio of expenses to average net assets (%) (d) (e) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.68)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $399.9 | &nbsp;&nbsp; $424.6 | &nbsp;&nbsp; $428.8 | &nbsp;&nbsp; $394.4 | &nbsp;&nbsp; $574.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-251**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $18.34 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gain (loss) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Total income (loss) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.11 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp; $15.97 |
| **Total Return (%)** (c) | 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp; (35.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.01 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.58)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $12.1 | &nbsp;&nbsp; $13.7 | &nbsp;&nbsp; $13.5 | &nbsp;&nbsp; $13.0 | &nbsp;&nbsp; $22.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

*See accompanying notes to financial statements.*

**BHFTI-252**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—30.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** |
| Tennessee Valley Authority |  |  |
| 5.880%, 04/01/36 | 1600000 | &nbsp;&nbsp; $1786980 |
| Tennessee Valley Authority Generic STRIPS |  |  |
| Zero Coupon, 03/15/32 (a) | 1000000 | &nbsp;&nbsp; 777817 |
| Tennessee Valley Authority Principal STRIPS |  |  |
| Zero Coupon, 06/15/35 | 750000 | &nbsp;&nbsp; 487307 |
|  |  | &nbsp;&nbsp; 3052104 |
| **U.S. Treasury — 30.4%** | **U.S. Treasury — 30.4%** | **U.S. Treasury — 30.4%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 555000 | &nbsp;&nbsp; 352143 |
| 1.250%, 05/15/50 (b) | 528000 | &nbsp;&nbsp; 252739 |
| 1.375%, 08/15/50 | 380000 | &nbsp;&nbsp; 186838 |
| 1.625%, 11/15/50 | 6800000 | &nbsp;&nbsp; 3570000 |
| 1.875%, 11/15/51 | 8840000 | &nbsp;&nbsp; 4886172 |
| 2.000%, 02/15/50 | 5127000 | &nbsp;&nbsp; 3005303 |
| 2.000%, 08/15/51 | 3675000 | &nbsp;&nbsp; 2105230 |
| 2.250%, 05/15/41 | 12370000 | &nbsp;&nbsp; 9098232 |
| 2.250%, 08/15/46 | 6537000 | &nbsp;&nbsp; 4301908 |
| 2.250%, 08/15/49 | 170000 | &nbsp;&nbsp; 106615 |
| 2.250%, 02/15/52 | 10400000 | &nbsp;&nbsp; 6309875 |
| 2.375%, 11/15/49 | 4475000 | &nbsp;&nbsp; 2874314 |
| 2.500%, 02/15/45 | 6750000 | &nbsp;&nbsp; 4780371 |
| 2.750%, 11/15/42 (b) | 9475000 | &nbsp;&nbsp; 7280945 |
| 2.750%, 08/15/47 | 8000000 | &nbsp;&nbsp; 5715625 |
| 2.875%, 05/15/43 | 10415000 | &nbsp;&nbsp; 8085051 |
| 2.875%, 05/15/49 | 27000 | &nbsp;&nbsp; 19369 |
| 2.875%, 05/15/52 | 2280000 | &nbsp;&nbsp; 1593150 |
| 3.000%, 11/15/44 | 238000 | &nbsp;&nbsp; 184060 |
| 3.000%, 11/15/45 | 510000 | &nbsp;&nbsp; 389692 |
| 3.000%, 02/15/47 | 276000 | &nbsp;&nbsp; 207787 |
| 3.000%, 02/15/48 | 1580000 | &nbsp;&nbsp; 1175742 |
| 3.125%, 02/15/43 | 1160000 | &nbsp;&nbsp; 938195 |
| 3.500%, 02/15/39 (b) | 7063500 | &nbsp;&nbsp; 6436063 |
| 3.625%, 08/15/43 | 16086000 | &nbsp;&nbsp; 13885485 |
| 3.625%, 02/15/44 | 4325000 | &nbsp;&nbsp; 3712911 |
| 3.750%, 11/15/43 | 2908000 | &nbsp;&nbsp; 2548476 |
| 3.875%, 08/15/40 | 5950000 | &nbsp;&nbsp; 5510490 |
| 3.875%, 02/15/43 | 435000 | &nbsp;&nbsp; 391330 |
| 3.875%, 05/15/43 | 215000 | &nbsp;&nbsp; 192870 |
| 4.000%, 11/15/42 | 4600000 | &nbsp;&nbsp; 4216188 |
| 4.250%, 05/15/39 | 2850000 | &nbsp;&nbsp; 2791887 |
| 4.375%, 02/15/38 (b) | 720000 | &nbsp;&nbsp; 726384 |
| 4.375%, 05/15/41 | 1200000 | &nbsp;&nbsp; 1169250 |
| 4.500%, 11/15/54 | 7065000 | &nbsp;&nbsp; 6663730 |
| 4.750%, 05/15/55 (b) | 185000 | &nbsp;&nbsp; 181791 |
| U.S. Treasury Notes |  |  |
| 0.625%, 08/15/30 | 1850000 | &nbsp;&nbsp; 1609789 |
| 1.625%, 05/15/31 | 3640000 | &nbsp;&nbsp; 3261070 |
| 1.875%, 02/15/32 | 49150000 | &nbsp;&nbsp; 43833736 |
| 2.875%, 05/15/32 | 1795000 | &nbsp;&nbsp; 1692489 |
| 3.625%, 08/31/30 | 8375000 | &nbsp;&nbsp; 8345229 |
| 3.875%, 07/31/30 | 9925000 | &nbsp;&nbsp; 9998274 |
| 3.875%, 08/15/34 | 10675000 | &nbsp;&nbsp; 10510705 |
| 4.000%, 02/15/34 | 3501000 | &nbsp;&nbsp; 3490059 |
| 4.125%, 05/31/32 | 12625000 | &nbsp;&nbsp; 12790703 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.250%, 11/15/34 | 13705000 | &nbsp;&nbsp; $13849010 |
| 4.625%, 02/15/35 | 95365000 | &nbsp;&nbsp; 98989615 |
| 4.875%, 10/31/30 (b) | 1265000 | &nbsp;&nbsp; 1328843 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 02/15/30 | 6300000 | &nbsp;&nbsp; 5397706 |
| Zero Coupon, 05/15/30 | 700000 | &nbsp;&nbsp; 593554 |
| Zero Coupon, 08/15/30 | 3925000 | &nbsp;&nbsp; 3291814 |
| Zero Coupon, 11/15/30 | 5425000 | &nbsp;&nbsp; 4501705 |
| Zero Coupon, 02/15/31 | 12775000 | &nbsp;&nbsp; 10479692 |
| Zero Coupon, 11/15/31 | 3000000 | &nbsp;&nbsp; 2379882 |
| Zero Coupon, 02/15/32 | 12900000 | &nbsp;&nbsp; 10113121 |
| Zero Coupon, 05/15/32 | 800000 | &nbsp;&nbsp; 619959 |
| Zero Coupon, 08/15/33 | 400000 | &nbsp;&nbsp; 291853 |
| Zero Coupon, 11/15/33 | 3135000 | &nbsp;&nbsp; 2259802 |
| Zero Coupon, 02/15/34 | 2000000 | &nbsp;&nbsp; 1424287 |
| Zero Coupon, 08/15/34 | 2600000 | &nbsp;&nbsp; 1804427 |
|  |  | &nbsp;&nbsp; 368703535 |
| Total U.S. Treasury & Government Agencies <br>(Cost $409,485,942) <br>|  | &nbsp;&nbsp; 371755639 |
| **Agency Sponsored Mortgage-Backed Securities—28.7%** | **Agency Sponsored Mortgage-Backed Securities—28.7%** | **Agency Sponsored Mortgage-Backed Securities—28.7%** |
| **Agency Collateralized Mortgage Obligations — 3.9%** | **Agency Collateralized Mortgage Obligations — 3.9%** | **Agency Collateralized Mortgage Obligations — 3.9%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.272%, -1x SOFR30A + 6.256%, 10/15/37 (a) (c) | 1040659 | &nbsp;&nbsp; 92485 |
| 2.302%, -1x SOFR30A + 6.286%, 11/15/36 (a) (c) | 501814 | &nbsp;&nbsp; 44330 |
| 3.000%, 02/15/26 | 1697 | &nbsp;&nbsp; 1694 |
| 4.548%, SOFR30A + 0.564%, 08/15/42 (c) | 1327678 | &nbsp;&nbsp; 1313388 |
| 4.778%, SOFR30A + 0.794%, 11/15/37 (c) | 195098 | &nbsp;&nbsp; 195327 |
| 5.000%, 08/15/35 | 423328 | &nbsp;&nbsp; 435438 |
| 5.448%, SOFR30A + 1.464%, 03/15/38 (c) | 600000 | &nbsp;&nbsp; 623081 |
| 6.000%, 07/15/35 | 1085662 | &nbsp;&nbsp; 1162062 |
| 6.000%, 03/15/36 | 776127 | &nbsp;&nbsp; 826872 |
| 6.500%, 05/15/28 | 24451 | &nbsp;&nbsp; 24782 |
| 6.500%, 03/15/37 | 195087 | &nbsp;&nbsp; 210525 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 3.000%, 10/25/62 | 2744815 | &nbsp;&nbsp; 2317905 |
| 3.250%, 11/25/61 | 2043472 | &nbsp;&nbsp; 1781985 |
| 3.500%, 05/25/57 | 2726914 | &nbsp;&nbsp; 2551634 |
| 3.500%, 06/25/57 | 2528940 | &nbsp;&nbsp; 2362684 |
| 3.500%, 07/25/58 | 2473257 | &nbsp;&nbsp; 2218107 |
| 3.500%, 10/25/58 | 1345094 | &nbsp;&nbsp; 1137849 |
| 3.500%, 05/25/64 | 3166781 | &nbsp;&nbsp; 2780386 |
| 4.000%, 11/25/57 | 1983302 | &nbsp;&nbsp; 1886701 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 09/15/43 (d) | 277628 | &nbsp;&nbsp; 215974 |
| 3.000%, 01/15/43 | 844855 | &nbsp;&nbsp; 780843 |
| Federal National Mortgage Association Benchmark REMICS |  |  |
| 5.500%, 06/25/37 | 204835 | &nbsp;&nbsp; 214750 |
| Federal National Mortgage Association Grantor Trust |  |  |
| 2.898%, 06/25/27 | 3890000 | &nbsp;&nbsp; 3831132 |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 09/25/43 (d) | 465475 | &nbsp;&nbsp; 363449 |

---

*See accompanying notes to financial statements.*

**BHFTI-253**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 10/25/43 (d) | 268685 | &nbsp;&nbsp; $203057 |
| Zero Coupon, 12/25/43 (d) | 494243 | &nbsp;&nbsp; 377105 |
| 2.541%, -1x SOFR30A + 6.416%, 01/25/41 (a) (c) | 1231004 | &nbsp;&nbsp; 137866 |
| 3.500%, 02/25/43 | 990698 | &nbsp;&nbsp; 943951 |
| 3.500%, 11/25/57 | 1725727 | &nbsp;&nbsp; 1681615 |
| 4.489%, SOFR30A + 0.614%, 10/25/42 (c) | 161202 | &nbsp;&nbsp; 159610 |
| 4.589%, SOFR30A + 0.714%, 10/25/43 (c) | 621953 | &nbsp;&nbsp; 618260 |
| 4.589%, SOFR30A + 0.714%, 12/25/43 (c) | 589502 | &nbsp;&nbsp; 586259 |
| 4.889%, SOFR30A + 1.014%, 03/25/38 (c) | 63052 | &nbsp;&nbsp; 63579 |
| 4.989%, SOFR30A + 1.114%, 08/25/32 (c) | 144249 | &nbsp;&nbsp; 145760 |
| 5.000%, 03/25/40 | 1333027 | &nbsp;&nbsp; 1368234 |
| 5.500%, 12/25/35 | 350986 | &nbsp;&nbsp; 363656 |
| 6.000%, 01/25/36 | 760998 | &nbsp;&nbsp; 804873 |
| 6.500%, 07/18/28 | 11455 | &nbsp;&nbsp; 11592 |
| Government National Mortgage Association REMICS |  |  |
| 1.650%, 02/20/63 | 18756 | &nbsp;&nbsp; 17979 |
| 1.650%, 04/20/63 | 49856 | &nbsp;&nbsp; 47741 |
| 4.348%, 1M TSFR + 0.614%, 09/20/37 (c) | 65281 | &nbsp;&nbsp; 64968 |
| 4.387%, 1M TSFR + 0.514%, 02/20/62 (c) | 19419 | &nbsp;&nbsp; 19258 |
| 4.411%, 04/20/43 (c) | 762957 | &nbsp;&nbsp; 737730 |
| 4.414%, 1M TSFR + 0.414%, 08/20/60 (c) | 45 | &nbsp;&nbsp; 45 |
| 4.414%, 1M TSFR + 0.414%, 11/20/62 (c) | 134 | &nbsp;&nbsp; 134 |
| 4.454%, 1M TSFR + 0.454%, 12/20/62 (c) | 198631 | &nbsp;&nbsp; 198111 |
| 4.524%, 1M TSFR + 0.524%, 03/20/63 (c) | 44080 | &nbsp;&nbsp; 44023 |
| 4.534%, 1M TSFR + 0.534%, 02/20/63 (c) | 310562 | &nbsp;&nbsp; 310205 |
| 4.584%, 1M TSFR + 0.584%, 03/20/63 (c) | 187411 | &nbsp;&nbsp; 187372 |
| 4.584%, 1M TSFR + 0.584%, 07/20/64 (c) | 169103 | &nbsp;&nbsp; 169080 |
| 4.584%, 1M TSFR + 0.584%, 09/20/64 (c) | 233355 | &nbsp;&nbsp; 233327 |
| 4.594%, 1M TSFR + 0.594%, 04/20/63 (c) | 227416 | &nbsp;&nbsp; 227451 |
| 4.614%, 1M TSFR + 0.614%, 01/20/63 (c) | 10480 | &nbsp;&nbsp; 10451 |
| 4.614%, 1M TSFR + 0.614%, 04/20/63 (c) | 489762 | &nbsp;&nbsp; 489842 |
| 4.614%, 1M TSFR + 0.614%, 06/20/64 (c) | 1223984 | &nbsp;&nbsp; 1224261 |
| 4.614%, 1M TSFR + 0.614%, 07/20/64 (c) | 465984 | &nbsp;&nbsp; 466087 |
| 4.664%, 1M TSFR + 0.664%, 04/20/62 (c) | 64 | &nbsp;&nbsp; 64 |
| 4.714%, 1M TSFR + 0.714%, 04/20/64 (c) | 2113391 | &nbsp;&nbsp; 2116755 |
| 4.764%, 1M TSFR + 0.764%, 07/20/63 (c) | 34131 | &nbsp;&nbsp; 34210 |
| 4.764%, 1M TSFR + 0.764%, 01/20/64 (c) | 44506 | &nbsp;&nbsp; 44620 |
| 4.764%, 1M TSFR + 0.764%, 02/20/64 (c) | 192125 | &nbsp;&nbsp; 192564 |
| 4.764%, 1M TSFR + 0.764%, 03/20/64 (c) | 88007 | &nbsp;&nbsp; 88249 |
| 4.804%, 1M TSFR + 0.804%, 02/20/64 (c) | 253017 | &nbsp;&nbsp; 253867 |
| 4.814%, 1M TSFR + 0.814%, 09/20/63 (c) | 67362 | &nbsp;&nbsp; 67522 |
| 4.864%, 1M TSFR + 0.864%, 09/20/63 (c) | 15924 | &nbsp;&nbsp; 16014 |
| 4.875%, 11/20/42 (c) | 2500329 | &nbsp;&nbsp; 2556535 |
| 5.000%, 12/20/33 | 263224 | &nbsp;&nbsp; 262697 |
| 5.000%, 06/16/39 | 10336 | &nbsp;&nbsp; 10328 |
| 5.000%, 07/20/39 | 623534 | &nbsp;&nbsp; 642482 |
| 5.000%, 10/20/39 | 646185 | &nbsp;&nbsp; 677855 |
| 5.077%, 06/20/40 (c) | 812500 | &nbsp;&nbsp; 834126 |
| 5.114%, 1M TSFR + 1.114%, 12/20/66 (c) | 282908 | &nbsp;&nbsp; 284804 |
| 5.500%, 07/16/33 (a) | 237757 | &nbsp;&nbsp; 1357 |
|  |  | &nbsp;&nbsp; 47370914 |
| **Agency Mortgage-Backed Securities — 24.8%** | **Agency Mortgage-Backed Securities — 24.8%** | **Agency Mortgage-Backed Securities — 24.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 07/01/50 | 8625687 | &nbsp;&nbsp; 7332347 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 05/01/51 | 1974779 | &nbsp;&nbsp; $1692618 |
| 2.500%, 01/01/52 | 3669401 | &nbsp;&nbsp; 3141324 |
| 3.000%, 09/01/50 | 3063227 | &nbsp;&nbsp; 2790345 |
| 3.000%, 02/01/52 | 2484511 | &nbsp;&nbsp; 2199103 |
| 3.500%, 03/01/32 | 200618 | &nbsp;&nbsp; 197864 |
| 3.500%, 12/01/32 | 660613 | &nbsp;&nbsp; 648112 |
| 3.500%, 01/01/33 | 1062471 | &nbsp;&nbsp; 1039964 |
| 3.500%, 03/01/33 | 1118411 | &nbsp;&nbsp; 1094795 |
| 3.500%, 04/01/33 | 1759756 | &nbsp;&nbsp; 1726997 |
| 3.500%, 05/01/33 | 380081 | &nbsp;&nbsp; 371637 |
| 3.500%, 06/01/43 | 649410 | &nbsp;&nbsp; 617499 |
| 3.700%, 06/01/34 | 3221862 | &nbsp;&nbsp; 3053582 |
| 3.750%, 08/01/32 | 3500000 | &nbsp;&nbsp; 3370319 |
| 4.000%, 09/01/32 | 146135 | &nbsp;&nbsp; 145158 |
| 4.000%, 11/01/32 | 383862 | &nbsp;&nbsp; 381383 |
| 4.000%, 12/01/32 | 310531 | &nbsp;&nbsp; 308035 |
| 4.000%, 01/01/33 | 21870 | &nbsp;&nbsp; 21789 |
| 4.000%, 02/01/33 | 72667 | &nbsp;&nbsp; 72095 |
| 4.000%, 08/01/42 | 740299 | &nbsp;&nbsp; 725087 |
| 4.000%, 08/01/43 | 1291549 | &nbsp;&nbsp; 1264045 |
| 4.000%, 01/01/46 | 915820 | &nbsp;&nbsp; 890481 |
| 4.000%, 07/01/48 | 1123897 | &nbsp;&nbsp; 1087832 |
| 4.000%, 05/01/52 | 490896 | &nbsp;&nbsp; 468557 |
| 5.000%, 02/01/34 | 63904 | &nbsp;&nbsp; 64513 |
| 5.000%, 08/01/39 | 424731 | &nbsp;&nbsp; 436880 |
| 6.000%, 12/01/54 | 967482 | &nbsp;&nbsp; 995245 |
| 6.481%, 1Y RFUCCT + 1.851%, 07/01/40 (c) | 179245 | &nbsp;&nbsp; 186736 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Credit Risk<br>|  |  |
| 8.124%, SOFR30A + 4.250%, 05/25/52 (144A) (c) | 1282468 | &nbsp;&nbsp; 1311814 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.920%, 06/25/32 | 3100000 | &nbsp;&nbsp; 2869665 |
| 3.214%, 04/25/28 (c) | 1790000 | &nbsp;&nbsp; 1767950 |
| 3.690%, 01/25/29 | 397000 | &nbsp;&nbsp; 394967 |
| 3.710%, 09/25/32 (c) | 3035000 | &nbsp;&nbsp; 2933314 |
| 3.800%, 10/25/32 (c) | 2100000 | &nbsp;&nbsp; 2037823 |
| 3.900%, 08/25/28 (c) | 3170000 | &nbsp;&nbsp; 3172662 |
| Federal National Mortgage Association |  |  |
| 1.508%, 11/01/32 (c) | 8166314 | &nbsp;&nbsp; 6871556 |
| 1.755%, 03/01/32 (c) | 5021457 | &nbsp;&nbsp; 4377731 |
| 1.800%, 10/01/33 | 3472447 | &nbsp;&nbsp; 2918587 |
| 1.930%, 11/01/31 | 4300000 | &nbsp;&nbsp; 3780444 |
| 2.000%, 08/01/51 | 3905050 | &nbsp;&nbsp; 3164177 |
| 2.010%, 01/01/32 | 4050000 | &nbsp;&nbsp; 3574521 |
| 2.440%, 06/01/30 | 2850326 | &nbsp;&nbsp; 2666578 |
| 2.500%, 05/01/50 | 3002040 | &nbsp;&nbsp; 2588055 |
| 2.500%, 09/01/50 | 2498815 | &nbsp;&nbsp; 2159035 |
| 2.500%, 10/01/50 | 1841334 | &nbsp;&nbsp; 1594440 |
| 2.500%, 05/01/51 | 3138653 | &nbsp;&nbsp; 2686008 |
| 2.500%, 09/01/51 | 3144401 | &nbsp;&nbsp; 2659758 |
| 2.500%, 10/01/51 | 5905007 | &nbsp;&nbsp; 5047722 |
| 2.500%, 01/01/52 | 2421889 | &nbsp;&nbsp; 2085883 |
| 2.500%, 02/01/52 | 3269482 | &nbsp;&nbsp; 2813562 |
| 2.500%, 03/01/52 | 3301648 | &nbsp;&nbsp; 2845403 |

---

*See accompanying notes to financial statements.*

**BHFTI-254**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.500%, 05/01/52 | 3973871 | &nbsp;&nbsp; $3427269 |
| 2.500%, 09/01/52 | 4551341 | &nbsp;&nbsp; 3863449 |
| 2.500%, 03/01/62 | 2254618 | &nbsp;&nbsp; 1856460 |
| 2.510%, 10/01/30 | 3150000 | &nbsp;&nbsp; 2927116 |
| 2.730%, 07/01/28 | 2688046 | &nbsp;&nbsp; 2609831 |
| 2.810%, 09/01/31 | 1309346 | &nbsp;&nbsp; 1226302 |
| 2.970%, 06/01/30 | 2726815 | &nbsp;&nbsp; 2613119 |
| 2.980%, 09/01/36 | 1057480 | &nbsp;&nbsp; 992938 |
| 3.000%, 01/01/43 | 1281220 | &nbsp;&nbsp; 1181624 |
| 3.000%, 01/01/52 | 2363543 | &nbsp;&nbsp; 2092032 |
| 3.000%, 02/01/52 | 4898007 | &nbsp;&nbsp; 4374964 |
| 3.000%, 06/01/52 | 3484978 | &nbsp;&nbsp; 3088609 |
| 3.000%, 07/01/60 | 2200723 | &nbsp;&nbsp; 1914590 |
| 3.000%, 03/01/61 | 2592056 | &nbsp;&nbsp; 2267790 |
| 3.500%, 08/01/26 | 7336 | &nbsp;&nbsp; 7304 |
| 3.500%, 02/01/33 | 702411 | &nbsp;&nbsp; 690083 |
| 3.500%, 05/01/33 | 897509 | &nbsp;&nbsp; 878777 |
| 3.500%, 07/01/42 | 670250 | &nbsp;&nbsp; 641549 |
| 3.500%, 08/01/42 | 206276 | &nbsp;&nbsp; 199638 |
| 3.500%, 07/01/43 | 826333 | &nbsp;&nbsp; 784805 |
| 3.500%, 01/01/50 | 2456000 | &nbsp;&nbsp; 2303460 |
| 3.500%, 07/01/50 | 1813790 | &nbsp;&nbsp; 1694336 |
| 3.500%, 12/01/51 | 1310139 | &nbsp;&nbsp; 1220569 |
| 3.500%, 02/01/52 | 3809239 | &nbsp;&nbsp; 3532381 |
| 3.500%, 03/01/60 | 1702525 | &nbsp;&nbsp; 1561937 |
| 3.500%, 03/01/61 | 1226609 | &nbsp;&nbsp; 1114526 |
| 3.500%, 03/01/62 | 2673527 | &nbsp;&nbsp; 2429285 |
| 3.540%, 06/01/32 | 4357000 | &nbsp;&nbsp; 4144698 |
| 3.550%, 02/01/30 | 1500000 | &nbsp;&nbsp; 1472829 |
| 3.730%, 10/01/32 | 2463120 | &nbsp;&nbsp; 2372165 |
| 3.800%, 09/01/32 | 3411180 | &nbsp;&nbsp; 3300329 |
| 3.805%, 11/01/32 | 2025000 | &nbsp;&nbsp; 1959924 |
| 3.895%, 02/01/33 | 3450000 | &nbsp;&nbsp; 3342536 |
| 3.970%, 08/01/33 | 4623429 | &nbsp;&nbsp; 4451912 |
| 4.000%, 02/01/31 | 201669 | &nbsp;&nbsp; 201100 |
| 4.000%, 10/01/32 | 130849 | &nbsp;&nbsp; 129703 |
| 4.000%, 12/01/40 | 62538 | &nbsp;&nbsp; 61047 |
| 4.000%, 07/01/42 | 420582 | &nbsp;&nbsp; 409510 |
| 4.000%, 06/01/47 | 392861 | &nbsp;&nbsp; 380442 |
| 4.000%, 04/01/52 | 4491831 | &nbsp;&nbsp; 4286801 |
| 4.000%, 05/01/52 | 7143118 | &nbsp;&nbsp; 6818423 |
| 4.170%, 05/01/33 | 3000000 | &nbsp;&nbsp; 2953941 |
| 4.185%, 04/01/33 | 3000000 | &nbsp;&nbsp; 2955496 |
| 4.190%, 04/01/33 | 2000000 | &nbsp;&nbsp; 1970028 |
| 4.330%, 01/01/33 | 2700000 | &nbsp;&nbsp; 2687210 |
| 4.500%, 02/01/40 | 128692 | &nbsp;&nbsp; 129746 |
| 4.500%, 06/01/62 | 1727031 | &nbsp;&nbsp; 1685881 |
| 4.520%, 06/01/33 | 1577778 | &nbsp;&nbsp; 1591037 |
| 4.520%, 10/01/33 | 1300000 | &nbsp;&nbsp; 1309334 |
| 4.550%, 09/01/33 | 3078759 | &nbsp;&nbsp; 3107798 |
| 4.590%, 04/01/33 | 3350000 | &nbsp;&nbsp; 3372017 |
| 4.735%, 02/01/33 | 3100000 | &nbsp;&nbsp; 3142976 |
| 5.000%, 09/01/35 | 232138 | &nbsp;&nbsp; 232979 |
| 5.000%, 06/01/53 | 3723163 | &nbsp;&nbsp; 3723039 |
| 5.080%, 02/01/32 | 3145000 | &nbsp;&nbsp; 3250711 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.290%, 12/01/32 | 2470833 | &nbsp;&nbsp; $2564844 |
| 5.500%, 01/01/58 | 1562430 | &nbsp;&nbsp; 1633689 |
| 6.000%, 07/01/28 | 23187 | &nbsp;&nbsp; 23788 |
| 6.000%, 12/01/39 | 90590 | &nbsp;&nbsp; 95813 |
| Federal National Mortgage Association-ACES |  |  |
| 1.200%, 10/25/30 | 800257 | &nbsp;&nbsp; 771429 |
| 1.707%, 11/25/31 (c) | 7400000 | &nbsp;&nbsp; 6413676 |
| 1.822%, 10/25/30 (a) (c) | 12951690 | &nbsp;&nbsp; 438530 |
| 1.833%, 11/25/33 (a) (c) | 5207084 | &nbsp;&nbsp; 318750 |
| 1.928%, 01/25/32 (c) | 5000000 | &nbsp;&nbsp; 4419039 |
| 2.478%, 12/25/26 (c) | 537055 | &nbsp;&nbsp; 530264 |
| 2.488%, 05/25/26 | 880009 | &nbsp;&nbsp; 874068 |
| 3.019%, 04/25/29 (c) | 1212888 | &nbsp;&nbsp; 1185181 |
| 3.061%, 05/25/27 (c) | 1961262 | &nbsp;&nbsp; 1942324 |
| 3.064%, 06/25/27 (c) | 1612002 | &nbsp;&nbsp; 1594040 |
| 3.067%, 03/25/28 (c) | 1273950 | &nbsp;&nbsp; 1255627 |
| 3.074%, 02/25/30 (c) | 861204 | &nbsp;&nbsp; 832102 |
| 3.354%, 07/25/28 (c) | 3612397 | &nbsp;&nbsp; 3583276 |
| 3.759%, 08/25/32 (c) | 2600000 | &nbsp;&nbsp; 2526041 |
| FREMF Mortgage Trust |  |  |
| 3.567%, 11/25/49 (144A) (c) | 1700000 | &nbsp;&nbsp; 1686191 |
| 3.664%, 04/25/28 (144A) (c) | 3100000 | &nbsp;&nbsp; 2972754 |
| Government National Mortgage Association |  |  |
| 2.500%, 10/20/51 | 2099953 | &nbsp;&nbsp; 1812326 |
| 3.000%, 02/20/51 | 1406158 | &nbsp;&nbsp; 1264090 |
| 3.500%, 01/20/51 | 2134121 | &nbsp;&nbsp; 1917117 |
| 3.500%, 02/20/52 | 2455095 | &nbsp;&nbsp; 2247843 |
| 4.000%, 01/20/52 | 2540088 | &nbsp;&nbsp; 2410417 |
| 4.000%, 02/20/52 | 3016981 | &nbsp;&nbsp; 2851503 |
| 4.000%, 08/20/52 | 5465103 | &nbsp;&nbsp; 5198760 |
| 4.500%, 11/20/49 | 1465237 | &nbsp;&nbsp; 1427878 |
| 5.000%, 05/20/52 | 2640864 | &nbsp;&nbsp; 2617090 |
| 5.346%, 1Y H15 + 1.709%, 03/20/72 (c) | 2976623 | &nbsp;&nbsp; 3118064 |
| 5.366%, 1Y H15 + 1.733%, 04/20/72 (c) | 2790343 | &nbsp;&nbsp; 2918553 |
| 5.388%, 1Y H15 + 1.744%, 10/20/71 (c) | 3177627 | &nbsp;&nbsp; 3320936 |
| 5.391%, 1Y H15 + 1.756%, 11/20/71 (c) | 3461338 | &nbsp;&nbsp; 3624661 |
| 5.417%, 1Y H15 + 1.774%, 12/20/71 (c) | 2934097 | &nbsp;&nbsp; 3075299 |
| 5.426%, 1Y H15 + 1.781%, 09/20/71 (c) | 2980938 | &nbsp;&nbsp; 3125014 |
| 5.456%, 1Y H15 + 1.820%, 08/20/71 (c) | 2897718 | &nbsp;&nbsp; 3040146 |
| 5.500%, 07/20/53 | 2426041 | &nbsp;&nbsp; 2475127 |
| 5.625%, 1Y H15 + 1.500%, 04/20/41 (c) | 83840 | &nbsp;&nbsp; 85558 |
|  |  | &nbsp;&nbsp; 301776160 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $362,457,279) <br>|  | &nbsp;&nbsp; 349147074 |
| **Corporate Bonds & Notes—25.3%** | **Corporate Bonds & Notes—25.3%** | **Corporate Bonds & Notes—25.3%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| BAE Systems PLC |  |  |
| 1.900%, 02/15/31 (144A) | 720000 | &nbsp;&nbsp; 638639 |
| 3.000%, 09/15/50 (144A) | 332000 | &nbsp;&nbsp; 221621 |
| Boeing Co. |  |  |
| 2.196%, 02/04/26 | 905000 | &nbsp;&nbsp; 903277 |
| 3.100%, 05/01/26 | 360000 | &nbsp;&nbsp; 358573 |

---

*See accompanying notes to financial statements.*

**BHFTI-255**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| Boeing Co. |  |  |
| 3.250%, 03/01/28 | 659000 | &nbsp;&nbsp; $646790 |
| 5.040%, 05/01/27 | 335000 | &nbsp;&nbsp; 338430 |
| 5.705%, 05/01/40 | 550000 | &nbsp;&nbsp; 561428 |
| 6.298%, 05/01/29 | 580000 | &nbsp;&nbsp; 615640 |
| 6.388%, 05/01/31 | 330000 | &nbsp;&nbsp; 358114 |
| 6.528%, 05/01/34 | 540000 | &nbsp;&nbsp; 597434 |
| RTX Corp. |  |  |
| 2.820%, 09/01/51 | 1260000 | &nbsp;&nbsp; 785808 |
| 4.350%, 04/15/47 | 133000 | &nbsp;&nbsp; 112707 |
| 4.500%, 06/01/42 (b) | 550000 | &nbsp;&nbsp; 497179 |
|  |  | &nbsp;&nbsp; 6635640 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Altria Group, Inc. |  |  |
| 2.450%, 02/04/32 | 485000 | &nbsp;&nbsp; 428877 |
| BAT Capital Corp. |  |  |
| 4.540%, 08/15/47 | 363000 | &nbsp;&nbsp; 301118 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.650%, 09/17/34 (b) | 730000 | &nbsp;&nbsp; 716260 |
| 5.150%, 08/04/35 (b) | 235000 | &nbsp;&nbsp; 238714 |
| Reynolds American, Inc. |  |  |
| 7.000%, 08/04/41 | 570000 | &nbsp;&nbsp; 596236 |
|  |  | &nbsp;&nbsp; 2281205 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 328499 | &nbsp;&nbsp; 313936 |
| 3.550%, 07/15/31 (144A) | 465802 | &nbsp;&nbsp; 445850 |
| British Airways Pass-Through Trust |  |  |
| 3.300%, 06/15/34 (144A) | 405503 | &nbsp;&nbsp; 382893 |
| 3.800%, 03/20/33 (144A) | 313345 | &nbsp;&nbsp; 307372 |
| 4.125%, 03/20/33 (144A) | 422736 | &nbsp;&nbsp; 409760 |
| Delta Air Lines Pass-Through Trust |  |  |
| 2.000%, 12/10/29 | 277849 | &nbsp;&nbsp; 265362 |
| United Airlines Pass-Through Trust |  |  |
| 3.100%, 04/07/30 | 581136 | &nbsp;&nbsp; 555340 |
| 3.500%, 09/01/31 | 580332 | &nbsp;&nbsp; 560567 |
| 3.700%, 09/01/31 | 796980 | &nbsp;&nbsp; 760756 |
| 4.000%, 10/11/27 | 256916 | &nbsp;&nbsp; 256871 |
| 4.150%, 02/25/33 | 888243 | &nbsp;&nbsp; 872156 |
| 4.600%, 09/01/27 | 291225 | &nbsp;&nbsp; 291014 |
| 5.450%, 08/15/38 | 713520 | &nbsp;&nbsp; 733539 |
|  |  | &nbsp;&nbsp; 6155416 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Hyundai Capital America |  |  |
| 1.800%, 01/10/28 (144A) | 635000 | &nbsp;&nbsp; 605723 |
| 2.375%, 10/15/27 (144A) | 400000 | &nbsp;&nbsp; 388081 |
| Stellantis Finance U.S., Inc. |  |  |
| 2.691%, 09/15/31 (144A) (b) | 606000 | &nbsp;&nbsp; 531334 |
|  |  | &nbsp;&nbsp; 1525138 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 9.1%** | **Banks — 9.1%** | **Banks — 9.1%** |
| ABN AMRO Bank NV |  |  |
| 2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (c) | 200000 | &nbsp;&nbsp; $190611 |
| AIB Group PLC |  |  |
| 5.320%, SOFR + 1.650%, 05/15/31 (144A) (b) (c) | 1895000 | &nbsp;&nbsp; 1955539 |
| Banco Nacional de Panama |  |  |
| 2.500%, 08/11/30 (144A) | 950000 | &nbsp;&nbsp; 841586 |
| Banco Santander SA |  |  |
| 1.722%, 1Y H15 + 0.900%, 09/14/27 (c) | 200000 | &nbsp;&nbsp; 196607 |
| 5.588%, 08/08/28 (b) | 1200000 | &nbsp;&nbsp; 1243679 |
| 6.607%, 11/07/28 | 1000000 | &nbsp;&nbsp; 1066720 |
| Bank of America Corp. |  |  |
| 1.898%, SOFR + 1.530%, 07/23/31 (c) | 445000 | &nbsp;&nbsp; 399721 |
| 2.572%, SOFR + 1.210%, 10/20/32 (c) | 855000 | &nbsp;&nbsp; 771127 |
| 5.015%, SOFR + 2.160%, 07/22/33 (c) | 1400000 | &nbsp;&nbsp; 1427513 |
| Bank of Ireland Group PLC |  |  |
| 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (c) | 655000 | &nbsp;&nbsp; 644679 |
| 5.601%, SOFR + 1.620%, 03/20/30 (144A) (c) | 425000 | &nbsp;&nbsp; 441403 |
| Bank of New York Mellon Corp. |  |  |
| 6.474%, SOFR + 1.845%, 10/25/34 (b) (c) | 620000 | &nbsp;&nbsp; 693597 |
| Bank of Nova Scotia |  |  |
| 4.850%, 02/01/30 | 297000 | &nbsp;&nbsp; 303948 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.790%, 07/13/28 (144A) | 855000 | &nbsp;&nbsp; 887919 |
| Barclays PLC |  |  |
| 2.894%, 1Y H15 + 1.300%, 11/24/32 (c) | 460000 | &nbsp;&nbsp; 419151 |
| 4.942%, SOFR + 1.560%, 09/10/30 (b) (c) | 285000 | &nbsp;&nbsp; 290647 |
| 5.367%, SOFR + 1.230%, 02/25/31 (b) (c) | 435000 | &nbsp;&nbsp; 449602 |
| 5.785%, SOFR + 1.590%, 02/25/36 (b) (c) | 415000 | &nbsp;&nbsp; 434417 |
| 6.224%, SOFR + 2.980%, 05/09/34 (c) | 200000 | &nbsp;&nbsp; 215061 |
| 6.496%, SOFR + 1.880%, 09/13/27 (c) | 1655000 | &nbsp;&nbsp; 1680732 |
| BNP Paribas SA |  |  |
| 3.132%, SOFR + 1.561%, 01/20/33 (144A) (c) | 586000 | &nbsp;&nbsp; 534473 |
| 5.176%, SOFR + 1.520%, 01/09/30 (144A) (c) | 1305000 | &nbsp;&nbsp; 1336590 |
| 5.283%, SOFR + 1.280%, 11/19/30 (144A) (b) (c) | 1615000 | &nbsp;&nbsp; 1662400 |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (c) | 1279000 | &nbsp;&nbsp; 1323075 |
| 5.786%, SOFR + 1.620%, 01/13/33 (144A) (c) | 815000 | &nbsp;&nbsp; 855534 |
| BPCE SA |  |  |
| 2.277%, SOFR + 1.312%, 01/20/32 (144A) (c) | 415000 | &nbsp;&nbsp; 367706 |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (c) | 910000 | &nbsp;&nbsp; 934089 |
| 5.936%, SOFR + 1.850%, 05/30/35 (144A) (c) | 1545000 | &nbsp;&nbsp; 1611227 |
| 6.027%, SOFR + 1.956%, 05/28/36 (144A) (c) | 1175000 | &nbsp;&nbsp; 1232210 |
| 6.293%, SOFR + 2.040%, 01/14/36 (144A) (c) | 685000 | &nbsp;&nbsp; 731104 |
| CaixaBank SA |  |  |
| 5.581%, SOFR + 1.790%, 07/03/36 (144A) (c) | 1570000 | &nbsp;&nbsp; 1613096 |
| 6.840%, SOFR + 2.770%, 09/13/34 (144A) (c) | 330000 | &nbsp;&nbsp; 368041 |
| Citigroup, Inc. |  |  |
| 2.561%, SOFR + 1.167%, 05/01/32 (c) | 915000 | &nbsp;&nbsp; 830387 |
| 3.057%, SOFR + 1.351%, 01/25/33 (c) | 677000 | &nbsp;&nbsp; 620176 |
| 4.300%, 11/20/26 | 750000 | &nbsp;&nbsp; 751842 |
| 4.450%, 09/29/27 | 1294000 | &nbsp;&nbsp; 1302324 |
| 4.503%, SOFR + 1.171%, 09/11/31 (c) | 520000 | &nbsp;&nbsp; 521609 |
| 4.542%, SOFR + 1.338%, 09/19/30 (c) | 988000 | &nbsp;&nbsp; 995857 |
| 5.174%, SOFR + 1.488%, 09/11/36 (c) | 485000 | &nbsp;&nbsp; 489533 |
| 5.449%, SOFR + 1.447%, 06/11/35 (c) | 1000000 | &nbsp;&nbsp; 1035590 |
| Cooperatieve Rabobank UA |  |  |
| 3.750%, 07/21/26 | 513000 | &nbsp;&nbsp; 511819 |

---

*See accompanying notes to financial statements.*

**BHFTI-256**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Cooperatieve Rabobank UA |  |  |
| 4.990%, 1Y H15 + 0.920%, 05/27/31 (144A) (c) | 850000 | &nbsp;&nbsp; $869569 |
| Credit Agricole SA |  |  |
| 4.818%, SOFR + 1.360%, 09/25/33 (144A) (b) (c) | 665000 | &nbsp;&nbsp; 664130 |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (c) | 380000 | &nbsp;&nbsp; 390115 |
| 5.230%, SOFR + 1.130%, 01/09/29 (144A) (b) (c) | 713000 | &nbsp;&nbsp; 728049 |
| 5.862%, SOFR + 1.740%, 01/09/36 (144A) (c) | 795000 | &nbsp;&nbsp; 838578 |
| Danske Bank AS |  |  |
| 4.613%, 1Y H15 + 1.100%, 10/02/30 (144A) (c) | 440000 | &nbsp;&nbsp; 443662 |
| 5.019%, 1Y H15 + 0.930%, 03/04/31 (144A) (c) | 660000 | &nbsp;&nbsp; 674025 |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (c) | 920000 | &nbsp;&nbsp; 955881 |
| Deutsche Bank AG |  |  |
| 2.311%, SOFR + 1.219%, 11/16/27 (c) | 312000 | &nbsp;&nbsp; 306942 |
| 3.035%, SOFR + 1.718%, 05/28/32 (c) | 1600000 | &nbsp;&nbsp; 1468880 |
| 4.469%, SOFR + 1.100%, 12/10/31 (b) (c) | 235000 | &nbsp;&nbsp; 234200 |
| 4.950%, SOFR + 1.300%, 08/04/31 (b) (c) | 240000 | &nbsp;&nbsp; 242426 |
| 4.999%, SOFR + 1.700%, 09/11/30 (c) | 150000 | &nbsp;&nbsp; 152303 |
| 5.297%, SOFR + 1.720%, 05/09/31 (c) | 2045000 | &nbsp;&nbsp; 2095238 |
| 5.373%, SOFR + 1.210%, 01/10/29 (c) | 405000 | &nbsp;&nbsp; 413291 |
| 5.403%, SOFR + 2.050%, 09/11/35 (c) | 150000 | &nbsp;&nbsp; 153004 |
| DNB Bank ASA |  |  |
| 4.853%, SOFR + 1.050%, 11/05/30 (144A) (c) | 590000 | &nbsp;&nbsp; 601628 |
| Fifth Third Bancorp |  |  |
| 8.250%, 03/01/38 | 200000 | &nbsp;&nbsp; 245578 |
| Goldman Sachs Group, Inc. |  |  |
| 1.948%, SOFR + 0.913%, 10/21/27 (c) | 781000 | &nbsp;&nbsp; 767791 |
| 1.992%, SOFR + 1.090%, 01/27/32 (c) | 950000 | &nbsp;&nbsp; 843952 |
| 2.640%, SOFR + 1.114%, 02/24/28 (c) | 920000 | &nbsp;&nbsp; 905651 |
| 3.102%, SOFR + 1.410%, 02/24/33 (c) | 1307000 | &nbsp;&nbsp; 1204042 |
| 4.411%, 3M TSFR + 1.692%, 04/23/39 (c) | 445000 | &nbsp;&nbsp; 411126 |
| 4.939%, SOFR + 1.330%, 10/21/36 (c) | 600000 | &nbsp;&nbsp; 595633 |
| 5.049%, SOFR + 1.210%, 07/23/30 (c) | 745000 | &nbsp;&nbsp; 763337 |
| 5.218%, SOFR + 1.580%, 04/23/31 (c) | 578000 | &nbsp;&nbsp; 596986 |
| 5.330%, SOFR + 1.550%, 07/23/35 (c) | 1570000 | &nbsp;&nbsp; 1613109 |
| 6.484%, SOFR + 1.770%, 10/24/29 (c) | 840000 | &nbsp;&nbsp; 890809 |
| HSBC Holdings PLC |  |  |
| 2.206%, SOFR + 1.285%, 08/17/29 (c) | 630000 | &nbsp;&nbsp; 599177 |
| 2.357%, SOFR + 1.947%, 08/18/31 (c) | 890000 | &nbsp;&nbsp; 809493 |
| 5.240%, SOFR + 1.570%, 05/13/31 (c) | 430000 | &nbsp;&nbsp; 443019 |
| 5.286%, SOFR + 1.290%, 11/19/30 (c) | 525000 | &nbsp;&nbsp; 541684 |
| 6.332%, SOFR + 2.650%, 03/09/44 (c) | 370000 | &nbsp;&nbsp; 405261 |
| 6.500%, 09/15/37 | 930000 | &nbsp;&nbsp; 1005382 |
| Huntington Bancshares, Inc. |  |  |
| 5.272%, SOFR + 1.276%, 01/15/31 (c) | 450000 | &nbsp;&nbsp; 463028 |
| ING Groep NV |  |  |
| 1.726%, SOFR + 1.005%, 04/01/27 (c) | 285000 | &nbsp;&nbsp; 283219 |
| 6.083%, SOFR + 1.560%, 09/11/27 (c) | 240000 | &nbsp;&nbsp; 243196 |
| KBC Group NV |  |  |
| 4.454%, 1Y H15 + 0.850%, 09/23/31 (144A) (c) | 1376000 | &nbsp;&nbsp; 1372477 |
| 4.932%, 1Y H15 + 1.070%, 10/16/30 (144A) (b) (c) | 550000 | &nbsp;&nbsp; 560289 |
| KeyCorp |  |  |
| 4.789%, SOFR + 2.060%, 06/01/33 (c) | 170000 | &nbsp;&nbsp; 169911 |
| 5.121%, SOFR + 1.227%, 04/04/31 (b) (c) | 670000 | &nbsp;&nbsp; 688099 |
| Lloyds Banking Group PLC |  |  |
| 4.943%, 1Y H15 + 0.970%, 11/04/36 (c) | 650000 | &nbsp;&nbsp; 643090 |
| 5.462%, 1Y H15 + 1.375%, 01/05/28 (c) | 730000 | &nbsp;&nbsp; 739811 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Lloyds Banking Group PLC |  |  |
| 5.679%, 1Y H15 + 1.750%, 01/05/35 (b) (c) | 795000 | &nbsp;&nbsp; $836972 |
| Macquarie Bank Ltd. |  |  |
| 3.052%, 5Y H15 + 1.700%, 03/03/36 (144A) (c) | 825000 | &nbsp;&nbsp; 750768 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (b) (c) | 200000 | &nbsp;&nbsp; 206121 |
| 5.188%, 1Y H15 + 0.930%, 09/12/36 (b) (c) | 485000 | &nbsp;&nbsp; 492764 |
| Mizuho Financial Group, Inc. |  |  |
| 2.869%, 3M TSFR + 1.572%, 09/13/30 (c) | 539000 | &nbsp;&nbsp; 512024 |
| 4.711%, 1Y H15 + 0.920%, 07/08/31 (c) | 830000 | &nbsp;&nbsp; 840716 |
| 5.323%, 1Y H15 + 1.070%, 07/08/36 (b) (c) | 1690000 | &nbsp;&nbsp; 1736073 |
| Morgan Stanley |  |  |
| 4.300%, 01/27/45 | 400000 | &nbsp;&nbsp; 346176 |
| 4.431%, 3M TSFR + 1.890%, 01/23/30 (c) | 1157000 | &nbsp;&nbsp; 1163410 |
| 4.457%, 3M TSFR + 1.693%, 04/22/39 (c) | 850000 | &nbsp;&nbsp; 799773 |
| 5.042%, SOFR + 1.215%, 07/19/30 (c) | 465000 | &nbsp;&nbsp; 476758 |
| 5.164%, SOFR + 1.590%, 04/20/29 (c) | 1215000 | &nbsp;&nbsp; 1242349 |
| 5.320%, SOFR + 1.555%, 07/19/35 (c) | 625000 | &nbsp;&nbsp; 643376 |
| 5.449%, SOFR + 1.630%, 07/20/29 (c) | 275000 | &nbsp;&nbsp; 283786 |
| 5.466%, SOFR + 1.730%, 01/18/35 (c) | 448000 | &nbsp;&nbsp; 465685 |
| NatWest Group PLC |  |  |
| 4.892%, 05/18/29 | 290000 | &nbsp;&nbsp; 294878 |
| 5.076%, 01/27/30 | 565000 | &nbsp;&nbsp; 577487 |
| 5.115%, 1Y H15 + 1.050%, 05/23/31 (c) | 945000 | &nbsp;&nbsp; 970045 |
| 5.778%, 1Y H15 + 1.500%, 03/01/35 (b) (c) | 555000 | &nbsp;&nbsp; 586836 |
| 5.808%, 1Y H15 + 1.950%, 09/13/29 (c) | 570000 | &nbsp;&nbsp; 593747 |
| PNC Financial Services Group, Inc. |  |  |
| 4.812%, SOFR + 1.259%, 10/21/32 (c) | 600000 | &nbsp;&nbsp; 610605 |
| 5.068%, SOFR + 1.933%, 01/24/34 (c) | 964000 | &nbsp;&nbsp; 986293 |
| 5.373%, SOFR + 1.417%, 07/21/36 (c) | 780000 | &nbsp;&nbsp; 802218 |
| Royal Bank of Canada |  |  |
| 4.650%, SOFR + 1.080%, 10/18/30 (c) | 950000 | &nbsp;&nbsp; 963245 |
| Santander Holdings USA, Inc. |  |  |
| 6.174%, SOFR + 2.500%, 01/09/30 (c) | 900000 | &nbsp;&nbsp; 938000 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.673%, SOFR + 0.989%, 06/14/27 (c) | 680000 | &nbsp;&nbsp; 672399 |
| 4.858%, SOFR + 1.554%, 09/11/30 (c) | 550000 | &nbsp;&nbsp; 556569 |
| 5.694%, SOFR + 1.524%, 04/15/31 (c) | 505000 | &nbsp;&nbsp; 526496 |
| 6.534%, SOFR + 2.600%, 01/10/29 (c) | 1300000 | &nbsp;&nbsp; 1358206 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.500%, 09/03/30 (144A) | 560000 | &nbsp;&nbsp; 562339 |
| Societe Generale SA |  |  |
| 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (c) | 720000 | &nbsp;&nbsp; 712321 |
| 2.889%, 1Y H15 + 1.300%, 06/09/32 (144A) (c) | 1670000 | &nbsp;&nbsp; 1511398 |
| 3.337%, 1Y H15 + 1.600%, 01/21/33 (144A) (c) | 1000000 | &nbsp;&nbsp; 912113 |
| 5.250%, 02/19/27 (144A) | 705000 | &nbsp;&nbsp; 713012 |
| 5.512%, SOFR + 1.650%, 05/22/31 (144A) (c) | 2404000 | &nbsp;&nbsp; 2477850 |
| Standard Chartered PLC |  |  |
| 5.005%, 1Y H15 + 1.150%, 10/15/30 (144A) (c) | 355000 | &nbsp;&nbsp; 362431 |
| 5.688%, 1Y H15 + 1.050%, 05/14/28 (144A) (b) (c) | 354000 | &nbsp;&nbsp; 361227 |
| State Street Corp. |  |  |
| 4.784%, SOFR + 1.215%, 10/23/36 (c) | 355000 | &nbsp;&nbsp; 353153 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.040%, 07/16/29 | 1020000 | &nbsp;&nbsp; 979904 |
| 5.240%, 04/15/30 | 1000000 | &nbsp;&nbsp; 1037097 |
| 5.710%, 01/13/30 | 960000 | &nbsp;&nbsp; 1011291 |

---

*See accompanying notes to financial statements.*

**BHFTI-257**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Toronto-Dominion Bank |  |  |
| 5.298%, 01/30/32 | 635000 | &nbsp;&nbsp; $663170 |
| Truist Financial Corp. |  |  |
| 4.964%, SOFR + 1.395%, 10/23/36 (c) | 805000 | &nbsp;&nbsp; 796425 |
| 5.711%, SOFR + 1.922%, 01/24/35 (c) | 480000 | &nbsp;&nbsp; 504922 |
| 7.161%, SOFR + 2.446%, 10/30/29 (c) | 814000 | &nbsp;&nbsp; 878124 |
| U.S. Bancorp |  |  |
| 5.083%, SOFR + 1.296%, 05/15/31 (b) (c) | 690000 | &nbsp;&nbsp; 711247 |
| UBS Group AG |  |  |
| 3.869%, 01/12/29 (144A) | 905000 | &nbsp;&nbsp; 899893 |
| 4.398%, SOFR + 1.060%, 09/23/31 (144A) (c) | 470000 | &nbsp;&nbsp; 467714 |
| 4.844%, SOFR + 1.290%, 11/06/33 (144A) (c) | 1115000 | &nbsp;&nbsp; 1116070 |
| 5.010%, SOFR + 1.340%, 03/23/37 (144A) (c) | 1030000 | &nbsp;&nbsp; 1020915 |
| UniCredit SpA |  |  |
| 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (c) | 345000 | &nbsp;&nbsp; 341819 |
| Wells Fargo & Co. |  |  |
| 4.897%, SOFR + 2.100%, 07/25/33 (c) | 377000 | &nbsp;&nbsp; 382864 |
| 5.198%, SOFR + 1.500%, 01/23/30 (c) | 1060000 | &nbsp;&nbsp; 1091641 |
| 5.211%, SOFR + 1.380%, 12/03/35 (b) (c) | 580000 | &nbsp;&nbsp; 592488 |
| 5.389%, SOFR + 2.020%, 04/24/34 (c) | 456000 | &nbsp;&nbsp; 474437 |
| 5.557%, SOFR + 1.990%, 07/25/34 (c) | 425000 | &nbsp;&nbsp; 445576 |
| 5.574%, SOFR + 1.740%, 07/25/29 (c) | 387000 | &nbsp;&nbsp; 400884 |
| 5.605%, SOFR + 1.740%, 04/23/36 (c) | 4552000 | &nbsp;&nbsp; 4771005 |
|  |  | &nbsp;&nbsp; 111007117 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.700%, 02/01/36 | 1103000 | &nbsp;&nbsp; 1091799 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.850%, 09/01/32 | 515000 | &nbsp;&nbsp; 434969 |
| Constellation Brands, Inc. |  |  |
| 5.250%, 11/15/48 | 180000 | &nbsp;&nbsp; 166461 |
| Molson Coors Beverage Co. |  |  |
| 4.200%, 07/15/46 | 249000 | &nbsp;&nbsp; 199906 |
|  |  | &nbsp;&nbsp; 1893135 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| 3.150%, 02/21/40 | 676000 | &nbsp;&nbsp; 532803 |
| 4.663%, 06/15/51 | 347000 | &nbsp;&nbsp; 296890 |
| 5.600%, 03/02/43 | 731000 | &nbsp;&nbsp; 735059 |
| 5.650%, 03/02/53 | 865000 | &nbsp;&nbsp; 847006 |
| Baxalta, Inc. |  |  |
| 5.250%, 06/23/45 | 27000 | &nbsp;&nbsp; 25768 |
| Biogen, Inc. |  |  |
| 5.750%, 05/15/35 | 480000 | &nbsp;&nbsp; 505218 |
|  |  | &nbsp;&nbsp; 2942744 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| CRH America Finance, Inc. |  |  |
| 3.400%, 05/09/27 (144A) | 214000 | &nbsp;&nbsp; 212311 |
| Masco Corp. |  |  |
| 6.500%, 08/15/32 | 720000 | &nbsp;&nbsp; 786707 |
|  |  | &nbsp;&nbsp; 999018 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| DuPont de Nemours, Inc. |  |  |
| 5.319%, 11/15/38 | 2025000 | &nbsp;&nbsp; $2029238 |
| EIDP, Inc. |  |  |
| 5.125%, 05/15/32 | 935000 | &nbsp;&nbsp; 959326 |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) | 725000 | &nbsp;&nbsp; 654169 |
| Nutrien Ltd. |  |  |
| 4.125%, 03/15/35 | 315000 | &nbsp;&nbsp; 290926 |
|  |  | &nbsp;&nbsp; 3933659 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| Element Fleet Management Corp. |  |  |
| 5.037%, 03/25/30 (144A) | 740000 | &nbsp;&nbsp; 756291 |
| 6.319%, 12/04/28 (144A) | 610000 | &nbsp;&nbsp; 643339 |
| ERAC USA Finance LLC |  |  |
| 7.000%, 10/15/37 (144A) | 500000 | &nbsp;&nbsp; 579072 |
| Ford Foundation |  |  |
| 2.815%, 06/01/70 | 275000 | &nbsp;&nbsp; 155034 |
| Global Payments, Inc. |  |  |
| 2.900%, 05/15/30 | 211000 | &nbsp;&nbsp; 195734 |
| 2.900%, 11/15/31 | 404000 | &nbsp;&nbsp; 362074 |
| 3.200%, 08/15/29 | 1437000 | &nbsp;&nbsp; 1370239 |
| 5.300%, 08/15/29 | 272000 | &nbsp;&nbsp; 278209 |
| 5.550%, 11/15/35 | 1355000 | &nbsp;&nbsp; 1346778 |
| Pepperdine University |  |  |
| 3.301%, 12/01/59 | 450000 | &nbsp;&nbsp; 284971 |
| Quanta Services, Inc. |  |  |
| 2.350%, 01/15/32 | 855000 | &nbsp;&nbsp; 752992 |
| 2.900%, 10/01/30 | 1110000 | &nbsp;&nbsp; 1038920 |
| 5.100%, 08/09/35 | 620000 | &nbsp;&nbsp; 621327 |
| University of Southern California |  |  |
| 3.226%, 10/01/2120 | 440000 | &nbsp;&nbsp; 253557 |
|  |  | &nbsp;&nbsp; 8638537 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Accenture Capital, Inc. |  |  |
| 4.250%, 10/04/31 | 585000 | &nbsp;&nbsp; 585459 |
| 4.500%, 10/04/34 | 400000 | &nbsp;&nbsp; 394306 |
| Apple, Inc. |  |  |
| 2.700%, 08/05/51 | 965000 | &nbsp;&nbsp; 600626 |
| CGI, Inc. |  |  |
| 2.300%, 09/14/31 | 1184000 | &nbsp;&nbsp; 1049302 |
| Leidos, Inc. |  |  |
| 2.300%, 02/15/31 | 365000 | &nbsp;&nbsp; 328406 |
|  |  | &nbsp;&nbsp; 2958099 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| WW Grainger, Inc. |  |  |
| 4.600%, 06/15/45 | 190000 | &nbsp;&nbsp; 171482 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 990000 | &nbsp;&nbsp; 976544 |
| 3.300%, 01/30/32 | 945000 | &nbsp;&nbsp; 872537 |
| 5.000%, 11/15/35 | 275000 | &nbsp;&nbsp; 271712 |
| 6.100%, 01/15/27 | 990000 | &nbsp;&nbsp; 1008717 |

---

*See accompanying notes to financial statements.*

**BHFTI-258**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |
| 5.000%, 09/15/30 (144A) | 318000 | &nbsp;&nbsp; $320941 |
| 5.250%, 03/15/30 (144A) | 530000 | &nbsp;&nbsp; 541062 |
| American Express Co. |  |  |
| 4.804%, SOFR + 1.237%, 10/24/36 (c) | 380000 | &nbsp;&nbsp; 375227 |
| 4.918%, SOFR + 1.220%, 07/20/33 (c) | 320000 | &nbsp;&nbsp; 325663 |
| 5.442%, SOFR + 1.320%, 01/30/36 (c) | 635000 | &nbsp;&nbsp; 659555 |
| Aviation Capital Group LLC |  |  |
| 5.125%, 04/10/30 (144A) | 505000 | &nbsp;&nbsp; 512746 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.125%, 02/21/26 (144A) | 445000 | &nbsp;&nbsp; 443548 |
| 2.528%, 11/18/27 (144A) | 1218000 | &nbsp;&nbsp; 1180814 |
| 3.250%, 02/15/27 (144A) | 1840000 | &nbsp;&nbsp; 1819549 |
| 4.250%, 04/15/26 (144A) | 885000 | &nbsp;&nbsp; 884787 |
| 4.375%, 05/01/26 (144A) | 540000 | &nbsp;&nbsp; 540165 |
| 4.700%, 01/30/31 (144A) | 415000 | &nbsp;&nbsp; 412329 |
| 4.950%, 01/15/28 (144A) | 543000 | &nbsp;&nbsp; 549367 |
| Brookfield Finance, Inc. |  |  |
| 4.700%, 09/20/47 (b) | 84000 | &nbsp;&nbsp; 72684 |
| 4.850%, 03/29/29 | 485000 | &nbsp;&nbsp; 492657 |
| Capital One Financial Corp. |  |  |
| 1.878%, SOFR + 0.855%, 11/02/27 (c) | 324000 | &nbsp;&nbsp; 317898 |
| 2.618%, SOFR + 1.265%, 11/02/32 (c) | 735000 | &nbsp;&nbsp; 658682 |
| 6.312%, SOFR + 2.640%, 06/08/29 (b) (c) | 570000 | &nbsp;&nbsp; 598187 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 2313000 | &nbsp;&nbsp; 2355999 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.150%, 03/17/30 (144A) (b) | 582000 | &nbsp;&nbsp; 589985 |
| 5.200%, 03/27/28 (144A) | 480000 | &nbsp;&nbsp; 487247 |
| Nasdaq, Inc. |  |  |
| 5.550%, 02/15/34 | 262000 | &nbsp;&nbsp; 275136 |
| Nomura Holdings, Inc. |  |  |
| 2.679%, 07/16/30 | 540000 | &nbsp;&nbsp; 499182 |
|  |  | &nbsp;&nbsp; 18042920 |
| **Electric — 3.3%** | **Electric — 3.3%** | **Electric — 3.3%** |
| AEP Transmission Co. LLC |  |  |
| 3.150%, 09/15/49 | 225000 | &nbsp;&nbsp; 152101 |
| AES Corp. |  |  |
| 5.800%, 03/15/32 | 725000 | &nbsp;&nbsp; 743479 |
| Baltimore Gas & Electric Co. |  |  |
| 5.200%, 06/15/33 | 1510000 | &nbsp;&nbsp; 1532621 |
| Berkshire Hathaway Energy Co. |  |  |
| 6.125%, 04/01/36 | 325000 | &nbsp;&nbsp; 352461 |
| Cleveland Electric Illuminating Co. |  |  |
| 4.550%, 11/15/30 (144A) | 250000 | &nbsp;&nbsp; 248650 |
| Constellation Energy Generation LLC |  |  |
| 5.750%, 10/01/41 | 1260000 | &nbsp;&nbsp; 1284336 |
| 5.800%, 03/01/33 | 174000 | &nbsp;&nbsp; 185688 |
| 6.250%, 10/01/39 | 160000 | &nbsp;&nbsp; 173353 |
| Consumers Energy Co. |  |  |
| 4.350%, 08/31/64 | 191000 | &nbsp;&nbsp; 148316 |
| Delmarva Power & Light Co. |  |  |
| 4.150%, 05/15/45 | 500000 | &nbsp;&nbsp; 421227 |
| Dominion Energy, Inc. |  |  |
| 2.850%, 08/15/26 (b) | 183000 | &nbsp;&nbsp; 181619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| DTE Electric Co. |  |  |
| 5.700%, 10/01/37 | 300000 | &nbsp;&nbsp; $313934 |
| DTE Electric Securitization Funding II LLC |  |  |
| 6.090%, 09/01/38 | 600000 | &nbsp;&nbsp; 648220 |
| Duke Energy Corp. |  |  |
| 5.700%, 09/15/55 | 440000 | &nbsp;&nbsp; 427528 |
| 6.100%, 09/15/53 (b) | 660000 | &nbsp;&nbsp; 683648 |
| Duke Energy Indiana LLC |  |  |
| 3.750%, 05/15/46 | 350000 | &nbsp;&nbsp; 272662 |
| Duke Energy Progress LLC |  |  |
| 2.900%, 08/15/51 | 470000 | &nbsp;&nbsp; 295762 |
| 4.100%, 03/15/43 | 200000 | &nbsp;&nbsp; 168568 |
| 4.375%, 03/30/44 | 247000 | &nbsp;&nbsp; 211326 |
| 5.700%, 04/01/35 | 360000 | &nbsp;&nbsp; 377664 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.532%, 10/01/30 (144A) | 450000 | &nbsp;&nbsp; 408799 |
| 2.775%, 01/07/32 (144A) | 280000 | &nbsp;&nbsp; 248822 |
| 3.616%, 08/01/27 (144A) | 1050000 | &nbsp;&nbsp; 1035413 |
| Electricite de France SA |  |  |
| 5.950%, 04/22/34 (144A) (b) | 580000 | &nbsp;&nbsp; 616459 |
| Emera U.S. Finance LP |  |  |
| 4.750%, 06/15/46 | 500000 | &nbsp;&nbsp; 426757 |
| Enel Finance International NV |  |  |
| 3.500%, 04/06/28 (144A) | 465000 | &nbsp;&nbsp; 458801 |
| 5.000%, 09/30/35 (144A) | 530000 | &nbsp;&nbsp; 526441 |
| Entergy Arkansas LLC |  |  |
| 2.650%, 06/15/51 | 285000 | &nbsp;&nbsp; 169397 |
| Entergy Corp. |  |  |
| 2.950%, 09/01/26 | 194000 | &nbsp;&nbsp; 192555 |
| Entergy Louisiana LLC |  |  |
| 2.900%, 03/15/51 | 390000 | &nbsp;&nbsp; 244188 |
| 3.050%, 06/01/31 | 195000 | &nbsp;&nbsp; 182816 |
| 5.800%, 03/15/55 | 525000 | &nbsp;&nbsp; 527603 |
| Entergy Mississippi LLC |  |  |
| 5.850%, 06/01/54 | 320000 | &nbsp;&nbsp; 322443 |
| Fells Point Funding Trust |  |  |
| 3.046%, 01/31/27 (144A) | 1895000 | &nbsp;&nbsp; 1872102 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.250%, 03/15/28 (144A) | 113000 | &nbsp;&nbsp; 110720 |
| Florida Power & Light Co. |  |  |
| 5.625%, 04/01/34 | 1250000 | &nbsp;&nbsp; 1328815 |
| Fortis, Inc. |  |  |
| 3.055%, 10/04/26 | 636000 | &nbsp;&nbsp; 630745 |
| ITC Holdings Corp. |  |  |
| 2.950%, 05/14/30 (144A) | 330000 | &nbsp;&nbsp; 311484 |
| 5.300%, 07/01/43 | 360000 | &nbsp;&nbsp; 346556 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 (b) | 220000 | &nbsp;&nbsp; 222471 |
| 6.150%, 06/01/37 | 200000 | &nbsp;&nbsp; 216311 |
| Massachusetts Electric Co. |  |  |
| 4.004%, 08/15/46 (144A) | 402000 | &nbsp;&nbsp; 317093 |
| Nevada Power Co. |  |  |
| 5.375%, 09/15/40 | 223000 | &nbsp;&nbsp; 222999 |
| 6.650%, 04/01/36 | 360000 | &nbsp;&nbsp; 404695 |
| New England Power Co. |  |  |
| 3.800%, 12/05/47 (144A) | 280000 | &nbsp;&nbsp; 214439 |

---

*See accompanying notes to financial statements.*

**BHFTI-259**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| New York State Electric & Gas Corp. |  |  |
| 3.250%, 12/01/26 (144A) | 434000 | &nbsp;&nbsp; $430822 |
| Niagara Mohawk Power Corp. |  |  |
| 1.960%, 06/27/30 (144A) | 700000 | &nbsp;&nbsp; 632890 |
| Northern States Power Co. |  |  |
| 6.500%, 03/01/28 | 628000 | &nbsp;&nbsp; 657070 |
| NRG Energy, Inc. |  |  |
| 2.450%, 12/02/27 (144A) | 625000 | &nbsp;&nbsp; 603981 |
| Ohio Power Co. |  |  |
| 2.900%, 10/01/51 | 635000 | &nbsp;&nbsp; 391355 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.100%, 09/15/49 | 670000 | &nbsp;&nbsp; 444544 |
| Pacific Gas & Electric Co. |  |  |
| 3.750%, 08/15/42 | 245000 | &nbsp;&nbsp; 185377 |
| 4.300%, 03/15/45 | 420000 | &nbsp;&nbsp; 333158 |
| 5.800%, 05/15/34 | 1168000 | &nbsp;&nbsp; 1213047 |
| 5.900%, 10/01/54 | 55000 | &nbsp;&nbsp; 52712 |
| 6.000%, 08/15/35 | 1665000 | &nbsp;&nbsp; 1747080 |
| 6.400%, 06/15/33 | 755000 | &nbsp;&nbsp; 814189 |
| 6.750%, 01/15/53 | 40000 | &nbsp;&nbsp; 42541 |
| PG&E Recovery Funding LLC |  |  |
| 5.231%, 06/01/42 | 495000 | &nbsp;&nbsp; 500506 |
| 5.529%, 06/01/51 | 590000 | &nbsp;&nbsp; 589178 |
| 5.536%, 07/15/49 | 630000 | &nbsp;&nbsp; 631743 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.263%, 06/01/38 | 465000 | &nbsp;&nbsp; 452163 |
| 5.099%, 06/01/54 | 675000 | &nbsp;&nbsp; 628896 |
| 5.212%, 12/01/49 | 360000 | &nbsp;&nbsp; 347303 |
| Progress Energy, Inc. |  |  |
| 7.000%, 10/30/31 | 200000 | &nbsp;&nbsp; 224448 |
| Public Service Co. of Oklahoma |  |  |
| 6.625%, 11/15/37 | 600000 | &nbsp;&nbsp; 657581 |
| Puget Energy, Inc. |  |  |
| 2.379%, 06/15/28 | 853000 | &nbsp;&nbsp; 816229 |
| 5.725%, 03/15/35 | 275000 | &nbsp;&nbsp; 282193 |
| San Diego Gas & Electric Co. |  |  |
| 2.950%, 08/15/51 | 635000 | &nbsp;&nbsp; 403142 |
| SCE Recovery Funding LLC |  |  |
| 4.697%, 06/15/42 | 571591 | &nbsp;&nbsp; 568439 |
| 5.341%, 03/15/47 | 450000 | &nbsp;&nbsp; 449571 |
| Sigeco Securitization I LLC |  |  |
| 5.026%, 11/15/38 | 530347 | &nbsp;&nbsp; 543522 |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 500000 | &nbsp;&nbsp; 494231 |
| 5.550%, 01/15/36 | 500000 | &nbsp;&nbsp; 501409 |
| 5.875%, 12/01/53 | 713000 | &nbsp;&nbsp; 682693 |
| 5.900%, 03/01/55 | 185000 | &nbsp;&nbsp; 178603 |
| Southern Co. |  |  |
| 5.200%, 06/15/33 | 712000 | &nbsp;&nbsp; 731529 |
| Southern Power Co. |  |  |
| 5.150%, 09/15/41 | 400000 | &nbsp;&nbsp; 385141 |
| Southwestern Public Service Co. |  |  |
| 4.500%, 08/15/41 | 250000 | &nbsp;&nbsp; 222699 |
| Tampa Electric Co. |  |  |
| 4.450%, 06/15/49 | 500000 | &nbsp;&nbsp; 417556 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Toledo Edison Co. |  |  |
| 6.150%, 05/15/37 (b) | 400000 | &nbsp;&nbsp; $435211 |
| Virginia Electric & Power Co. |  |  |
| 4.450%, 02/15/44 | 126000 | &nbsp;&nbsp; 108900 |
| 6.000%, 05/15/37 (b) | 685000 | &nbsp;&nbsp; 736150 |
| Vistra Operations Co. LLC |  |  |
| 5.700%, 12/30/34 (144A) | 230000 | &nbsp;&nbsp; 237397 |
| 6.000%, 04/15/34 (144A) | 90000 | &nbsp;&nbsp; 94710 |
|  |  | &nbsp;&nbsp; 40251996 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Amphenol Corp. |  |  |
| 5.300%, 11/15/55 | 670000 | &nbsp;&nbsp; 640061 |
| Honeywell International, Inc. |  |  |
| 5.250%, 03/01/54 | 690000 | &nbsp;&nbsp; 652116 |
|  |  | &nbsp;&nbsp; 1292177 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.375%, 01/09/36 (144A) | 200000 | &nbsp;&nbsp; 205042 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 3.750%, 12/01/31 | 760000 | &nbsp;&nbsp; 721706 |
| 6.750%, 03/15/34 | 845000 | &nbsp;&nbsp; 933556 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 810000 | &nbsp;&nbsp; 823088 |
| 6.375%, 04/15/66 (144A) | 905000 | &nbsp;&nbsp; 901087 |
| JBS USA Lux SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 135000 | &nbsp;&nbsp; 141951 |
| Kroger Co. |  |  |
| 5.000%, 09/15/34 | 270000 | &nbsp;&nbsp; 271491 |
| 8.000%, 09/15/29 | 610000 | &nbsp;&nbsp; 682860 |
| Mars, Inc. |  |  |
| 5.650%, 05/01/45 (144A) | 1055000 | &nbsp;&nbsp; 1063456 |
| Tyson Foods, Inc. |  |  |
| 5.700%, 03/15/34 | 285000 | &nbsp;&nbsp; 300473 |
|  |  | &nbsp;&nbsp; 6044710 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| Atmos Energy Corp. |  |  |
| 4.150%, 01/15/43 | 460000 | &nbsp;&nbsp; 390753 |
| Brooklyn Union Gas Co. |  |  |
| 4.273%, 03/15/48 (144A) | 500000 | &nbsp;&nbsp; 398666 |
| KeySpan Gas East Corp. |  |  |
| 2.742%, 08/15/26 (144A) | 345000 | &nbsp;&nbsp; 341426 |
| NiSource, Inc. |  |  |
| 1.700%, 02/15/31 | 570000 | &nbsp;&nbsp; 500180 |
| Southern California Gas Co. |  |  |
| 2.550%, 02/01/30 | 829000 | &nbsp;&nbsp; 781299 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.950%, 10/01/46 | 212000 | &nbsp;&nbsp; 165868 |
| 4.400%, 06/01/43 | 375000 | &nbsp;&nbsp; 321014 |
| 6.000%, 10/01/34 | 1000000 | &nbsp;&nbsp; 1061425 |

---

*See accompanying notes to financial statements.*

**BHFTI-260**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas—(Continued)** | **Gas—(Continued)** | **Gas—(Continued)** |
| Southwest Gas Corp. |  |  |
| 3.800%, 09/29/46 | 332000 | &nbsp;&nbsp; $251386 |
|  |  | &nbsp;&nbsp; 4212017 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Solventum Corp. |  |  |
| 5.600%, 03/23/34 | 821000 | &nbsp;&nbsp; 854244 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| Aetna, Inc. |  |  |
| 6.625%, 06/15/36 | 297000 | &nbsp;&nbsp; 326750 |
| Children's Hospital |  |  |
| 2.928%, 07/15/50 | 540000 | &nbsp;&nbsp; 346766 |
| Children's Hospital Corp. |  |  |
| 2.585%, 02/01/50 | 430000 | &nbsp;&nbsp; 261328 |
| Cigna Group |  |  |
| 4.800%, 07/15/46 | 156000 | &nbsp;&nbsp; 138701 |
| 5.250%, 01/15/36 | 1155000 | &nbsp;&nbsp; 1175797 |
| CommonSpirit Health |  |  |
| 2.782%, 10/01/30 | 430000 | &nbsp;&nbsp; 400163 |
| 3.910%, 10/01/50 | 425000 | &nbsp;&nbsp; 317418 |
| Cottage Health Obligated Group |  |  |
| 3.304%, 11/01/49 | 500000 | &nbsp;&nbsp; 352785 |
| Elevance Health, Inc. |  |  |
| 4.650%, 08/15/44 (b) | 324000 | &nbsp;&nbsp; 285556 |
| Hackensack Meridian Health, Inc. |  |  |
| 2.675%, 09/01/41 | 1180000 | &nbsp;&nbsp; 855633 |
| 2.875%, 09/01/50 | 700000 | &nbsp;&nbsp; 451227 |
| Hartford HealthCare Corp. |  |  |
| 3.447%, 07/01/54 | 1100000 | &nbsp;&nbsp; 780913 |
| HCA, Inc. |  |  |
| 3.500%, 07/15/51 | 397000 | &nbsp;&nbsp; 269088 |
| 3.625%, 03/15/32 | 242000 | &nbsp;&nbsp; 228576 |
| 4.900%, 11/15/35 (b) | 160000 | &nbsp;&nbsp; 157812 |
| 5.125%, 06/15/39 | 565000 | &nbsp;&nbsp; 545626 |
| 5.450%, 09/15/34 | 515000 | &nbsp;&nbsp; 529958 |
| 5.500%, 06/15/47 | 445000 | &nbsp;&nbsp; 420529 |
| 5.750%, 03/01/35 | 578000 | &nbsp;&nbsp; 606674 |
| 5.950%, 09/15/54 (b) | 300000 | &nbsp;&nbsp; 296369 |
| 6.100%, 04/01/64 (b) | 640000 | &nbsp;&nbsp; 633988 |
| Memorial Health Services |  |  |
| 3.447%, 11/01/49 | 995000 | &nbsp;&nbsp; 706510 |
| MyMichigan Health |  |  |
| 3.409%, 06/01/50 | 245000 | &nbsp;&nbsp; 169894 |
| Nationwide Children's Hospital, Inc. |  |  |
| 4.556%, 11/01/52 (b) | 181000 | &nbsp;&nbsp; 155859 |
| NYU Langone Hospitals |  |  |
| 3.380%, 07/01/55 | 410000 | &nbsp;&nbsp; 280452 |
| Piedmont Healthcare, Inc. |  |  |
| 2.864%, 01/01/52 | 620000 | &nbsp;&nbsp; 392218 |
| Texas Health Resources |  |  |
| 2.328%, 11/15/50 | 340000 | &nbsp;&nbsp; 194572 |
| 4.330%, 11/15/55 | 250000 | &nbsp;&nbsp; 205344 |
| UnitedHealth Group, Inc. |  |  |
| 3.250%, 05/15/51 | 900000 | &nbsp;&nbsp; 607441 |
| 5.875%, 02/15/53 | 405000 | &nbsp;&nbsp; 408380 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Yale-New Haven Health Services Corp. |  |  |
| 2.496%, 07/01/50 | 580000 | &nbsp;&nbsp; $338818 |
|  |  | &nbsp;&nbsp; 12841145 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| AIG SunAmerica Global Financing X |  |  |
| 6.900%, 03/15/32 (144A) | 500000 | &nbsp;&nbsp; 554361 |
| Aon North America, Inc. |  |  |
| 5.450%, 03/01/34 | 1000000 | &nbsp;&nbsp; 1039216 |
| Berkshire Hathaway Finance Corp. |  |  |
| 3.850%, 03/15/52 (b) | 620000 | &nbsp;&nbsp; 477092 |
| Corebridge Financial, Inc. |  |  |
| 3.850%, 04/05/29 | 390000 | &nbsp;&nbsp; 383656 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 330000 | &nbsp;&nbsp; 343787 |
| Guardian Life Insurance Co. of America |  |  |
| 4.850%, 01/24/77 (144A) | 156000 | &nbsp;&nbsp; 127862 |
| Hartford Insurance Group, Inc. |  |  |
| 4.300%, 04/15/43 | 400000 | &nbsp;&nbsp; 343787 |
| New York Life Insurance Co. |  |  |
| 4.450%, 05/15/69 (144A) | 625000 | &nbsp;&nbsp; 486876 |
| Pacific Life Insurance Co. |  |  |
| 4.300%, 10/24/67 (144A) | 200000 | &nbsp;&nbsp; 160595 |
|  |  | &nbsp;&nbsp; 3917232 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Meta Platforms, Inc. |  |  |
| 4.875%, 11/15/35 (b) | 980000 | &nbsp;&nbsp; 978687 |
| 5.400%, 08/15/54 | 365000 | &nbsp;&nbsp; 339565 |
| 5.500%, 11/15/45 | 980000 | &nbsp;&nbsp; 951598 |
| 5.600%, 05/15/53 | 835000 | &nbsp;&nbsp; 799229 |
| 5.625%, 11/15/55 (b) | 175000 | &nbsp;&nbsp; 167960 |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/34 | 370000 | &nbsp;&nbsp; 369893 |
|  |  | &nbsp;&nbsp; 3606932 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Steel Dynamics, Inc. |  |  |
| 1.650%, 10/15/27 | 630000 | &nbsp;&nbsp; 605108 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.700%, 04/01/51 | 840000 | &nbsp;&nbsp; 528723 |
| 4.800%, 03/01/50 (b) | 935000 | &nbsp;&nbsp; 702372 |
| 6.834%, 10/23/55 | 400000 | &nbsp;&nbsp; 383940 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 1131000 | &nbsp;&nbsp; 661401 |
| 2.937%, 11/01/56 | 663000 | &nbsp;&nbsp; 372523 |
| 2.987%, 11/01/63 | 42000 | &nbsp;&nbsp; 22718 |
| 3.900%, 03/01/38 | 591000 | &nbsp;&nbsp; 514789 |
| 4.200%, 08/15/34 | 556000 | &nbsp;&nbsp; 531272 |
| 5.168%, 01/15/37 (144A) | 412000 | &nbsp;&nbsp; 406219 |
| Cox Communications, Inc. |  |  |
| 2.950%, 10/01/50 (144A) | 630000 | &nbsp;&nbsp; 350543 |

---

*See accompanying notes to financial statements.*

**BHFTI-261**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 1000000 | &nbsp;&nbsp; $877654 |
|  |  | &nbsp;&nbsp; 5352154 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Anglo American Capital PLC |  |  |
| 5.750%, 04/05/34 (144A) (b) | 1020000 | &nbsp;&nbsp; 1069884 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.440%, 01/26/36 (144A) | 528000 | &nbsp;&nbsp; 572550 |
| Glencore Funding LLC |  |  |
| 5.634%, 04/04/34 (144A) (b) | 610000 | &nbsp;&nbsp; 637323 |
|  |  | &nbsp;&nbsp; 2279757 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Parker-Hannifin Corp. |  |  |
| 4.450%, 11/21/44 | 333000 | &nbsp;&nbsp; 292337 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Aker BP ASA |  |  |
| 5.800%, 10/01/54 (144A) | 185000 | &nbsp;&nbsp; 168201 |
| BP Capital Markets America, Inc. |  |  |
| 2.939%, 06/04/51 | 1260000 | &nbsp;&nbsp; 801707 |
| ConocoPhillips Co. |  |  |
| 5.500%, 01/15/55 (b) | 545000 | &nbsp;&nbsp; 521320 |
| Coterra Energy, Inc. |  |  |
| 3.900%, 05/15/27 | 710000 | &nbsp;&nbsp; 707318 |
| 5.400%, 02/15/35 | 590000 | &nbsp;&nbsp; 598846 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 (b) | 194000 | &nbsp;&nbsp; 178266 |
| EQT Corp. |  |  |
| 3.900%, 10/01/27 | 150000 | &nbsp;&nbsp; 149317 |
| Exxon Mobil Corp. |  |  |
| 2.995%, 08/16/39 | 690000 | &nbsp;&nbsp; 552168 |
| Jonah Energy LLC |  |  |
| 7.800%, 11/10/37 | 1289660 | &nbsp;&nbsp; 1309134 |
| Pioneer Natural Resources Co. |  |  |
| 2.150%, 01/15/31 | 385000 | &nbsp;&nbsp; 349172 |
| Suncor Energy, Inc. |  |  |
| 5.950%, 12/01/34 | 668000 | &nbsp;&nbsp; 706693 |
| 7.875%, 06/15/26 | 544000 | &nbsp;&nbsp; 552580 |
| TotalEnergies Capital International SA |  |  |
| 2.986%, 06/29/41 | 900000 | &nbsp;&nbsp; 680819 |
| 3.127%, 05/29/50 | 870000 | &nbsp;&nbsp; 579895 |
| 3.461%, 07/12/49 | 660000 | &nbsp;&nbsp; 471270 |
|  |  | &nbsp;&nbsp; 8326706 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Halliburton Co. |  |  |
| 4.750%, 08/01/43 | 215000 | &nbsp;&nbsp; 189367 |
| 4.850%, 11/15/35 (b) | 270000 | &nbsp;&nbsp; 266399 |
|  |  | &nbsp;&nbsp; 455766 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Graphic Packaging International LLC |  |  |
| 1.512%, 04/15/26 (144A) | 894000 | &nbsp;&nbsp; 885843 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| AbbVie, Inc. |  |  |
| 4.400%, 11/06/42 | 600000 | &nbsp;&nbsp; $533701 |
| 4.450%, 05/14/46 | 220000 | &nbsp;&nbsp; 191220 |
| AstraZeneca PLC |  |  |
| 6.450%, 09/15/37 | 350000 | &nbsp;&nbsp; 398929 |
| Bristol-Myers Squibb Co. |  |  |
| 3.700%, 03/15/52 | 380000 | &nbsp;&nbsp; 279206 |
| 4.125%, 06/15/39 | 527000 | &nbsp;&nbsp; 478412 |
| 4.550%, 02/20/48 | 427000 | &nbsp;&nbsp; 369410 |
| 5.550%, 02/22/54 | 61000 | &nbsp;&nbsp; 59906 |
| Cencora, Inc. |  |  |
| 5.150%, 02/15/35 | 1110000 | &nbsp;&nbsp; 1134481 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (b) | 179000 | &nbsp;&nbsp; 179593 |
| CVS Pass-Through Trust |  |  |
| 4.704%, 01/10/36 (144A) | 527014 | &nbsp;&nbsp; 489171 |
| 5.773%, 01/10/33 (144A) | 458628 | &nbsp;&nbsp; 467596 |
| 8.353%, 07/10/31 (144A) | 86672 | &nbsp;&nbsp; 94375 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.025%, 07/09/40 (b) | 273000 | &nbsp;&nbsp; 208967 |
| 3.175%, 07/09/50 | 927000 | &nbsp;&nbsp; 618224 |
| 5.650%, 07/05/44 | 228000 | &nbsp;&nbsp; 229464 |
|  |  | &nbsp;&nbsp; 5732655 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| Cameron LNG LLC |  |  |
| 3.701%, 01/15/39 (144A) | 769000 | &nbsp;&nbsp; 655311 |
| Cheniere Energy Partners LP |  |  |
| 5.550%, 10/30/35 (144A) | 300000 | &nbsp;&nbsp; 306713 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.097%, 10/01/31 (144A) | 252000 | &nbsp;&nbsp; 256253 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.439%, 02/15/35 (144A) | 1600000 | &nbsp;&nbsp; 1633132 |
| 5.962%, 02/15/55 (144A) | 1085000 | &nbsp;&nbsp; 1068809 |
| Eastern Energy Gas Holdings LLC |  |  |
| 6.200%, 01/15/55 | 325000 | &nbsp;&nbsp; 335866 |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 | 705000 | &nbsp;&nbsp; 735966 |
| 5.700%, 03/08/33 | 680000 | &nbsp;&nbsp; 716236 |
| Energy Transfer LP |  |  |
| 4.150%, 09/15/29 | 308000 | &nbsp;&nbsp; 305885 |
| 4.950%, 01/15/43 | 394000 | &nbsp;&nbsp; 345373 |
| 5.300%, 04/01/44 | 200000 | &nbsp;&nbsp; 181400 |
| 6.000%, 06/15/48 | 270000 | &nbsp;&nbsp; 261840 |
| 6.100%, 02/15/42 | 500000 | &nbsp;&nbsp; 500157 |
| Enterprise Products Operating LLC |  |  |
| 4.950%, 10/15/54 | 179000 | &nbsp;&nbsp; 158716 |
| 5.100%, 02/15/45 | 200000 | &nbsp;&nbsp; 187531 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.940%, 09/30/40 (144A) | 693104 | &nbsp;&nbsp; 589588 |
| Kinder Morgan, Inc. |  |  |
| 5.050%, 02/15/46 | 250000 | &nbsp;&nbsp; 224771 |
| MPLX LP |  |  |
| 5.400%, 04/01/35 | 495000 | &nbsp;&nbsp; 498162 |
| 5.500%, 06/01/34 | 560000 | &nbsp;&nbsp; 571307 |

---

*See accompanying notes to financial statements.*

**BHFTI-262**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| ONEOK, Inc. |  |  |
| 4.750%, 10/15/31 | 680000 | &nbsp;&nbsp; $683613 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.911%, 09/01/27 | 195000 | &nbsp;&nbsp; 196784 |
| 5.026%, 10/01/29 | 225000 | &nbsp;&nbsp; 228236 |
| Western Midstream Operating LP |  |  |
| 5.250%, 02/01/50 | 325000 | &nbsp;&nbsp; 278216 |
| Williams Cos., Inc. |  |  |
| 5.600%, 03/15/35 | 455000 | &nbsp;&nbsp; 473191 |
| 6.000%, 03/15/55 | 120000 | &nbsp;&nbsp; 121980 |
|  |  | &nbsp;&nbsp; 11515036 |
| **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.000%, 05/18/32 | 710000 | &nbsp;&nbsp; 600315 |
| 4.000%, 02/01/50 | 566000 | &nbsp;&nbsp; 422152 |
| American Tower Corp. |  |  |
| 1.875%, 10/15/30 | 845000 | &nbsp;&nbsp; 754796 |
| 2.100%, 06/15/30 | 470000 | &nbsp;&nbsp; 426544 |
| 2.950%, 01/15/51 (b) | 255000 | &nbsp;&nbsp; 162218 |
| 3.100%, 06/15/50 (b) | 390000 | &nbsp;&nbsp; 256199 |
| 3.375%, 10/15/26 | 287000 | &nbsp;&nbsp; 285470 |
| 3.700%, 10/15/49 | 665000 | &nbsp;&nbsp; 493756 |
| Brixmor Operating Partnership LP |  |  |
| 2.250%, 04/01/28 | 600000 | &nbsp;&nbsp; 576091 |
| 2.500%, 08/16/31 (b) | 325000 | &nbsp;&nbsp; 292122 |
| COPT Defense Properties LP |  |  |
| 2.750%, 04/15/31 | 1153000 | &nbsp;&nbsp; 1051694 |
| DOC Dr. LLC |  |  |
| 2.625%, 11/01/31 | 405000 | &nbsp;&nbsp; 364122 |
| Essex Portfolio LP |  |  |
| 2.650%, 03/15/32 | 565000 | &nbsp;&nbsp; 503710 |
| Goodman U.S. Finance Six LLC |  |  |
| 5.125%, 10/07/34 (144A) (b) | 270000 | &nbsp;&nbsp; 271093 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 387000 | &nbsp;&nbsp; 383003 |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 600000 | &nbsp;&nbsp; 583175 |
| UDR, Inc. |  |  |
| 2.100%, 08/01/32 | 470000 | &nbsp;&nbsp; 401561 |
| 3.000%, 08/15/31 | 95000 | &nbsp;&nbsp; 87952 |
| 3.200%, 01/15/30 | 625000 | &nbsp;&nbsp; 600510 |
| Welltower OP LLC |  |  |
| 6.500%, 03/15/41 | 225000 | &nbsp;&nbsp; 250659 |
| WP Carey, Inc. |  |  |
| 2.250%, 04/01/33 | 845000 | &nbsp;&nbsp; 712510 |
|  |  | &nbsp;&nbsp; 9479652 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| 1.650%, 01/15/31 | 530000 | &nbsp;&nbsp; 464375 |
| Home Depot, Inc. |  |  |
| 3.625%, 04/15/52 | 705000 | &nbsp;&nbsp; 514550 |
| McDonald's Corp. |  |  |
| 4.450%, 03/01/47 | 180000 | &nbsp;&nbsp; 153967 |
| 4.700%, 12/09/35 | 84000 | &nbsp;&nbsp; 83380 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| McDonald's Corp. |  |  |
| 6.300%, 10/15/37 | 152000 | &nbsp;&nbsp; $168955 |
|  |  | &nbsp;&nbsp; 1385227 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| Nationwide Building Society |  |  |
| 5.537%, SOFR + 1.650%, 07/14/36 (144A) (b) (c) | 1755000 | &nbsp;&nbsp; 1812478 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Analog Devices, Inc. |  |  |
| 2.800%, 10/01/41 | 722000 | &nbsp;&nbsp; 532525 |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 1685000 | &nbsp;&nbsp; 1451098 |
| 3.187%, 11/15/36 (144A) | 465000 | &nbsp;&nbsp; 394363 |
| 4.800%, 02/15/36 | 177000 | &nbsp;&nbsp; 174654 |
| 5.050%, 07/12/29 | 1400000 | &nbsp;&nbsp; 1441408 |
| Intel Corp. |  |  |
| 3.050%, 08/12/51 (b) | 205000 | &nbsp;&nbsp; 126061 |
| 3.250%, 11/15/49 | 205000 | &nbsp;&nbsp; 130963 |
| 3.734%, 12/08/47 | 255000 | &nbsp;&nbsp; 181456 |
| 5.700%, 02/10/53 | 200000 | &nbsp;&nbsp; 186191 |
| KLA Corp. |  |  |
| 3.300%, 03/01/50 (b) | 610000 | &nbsp;&nbsp; 423463 |
| Marvell Technology, Inc. |  |  |
| 2.950%, 04/15/31 | 1085000 | &nbsp;&nbsp; 1004909 |
| 5.450%, 07/15/35 | 1367000 | &nbsp;&nbsp; 1408440 |
|  |  | &nbsp;&nbsp; 7455531 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Cadence Design Systems, Inc. |  |  |
| 4.700%, 09/10/34 (b) | 953000 | &nbsp;&nbsp; 952663 |
| Fiserv, Inc. |  |  |
| 4.400%, 07/01/49 | 295000 | &nbsp;&nbsp; 231461 |
| 5.150%, 08/12/34 | 340000 | &nbsp;&nbsp; 337371 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/50 | 810000 | &nbsp;&nbsp; 504558 |
| 3.800%, 11/15/37 | 900000 | &nbsp;&nbsp; 726608 |
| 3.850%, 07/15/36 | 124000 | &nbsp;&nbsp; 103563 |
| 3.900%, 05/15/35 | 106000 | &nbsp;&nbsp; 91353 |
| 4.300%, 07/08/34 | 103000 | &nbsp;&nbsp; 93140 |
| 4.800%, 09/26/32 | 565000 | &nbsp;&nbsp; 545463 |
| 4.900%, 02/06/33 | 820000 | &nbsp;&nbsp; 789163 |
| 5.875%, 09/26/45 (b) | 430000 | &nbsp;&nbsp; 388343 |
| Roper Technologies, Inc. |  |  |
| 4.750%, 02/15/32 | 380000 | &nbsp;&nbsp; 384129 |
| Synopsys, Inc. |  |  |
| 5.700%, 04/01/55 (b) | 645000 | &nbsp;&nbsp; 639833 |
|  |  | &nbsp;&nbsp; 5787648 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| AT&T, Inc. |  |  |
| 3.550%, 09/15/55 | 396000 | &nbsp;&nbsp; 263594 |
| 3.650%, 06/01/51 (b) | 2795000 | &nbsp;&nbsp; 1964073 |
| NTT Finance Corp. |  |  |
| 5.171%, 07/16/32 (144A) | 850000 | &nbsp;&nbsp; 872129 |

---

*See accompanying notes to financial statements.*

**BHFTI-263**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| T-Mobile USA, Inc. |  |  |
| 3.600%, 11/15/60 (b) | 385000 | &nbsp;&nbsp; $255779 |
| Vodafone Group PLC |  |  |
| 5.625%, 02/10/53 | 275000 | &nbsp;&nbsp; 263284 |
| 6.150%, 02/27/37 | 178000 | &nbsp;&nbsp; 193392 |
|  |  | &nbsp;&nbsp; 3812251 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Canadian Pacific Railway Co. |  |  |
| 4.700%, 05/01/48 | 597000 | &nbsp;&nbsp; 525459 |
| CSX Corp. |  |  |
| 4.750%, 11/15/48 | 404000 | &nbsp;&nbsp; 359166 |
| 6.000%, 10/01/36 | 300000 | &nbsp;&nbsp; 325494 |
| Norfolk Southern Corp. |  |  |
| 3.942%, 11/01/47 | 219000 | &nbsp;&nbsp; 172736 |
| Union Pacific Corp. |  |  |
| 4.100%, 09/15/67 | 200000 | &nbsp;&nbsp; 148088 |
|  |  | &nbsp;&nbsp; 1530943 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| Avolon Holdings Funding Ltd. |  |  |
| 4.900%, 10/10/30 (144A) | 240000 | &nbsp;&nbsp; 241273 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.800%, 05/01/30 (b) | 750000 | &nbsp;&nbsp; 710946 |
| Total Corporate Bonds & Notes <br>(Cost $323,423,775) <br>|  | &nbsp;&nbsp; 307865874 |
| **Asset-Backed Securities—10.9%** | **Asset-Backed Securities—10.9%** | **Asset-Backed Securities—10.9%** |
| **Asset-Backed - Automobile — 4.0%** | **Asset-Backed - Automobile — 4.0%** | **Asset-Backed - Automobile — 4.0%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 5.360%, 06/20/30 (144A) | 1608000 | &nbsp;&nbsp; 1657974 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| 5.650%, 04/16/29 | 1441000 | &nbsp;&nbsp; 1455338 |
| Carvana Auto Receivables Trust |  |  |
| 5.920%, 07/10/29 (144A) | 1805000 | &nbsp;&nbsp; 1814111 |
| 6.160%, 09/10/29 (144A) | 1430000 | &nbsp;&nbsp; 1479374 |
| Credit Acceptance Auto Loan Trust |  |  |
| 4.870%, 01/15/36 (144A) | 1415000 | &nbsp;&nbsp; 1427402 |
| 5.390%, 01/16/35 (144A) | 2720000 | &nbsp;&nbsp; 2749089 |
| 6.130%, 12/15/33 (144A) | 2370000 | &nbsp;&nbsp; 2386535 |
| 6.390%, 08/15/33 (144A) | 934487 | &nbsp;&nbsp; 939144 |
| 6.710%, 07/17/34 (144A) | 2370000 | &nbsp;&nbsp; 2426328 |
| 8.450%, 02/15/33 (144A) | 1210940 | &nbsp;&nbsp; 1215440 |
| DT Auto Owner Trust |  |  |
| 5.790%, 02/15/29 (144A) | 1650902 | &nbsp;&nbsp; 1657532 |
| Exeter Automobile Receivables Trust |  |  |
| 5.160%, 03/15/32 | 900000 | &nbsp;&nbsp; 906068 |
| 5.920%, 02/15/30 | 2540000 | &nbsp;&nbsp; 2591002 |
| 5.980%, 12/15/28 | 2206286 | &nbsp;&nbsp; 2223301 |
| 6.210%, 06/15/28 | 865752 | &nbsp;&nbsp; 869633 |
| FHF Issuer Trust |  |  |
| 5.690%, 02/15/30 (144A) | 1358309 | &nbsp;&nbsp; 1366612 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** |
| Flagship Credit Auto Trust |  |  |
| 1.960%, 12/15/27 (144A) | 1360957 | &nbsp;&nbsp; $1351263 |
| 2.180%, 02/16/27 (144A) | 78683 | &nbsp;&nbsp; 78553 |
| GLS Auto Receivables Issuer Trust |  |  |
| 1.420%, 04/15/27 (144A) | 50179 | &nbsp;&nbsp; 50123 |
| 1.480%, 07/15/27 (144A) | 1047338 | &nbsp;&nbsp; 1042496 |
| 5.130%, 08/15/31 (144A) | 2500000 | &nbsp;&nbsp; 2513392 |
| 6.010%, 05/15/29 (144A) | 1251000 | &nbsp;&nbsp; 1261944 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 4.380%, 06/15/29 (144A) | 1515000 | &nbsp;&nbsp; 1525869 |
| OneMain Direct Auto Receivables Trust |  |  |
| 7.070%, 02/14/33 (144A) | 1838000 | &nbsp;&nbsp; 1902414 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.690%, 02/18/31 | 3400000 | &nbsp;&nbsp; 3423716 |
| 5.970%, 10/15/31 | 3040000 | &nbsp;&nbsp; 3130033 |
| SBNA Auto Lease Trust |  |  |
| 5.550%, 12/20/28 (144A) | 1469000 | &nbsp;&nbsp; 1487281 |
| Westlake Automobile Receivables Trust |  |  |
| 5.740%, 08/15/28 (144A) | 1685603 | &nbsp;&nbsp; 1693854 |
| 6.640%, 11/15/28 (144A) | 1620000 | &nbsp;&nbsp; 1652371 |
|  |  | &nbsp;&nbsp; 48278192 |
| **Asset-Backed - Credit Card — 0.4%** | **Asset-Backed - Credit Card — 0.4%** | **Asset-Backed - Credit Card — 0.4%** |
| Continental Finance Credit Card ABS Master Trust |  |  |
| 5.400%, 12/17/35 (144A) | 2375000 | &nbsp;&nbsp; 2385959 |
| Mercury Financial Credit Card Master Trust |  |  |
| 6.560%, 07/20/29 (144A) | 2455000 | &nbsp;&nbsp; 2468419 |
|  |  | &nbsp;&nbsp; 4854378 |
| **Asset-Backed - Other — 6.5%** | **Asset-Backed - Other — 6.5%** | **Asset-Backed - Other — 6.5%** |
| Accelerated Assets LLC |  |  |
| 1.900%, 10/20/40 (144A) | 488267 | &nbsp;&nbsp; 458544 |
| AMSR Trust |  |  |
| 2.327%, 10/17/38 (144A) | 1694000 | &nbsp;&nbsp; 1653851 |
| 4.387%, 03/17/39 (144A) | 3000000 | &nbsp;&nbsp; 2964588 |
| Bastion Funding I LLC |  |  |
| 7.119%, 04/25/38 (144A) | 1054443 | &nbsp;&nbsp; 1063423 |
| BG Beta I Ltd. |  |  |
| 6.280%, 07/16/54 | 1560000 | &nbsp;&nbsp; 1594371 |
| BXG Receivables Note Trust |  |  |
| 6.310%, 11/15/38 (144A) | 917074 | &nbsp;&nbsp; 936684 |
| Cars Net Lease Mortgage Notes |  |  |
| 3.100%, 12/15/50 (144A) | 585000 | &nbsp;&nbsp; 564258 |
| CFIN Issuer LLC |  |  |
| 4.750%, 02/16/26 (144A) (e) | 334209 | &nbsp;&nbsp; 333207 |
| COOF Securitization Trust Ltd. |  |  |
| 3.198%, 06/25/40 (144A) (a) (c) | 150200 | &nbsp;&nbsp; 9714 |
| CoreVest American Finance Trust |  |  |
| 2.705%, 10/15/52 (144A) | 122042 | &nbsp;&nbsp; 121799 |
| DataBank Issuer LLC |  |  |
| 2.060%, 02/27/51 (144A) | 1950000 | &nbsp;&nbsp; 1941185 |
| Diversified ABS Phase VI LLC |  |  |
| 7.500%, 11/28/39 | 927009 | &nbsp;&nbsp; 925155 |
| Diversified ABS Phase VIII LLC |  |  |
| 7.076%, 05/30/44 (144A) | 2367855 | &nbsp;&nbsp; 2395235 |

---

*See accompanying notes to financial statements.*

**BHFTI-264**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| DP Lion Holdco LLC |  |  |
| 8.243%, 11/30/43 | 829735 | &nbsp;&nbsp; $852779 |
| FirstKey Homes Trust |  |  |
| 5.197%, 05/19/39 (144A) | 1320000 | &nbsp;&nbsp; 1317370 |
| FMC GMSR Issuer Trust |  |  |
| 3.620%, 07/25/26 (144A) (c) | 3300000 | &nbsp;&nbsp; 3185836 |
| 3.850%, 10/25/26 (144A) (c) | 2680000 | &nbsp;&nbsp; 2595930 |
| 4.450%, 01/25/26 (144A) (c) | 3100000 | &nbsp;&nbsp; 3083236 |
| 6.500%, 03/26/27 (144A) (c) | 3375000 | &nbsp;&nbsp; 3418710 |
| Foundation Finance Trust |  |  |
| 9.100%, 06/15/49 (144A) | 1706784 | &nbsp;&nbsp; 1824645 |
| FW Energy Asset Issuer LLC |  |  |
| 7.151%, 08/25/44 | 1821298 | &nbsp;&nbsp; 1857038 |
| 8.106%, 08/25/44 | 566602 | &nbsp;&nbsp; 578702 |
| Goodgreen Trust |  |  |
| 2.760%, 04/15/55 (144A) | 741060 | &nbsp;&nbsp; 640321 |
| 3.260%, 10/15/53 (144A) | 797690 | &nbsp;&nbsp; 728485 |
| 3.740%, 10/15/52 (144A) | 165544 | &nbsp;&nbsp; 153360 |
| 5.900%, 01/17/61 (144A) | 1535452 | &nbsp;&nbsp; 1531062 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.000%, 10/20/49 (144A) | 1962298 | &nbsp;&nbsp; 1967154 |
| Grene Energy Senior |  |  |
| 11.000%, 01/25/27 | 118592 | &nbsp;&nbsp; 97601 |
| HERO Funding Trust |  |  |
| 3.080%, 09/20/42 (144A) | 125198 | &nbsp;&nbsp; 117358 |
| 3.950%, 09/20/48 (144A) | 508782 | &nbsp;&nbsp; 477769 |
| 4.460%, 09/20/47 (144A) | 426914 | &nbsp;&nbsp; 407529 |
| Hilton Grand Vacations Trust |  |  |
| 4.900%, 10/25/44 (144A) | 1535000 | &nbsp;&nbsp; 1540042 |
| Identity Digital Cap LLC |  |  |
| 6.793%, 03/20/65 | 2500000 | &nbsp;&nbsp; 2526250 |
| Invitation Homes Trust |  |  |
| 4.250%, 09/17/41 (144A) | 1845000 | &nbsp;&nbsp; 1788063 |
| Jonah Energy ABS II LLC |  |  |
| 7.200%, 12/10/37 (144A) | 772324 | &nbsp;&nbsp; 782958 |
| KGS-Alpha SBA COOF Trust |  |  |
| 0.631%, 05/25/39 (144A) (a) (c) | 671804 | &nbsp;&nbsp; 7444 |
| 0.910%, 08/25/38 (144A) (a) (c) | 443471 | &nbsp;&nbsp; 7108 |
| 1.566%, 03/25/39 (144A) (a) (c) | 440373 | &nbsp;&nbsp; 11559 |
| 2.492%, 04/25/40 (144A) (a) (c) | 72914 | &nbsp;&nbsp; 4174 |
| MNR ABS Issuer I LLC |  |  |
| 8.946%, 12/15/38 | 1052954 | &nbsp;&nbsp; 1081225 |
| NMABS Issuer I LLC |  |  |
| 5.140%, 11/22/55 (144A) | 2154551 | &nbsp;&nbsp; 2151915 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| 3.104%, 07/25/26 (144A) | 1456507 | &nbsp;&nbsp; 1438919 |
| 3.474%, 11/25/26 (144A) | 684619 | &nbsp;&nbsp; 673309 |
| OneMain Financial Issuance Trust |  |  |
| 2.210%, 09/14/35 (144A) | 2145000 | &nbsp;&nbsp; 2066157 |
| Oportun Issuance Trust |  |  |
| 5.310%, 02/08/33 (144A) | 2790000 | &nbsp;&nbsp; 2798833 |
| PowerPay Issuance Trust |  |  |
| 5.230%, 11/18/41 (144A) | 2189680 | &nbsp;&nbsp; 2195654 |
| Progress Residential Trust |  |  |
| 2.425%, 07/17/38 (144A) | 2535000 | &nbsp;&nbsp; 2503553 |
| 3.325%, 07/17/41 (144A) | 1229000 | &nbsp;&nbsp; 1164425 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Progress Residential Trust |  |  |
| 3.930%, 02/17/41 (144A) | 3150000 | &nbsp;&nbsp; $3042138 |
| 4.000%, 12/17/42 (144A) | 925000 | &nbsp;&nbsp; 881813 |
| 5.200%, 04/17/39 (144A) | 2435000 | &nbsp;&nbsp; 2425398 |
| Reach ABS Trust |  |  |
| 5.120%, 08/18/32 (144A) | 1405000 | &nbsp;&nbsp; 1418536 |
| Renew Financial |  |  |
| 3.670%, 09/20/52 (144A) | 221944 | &nbsp;&nbsp; 206666 |
| SCF Equipment Leasing LLC |  |  |
| 5.560%, 04/20/32 (144A) | 1290000 | &nbsp;&nbsp; 1329480 |
| 6.770%, 08/22/33 (144A) | 2385000 | &nbsp;&nbsp; 2482835 |
| VM Debt Trust |  |  |
| 7.460%, 07/18/27 | 3998352 | &nbsp;&nbsp; 3808431 |
| VOLT C LLC |  |  |
| 5.992%, 05/25/51 (144A) (e) | 365134 | &nbsp;&nbsp; 365091 |
| VOLT XCV LLC |  |  |
| 6.240%, 03/27/51 (144A) (e) | 75419 | &nbsp;&nbsp; 75420 |
|  |  | &nbsp;&nbsp; 78574295 |
| **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** |
| Academic Loan Funding Trust |  |  |
| 4.789%, SOFR30A + 0.914%, 12/26/44 (144A) (c) | 286374 | &nbsp;&nbsp; 281672 |
| Total Asset-Backed Securities <br>(Cost $131,261,777) <br>|  | &nbsp;&nbsp; 131988537 |
| **Non-Agency Mortgage-Backed Securities—2.2%** | **Non-Agency Mortgage-Backed Securities—2.2%** | **Non-Agency Mortgage-Backed Securities—2.2%** |
| **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** |
| Anchor Mortgage Trust |  |  |
| 5.718%, 05/25/40 (144A) (e) | 1300000 | &nbsp;&nbsp; 1306880 |
| 8.230%, 03/25/31 (c) | 2000000 | &nbsp;&nbsp; 2024819 |
| Global Mortgage Securitization Ltd. |  |  |
| 4.166%, 1M TSFR + 0.434%, 11/25/32 (144A) (c) | 26046 | &nbsp;&nbsp; 25760 |
| HarborView Mortgage Loan Trust |  |  |
| 5.456%, 05/19/34 (c) | 202891 | &nbsp;&nbsp; 193337 |
| JP Morgan Mortgage Trust |  |  |
| 6.452%, 08/25/34 (c) | 24153 | &nbsp;&nbsp; 24569 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.306%, 1M TSFR + 0.574%, 04/25/29 (c) | 56350 | &nbsp;&nbsp; 52651 |
| 4.346%, 1M TSFR + 0.614%, 05/25/29 (c) | 99766 | &nbsp;&nbsp; 97813 |
| 4.466%, 1M TSFR + 0.734%, 10/25/28 (c) | 60902 | &nbsp;&nbsp; 58049 |
| 4.486%, 1M TSFR + 0.754%, 10/25/28 (c) | 46512 | &nbsp;&nbsp; 45727 |
| 4.884%, 6M TSFR + 1.108%, 01/25/29 (c) | 58644 | &nbsp;&nbsp; 57187 |
| New Residential Mortgage Loan Trust |  |  |
| 5.443%, 09/25/39 (144A) (e) | 1900000 | &nbsp;&nbsp; 1914164 |
| 6.664%, 03/25/39 (144A) (e) | 2450000 | &nbsp;&nbsp; 2461351 |
| PRET Trust |  |  |
| 4.075%, 06/25/64 (144A) (c) | 1886719 | &nbsp;&nbsp; 1817528 |
| PRPM LLC |  |  |
| 4.000%, 11/25/53 (144A) (e) | 594575 | &nbsp;&nbsp; 589464 |
| Sequoia Mortgage Trust |  |  |
| 4.448%, 1M TSFR + 0.714%, 12/20/34 (c) | 109197 | &nbsp;&nbsp; 101137 |
| 4.488%, 1M TSFR + 0.754%, 01/20/34 (c) | 73189 | &nbsp;&nbsp; 71508 |
| 4.508%, 1M TSFR + 0.774%, 07/20/33 (c) | 150916 | &nbsp;&nbsp; 141545 |
| 4.528%, 1M TSFR + 0.794%, 10/20/34 (c) | 248125 | &nbsp;&nbsp; 228704 |

---

*See accompanying notes to financial statements.*

**BHFTI-265**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Sequoia Mortgage Trust |  |  |
| 4.608%, 1M TSFR + 0.874%, 04/20/33 (c) | 103700 | &nbsp;&nbsp; $97842 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.546%, 1M TSFR + 0.814%, 01/19/34 (c) | 224949 | &nbsp;&nbsp; 216527 |
| 4.546%, 1M TSFR + 0.814%, 03/19/34 (c) | 238261 | &nbsp;&nbsp; 225782 |
| Structured Asset Mortgage Investments Trust |  |  |
| 4.746%, 1M TSFR + 1.014%, 05/19/33 (c) | 143444 | &nbsp;&nbsp; 139854 |
| Structured Asset Securities Corp. Mortgage Pass-Through <br> Certificates<br>|  |  |
| 5.546%, 11/25/33 (c) | 65062 | &nbsp;&nbsp; 64555 |
| Thornburg Mortgage Securities Trust |  |  |
| 4.486%, 1M TSFR + 0.754%, 09/25/43 (c) | 115161 | &nbsp;&nbsp; 115054 |
| 5.285%, 12/25/44 (c) | 150462 | &nbsp;&nbsp; 147777 |
| 5.621%, 04/25/45 (c) | 271344 | &nbsp;&nbsp; 265985 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (c) | 3941023 | &nbsp;&nbsp; 3579374 |
|  |  | &nbsp;&nbsp; 16064943 |
| **Commercial Mortgage-Backed Securities — 0.9%** | **Commercial Mortgage-Backed Securities — 0.9%** | **Commercial Mortgage-Backed Securities — 0.9%** |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| 4.214%, 08/15/46 (144A) (c) | 1200000 | &nbsp;&nbsp; 831175 |
| COMM Mortgage Trust |  |  |
| 1.002%, 07/10/45 (144A) (a) (c) | 23027823 | &nbsp;&nbsp; 206698 |
| 3.815%, 04/10/33 (144A) (c) | 1450000 | &nbsp;&nbsp; 1427859 |
| CSMC Trust |  |  |
| 4.373%, 09/15/37 (144A) | 1000000 | &nbsp;&nbsp; 849341 |
| CSTL Commercial Mortgage Trust |  |  |
| 5.144%, 11/10/42 (144A) (c) | 615000 | &nbsp;&nbsp; 612566 |
| Ladder Capital Commercial Mortgage Trust |  |  |
| 3.985%, 02/15/36 (144A) | 768000 | &nbsp;&nbsp; 722803 |
| MRCD Mortgage Trust |  |  |
| 2.718%, 12/15/36 (144A) | 1997000 | &nbsp;&nbsp; 1477780 |
| ROCK Trust |  |  |
| 5.388%, 11/13/41 (144A) | 1000000 | &nbsp;&nbsp; 1027378 |
| SLG Office Trust |  |  |
| 2.585%, 07/15/41 (144A) | 3090000 | &nbsp;&nbsp; 2762470 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 5.116%, 1M TSFR + 1.364%, 02/15/40 (144A) (c) | 393556 | &nbsp;&nbsp; 393333 |
| WFRBS Commercial Mortgage Trust |  |  |
| 4.067%, 03/15/45 (144A) (c) | 300000 | &nbsp;&nbsp; 263847 |
|  |  | &nbsp;&nbsp; 10575250 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $28,457,973) <br>|  | &nbsp;&nbsp; 26640193 |
| **Foreign Government—0.7%** | **Foreign Government—0.7%** | **Foreign Government—0.7%** |
| **Sovereign — 0.7%** | **Sovereign — 0.7%** | **Sovereign — 0.7%** |
| Chile Government International Bonds |  |  |
| 2.550%, 01/27/32 | 394000 | &nbsp;&nbsp; 353044 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 | 848000 | &nbsp;&nbsp; 754720 |
| 3.500%, 02/12/34 | 577000 | &nbsp;&nbsp; 498816 |
| 3.771%, 05/24/61 | 625000 | &nbsp;&nbsp; 384688 |
| 4.350%, 01/15/47 | 228000 | &nbsp;&nbsp; 171684 |
| 4.600%, 01/23/46 | 959000 | &nbsp;&nbsp; 752815 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Mexico Government International Bonds |  |  |
| 4.600%, 02/10/48 | 200000 | &nbsp;&nbsp; $154500 |
| 5.375%, 03/22/33 | 2368000 | &nbsp;&nbsp; 2346688 |
| 5.750%, 10/12/2110 | 500000 | &nbsp;&nbsp; 419250 |
| 5.850%, 07/02/32 | 1051000 | &nbsp;&nbsp; 1079808 |
| 6.000%, 05/13/30 | 498000 | &nbsp;&nbsp; 521904 |
| 6.875%, 05/13/37 | 740000 | &nbsp;&nbsp; 789580 |
| Total Foreign Government <br>(Cost $9,102,716) <br>|  | &nbsp;&nbsp; 8227497 |
| **Municipals—0.1%** | **Municipals—0.1%** | **Municipals—0.1%** |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 <br>(Cost $720,000)<br>| 720000 | &nbsp;&nbsp; 734292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** |
| **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $10,132,552; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $10,333,896<br>| 10131145 | &nbsp;&nbsp; 10131145 |
| Total Short-Term Investments <br>(Cost $10,131,145) <br>|  | &nbsp;&nbsp; 10131145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—0.7%** | **Securities Lending Reinvestments (f)—0.7%** | **Securities Lending Reinvestments (f)—0.7%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $100,021; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,760,057; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $1,795,258<br>| 1759683 | &nbsp;&nbsp; 1759683 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.840%, due on <br> 01/02/26 with a maturity value of $1,760,058; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 02/15/37 - 02/15/47, and an aggregate <br> market value of $1,794,876<br>| 1759683 | &nbsp;&nbsp; 1759683 |

---

*See accompanying notes to financial statements.*

**BHFTI-266**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Goldman Sachs & Co |  |  |
| Repurchase Agreement dated 12/31/25 at 3.800%, due on <br> 01/02/26 with a maturity value of $124,521; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 02/15/35 - 08/15/43, and an aggregate <br> market value of $126,985<br>| 124495 | &nbsp;&nbsp; $124495 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $1,000,222; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,958<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $200,043; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $204,043<br>| 200000 | &nbsp;&nbsp; 200000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $54,708; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $55,791<br>| 54697 | &nbsp;&nbsp; 54697 |
|  |  | &nbsp;&nbsp; 4998558 |
| Total Securities Lending Reinvestments <br>(Cost $7,998,558) <br>|  | &nbsp;&nbsp; 7998558 |
| Total Investments—100.0% <br>(Cost $1,283,039,165) <br>|  | &nbsp;&nbsp; 1214488809 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (360700)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1214128109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Interest only security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value 

---

| | |
|:---|:---|
|  | of securities loaned was $35,276,531 and the collateral received consisted of cash in the <br> amount of $7,998,558 and non-cash collateral with a value of $28,550,309. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (c) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (d) | Principal only security. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (g) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $216,527,290, which is 17.8% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $261439805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $133355324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $234 <br>,508602<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $223219317 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(7998558)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7998558)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(7998558)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-267**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371755639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371755639 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 349147074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 349147074 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 307865874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 307865874 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 131988537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131988537 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 26640193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26640193 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8227497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8227497 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 734292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 734292 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10131145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10131145 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998558 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 4998558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7998558 |
| Total Investments | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp; $1211488809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1214488809 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7998558)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7998558)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-268**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1214488809 |
| Cash | &nbsp;&nbsp; 42773 |
| Receivable for: |  |
| Principal paydowns | &nbsp;&nbsp; 973 |
| Interest | &nbsp;&nbsp; 9501188 |
| Prepaid expenses | &nbsp;&nbsp; 4307 |
| Total Assets | &nbsp;&nbsp; 1224038050 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 7998558 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 768032 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 424082 |
| Distribution and service fees | &nbsp;&nbsp; 99420 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 368894 |
| Total Liabilities | &nbsp;&nbsp; 9909941 |
| **Net Assets**  | &nbsp;&nbsp; $1214128109 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1379466576 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (165338467)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1214128109 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $748893733 |
| Class B | &nbsp;&nbsp; 465234376 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 81428937 |
| Class B | &nbsp;&nbsp; 50668703 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.20 |
| Class B | 9.18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,283,039,165.

(b) Includes securities loaned at value of $35,276,531.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $52183105 |
| Securities lending income | &nbsp;&nbsp; 35767 |
| Total investment income | &nbsp;&nbsp; 52218872 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6708685 |
| Administration fees | &nbsp;&nbsp; 71362 |
| Custodian and accounting fees | &nbsp;&nbsp; 109859 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1169387 |
| Audit and tax services | &nbsp;&nbsp; 99610 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 34214 |
| Insurance | &nbsp;&nbsp; 10888 |
| Miscellaneous | &nbsp;&nbsp; 23797 |
| Total expenses | &nbsp;&nbsp; 8338387 |
| Less management fee waiver | &nbsp;&nbsp; (1707665)<br>|
| Net expenses | &nbsp;&nbsp; 6630722 |
| **Net Investment Income** | &nbsp;&nbsp; 45588150 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (16364185) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 55148427 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 38784242 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $84372392 |

---

*See accompanying notes to financial statements.*

**BHFTI-269**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $45588150 | &nbsp;&nbsp; $47304816 |
| Net realized gain (loss) | &nbsp;&nbsp; (16364185)<br>| &nbsp;&nbsp; (15831115)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 55148427 | &nbsp;&nbsp; (589896)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 84372392 | &nbsp;&nbsp; 30883805 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (31677827)<br>| &nbsp;&nbsp; (30122610)<br>|
| Class B | &nbsp;&nbsp; (18169045)<br>| &nbsp;&nbsp; (15009594)<br>|
| **Total distributions** | &nbsp;&nbsp; (49846872)<br>| &nbsp;&nbsp; (45132204)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (53213884)<br>| &nbsp;&nbsp; (83137580)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (18688364)<br>| &nbsp;&nbsp; (97385979)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1232816473 | &nbsp;&nbsp; 1330202452 |
| End of period | &nbsp;&nbsp; $1214128109 | &nbsp;&nbsp; $1232816473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2339532 | &nbsp;&nbsp; $21384197 | &nbsp;&nbsp; 2338787 | &nbsp;&nbsp; $21006255 |
| Reinvestments | &nbsp;&nbsp; 3595667 | &nbsp;&nbsp; 31677827 | &nbsp;&nbsp; 3426918 | &nbsp;&nbsp; 30122610 |
| Redemptions | &nbsp;&nbsp; (9356979)<br>| &nbsp;&nbsp; (85388120)<br>| &nbsp;&nbsp; (17227574)<br>| &nbsp;&nbsp; (155126189)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3421780)<br>| &nbsp;&nbsp; $(32326096)<br>| &nbsp;&nbsp; (11461869)<br>| &nbsp;&nbsp; $(103997324)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4024151 | &nbsp;&nbsp; $36285088 | &nbsp;&nbsp; 5671277 | &nbsp;&nbsp; $51086864 |
| Reinvestments | &nbsp;&nbsp; 2062321 | &nbsp;&nbsp; 18169045 | &nbsp;&nbsp; 1709521 | &nbsp;&nbsp; 15009594 |
| Redemptions | &nbsp;&nbsp; (8280923)<br>| &nbsp;&nbsp; (75341921)<br>| &nbsp;&nbsp; (5013226)<br>| &nbsp;&nbsp; (45236714)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2194451)<br>| &nbsp;&nbsp; $(20887788)<br>| &nbsp;&nbsp; 2367572 | &nbsp;&nbsp; $20859744 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(53213884)<br>|  | &nbsp;&nbsp; $(83137580)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-270**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.78 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total income (loss) from investment operations | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $10.39 |
| **Total Return (%)** (b) | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (c) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Ratio of net investment income (loss) to average net assets (%) | 3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 24 <br>(d)<br>| &nbsp;&nbsp; 18 <br>(d)<br>| &nbsp;&nbsp; 55 <br>(d)<br>| &nbsp;&nbsp; 53 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $748.9 | &nbsp;&nbsp; $760.1 | &nbsp;&nbsp; $873.1 | &nbsp;&nbsp; $900.4 | &nbsp;&nbsp; $1081.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $10.76 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total income (loss) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $10.37 |
| **Total Return (%)** (b) | 6.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp; (12.87)<br>| &nbsp;&nbsp; (1.46)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (c) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 3.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 24 <br>(d)<br>| &nbsp;&nbsp; 18 <br>(d)<br>| &nbsp;&nbsp; 55 <br>(d)<br>| &nbsp;&nbsp; 53 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $465.2 | &nbsp;&nbsp; $472.7 | &nbsp;&nbsp; $457.1 | &nbsp;&nbsp; $417.4 | &nbsp;&nbsp; $530.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 22%, 17%, 33% and 27% for the years ended December 31, 2024, 2023, 2022 and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-271**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—43.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
| BAE Systems PLC | 54126 | &nbsp;&nbsp; $1244304 |
| BWX Technologies, Inc.  | 2911 | &nbsp;&nbsp; 503137 |
| General Dynamics Corp.  | 2642 | &nbsp;&nbsp; 889456 |
| Howmet Aerospace, Inc.  | 14036 | &nbsp;&nbsp; 2877661 |
| RTX Corp.  | 8636 | &nbsp;&nbsp; 1583842 |
| Safran SA | 22642 | &nbsp;&nbsp; 7878985 |
|  |  | &nbsp;&nbsp; 14977385 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| FedEx Corp.  | 3716 | &nbsp;&nbsp; 1073404 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Cie Generale des Etablissements Michelin SCA | 32149 | &nbsp;&nbsp; 1066185 |
| Gentex Corp.  | 7215 | &nbsp;&nbsp; 167893 |
| Sumitomo Electric Industries Ltd.  | 21400 | &nbsp;&nbsp; 866464 |
|  |  | &nbsp;&nbsp; 2100542 |
| **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** |
| Kia Corp.  | 16838 | &nbsp;&nbsp; 1418376 |
| Suzuki Motor Corp.  | 111000 | &nbsp;&nbsp; 1648566 |
| Tesla, Inc. (a) | 12332 | &nbsp;&nbsp; 5545947 |
| Toyota Motor Corp.  | 145200 | &nbsp;&nbsp; 3106092 |
|  |  | &nbsp;&nbsp; 11718981 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| Banco Bilbao Vizcaya Argentaria SA | 94749 | &nbsp;&nbsp; 2216192 |
| Banco Santander SA | 225717 | &nbsp;&nbsp; 2648754 |
| Bank Central Asia Tbk. PT | 2490800 | &nbsp;&nbsp; 1202301 |
| Bank of America Corp.  | 91859 | &nbsp;&nbsp; 5052245 |
| Bank Rakyat Indonesia Persero Tbk. PT | 4408514 | &nbsp;&nbsp; 967521 |
| Capitec Bank Holdings Ltd.  | 7741 | &nbsp;&nbsp; 1943906 |
| Credicorp Ltd.  | 4322 | &nbsp;&nbsp; 1240414 |
| DBS Group Holdings Ltd.  | 147270 | &nbsp;&nbsp; 6445179 |
| Erste Group Bank AG | 11484 | &nbsp;&nbsp; 1381636 |
| Fifth Third Bancorp (b) | 8340 | &nbsp;&nbsp; 390395 |
| First Citizens BancShares, Inc. - Class A | 639 | &nbsp;&nbsp; 1371409 |
| Grupo Financiero Banorte SAB de CV - Class O | 117044 | &nbsp;&nbsp; 1084416 |
| HDFC Bank Ltd.  | 217680 | &nbsp;&nbsp; 2409499 |
| HDFC Bank Ltd. (ADR) | 23452 | &nbsp;&nbsp; 856936 |
| Itau Unibanco Holding SA (ADR) (b) | 185503 | &nbsp;&nbsp; 1328202 |
| KBC Group NV | 11996 | &nbsp;&nbsp; 1559277 |
| Kotak Mahindra Bank Ltd.  | 76768 | &nbsp;&nbsp; 1881774 |
| M&T Bank Corp.  | 8462 | &nbsp;&nbsp; 1704924 |
| Mitsubishi UFJ Financial Group, Inc.  | 351800 | &nbsp;&nbsp; 5586690 |
| NatWest Group PLC | 360020 | &nbsp;&nbsp; 3140080 |
| Nordea Bank Abp | 119917 | &nbsp;&nbsp; 2260475 |
| NU Holdings Ltd. - Class A (a) | 131402 | &nbsp;&nbsp; 2199670 |
| Regions Financial Corp.  | 35265 | &nbsp;&nbsp; 955682 |
| Sberbank of Russia PJSC † (a) (c) (d) | 2160 | &nbsp;&nbsp; 0 |
| Standard Chartered PLC | 54285 | &nbsp;&nbsp; 1325695 |
| U.S. Bancorp | 36779 | &nbsp;&nbsp; 1962528 |
| UniCredit SpA | 29893 | &nbsp;&nbsp; 2481589 |
| Wells Fargo & Co.  | 54070 | &nbsp;&nbsp; 5039324 |
|  |  | &nbsp;&nbsp; 60636713 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Coca-Cola Co.  | 43698 | &nbsp;&nbsp; $3054927 |
| Diageo PLC | 28593 | &nbsp;&nbsp; 615913 |
| Fomento Economico Mexicano SAB de CV (ADR) | 8574 | &nbsp;&nbsp; 866574 |
| Heineken NV | 21509 | &nbsp;&nbsp; 1759467 |
| Keurig Dr. Pepper, Inc.  | 17232 | &nbsp;&nbsp; 482668 |
| Kweichow Moutai Co. Ltd. - Class A | 5756 | &nbsp;&nbsp; 1133561 |
| Pernod Ricard SA | 4811 | &nbsp;&nbsp; 411865 |
| Wuliangye Yibin Co. Ltd. - Class A | 19000 | &nbsp;&nbsp; 287820 |
|  |  | &nbsp;&nbsp; 8612795 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| AbbVie, Inc.  | 18224 | &nbsp;&nbsp; 4164002 |
| Alnylam Pharmaceuticals, Inc. (a) | 2027 | &nbsp;&nbsp; 806037 |
| Gilead Sciences, Inc.  | 5110 | &nbsp;&nbsp; 627201 |
| Insmed, Inc. (a) | 6910 | &nbsp;&nbsp; 1202616 |
| Natera, Inc. (a) | 3231 | &nbsp;&nbsp; 740190 |
| Neurocrine Biosciences, Inc. (a) | 5276 | &nbsp;&nbsp; 748295 |
| Nuvalent, Inc. - Class A (a) | 1805 | &nbsp;&nbsp; 181565 |
| Regeneron Pharmaceuticals, Inc.  | 1042 | &nbsp;&nbsp; 804288 |
| uniQure NV (a) | 2537 | &nbsp;&nbsp; 60711 |
| Vertex Pharmaceuticals, Inc. (a) | 846 | &nbsp;&nbsp; 383543 |
|  |  | &nbsp;&nbsp; 9718448 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Alibaba Group Holding Ltd.  | 80400 | &nbsp;&nbsp; 1471432 |
| Amazon.com, Inc. (a) | 65254 | &nbsp;&nbsp; 15061928 |
| MercadoLibre, Inc. (a) | 1124 | &nbsp;&nbsp; 2264028 |
| Next PLC | 7467 | &nbsp;&nbsp; 1373814 |
| Prosus NV | 18379 | &nbsp;&nbsp; 1135155 |
| Sea Ltd. (ADR) (a) | 8766 | &nbsp;&nbsp; 1118279 |
|  |  | &nbsp;&nbsp; 22424636 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Carlisle Cos., Inc.  | 1022 | &nbsp;&nbsp; 326897 |
| Fortune Brands Innovations, Inc.  | 4219 | &nbsp;&nbsp; 211034 |
| Hayward Holdings, Inc. (a) | 25773 | &nbsp;&nbsp; 398193 |
| Kingspan Group PLC | 9382 | &nbsp;&nbsp; 810701 |
| Trane Technologies PLC | 10141 | &nbsp;&nbsp; 3946877 |
|  |  | &nbsp;&nbsp; 5693702 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| 3i Group PLC | 52259 | &nbsp;&nbsp; 2273652 |
| B3 SA - Brasil Bolsa Balcao | 207812 | &nbsp;&nbsp; 540924 |
| Blackstone, Inc.  | 3636 | &nbsp;&nbsp; 560453 |
| Charles Schwab Corp.  | 48349 | &nbsp;&nbsp; 4830549 |
| CME Group, Inc.  | 9207 | &nbsp;&nbsp; 2514248 |
| Deutsche Boerse AG | 8478 | &nbsp;&nbsp; 2226841 |
| Goldman Sachs Group, Inc.  | 1569 | &nbsp;&nbsp; 1379151 |
| Hong Kong Exchanges & Clearing Ltd.  | 58700 | &nbsp;&nbsp; 3067073 |
| Interactive Brokers Group, Inc. - Class A | 8328 | &nbsp;&nbsp; 535574 |
| Intercontinental Exchange, Inc.  | 1834 | &nbsp;&nbsp; 297035 |
| Japan Exchange Group, Inc.  | 99400 | &nbsp;&nbsp; 1060930 |
| London Stock Exchange Group PLC | 10580 | &nbsp;&nbsp; 1273986 |
| Morgan Stanley | 12588 | &nbsp;&nbsp; 2234748 |
| Raymond James Financial, Inc.  | 4080 | &nbsp;&nbsp; 655207 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-272**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Robinhood Markets, Inc. - Class A (a) | 7914 | &nbsp;&nbsp; $895073 |
| State Street Corp.  | 10850 | &nbsp;&nbsp; 1399758 |
| UBS Group AG | 54432 | &nbsp;&nbsp; 2516231 |
|  |  | &nbsp;&nbsp; 28261433 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Liquide SA | 9918 | &nbsp;&nbsp; 1866417 |
| Axalta Coating Systems Ltd. (a) | 16142 | &nbsp;&nbsp; 521548 |
| LG Chem Ltd.  | 1660 | &nbsp;&nbsp; 381377 |
| Linde PLC | 6219 | &nbsp;&nbsp; 2651720 |
| Novonesis (Novozymes) - B Shares (b) | 17091 | &nbsp;&nbsp; 1094505 |
| Shin-Etsu Chemical Co. Ltd.  | 33900 | &nbsp;&nbsp; 1054226 |
|  |  | &nbsp;&nbsp; 7569793 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Ciena Corp. (a) | 3022 | &nbsp;&nbsp; 706755 |
| Cisco Systems, Inc.  | 7492 | &nbsp;&nbsp; 577109 |
|  |  | &nbsp;&nbsp; 1283864 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Comfort Systems USA, Inc.  | 675 | &nbsp;&nbsp; 629971 |
| Obayashi Corp.  | 53400 | &nbsp;&nbsp; 1115451 |
| Quanta Services, Inc.  | 2377 | &nbsp;&nbsp; 1003237 |
| Vinci SA | 9060 | &nbsp;&nbsp; 1272271 |
| WillScot Holdings Corp. (b) | 38053 | &nbsp;&nbsp; 716538 |
|  |  | &nbsp;&nbsp; 4737468 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Martin Marietta Materials, Inc.  | 912 | &nbsp;&nbsp; 567866 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co.  | 9143 | &nbsp;&nbsp; 3382453 |
| Capital One Financial Corp.  | 8481 | &nbsp;&nbsp; 2055455 |
|  |  | &nbsp;&nbsp; 5437908 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Bid Corp. Ltd.  | 37533 | &nbsp;&nbsp; 956146 |
| BJ's Wholesale Club Holdings, Inc. (a) (b) | 7528 | &nbsp;&nbsp; 677746 |
| Casey's General Stores, Inc.  | 850 | &nbsp;&nbsp; 469803 |
| Koninklijke Ahold Delhaize NV | 34162 | &nbsp;&nbsp; 1401079 |
| President Chain Store Corp.  | 82000 | &nbsp;&nbsp; 577751 |
| Raia Drogasil SA | 85583 | &nbsp;&nbsp; 367069 |
| Wal-Mart de Mexico SAB de CV (b) | 281916 | &nbsp;&nbsp; 876863 |
| Walmart, Inc.  | 37517 | &nbsp;&nbsp; 4179769 |
|  |  | &nbsp;&nbsp; 9506226 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Graphic Packaging Holding Co.  | 14138 | &nbsp;&nbsp; 212918 |
| International Paper Co. (b) | 7451 | &nbsp;&nbsp; 293495 |
| Packaging Corp. of America | 2915 | &nbsp;&nbsp; 601160 |
| Silgan Holdings, Inc. (b) | 13876 | &nbsp;&nbsp; 560174 |
| Smurfit WestRock PLC | 12268 | &nbsp;&nbsp; 474404 |
|  |  | &nbsp;&nbsp; 2142151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc.  | 49414 | &nbsp;&nbsp; $1227444 |
| Deutsche Telekom AG | 45701 | &nbsp;&nbsp; 1482419 |
| Koninklijke KPN NV | 374620 | &nbsp;&nbsp; 1752530 |
| Telstra Group Ltd.  | 548440 | &nbsp;&nbsp; 1779110 |
| Verizon Communications, Inc.  | 11862 | &nbsp;&nbsp; 483139 |
|  |  | &nbsp;&nbsp; 6724642 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Entergy Corp.  | 2272 | &nbsp;&nbsp; 210001 |
| Iberdrola SA (b) | 115731 | &nbsp;&nbsp; 2505012 |
| NextEra Energy, Inc.  | 40403 | &nbsp;&nbsp; 3243553 |
| PG&E Corp.  | 36132 | &nbsp;&nbsp; 580641 |
| Southern Co. (b) | 47925 | &nbsp;&nbsp; 4179060 |
| SSE PLC | 33502 | &nbsp;&nbsp; 982357 |
| Xcel Energy, Inc.  | 11412 | &nbsp;&nbsp; 842890 |
|  |  | &nbsp;&nbsp; 12543514 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| AMETEK, Inc.  | 3932 | &nbsp;&nbsp; 807279 |
| Eaton Corp. PLC | 2717 | &nbsp;&nbsp; 865391 |
| Emerson Electric Co.  | 15749 | &nbsp;&nbsp; 2090207 |
| Legrand SA | 18415 | &nbsp;&nbsp; 2736579 |
| WEG SA | 140409 | &nbsp;&nbsp; 1257614 |
|  |  | &nbsp;&nbsp; 7757070 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| CDW Corp.  | 3408 | &nbsp;&nbsp; 464170 |
| Delta Electronics, Inc.  | 70867 | &nbsp;&nbsp; 2156305 |
| Jabil, Inc. (b) | 2741 | &nbsp;&nbsp; 625003 |
| Keyence Corp.  | 6900 | &nbsp;&nbsp; 2499903 |
| TD SYNNEX Corp.  | 5072 | &nbsp;&nbsp; 761966 |
|  |  | &nbsp;&nbsp; 6507347 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co.  | 42029 | &nbsp;&nbsp; 1914001 |
| TechnipFMC PLC | 14204 | &nbsp;&nbsp; 632930 |
|  |  | &nbsp;&nbsp; 2546931 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| NetEase, Inc.  | 64775 | &nbsp;&nbsp; 1782548 |
| Netflix, Inc. (a) | 17660 | &nbsp;&nbsp; 1655802 |
| Nintendo Co. Ltd.  | 20800 | &nbsp;&nbsp; 1405026 |
| ROBLOX Corp. - Class A (a) | 3653 | &nbsp;&nbsp; 296003 |
| Spotify Technology SA (a) | 1152 | &nbsp;&nbsp; 668978 |
| Take-Two Interactive Software, Inc. (a) | 3715 | &nbsp;&nbsp; 951152 |
| Tencent Music Entertainment Group (ADR) (b) | 29931 | &nbsp;&nbsp; 524690 |
| Walt Disney Co.  | 63812 | &nbsp;&nbsp; 7259891 |
| Warner Music Group Corp. - Class A (b) | 11478 | &nbsp;&nbsp; 352030 |
|  |  | &nbsp;&nbsp; 14896120 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Berkshire Hathaway, Inc. - Class B (a) | 6140 | &nbsp;&nbsp; 3086271 |
| Corpay, Inc. (a) | 2284 | &nbsp;&nbsp; 687324 |
| Fidelity National Information Services, Inc.  | 21167 | &nbsp;&nbsp; 1406759 |
| Mastercard, Inc. - Class A | 11641 | &nbsp;&nbsp; 6645614 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-273**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| MGIC Investment Corp.  | 27503 | &nbsp;&nbsp; $803638 |
| Sony Financial Group, Inc. (a) | 143000 | &nbsp;&nbsp; 151318 |
|  |  | &nbsp;&nbsp; 12780924 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Ajinomoto Co., Inc.  | 59000 | &nbsp;&nbsp; 1247898 |
| Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 120600 | &nbsp;&nbsp; 493299 |
| Nestle SA | 27781 | &nbsp;&nbsp; 2761248 |
| Post Holdings, Inc. (a) | 7176 | &nbsp;&nbsp; 710783 |
|  |  | &nbsp;&nbsp; 5213228 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| JB Hunt Transport Services, Inc.  | 3721 | &nbsp;&nbsp; 723139 |
| Union Pacific Corp.  | 4254 | &nbsp;&nbsp; 984035 |
|  |  | &nbsp;&nbsp; 1707174 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| EssilorLuxottica SA | 3931 | &nbsp;&nbsp; 1242880 |
| Hoya Corp.  | 9500 | &nbsp;&nbsp; 1438956 |
| Intuitive Surgical, Inc. (a) | 1748 | &nbsp;&nbsp; 989997 |
| Medtronic PLC | 32058 | &nbsp;&nbsp; 3079492 |
|  |  | &nbsp;&nbsp; 6751325 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cencora, Inc.  | 5405 | &nbsp;&nbsp; 1825539 |
| Cigna Group | 4115 | &nbsp;&nbsp; 1132571 |
| HCA Healthcare, Inc.  | 1166 | &nbsp;&nbsp; 544359 |
| Henry Schein, Inc. (a) | 9849 | &nbsp;&nbsp; 744387 |
| Humana, Inc.  | 3476 | &nbsp;&nbsp; 890308 |
| Labcorp Holdings, Inc.  | 3779 | &nbsp;&nbsp; 948076 |
| UnitedHealth Group, Inc.  | 8098 | &nbsp;&nbsp; 2673231 |
|  |  | &nbsp;&nbsp; 8758471 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc.  | 18042 | &nbsp;&nbsp; 319885 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Booking Holdings, Inc.  | 355 | &nbsp;&nbsp; 1901142 |
| Chipotle Mexican Grill, Inc. (a) | 14658 | &nbsp;&nbsp; 542346 |
| Compass Group PLC | 57587 | &nbsp;&nbsp; 1832131 |
| Darden Restaurants, Inc.  | 1793 | &nbsp;&nbsp; 329948 |
| DoorDash, Inc. - Class A (a) | 4733 | &nbsp;&nbsp; 1071930 |
| Expedia Group, Inc.  | 8098 | &nbsp;&nbsp; 2294244 |
| Flutter Entertainment PLC (a) | 1953 | &nbsp;&nbsp; 419973 |
| H World Group Ltd. (ADR) (b) | 15274 | &nbsp;&nbsp; 718642 |
| Hilton Worldwide Holdings, Inc.  | 1207 | &nbsp;&nbsp; 346711 |
| InterContinental Hotels Group PLC | 7735 | &nbsp;&nbsp; 1083497 |
| Marriott International, Inc. - Class A | 7404 | &nbsp;&nbsp; 2297017 |
| McDonald's Corp.  | 14843 | &nbsp;&nbsp; 4536466 |
| Trip.com Group Ltd.  | 18250 | &nbsp;&nbsp; 1309140 |
| Yum China Holdings, Inc. (b) | 19202 | &nbsp;&nbsp; 916703 |
| Yum! Brands, Inc.  | 24288 | &nbsp;&nbsp; 3674289 |
|  |  | &nbsp;&nbsp; 23274179 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Garmin Ltd.  | 2006 | &nbsp;&nbsp; $406917 |
| Midea Group Co. Ltd. - Class A | 120800 | &nbsp;&nbsp; 1350501 |
| Mohawk Industries, Inc. (a) | 4541 | &nbsp;&nbsp; 496331 |
| Sony Group Corp.  | 267200 | &nbsp;&nbsp; 6829674 |
|  |  | &nbsp;&nbsp; 9083423 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Procter & Gamble Co.  | 5156 | &nbsp;&nbsp; 738906 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co.  | 15822 | &nbsp;&nbsp; 2533102 |
| Bidvest Group Ltd.  | 22588 | &nbsp;&nbsp; 323764 |
| Hitachi Ltd.  | 72400 | &nbsp;&nbsp; 2246112 |
| Siemens AG | 18190 | &nbsp;&nbsp; 5108408 |
|  |  | &nbsp;&nbsp; 10211386 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| EastGroup Properties, Inc.  | 1562 | &nbsp;&nbsp; 278255 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| AIA Group Ltd.  | 447600 | &nbsp;&nbsp; 4597520 |
| Allianz SE | 4435 | &nbsp;&nbsp; 2034194 |
| Arch Capital Group Ltd. (a) | 4063 | &nbsp;&nbsp; 389723 |
| Arthur J Gallagher & Co. (b) | 3758 | &nbsp;&nbsp; 972533 |
| Chubb Ltd.  | 2042 | &nbsp;&nbsp; 637349 |
| HDFC Life Insurance Co. Ltd.  | 91675 | &nbsp;&nbsp; 765361 |
| Kinsale Capital Group, Inc.  | 856 | &nbsp;&nbsp; 334799 |
| Loews Corp.  | 10297 | &nbsp;&nbsp; 1084377 |
| Marsh & McLennan Cos., Inc.  | 2337 | &nbsp;&nbsp; 433560 |
| Medibank Pvt Ltd.  | 309344 | &nbsp;&nbsp; 986913 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 4200 | &nbsp;&nbsp; 2773589 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 173500 | &nbsp;&nbsp; 1459454 |
| Progressive Corp.  | 2738 | &nbsp;&nbsp; 623497 |
| Tokio Marine Holdings, Inc.  | 30900 | &nbsp;&nbsp; 1147189 |
| Travelers Cos., Inc.  | 3450 | &nbsp;&nbsp; 1000707 |
|  |  | &nbsp;&nbsp; 19240765 |
| **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |
| Alphabet, Inc. - Class A | 19500 | &nbsp;&nbsp; 6103500 |
| Alphabet, Inc. - Class C | 20572 | &nbsp;&nbsp; 6455494 |
| Angi, Inc. (a) | 5806 | &nbsp;&nbsp; 75071 |
| Meta Platforms, Inc. - Class A | 17478 | &nbsp;&nbsp; 11537053 |
| Reddit, Inc. - Class A (a) (b) | 2411 | &nbsp;&nbsp; 554216 |
| Tencent Holdings Ltd.  | 67800 | &nbsp;&nbsp; 5195327 |
|  |  | &nbsp;&nbsp; 29920661 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Capgemini SE (b) | 7907 | &nbsp;&nbsp; 1309499 |
| Cloudflare, Inc. - Class A (a) | 1389 | &nbsp;&nbsp; 273842 |
| EPAM Systems, Inc. (a) | 2898 | &nbsp;&nbsp; 593742 |
| GoDaddy, Inc. - Class A (a) | 3156 | &nbsp;&nbsp; 391597 |
| Infosys Ltd. (ADR) (b) | 136995 | &nbsp;&nbsp; 2441251 |
| Shopify, Inc. - Class A (a) | 3903 | &nbsp;&nbsp; 628266 |
| Snowflake, Inc. - Class A (a) | 4306 | &nbsp;&nbsp; 944564 |
| Tata Consultancy Services Ltd.  | 59960 | &nbsp;&nbsp; 2146006 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-274**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
| Twilio, Inc. - Class A (a) | 3254 | &nbsp;&nbsp; $462849 |
|  |  | &nbsp;&nbsp; 9191616 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Danaher Corp.  | 9305 | &nbsp;&nbsp; 2130101 |
| IQVIA Holdings, Inc. (a) | 2263 | &nbsp;&nbsp; 510103 |
| Lonza Group AG | 2961 | &nbsp;&nbsp; 2003286 |
| Mettler-Toledo International, Inc. (a) | 227 | &nbsp;&nbsp; 316481 |
| Thermo Fisher Scientific, Inc.  | 1211 | &nbsp;&nbsp; 701714 |
|  |  | &nbsp;&nbsp; 5661685 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Atlas Copco AB - A Shares | 255455 | &nbsp;&nbsp; 4576671 |
| Deere & Co.  | 663 | &nbsp;&nbsp; 308673 |
| Dover Corp.  | 6011 | &nbsp;&nbsp; 1173588 |
| IHI Corp.  | 63000 | &nbsp;&nbsp; 1110824 |
| ITT, Inc.  | 5083 | &nbsp;&nbsp; 881951 |
| Middleby Corp. (a) | 3132 | &nbsp;&nbsp; 465634 |
| Techtronic Industries Co. Ltd.  | 101000 | &nbsp;&nbsp; 1160367 |
| Volvo AB - B Shares | 148841 | &nbsp;&nbsp; 4770936 |
|  |  | &nbsp;&nbsp; 14448644 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Nexstar Media Group, Inc.  | 2492 | &nbsp;&nbsp; 506001 |
| Omnicom Group, Inc.  | 8675 | &nbsp;&nbsp; 700506 |
|  |  | &nbsp;&nbsp; 1206507 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Rio Tinto Ltd.  | 10806 | &nbsp;&nbsp; 1058964 |
| Rio Tinto PLC | 20525 | &nbsp;&nbsp; 1637585 |
|  |  | &nbsp;&nbsp; 2696549 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Dominion Energy, Inc.  | 29156 | &nbsp;&nbsp; 1708250 |
| Engie SA | 72306 | &nbsp;&nbsp; 1901185 |
| Public Service Enterprise Group, Inc.  | 4100 | &nbsp;&nbsp; 329230 |
|  |  | &nbsp;&nbsp; 3938665 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Chevron Corp.  | 7125 | &nbsp;&nbsp; 1085921 |
| ConocoPhillips | 12781 | &nbsp;&nbsp; 1196429 |
| EOG Resources, Inc.  | 15058 | &nbsp;&nbsp; 1581241 |
| Exxon Mobil Corp.  | 49646 | &nbsp;&nbsp; 5974400 |
| Kinder Morgan, Inc.  | 23489 | &nbsp;&nbsp; 645713 |
| Shell PLC | 82911 | &nbsp;&nbsp; 3045674 |
| TotalEnergies SE | 24604 | &nbsp;&nbsp; 1603636 |
| Williams Cos., Inc.  | 23359 | &nbsp;&nbsp; 1404109 |
|  |  | &nbsp;&nbsp; 16537123 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Southwest Airlines Co.  | 16120 | &nbsp;&nbsp; 666240 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kao Corp.  | 40900 | &nbsp;&nbsp; 1636649 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| AstraZeneca PLC | 24919 | &nbsp;&nbsp; $4589879 |
| Bristol-Myers Squibb Co.  | 52125 | &nbsp;&nbsp; 2811622 |
| Eli Lilly & Co.  | 1262 | &nbsp;&nbsp; 1356246 |
| Johnson & Johnson | 34145 | &nbsp;&nbsp; 7066308 |
| Merck & Co., Inc.  | 6952 | &nbsp;&nbsp; 731768 |
| Novartis AG | 21572 | &nbsp;&nbsp; 2979917 |
| Novo Nordisk AS - Class B | 21068 | &nbsp;&nbsp; 1073895 |
| Roche Holding AG | 2711 | &nbsp;&nbsp; 1120370 |
|  |  | &nbsp;&nbsp; 21730005 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Andersen Group, Inc. - Class A (a) | 6043 | &nbsp;&nbsp; 156695 |
| Recruit Holdings Co. Ltd.  | 18900 | &nbsp;&nbsp; 1078189 |
| RELX PLC (b) | 28928 | &nbsp;&nbsp; 1179059 |
| TransUnion | 7975 | &nbsp;&nbsp; 683856 |
|  |  | &nbsp;&nbsp; 3097799 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc. - Class A (a) | 5268 | &nbsp;&nbsp; 847042 |
| Mitsui Fudosan Co. Ltd.  | 134800 | &nbsp;&nbsp; 1533673 |
| Sumitomo Realty & Development Co. Ltd.  | 15600 | &nbsp;&nbsp; 390949 |
|  |  | &nbsp;&nbsp; 2771664 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent - Class A | 15744 | &nbsp;&nbsp; 505382 |
| AvalonBay Communities, Inc.  | 1512 | &nbsp;&nbsp; 274141 |
| Mid-America Apartment Communities, Inc.  | 5805 | &nbsp;&nbsp; 806373 |
|  |  | &nbsp;&nbsp; 1585896 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Regency Centers Corp.  | 12397 | &nbsp;&nbsp; 855765 |
| **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
| Analog Devices, Inc.  | 10831 | &nbsp;&nbsp; 2937367 |
| ASE Technology Holding Co. Ltd.  | 176000 | &nbsp;&nbsp; 1395248 |
| ASML Holding NV | 6999 | &nbsp;&nbsp; 7481343 |
| Broadcom, Inc.  | 22536 | &nbsp;&nbsp; 7799710 |
| Infineon Technologies AG | 71119 | &nbsp;&nbsp; 3151202 |
| NVIDIA Corp.  | 136539 | &nbsp;&nbsp; 25464523 |
| Realtek Semiconductor Corp.  | 57000 | &nbsp;&nbsp; 887092 |
| SK Hynix, Inc.  | 10655 | &nbsp;&nbsp; 4824855 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 266000 | &nbsp;&nbsp; 12994998 |
| Teradyne, Inc.  | 3582 | &nbsp;&nbsp; 693332 |
| Texas Instruments, Inc.  | 6763 | &nbsp;&nbsp; 1173313 |
| Tokyo Electron Ltd.  | 10800 | &nbsp;&nbsp; 2371869 |
|  |  | &nbsp;&nbsp; 71174852 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| AppLovin Corp. - Class A (a) | 1475 | &nbsp;&nbsp; 993884 |
| Crowdstrike Holdings, Inc. - Class A (a) | 1347 | &nbsp;&nbsp; 631420 |
| Figma, Inc. - Class A (a) (b) | 1780 | &nbsp;&nbsp; 66519 |
| HubSpot, Inc. (a) | 1172 | &nbsp;&nbsp; 470323 |
| Intuit, Inc.  | 2214 | &nbsp;&nbsp; 1466598 |
| Microsoft Corp.  | 41798 | &nbsp;&nbsp; 20214349 |
| Oracle Corp.  | 5671 | &nbsp;&nbsp; 1105335 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-275**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

**Convertible Bonds—19.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Palo Alto Networks, Inc. (a) | 4525 | &nbsp;&nbsp; $833505 |
| Sage Group PLC | 25312 | &nbsp;&nbsp; 368585 |
| SAP SE | 2467 | &nbsp;&nbsp; 603621 |
| ServiceNow, Inc. (a) | 2625 | &nbsp;&nbsp; 402124 |
|  |  | &nbsp;&nbsp; 27156263 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| American Tower Corp.  | 8806 | &nbsp;&nbsp; 1546069 |
| Equinix, Inc.  | 862 | &nbsp;&nbsp; 660430 |
| Public Storage | 2417 | &nbsp;&nbsp; 627212 |
| Rayonier, Inc.  | 15970 | &nbsp;&nbsp; 345751 |
| SBA Communications Corp.  | 2598 | &nbsp;&nbsp; 502531 |
| Weyerhaeuser Co.  | 18734 | &nbsp;&nbsp; 443808 |
|  |  | &nbsp;&nbsp; 4125801 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. (a) | 393 | &nbsp;&nbsp; 1332859 |
| Best Buy Co., Inc.  | 6722 | &nbsp;&nbsp; 449903 |
| Burlington Stores, Inc. (a) | 4322 | &nbsp;&nbsp; 1248410 |
| Carvana Co. (a) | 1464 | &nbsp;&nbsp; 617837 |
| Industria de Diseno Textil SA (b) | 19460 | &nbsp;&nbsp; 1281838 |
| Lowe's Cos., Inc.  | 15442 | &nbsp;&nbsp; 3723993 |
| Murphy USA, Inc.  | 1044 | &nbsp;&nbsp; 421275 |
| TJX Cos., Inc.  | 7146 | &nbsp;&nbsp; 1097697 |
| Ulta Beauty, Inc. (a) | 1260 | &nbsp;&nbsp; 762313 |
|  |  | &nbsp;&nbsp; 10936125 |
| **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** |
| Apple, Inc.  | 75123 | &nbsp;&nbsp; 20422939 |
| Hewlett Packard Enterprise Co.  | 45040 | &nbsp;&nbsp; 1081861 |
| Quanta Computer, Inc.  | 72000 | &nbsp;&nbsp; 623280 |
| Samsung Electronics Co. Ltd. (GDR) | 2471 | &nbsp;&nbsp; 5105086 |
| Western Digital Corp.  | 2783 | &nbsp;&nbsp; 479427 |
|  |  | &nbsp;&nbsp; 27712593 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Cie Financiere Richemont SA - Class A | 10392 | &nbsp;&nbsp; 2242762 |
| Columbia Sportswear Co.  | 6730 | &nbsp;&nbsp; 370756 |
| Kering SA | 2384 | &nbsp;&nbsp; 841223 |
| Kontoor Brands, Inc.  | 7857 | &nbsp;&nbsp; 479984 |
| LVMH Moet Hennessy Louis Vuitton SE | 6044 | &nbsp;&nbsp; 4556572 |
| NIKE, Inc. - Class B | 3578 | &nbsp;&nbsp; 227954 |
|  |  | &nbsp;&nbsp; 8719251 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| ITC Ltd.  | 265060 | &nbsp;&nbsp; 1188763 |
| Philip Morris International, Inc.  | 10080 | &nbsp;&nbsp; 1616832 |
|  |  | &nbsp;&nbsp; 2805595 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| ITOCHU Corp.  | 152500 | &nbsp;&nbsp; 1924952 |
| Total Common Stocks <br>(Cost $494,080,842) <br>|  | &nbsp;&nbsp; 616297760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| MTU Aero Engines AG |  |  |
| 0.050%, 03/18/27 (EUR) | 1800000 | &nbsp;&nbsp; $2357568 |
| Rheinmetall AG |  |  |
| 2.250%, 02/07/30 (EUR) | 700000 | &nbsp;&nbsp; 4157485 |
|  |  | &nbsp;&nbsp; 6515053 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| Deutsche Lufthansa AG |  |  |
| Zero Coupon, 09/10/32 (EUR) | 1600000 | &nbsp;&nbsp; 1972456 |
| International Consolidated Airlines Group SA |  |  |
| 1.125%, 05/18/28 (EUR) | 2200000 | &nbsp;&nbsp; 3843860 |
|  |  | &nbsp;&nbsp; 5816316 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Barclays Bank PLC |  |  |
| 1.000%, 02/16/29 (b) | 2431000 | &nbsp;&nbsp; 2580920 |
| Morgan Stanley Finance LLC |  |  |
| Zero Coupon, 03/21/28 | 2100000 | &nbsp;&nbsp; 2782500 |
|  |  | &nbsp;&nbsp; 5363420 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Fomento Economico Mexicano SAB de CV |  |  |
| 2.625%, 02/24/26 (EUR) | 1600000 | &nbsp;&nbsp; 1879328 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| TCC Group Holdings Co. Ltd. |  |  |
| Zero Coupon, 03/28/30 | 900000 | &nbsp;&nbsp; 920729 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| LG Chem Ltd. |  |  |
| 1.750%, 06/16/28 | 3100000 | &nbsp;&nbsp; 3673500 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Elis SA |  |  |
| 2.250%, 09/22/29 (EUR) | 1100000 | &nbsp;&nbsp; 1986245 |
| Euronet Worldwide, Inc. |  |  |
| 0.625%, 10/01/30 (144A) (b) | 2591000 | &nbsp;&nbsp; 2362668 |
| Global Payments, Inc. |  |  |
| 1.500%, 03/01/31 (b) | 5340000 | &nbsp;&nbsp; 4789980 |
|  |  | &nbsp;&nbsp; 9138893 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Lenovo Group Ltd. |  |  |
| 2.500%, 08/26/29 | 1751000 | &nbsp;&nbsp; 2159746 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| Citigroup Global Markets Funding Luxembourg SCA |  |  |
| Zero Coupon, 03/15/28 (EUR) | 800000 | &nbsp;&nbsp; 985245 |
| Citigroup Global Markets Holdings, Inc. |  |  |
| Zero Coupon, 10/10/28 | 1000000 | &nbsp;&nbsp; 1066920 |
| 0.800%, 02/05/30 (144A) (EUR) | 1000000 | &nbsp;&nbsp; 1283112 |
| 1.000%, 04/09/29 (144A) (EUR) | 1000000 | &nbsp;&nbsp; 1177696 |
| Euronext NV |  |  |
| 1.500%, 05/30/32 (EUR) | 1100000 | &nbsp;&nbsp; 1281474 |
| Goldman Sachs Finance Corp. International Ltd. |  |  |
| Zero Coupon, 03/15/27 | 1500000 | &nbsp;&nbsp; 2454600 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-276**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Convertible Bonds—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Goldman Sachs Finance Corp. International Ltd. |  |  |
| Zero Coupon, 03/13/28 | 1400000 | &nbsp;&nbsp; $1487500 |
| Zero Coupon, 05/07/30 (EUR) | 1200000 | &nbsp;&nbsp; 1658957 |
| Merrill Lynch BV |  |  |
| 0.100%, 04/28/30 (EUR) | 1000000 | &nbsp;&nbsp; 1101162 |
|  |  | &nbsp;&nbsp; 12496666 |
| **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
| Alliant Energy Corp. |  |  |
| 3.250%, 05/30/28 (144A) | 2904000 | &nbsp;&nbsp; 2963242 |
| CenterPoint Energy, Inc. |  |  |
| 4.250%, 08/15/26 | 3677000 | &nbsp;&nbsp; 4020799 |
| CMS Energy Corp. |  |  |
| 3.375%, 05/01/28 | 3712000 | &nbsp;&nbsp; 3969984 |
| Duke Energy Corp. |  |  |
| 4.125%, 04/15/26 | 3953000 | &nbsp;&nbsp; 4071590 |
| Evergy, Inc. |  |  |
| 4.500%, 12/15/27 | 3831000 | &nbsp;&nbsp; 4662327 |
| FirstEnergy Corp. |  |  |
| 3.875%, 01/15/31 (144A) | 4096000 | &nbsp;&nbsp; 4407296 |
| Iberdrola Finanzas SA |  |  |
| 0.800%, 12/07/27 (EUR) | 2000000 | &nbsp;&nbsp; 3293301 |
| PPL Capital Funding, Inc. |  |  |
| 2.875%, 03/15/28 | 2503000 | &nbsp;&nbsp; 2747042 |
| Southern Co. |  |  |
| 4.500%, 06/15/27 (b) | 7300000 | &nbsp;&nbsp; 7789100 |
| WEC Energy Group, Inc. |  |  |
| 4.375%, 06/01/29 | 5626000 | &nbsp;&nbsp; 6562729 |
|  |  | &nbsp;&nbsp; 44487410 |
| **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** |
| Legrand SA |  |  |
| 1.500%, 06/23/33 (EUR) | 2300000 | &nbsp;&nbsp; 2873281 |
| Schneider Electric SE |  |  |
| 1.970%, 11/27/30 (EUR) | 3900000 | &nbsp;&nbsp; 5799022 |
|  |  | &nbsp;&nbsp; 8672303 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Avnet, Inc. |  |  |
| 1.750%, 09/01/30 (144A) | 768000 | &nbsp;&nbsp; 756864 |
| Hon Hai Precision Industry Co. Ltd. |  |  |
| Zero Coupon, 08/05/26 | 2100000 | &nbsp;&nbsp; 3097308 |
|  |  | &nbsp;&nbsp; 3854172 |
| **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** |
| Cellnex Telecom SA |  |  |
| 0.500%, 07/05/28 (EUR) | 6100000 | &nbsp;&nbsp; 7480442 |
| 2.125%, 08/11/30 (EUR) | 2600000 | &nbsp;&nbsp; 3231726 |
| Vinci SA |  |  |
| 0.700%, 02/18/30 (EUR) | 1900000 | &nbsp;&nbsp; 2316506 |
|  |  | &nbsp;&nbsp; 13028674 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Snam SpA |  |  |
| 3.250%, 09/29/28 (EUR) | 1300000 | &nbsp;&nbsp; 2597905 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Envista Holdings Corp. |  |  |
| 1.750%, 08/15/28 | 1346000 | &nbsp;&nbsp; $1290477 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| Fresenius SE & Co. KGaA |  |  |
| Zero Coupon, 03/11/28 (EUR) | 2000000 | &nbsp;&nbsp; 2317494 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp. |  |  |
| 1.750%, 05/15/28 | 1706000 | &nbsp;&nbsp; 1677844 |
| **Internet — 2.5%** | **Internet — 2.5%** | **Internet — 2.5%** |
| Alibaba Group Holding Ltd. |  |  |
| Zero Coupon, 07/09/32 (HKD) | 23000000 | &nbsp;&nbsp; 3157709 |
| 0.500%, 06/01/31 | 5318000 | &nbsp;&nbsp; 8258854 |
| Baidu, Inc. |  |  |
| Zero Coupon, 03/12/32 | 6200000 | &nbsp;&nbsp; 6298931 |
| JD.com, Inc. |  |  |
| 0.250%, 06/01/29 (b) | 5951000 | &nbsp;&nbsp; 5948024 |
| Meituan |  |  |
| Zero Coupon, 04/27/28 | 2900000 | &nbsp;&nbsp; 2889850 |
| Uber Technologies, Inc. |  |  |
| Zero Coupon, 05/15/28 (144A) | 2459000 | &nbsp;&nbsp; 2394820 |
| 0.875%, 12/01/28 | 4434000 | &nbsp;&nbsp; 5750898 |
| Weibo Corp. |  |  |
| 1.375%, 12/01/30 | 781000 | &nbsp;&nbsp; 904398 |
|  |  | &nbsp;&nbsp; 35603484 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.750%, 08/15/28 (144A) | 1181000 | &nbsp;&nbsp; 1501287 |
| Simon Global Development BV |  |  |
| 3.500%, 11/14/26 (EUR) | 2100000 | &nbsp;&nbsp; 3044278 |
| Wendel SE |  |  |
| 2.625%, 03/27/26 (EUR) | 2000000 | &nbsp;&nbsp; 2350081 |
|  |  | &nbsp;&nbsp; 6895646 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| JFE Holdings, Inc. |  |  |
| Zero Coupon, 09/28/28 (JPY) | 300000000 | &nbsp;&nbsp; 1943948 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Accor SA |  |  |
| 0.700%, 12/07/27 (EUR) | 3101600 | &nbsp;&nbsp; 2107996 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Gold Pole Capital Co. Ltd. |  |  |
| 1.000%, 06/25/29 | 5300000 | &nbsp;&nbsp; 9981718 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| Deep Development Ltd. |  |  |
| 0.750%, 05/20/32 (HKD) | 21000000 | &nbsp;&nbsp; 2857492 |
| Eni SpA |  |  |
| 2.950%, 09/14/30 (EUR) | 2900000 | &nbsp;&nbsp; 3627484 |
|  |  | &nbsp;&nbsp; 6484976 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-277**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Convertible Bonds—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| Fastighets AB Balder |  |  |
| 3.500%, 02/23/28 (EUR) | 1400000 | &nbsp;&nbsp; $1912704 |
| LEG Properties BV |  |  |
| 1.000%, 09/04/30 (EUR) | 3200000 | &nbsp;&nbsp; 3636539 |
| TAG Immobilien AG |  |  |
| 0.625%, 03/11/31 (EUR) | 1700000 | &nbsp;&nbsp; 2032922 |
| Vonovia SE |  |  |
| 0.875%, 05/20/32 (EUR) | 3400000 | &nbsp;&nbsp; 3861824 |
|  |  | &nbsp;&nbsp; 11443989 |
| **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** |
| Boston Properties LP |  |  |
| 2.000%, 10/01/30 (144A) | 2592000 | &nbsp;&nbsp; 2502576 |
| CIP Funding Pty. Ltd. |  |  |
| 3.500%, 09/03/30 (AUD) | 900000 | &nbsp;&nbsp; 610825 |
| COPT Defense Properties LP |  |  |
| 5.250%, 09/15/28 (144A) | 1207000 | &nbsp;&nbsp; 1349133 |
| DEXUS Finance Pty. Ltd. |  |  |
| 3.500%, 11/24/27 (AUD) | 1700000 | &nbsp;&nbsp; 1222418 |
| Digital Realty Trust LP |  |  |
| 1.875%, 11/15/29 (144A) | 3184000 | &nbsp;&nbsp; 3228576 |
| Federal Realty OP LP |  |  |
| 3.250%, 01/15/29 (144A) (b) | 1359000 | &nbsp;&nbsp; 1371911 |
| Rexford Industrial Realty LP |  |  |
| 4.125%, 03/15/29 (144A) | 4375000 | &nbsp;&nbsp; 4360563 |
| Ventas Realty LP |  |  |
| 3.750%, 06/01/26 | 2383000 | &nbsp;&nbsp; 3364796 |
| Welltower OP LLC |  |  |
| 2.750%, 05/15/28 (144A) (b) | 3096000 | &nbsp;&nbsp; 6063516 |
| 3.125%, 07/15/29 (144A) (b) | 2521000 | &nbsp;&nbsp; 3806710 |
|  |  | &nbsp;&nbsp; 27881024 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Anllian Capital 2 Ltd. |  |  |
| Zero Coupon, 12/05/29 (EUR) | 3900000 | &nbsp;&nbsp; 4571822 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
| SK Hynix, Inc. |  |  |
| 1.750%, 04/11/30 | 2600000 | &nbsp;&nbsp; 14214760 |
| STMicroelectronics NV |  |  |
| Zero Coupon, 08/04/27 | 2000000 | &nbsp;&nbsp; 1943366 |
|  |  | &nbsp;&nbsp; 16158126 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Akamai Technologies, Inc. |  |  |
| 0.250%, 05/15/33 (144A) | 3211000 | &nbsp;&nbsp; 3549761 |
| 0.375%, 09/01/27 | 6129000 | &nbsp;&nbsp; 6144322 |
| 1.125%, 02/15/29 | 3007000 | &nbsp;&nbsp; 2970916 |
|  |  | &nbsp;&nbsp; 12664999 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| Xiaomi Best Time International Ltd. |  |  |
| Zero Coupon, 12/17/27 | 3400000 | &nbsp;&nbsp; 4039017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| American Water Capital Corp. |  |  |
| 3.625%, 06/15/26 | 4456000 | &nbsp;&nbsp; $4437285 |
| Total Convertible Bonds <br>(Cost $247,344,399) <br>|  | &nbsp;&nbsp; 270103960 |
| **Corporate Bonds & Notes—11.5%** | **Corporate Bonds & Notes—11.5%** | **Corporate Bonds & Notes—11.5%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| BAE Systems PLC |  |  |
| 1.900%, 02/15/31 (144A) | 200000 | &nbsp;&nbsp; 177400 |
| Boeing Co. |  |  |
| 3.100%, 05/01/26 | 80000 | &nbsp;&nbsp; 79683 |
| 3.250%, 03/01/28 | 100000 | &nbsp;&nbsp; 98147 |
| 3.825%, 03/01/59 | 79000 | &nbsp;&nbsp; 54839 |
| 3.950%, 08/01/59 | 325000 | &nbsp;&nbsp; 229995 |
| 5.150%, 05/01/30 | 150000 | &nbsp;&nbsp; 154127 |
| 5.805%, 05/01/50 | 80000 | &nbsp;&nbsp; 78688 |
| 6.528%, 05/01/34 | 65000 | &nbsp;&nbsp; 71913 |
| 7.008%, 05/01/64 | 76000 | &nbsp;&nbsp; 86355 |
| GE Capital Funding LLC |  |  |
| 4.550%, 05/15/32 | 200000 | &nbsp;&nbsp; 202035 |
| L3Harris Technologies, Inc. |  |  |
| 5.250%, 06/01/31 | 80000 | &nbsp;&nbsp; 83233 |
| 5.400%, 07/31/33 | 100000 | &nbsp;&nbsp; 104154 |
| Lockheed Martin Corp. |  |  |
| 5.700%, 11/15/54 | 150000 | &nbsp;&nbsp; 151330 |
| RTX Corp. |  |  |
| 1.900%, 09/01/31 | 347000 | &nbsp;&nbsp; 304608 |
| 4.150%, 05/15/45 | 253000 | &nbsp;&nbsp; 211156 |
| 4.875%, 10/15/40 | 240000 | &nbsp;&nbsp; 231727 |
|  |  | &nbsp;&nbsp; 2319390 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group, Inc. |  |  |
| 2.450%, 02/04/32 | 360000 | &nbsp;&nbsp; 318341 |
| 3.400%, 02/04/41 | 274000 | &nbsp;&nbsp; 211868 |
| 4.500%, 08/06/30 | 160000 | &nbsp;&nbsp; 161276 |
| 5.625%, 02/06/35 | 210000 | &nbsp;&nbsp; 218334 |
| BAT Capital Corp. |  |  |
| 3.734%, 09/25/40 | 229000 | &nbsp;&nbsp; 185257 |
| 4.390%, 08/15/37 | 151000 | &nbsp;&nbsp; 139095 |
| 4.540%, 08/15/47 | 141000 | &nbsp;&nbsp; 116963 |
| 5.834%, 02/20/31 | 89000 | &nbsp;&nbsp; 94422 |
| 7.079%, 08/02/43 | 234000 | &nbsp;&nbsp; 262833 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.200%, 04/21/31 | 200000 | &nbsp;&nbsp; 188198 |
| 4.650%, 09/17/34 (b) | 76000 | &nbsp;&nbsp; 74570 |
| Imperial Brands Finance PLC |  |  |
| 5.500%, 02/01/30 (144A) | 560000 | &nbsp;&nbsp; 580105 |
| 5.875%, 07/01/34 (144A) | 440000 | &nbsp;&nbsp; 460072 |
| Japan Tobacco, Inc. |  |  |
| 5.850%, 06/15/35 (144A) | 205000 | &nbsp;&nbsp; 218566 |
| Philip Morris International, Inc. |  |  |
| 3.875%, 08/21/42 | 59000 | &nbsp;&nbsp; 48623 |
| 4.625%, 10/29/35 | 435000 | &nbsp;&nbsp; 425552 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-278**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** |
| Philip Morris International, Inc. |  |  |
| 4.750%, 11/01/31 (b) | 545000 | &nbsp;&nbsp; $556473 |
| 5.125%, 02/13/31 | 214000 | &nbsp;&nbsp; 221747 |
| 5.375%, 02/15/33 (b) | 347000 | &nbsp;&nbsp; 362854 |
|  |  | &nbsp;&nbsp; 4845149 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air Canada Pass-Through Trust |  |  |
| 3.550%, 07/15/31 (144A) | 449120 | &nbsp;&nbsp; 429883 |
| 3.600%, 09/15/28 (144A) | 65750 | &nbsp;&nbsp; 65006 |
| 3.750%, 06/15/29 (144A) | 325138 | &nbsp;&nbsp; 320564 |
| American Airlines Pass-Through Trust |  |  |
| 3.200%, 12/15/29 | 233800 | &nbsp;&nbsp; 228587 |
| 3.600%, 03/22/29 | 109983 | &nbsp;&nbsp; 108912 |
| 4.100%, 07/15/29 | 77196 | &nbsp;&nbsp; 76148 |
| British Airways Pass-Through Trust |  |  |
| 3.300%, 06/15/34 (144A) | 93303 | &nbsp;&nbsp; 88100 |
| 4.125%, 03/20/33 (144A) | 287575 | &nbsp;&nbsp; 278748 |
| Delta Air Lines Pass-Through Trust |  |  |
| 3.625%, 01/30/29 | 73294 | &nbsp;&nbsp; 72445 |
| United Airlines Pass-Through Trust |  |  |
| 3.450%, 06/01/29 | 270323 | &nbsp;&nbsp; 266398 |
| 3.700%, 09/01/31 | 45542 | &nbsp;&nbsp; 43472 |
| 4.150%, 02/25/33 | 142753 | &nbsp;&nbsp; 140168 |
| 5.450%, 08/15/38 | 187311 | &nbsp;&nbsp; 192566 |
| 5.875%, 08/15/38 | 208553 | &nbsp;&nbsp; 213636 |
|  |  | &nbsp;&nbsp; 2524633 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Ford Motor Co. |  |  |
| 3.250%, 02/12/32 | 383000 | &nbsp;&nbsp; 337487 |
| Ford Motor Credit Co. LLC |  |  |
| 5.800%, 03/08/29 | 405000 | &nbsp;&nbsp; 413807 |
| 7.200%, 06/10/30 (b) | 214000 | &nbsp;&nbsp; 229303 |
| General Motors Co. |  |  |
| 5.950%, 04/01/49 (b) | 76000 | &nbsp;&nbsp; 73759 |
| General Motors Financial Co., Inc. |  |  |
| 5.900%, 01/07/35 | 290000 | &nbsp;&nbsp; 301918 |
| 5.950%, 04/04/34 | 169000 | &nbsp;&nbsp; 176871 |
| 6.100%, 01/07/34 | 169000 | &nbsp;&nbsp; 179146 |
| 6.150%, 07/15/35 | 80000 | &nbsp;&nbsp; 84303 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.450%, 03/18/35 (144A) (b) | 200000 | &nbsp;&nbsp; 207902 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.300%, 03/22/27 (144A) | 448000 | &nbsp;&nbsp; 453499 |
| 5.800%, 03/27/35 (144A) | 200000 | &nbsp;&nbsp; 207142 |
|  |  | &nbsp;&nbsp; 2665137 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Qnity Electronics, Inc. |  |  |
| 5.750%, 08/15/32 (144A) | 101000 | &nbsp;&nbsp; 103267 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| ABN AMRO Bank NV |  |  |
| 2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (e) | 300000 | &nbsp;&nbsp; 285917 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| AIB Group PLC |  |  |
| 5.320%, SOFR + 1.650%, 05/15/31 (144A) (b) (e) | 705000 | &nbsp;&nbsp; $727522 |
| 6.608%, SOFR + 2.330%, 09/13/29 (144A) (e) | 200000 | &nbsp;&nbsp; 212393 |
| Banco Santander SA |  |  |
| 5.127%, 11/06/35 (b) | 200000 | &nbsp;&nbsp; 199930 |
| 5.588%, 08/08/28 | 400000 | &nbsp;&nbsp; 414560 |
| Bank of America Corp. |  |  |
| 2.676%, SOFR + 1.930%, 06/19/41 (e) | 202000 | &nbsp;&nbsp; 148940 |
| 2.687%, SOFR + 1.320%, 04/22/32 (e) | 1040000 | &nbsp;&nbsp; 954360 |
| 3.846%, 5Y H15 + 2.000%, 03/08/37 (b) (e) | 107000 | &nbsp;&nbsp; 100766 |
| 3.974%, 3M TSFR + 1.472%, 02/07/30 (e) | 1067000 | &nbsp;&nbsp; 1060992 |
| 4.571%, SOFR + 1.830%, 04/27/33 (e) | 85000 | &nbsp;&nbsp; 84792 |
| 5.162%, SOFR + 1.000%, 01/24/31 (e) | 175000 | &nbsp;&nbsp; 180662 |
| 5.202%, SOFR + 1.630%, 04/25/29 (e) | 898000 | &nbsp;&nbsp; 920996 |
| 5.288%, SOFR + 1.910%, 04/25/34 (e) | 205000 | &nbsp;&nbsp; 211057 |
| 5.464%, SOFR + 1.640%, 05/09/36 (b) (e) | 518000 | &nbsp;&nbsp; 539249 |
| 5.511%, SOFR + 1.310%, 01/24/36 (e) | 240000 | &nbsp;&nbsp; 250224 |
| 5.518%, SOFR + 1.738%, 10/25/35 (e) | 115000 | &nbsp;&nbsp; 117786 |
| 6.250%, 5Y H15 + 2.351%, 07/26/30 (e) | 413000 | &nbsp;&nbsp; 419487 |
| 6.625%, 5Y H15 + 2.684%, 05/01/30 (b) (e) | 119000 | &nbsp;&nbsp; 123992 |
| Bank of Ireland Group PLC |  |  |
| 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (e) | 200000 | &nbsp;&nbsp; 196848 |
| 5.601%, SOFR + 1.620%, 03/20/30 (144A) (e) | 460000 | &nbsp;&nbsp; 477754 |
| Bank of New York Mellon Corp. |  |  |
| 6.474%, SOFR + 1.845%, 10/25/34 (e) | 150000 | &nbsp;&nbsp; 167806 |
| Barclays PLC |  |  |
| 6.224%, SOFR + 2.980%, 05/09/34 (e) | 230000 | &nbsp;&nbsp; 247320 |
| BNP Paribas SA |  |  |
| 3.132%, SOFR + 1.561%, 01/20/33 (144A) (b) (e) | 270000 | &nbsp;&nbsp; 246259 |
| 4.792%, SOFR + 1.450%, 05/09/29 (144A) (e) | 200000 | &nbsp;&nbsp; 202221 |
| 5.335%, 1Y H15 + 1.500%, 06/12/29 (144A) (e) | 205000 | &nbsp;&nbsp; 210328 |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (e) | 260000 | &nbsp;&nbsp; 268960 |
| 5.786%, SOFR + 1.620%, 01/13/33 (144A) (e) | 200000 | &nbsp;&nbsp; 209947 |
| 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (e) | 300000 | &nbsp;&nbsp; 316854 |
| BPCE SA |  |  |
| 6.027%, SOFR + 1.956%, 05/28/36 (144A) (e) | 250000 | &nbsp;&nbsp; 262172 |
| 6.293%, SOFR + 2.040%, 01/14/36 (144A) (e) | 525000 | &nbsp;&nbsp; 560335 |
| 6.714%, SOFR + 2.270%, 10/19/29 (144A) (e) | 250000 | &nbsp;&nbsp; 265207 |
| CaixaBank SA |  |  |
| 6.684%, SOFR + 2.080%, 09/13/27 (144A) (e) | 288000 | &nbsp;&nbsp; 292989 |
| 6.840%, SOFR + 2.770%, 09/13/34 (144A) (e) | 808000 | &nbsp;&nbsp; 901143 |
| Citigroup, Inc. |  |  |
| 2.520%, SOFR + 1.177%, 11/03/32 (e) | 578000 | &nbsp;&nbsp; 517829 |
| 2.561%, SOFR + 1.167%, 05/01/32 (e) | 240000 | &nbsp;&nbsp; 217806 |
| 3.980%, 3M TSFR + 1.600%, 03/20/30 (e) | 667000 | &nbsp;&nbsp; 660953 |
| 4.503%, SOFR + 1.171%, 09/11/31 (e) | 319000 | &nbsp;&nbsp; 319987 |
| 4.542%, SOFR + 1.338%, 09/19/30 (e) | 102000 | &nbsp;&nbsp; 102811 |
| 4.952%, SOFR + 1.463%, 05/07/31 (e) | 600000 | &nbsp;&nbsp; 612831 |
| 5.174%, SOFR + 1.488%, 09/11/36 (e) | 450000 | &nbsp;&nbsp; 454206 |
| 5.333%, SOFR + 1.465%, 03/27/36 (b) (e) | 289000 | &nbsp;&nbsp; 295633 |
| 5.827%, SOFR + 2.056%, 02/13/35 (e) | 203000 | &nbsp;&nbsp; 210960 |
| 6.750%, 5Y H15 + 2.572%, 02/15/30 (b) (e) | 290000 | &nbsp;&nbsp; 295199 |
| 6.875%, 5Y H15 + 2.890%, 08/15/30 (e) | 200000 | &nbsp;&nbsp; 207821 |
| 6.950%, 5Y H15 + 2.726%, 02/15/30 (e) | 187000 | &nbsp;&nbsp; 192792 |
| 7.125%, 5Y H15 + 2.693%, 08/15/29 (e) | 329000 | &nbsp;&nbsp; 339188 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-279**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Credit Agricole SA |  |  |
| 6.700%, 5Y USD SOFR ICE Swap + 3.596%, 09/23/34 <br> (144A) (e)<br>| 210000 | &nbsp;&nbsp; $213905 |
| Danske Bank AS |  |  |
| 4.613%, 1Y H15 + 1.100%, 10/02/30 (144A) (e) | 200000 | &nbsp;&nbsp; 201665 |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (e) | 200000 | &nbsp;&nbsp; 207800 |
| Deutsche Bank AG |  |  |
| 4.469%, SOFR + 1.100%, 12/10/31 (b) (e) | 150000 | &nbsp;&nbsp; 149489 |
| 4.950%, SOFR + 1.300%, 08/04/31 (e) | 660000 | &nbsp;&nbsp; 666672 |
| 5.297%, SOFR + 1.720%, 05/09/31 (e) | 525000 | &nbsp;&nbsp; 537897 |
| 5.373%, SOFR + 1.210%, 01/10/29 (b) (e) | 155000 | &nbsp;&nbsp; 158173 |
| 6.819%, SOFR + 2.510%, 11/20/29 (e) | 150000 | &nbsp;&nbsp; 159944 |
| 7.079%, SOFR + 3.650%, 02/10/34 (e) | 225000 | &nbsp;&nbsp; 247200 |
| Fifth Third Bancorp |  |  |
| 4.337%, SOFR + 1.660%, 04/25/33 (b) (e) | 120000 | &nbsp;&nbsp; 117307 |
| Goldman Sachs Group, Inc. |  |  |
| 2.383%, SOFR + 1.248%, 07/21/32 (e) | 400000 | &nbsp;&nbsp; 358245 |
| 4.017%, 3M TSFR + 1.635%, 10/31/38 (e) | 322000 | &nbsp;&nbsp; 289541 |
| 4.369%, SOFR + 1.060%, 10/21/31 (e) | 290000 | &nbsp;&nbsp; 289309 |
| 4.411%, 3M TSFR + 1.692%, 04/23/39 (e) | 140000 | &nbsp;&nbsp; 129343 |
| 4.692%, SOFR + 1.135%, 10/23/30 (e) | 232000 | &nbsp;&nbsp; 235165 |
| 4.939%, SOFR + 1.330%, 10/21/36 (e) | 515000 | &nbsp;&nbsp; 511252 |
| 5.207%, SOFR + 1.078%, 01/28/31 (e) | 305000 | &nbsp;&nbsp; 314957 |
| 5.218%, SOFR + 1.580%, 04/23/31 (e) | 829000 | &nbsp;&nbsp; 856231 |
| 5.330%, SOFR + 1.550%, 07/23/35 (e) | 693000 | &nbsp;&nbsp; 712028 |
| 5.536%, SOFR + 1.380%, 01/28/36 (e) | 91000 | &nbsp;&nbsp; 94447 |
| 6.484%, SOFR + 1.770%, 10/24/29 (e) | 1448000 | &nbsp;&nbsp; 1535584 |
| HSBC Holdings PLC |  |  |
| 4.619%, SOFR + 1.190%, 11/06/31 (e) | 265000 | &nbsp;&nbsp; 265817 |
| 5.130%, SOFR + 1.040%, 11/19/28 (e) | 230000 | &nbsp;&nbsp; 234259 |
| 5.210%, SOFR + 2.610%, 08/11/28 (e) | 310000 | &nbsp;&nbsp; 315231 |
| 5.240%, SOFR + 1.570%, 05/13/31 (b) (e) | 1250000 | &nbsp;&nbsp; 1287846 |
| 5.286%, SOFR + 1.290%, 11/19/30 (e) | 630000 | &nbsp;&nbsp; 650021 |
| Huntington Bancshares, Inc. |  |  |
| 5.272%, SOFR + 1.276%, 01/15/31 (e) | 50000 | &nbsp;&nbsp; 51448 |
| 5.709%, SOFR + 1.870%, 02/02/35 (e) | 200000 | &nbsp;&nbsp; 208919 |
| 6.208%, SOFR + 2.020%, 08/21/29 (e) | 154000 | &nbsp;&nbsp; 161516 |
| ING Groep NV |  |  |
| 4.738%, SOFR + 1.010%, 03/25/29 (e) | 355000 | &nbsp;&nbsp; 356600 |
| Intesa Sanpaolo SpA |  |  |
| 4.950%, 1Y H15 + 2.750%, 06/01/42 (144A) (e) | 435000 | &nbsp;&nbsp; 370064 |
| 7.200%, 11/28/33 (144A) | 250000 | &nbsp;&nbsp; 285509 |
| KBC Group NV |  |  |
| 4.454%, 1Y H15 + 0.850%, 09/23/31 (144A) (b) (e) | 400000 | &nbsp;&nbsp; 398976 |
| KeyBank NA |  |  |
| 3.900%, 04/13/29 | 339000 | &nbsp;&nbsp; 332666 |
| KeyCorp |  |  |
| 4.789%, SOFR + 2.060%, 06/01/33 (e) | 256000 | &nbsp;&nbsp; 255866 |
| 5.121%, SOFR + 1.227%, 04/04/31 (b) (e) | 85000 | &nbsp;&nbsp; 87296 |
| Lloyds Banking Group PLC |  |  |
| 4.943%, 1Y H15 + 0.970%, 11/04/36 (e) | 200000 | &nbsp;&nbsp; 197874 |
| M&T Bank Corp. |  |  |
| 4.833%, SOFR + 0.930%, 01/16/29 (e) | 33000 | &nbsp;&nbsp; 33525 |
| 5.179%, SOFR + 1.400%, 07/08/31 (b) (e) | 119000 | &nbsp;&nbsp; 122168 |
| 5.385%, SOFR + 1.610%, 01/16/36 (e) | 152000 | &nbsp;&nbsp; 154455 |
| 6.082%, SOFR + 2.260%, 03/13/32 (b) (e) | 324000 | &nbsp;&nbsp; 344176 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Mellon Capital IV |  |  |
| 4.521%, 3M TSFR + 0.827%, 01/30/26 (e) | 72000 | &nbsp;&nbsp; $57791 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.527%, 1Y H15 + 0.800%, 09/12/31 (e) | 270000 | &nbsp;&nbsp; 271454 |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (b) (e) | 200000 | &nbsp;&nbsp; 206121 |
| Mizuho Financial Group, Inc. |  |  |
| 2.869%, 3M TSFR + 1.572%, 09/13/30 (e) | 200000 | &nbsp;&nbsp; 189990 |
| 5.323%, 1Y H15 + 1.070%, 07/08/36 (b) (e) | 200000 | &nbsp;&nbsp; 205452 |
| Morgan Stanley |  |  |
| 1.794%, SOFR + 1.034%, 02/13/32 (e) | 440000 | &nbsp;&nbsp; 386430 |
| 2.484%, SOFR + 1.360%, 09/16/36 (e) | 778000 | &nbsp;&nbsp; 684106 |
| 2.511%, SOFR + 1.200%, 10/20/32 (e) | 338000 | &nbsp;&nbsp; 303138 |
| 4.356%, SOFR + 1.074%, 10/22/31 (b) (e) | 206000 | &nbsp;&nbsp; 205324 |
| 4.654%, SOFR + 1.100%, 10/18/30 (b) (e) | 364000 | &nbsp;&nbsp; 368404 |
| 4.892%, SOFR + 1.314%, 10/22/36 (b) (e) | 249000 | &nbsp;&nbsp; 246796 |
| 5.042%, SOFR + 1.215%, 07/19/30 (e) | 219000 | &nbsp;&nbsp; 224538 |
| 5.192%, SOFR + 1.510%, 04/17/31 (e) | 198000 | &nbsp;&nbsp; 204152 |
| 5.230%, SOFR + 1.108%, 01/15/31 (e) | 280000 | &nbsp;&nbsp; 288816 |
| 5.320%, SOFR + 1.555%, 07/19/35 (e) | 65000 | &nbsp;&nbsp; 66911 |
| 5.466%, SOFR + 1.730%, 01/18/35 (e) | 222000 | &nbsp;&nbsp; 230764 |
| 5.656%, SOFR + 1.260%, 04/18/30 (e) | 280000 | &nbsp;&nbsp; 291711 |
| Morgan Stanley Bank NA |  |  |
| 5.504%, SOFR + 0.865%, 05/26/28 (e) | 500000 | &nbsp;&nbsp; 509975 |
| Morgan Stanley Private Bank NA |  |  |
| 4.465%, SOFR + 1.020%, 11/19/31 (e) | 300000 | &nbsp;&nbsp; 300785 |
| 4.734%, SOFR + 1.080%, 07/18/31 (b) (e) | 285000 | &nbsp;&nbsp; 288904 |
| NatWest Group PLC |  |  |
| 5.076%, 01/27/30 | 200000 | &nbsp;&nbsp; 204420 |
| 8.125%, 5Y H15 + 3.752%, 11/10/33 (e) | 200000 | &nbsp;&nbsp; 225028 |
| NatWest Markets PLC |  |  |
| 4.412%, 11/06/30 (144A) | 260000 | &nbsp;&nbsp; 260276 |
| 5.410%, 05/17/29 (144A) | 200000 | &nbsp;&nbsp; 207492 |
| PNC Financial Services Group, Inc. |  |  |
| 3.400%, 5Y H15 + 2.595%, 09/15/26 (e) | 7000 | &nbsp;&nbsp; 6862 |
| 4.812%, SOFR + 1.259%, 10/21/32 (e) | 178000 | &nbsp;&nbsp; 181146 |
| 5.068%, SOFR + 1.933%, 01/24/34 (e) | 209000 | &nbsp;&nbsp; 213833 |
| 5.373%, SOFR + 1.417%, 07/21/36 (e) | 190000 | &nbsp;&nbsp; 195412 |
| 6.250%, 7Y H15 + 2.808%, 03/15/30 (b) (e) | 134000 | &nbsp;&nbsp; 138340 |
| 6.875%, SOFR + 2.284%, 10/20/34 (e) | 279000 | &nbsp;&nbsp; 315724 |
| Royal Bank of Canada |  |  |
| 4.650%, SOFR + 1.080%, 10/18/30 (e) | 100000 | &nbsp;&nbsp; 101394 |
| Santander Holdings USA, Inc. |  |  |
| 6.174%, SOFR + 2.500%, 01/09/30 (e) | 215000 | &nbsp;&nbsp; 224078 |
| Santander U.K. Group Holdings PLC |  |  |
| 4.858%, SOFR + 1.554%, 09/11/30 (e) | 635000 | &nbsp;&nbsp; 642585 |
| 5.136%, SOFR + 1.578%, 09/22/36 (e) | 230000 | &nbsp;&nbsp; 229396 |
| 5.694%, SOFR + 1.524%, 04/15/31 (e) | 300000 | &nbsp;&nbsp; 312770 |
| Societe Generale SA |  |  |
| 5.250%, 02/19/27 (144A) | 200000 | &nbsp;&nbsp; 202273 |
| 5.439%, SOFR + 1.730%, 10/03/36 (144A) (e) | 200000 | &nbsp;&nbsp; 200435 |
| 5.512%, SOFR + 1.650%, 05/22/31 (144A) (e) | 515000 | &nbsp;&nbsp; 530821 |
| 6.446%, 1Y H15 + 2.550%, 01/10/29 (144A) (e) | 200000 | &nbsp;&nbsp; 208020 |
| Standard Chartered PLC |  |  |
| 7.018%, 1Y H15 + 2.200%, 02/08/30 (144A) (e) | 585000 | &nbsp;&nbsp; 629139 |
| State Street Corp. |  |  |
| 4.784%, SOFR + 1.215%, 10/23/36 (e) | 45000 | &nbsp;&nbsp; 44766 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-280**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| State Street Corp. |  |  |
| 6.700%, 5Y H15 + 2.613%, 03/15/29 (e) | 77000 | &nbsp;&nbsp; $80336 |
| 6.700%, 5Y H15 + 2.628%, 09/15/29 (e) | 249000 | &nbsp;&nbsp; 260748 |
| Toronto-Dominion Bank |  |  |
| 4.928%, 10/15/35 | 200000 | &nbsp;&nbsp; 199852 |
| 5.298%, 01/30/32 | 80000 | &nbsp;&nbsp; 83549 |
| Truist Financial Corp. |  |  |
| 4.964%, SOFR + 1.395%, 10/23/36 (e) | 330000 | &nbsp;&nbsp; 326485 |
| 5.122%, SOFR + 1.852%, 01/26/34 (e) | 520000 | &nbsp;&nbsp; 529820 |
| 7.161%, SOFR + 2.446%, 10/30/29 (e) | 117000 | &nbsp;&nbsp; 126217 |
| U.S. Bancorp |  |  |
| 5.083%, SOFR + 1.296%, 05/15/31 (e) | 215000 | &nbsp;&nbsp; 221620 |
| 5.836%, SOFR + 2.260%, 06/12/34 (e) | 258000 | &nbsp;&nbsp; 275258 |
| UBS Group AG |  |  |
| 4.398%, SOFR + 1.060%, 09/23/31 (144A) (e) | 200000 | &nbsp;&nbsp; 199027 |
| 4.844%, SOFR + 1.290%, 11/06/33 (144A) (e) | 435000 | &nbsp;&nbsp; 435417 |
| 5.010%, SOFR + 1.340%, 03/23/37 (144A) (e) | 200000 | &nbsp;&nbsp; 198236 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (e) | 200000 | &nbsp;&nbsp; 219450 |
| 9.250%, 5Y H15 + 4.758%, 11/13/33 (144A) (e) | 200000 | &nbsp;&nbsp; 234551 |
| UniCredit SpA |  |  |
| 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (e) | 200000 | &nbsp;&nbsp; 198156 |
| 3.127%, 1Y H15 + 1.550%, 06/03/32 (144A) (e) | 291000 | &nbsp;&nbsp; 270448 |
| 5.459%, 5Y H15 + 4.750%, 06/30/35 (144A) (e) | 295000 | &nbsp;&nbsp; 300698 |
| Wells Fargo & Co. |  |  |
| 3.900%, 5Y H15 + 3.453%, 03/15/26 (e) | 204000 | &nbsp;&nbsp; 203365 |
| 4.892%, SOFR + 1.340%, 09/15/36 (e) | 706000 | &nbsp;&nbsp; 703795 |
| 5.150%, SOFR + 1.500%, 04/23/31 (b) (e) | 928000 | &nbsp;&nbsp; 957885 |
| 5.198%, SOFR + 1.500%, 01/23/30 (e) | 150000 | &nbsp;&nbsp; 154478 |
| 5.211%, SOFR + 1.380%, 12/03/35 (e) | 175000 | &nbsp;&nbsp; 178768 |
| 5.244%, SOFR + 1.110%, 01/24/31 (e) | 335000 | &nbsp;&nbsp; 346899 |
| 5.557%, SOFR + 1.990%, 07/25/34 (e) | 1116000 | &nbsp;&nbsp; 1170029 |
| 5.605%, SOFR + 1.740%, 04/23/36 (e) | 586000 | &nbsp;&nbsp; 614194 |
|  |  | &nbsp;&nbsp; 49603223 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, <br> Inc.<br>|  |  |
| 4.700%, 02/01/36 | 389000 | &nbsp;&nbsp; 385050 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| 4.700%, 02/01/36 | 440000 | &nbsp;&nbsp; 435532 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.950%, 01/15/42 | 175000 | &nbsp;&nbsp; 167094 |
| 5.800%, 01/23/59 | 13000 | &nbsp;&nbsp; 13252 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.350%, 03/15/51 | 82000 | &nbsp;&nbsp; 55011 |
| Molson Coors Beverage Co. |  |  |
| 4.200%, 07/15/46 | 56000 | &nbsp;&nbsp; 44959 |
|  |  | &nbsp;&nbsp; 1100898 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| 2.450%, 02/21/30 | 221000 | &nbsp;&nbsp; 206109 |
| 3.150%, 02/21/40 | 47000 | &nbsp;&nbsp; 37044 |
| 4.200%, 02/22/52 | 320000 | &nbsp;&nbsp; 253847 |
| 4.663%, 06/15/51 | 45000 | &nbsp;&nbsp; 38502 |
| 4.875%, 03/01/53 (b) | 180000 | &nbsp;&nbsp; 158439 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Amgen, Inc. |  |  |
| 5.650%, 03/02/53 | 249000 | &nbsp;&nbsp; $243820 |
| 5.750%, 03/02/63 | 156000 | &nbsp;&nbsp; 152206 |
| Biogen, Inc. |  |  |
| 2.250%, 05/01/30 | 771000 | &nbsp;&nbsp; 708267 |
| 5.750%, 05/15/35 | 245000 | &nbsp;&nbsp; 257872 |
| 6.450%, 05/15/55 | 80000 | &nbsp;&nbsp; 84114 |
| Gilead Sciences, Inc. |  |  |
| 2.600%, 10/01/40 | 120000 | &nbsp;&nbsp; 88773 |
|  |  | &nbsp;&nbsp; 2228993 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| CRH America Finance, Inc. |  |  |
| 4.400%, 02/09/31 (b) | 65000 | &nbsp;&nbsp; 65108 |
| 5.000%, 02/09/36 | 115000 | &nbsp;&nbsp; 115397 |
|  |  | &nbsp;&nbsp; 180505 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| CF Industries, Inc. |  |  |
| 4.950%, 06/01/43 | 37000 | &nbsp;&nbsp; 33130 |
| 5.300%, 11/26/35 | 385000 | &nbsp;&nbsp; 383666 |
| Dow Chemical Co. |  |  |
| 4.375%, 11/15/42 | 79000 | &nbsp;&nbsp; 62537 |
| DuPont de Nemours, Inc. |  |  |
| 5.319%, 11/15/38 | 331000 | &nbsp;&nbsp; 331693 |
| 5.419%, 11/15/48 (b) | 16000 | &nbsp;&nbsp; 15215 |
| EIDP, Inc. |  |  |
| 5.125%, 05/15/32 | 245000 | &nbsp;&nbsp; 251374 |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) (b) | 90000 | &nbsp;&nbsp; 81207 |
|  |  | &nbsp;&nbsp; 1158822 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Element Fleet Management Corp. |  |  |
| 5.037%, 03/25/30 (144A) | 50000 | &nbsp;&nbsp; 51101 |
| 6.319%, 12/04/28 (144A) | 150000 | &nbsp;&nbsp; 158198 |
| Ford Foundation |  |  |
| 2.815%, 06/01/70 | 55000 | &nbsp;&nbsp; 31007 |
| Global Payments, Inc. |  |  |
| 2.900%, 11/15/31 | 283000 | &nbsp;&nbsp; 253631 |
| 3.200%, 08/15/29 | 250000 | &nbsp;&nbsp; 238385 |
| 4.875%, 11/15/30 | 765000 | &nbsp;&nbsp; 765853 |
| 5.200%, 11/15/32 | 110000 | &nbsp;&nbsp; 110051 |
| 5.550%, 11/15/35 | 300000 | &nbsp;&nbsp; 298180 |
| Pepperdine University |  |  |
| 3.301%, 12/01/59 | 100000 | &nbsp;&nbsp; 63327 |
| Quanta Services, Inc. |  |  |
| 2.350%, 01/15/32 | 115000 | &nbsp;&nbsp; 101280 |
| 2.900%, 10/01/30 | 70000 | &nbsp;&nbsp; 65517 |
| 4.500%, 01/15/31 | 295000 | &nbsp;&nbsp; 295240 |
| 5.100%, 08/09/35 | 250000 | &nbsp;&nbsp; 250535 |
| 5.250%, 08/09/34 | 306000 | &nbsp;&nbsp; 313743 |
| University of Southern California |  |  |
| 3.226%, 10/01/2120 | 100000 | &nbsp;&nbsp; 57627 |
|  |  | &nbsp;&nbsp; 3053675 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-281**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Accenture Capital, Inc. |  |  |
| 4.250%, 10/04/31 | 133000 | &nbsp;&nbsp; $133104 |
| 4.500%, 10/04/34 | 45000 | &nbsp;&nbsp; 44359 |
| Apple, Inc. |  |  |
| 2.650%, 02/08/51 | 185000 | &nbsp;&nbsp; 114362 |
| 2.950%, 09/11/49 | 120000 | &nbsp;&nbsp; 80188 |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 04/01/32 | 185000 | &nbsp;&nbsp; 190276 |
| Leidos, Inc. |  |  |
| 4.375%, 05/15/30 | 497000 | &nbsp;&nbsp; 496385 |
| 5.400%, 03/15/32 | 144000 | &nbsp;&nbsp; 149776 |
| 5.750%, 03/15/33 | 90000 | &nbsp;&nbsp; 95362 |
|  |  | &nbsp;&nbsp; 1303812 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| 5.200%, 03/22/63 | 76000 | &nbsp;&nbsp; 68929 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 (b) | 705000 | &nbsp;&nbsp; 683489 |
| 4.625%, 09/10/29 | 150000 | &nbsp;&nbsp; 151493 |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |
| 5.250%, 03/15/30 (144A) | 150000 | &nbsp;&nbsp; 153131 |
| American Express Co. |  |  |
| 4.804%, SOFR + 1.237%, 10/24/36 (e) | 45000 | &nbsp;&nbsp; 44435 |
| 4.918%, SOFR + 1.220%, 07/20/33 (e) | 100000 | &nbsp;&nbsp; 101770 |
| 5.442%, SOFR + 1.320%, 01/30/36 (e) | 80000 | &nbsp;&nbsp; 83094 |
| 5.667%, SOFR + 1.790%, 04/25/36 (e) | 80000 | &nbsp;&nbsp; 84469 |
| Aviation Capital Group LLC |  |  |
| 5.125%, 04/10/30 (144A) | 65000 | &nbsp;&nbsp; 65997 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 95000 | &nbsp;&nbsp; 92100 |
| 4.250%, 04/15/26 (144A) | 105000 | &nbsp;&nbsp; 104975 |
| 4.375%, 05/01/26 (144A) | 305000 | &nbsp;&nbsp; 305093 |
| 4.700%, 01/30/31 (144A) | 190000 | &nbsp;&nbsp; 188777 |
| 4.950%, 01/15/28 (144A) | 43000 | &nbsp;&nbsp; 43504 |
| 4.950%, 10/15/32 (144A) | 80000 | &nbsp;&nbsp; 79128 |
| 5.150%, 01/15/30 (144A) (b) | 577000 | &nbsp;&nbsp; 586450 |
| 5.375%, 05/30/30 (144A) (b) | 330000 | &nbsp;&nbsp; 338780 |
| 5.750%, 11/15/29 (144A) | 90000 | &nbsp;&nbsp; 93371 |
| Capital One Financial Corp. |  |  |
| 5.197%, SOFR + 1.630%, 09/11/36 (e) | 95000 | &nbsp;&nbsp; 94521 |
| Charles Schwab Corp. |  |  |
| 4.914%, SOFR + 1.230%, 11/14/36 (e) | 300000 | &nbsp;&nbsp; 297986 |
| Equitable America Global Funding |  |  |
| 4.700%, 09/15/32 (144A) | 402000 | &nbsp;&nbsp; 399951 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.150%, 03/17/30 (144A) | 45000 | &nbsp;&nbsp; 45617 |
| 5.200%, 03/27/28 (144A) | 65000 | &nbsp;&nbsp; 65981 |
|  |  | &nbsp;&nbsp; 4104112 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| AES Corp. |  |  |
| 5.450%, 06/01/28 | 180000 | &nbsp;&nbsp; 184079 |
| 5.800%, 03/15/32 | 195000 | &nbsp;&nbsp; 199970 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Alliant Energy Corp. |  |  |
| 5.750%, 5Y H15 + 2.077%, 04/01/56 (e) | 80000 | &nbsp;&nbsp; $79854 |
| Ameren Corp. |  |  |
| 5.375%, 03/15/35 | 38000 | &nbsp;&nbsp; 39050 |
| Arizona Public Service Co. |  |  |
| 4.700%, 01/15/44 | 50000 | &nbsp;&nbsp; 43020 |
| Baltimore Gas & Electric Co. |  |  |
| 2.900%, 06/15/50 | 106000 | &nbsp;&nbsp; 67802 |
| 3.200%, 09/15/49 | 66000 | &nbsp;&nbsp; 44596 |
| 5.400%, 06/01/53 | 85000 | &nbsp;&nbsp; 81723 |
| Cleveland Electric Illuminating Co. |  |  |
| 4.550%, 11/15/30 (144A) | 60000 | &nbsp;&nbsp; 59676 |
| CMS Energy Corp. |  |  |
| 3.750%, 5Y H15 + 2.900%, 12/01/50 (e) | 125000 | &nbsp;&nbsp; 115262 |
| Commonwealth Edison Co. |  |  |
| 3.700%, 03/01/45 | 71000 | &nbsp;&nbsp; 55545 |
| 4.700%, 01/15/44 | 133000 | &nbsp;&nbsp; 119199 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.650%, 12/01/48 | 30000 | &nbsp;&nbsp; 25969 |
| Constellation Energy Generation LLC |  |  |
| 5.600%, 06/15/42 | 42000 | &nbsp;&nbsp; 42126 |
| 5.750%, 10/01/41 | 120000 | &nbsp;&nbsp; 122318 |
| 6.500%, 10/01/53 | 180000 | &nbsp;&nbsp; 196105 |
| Consumers Energy Co. |  |  |
| 3.950%, 05/15/43 | 147000 | &nbsp;&nbsp; 121396 |
| Dominion Energy, Inc. |  |  |
| 3.300%, 04/15/41 | 190000 | &nbsp;&nbsp; 144240 |
| 4.700%, 12/01/44 | 71000 | &nbsp;&nbsp; 62295 |
| 4.900%, 08/01/41 | 147000 | &nbsp;&nbsp; 135474 |
| 6.000%, 5Y H15 + 2.262%, 02/15/56 (e) | 293000 | &nbsp;&nbsp; 294352 |
| 6.875%, 5Y H15 + 2.386%, 02/01/55 (e) | 80000 | &nbsp;&nbsp; 83154 |
| DTE Electric Securitization Funding II LLC |  |  |
| 6.090%, 09/01/38 | 250000 | &nbsp;&nbsp; 270092 |
| DTE Energy Co. |  |  |
| 5.050%, 10/01/35 (b) | 341000 | &nbsp;&nbsp; 340374 |
| 5.200%, 04/01/30 | 385000 | &nbsp;&nbsp; 397234 |
| Duke Energy Carolinas LLC |  |  |
| 4.000%, 09/30/42 | 303000 | &nbsp;&nbsp; 254152 |
| Duke Energy Corp. |  |  |
| 5.700%, 09/15/55 | 159000 | &nbsp;&nbsp; 154493 |
| 6.100%, 09/15/53 | 210000 | &nbsp;&nbsp; 217524 |
| Duke Energy Florida LLC |  |  |
| 4.850%, 12/01/35 (b) | 195000 | &nbsp;&nbsp; 194149 |
| Duke Energy Indiana LLC |  |  |
| 3.750%, 05/15/46 | 77000 | &nbsp;&nbsp; 59986 |
| 5.250%, 03/01/34 | 154000 | &nbsp;&nbsp; 159493 |
| 5.400%, 04/01/53 | 115000 | &nbsp;&nbsp; 109201 |
| Duke Energy Ohio, Inc. |  |  |
| 5.300%, 06/15/35 | 310000 | &nbsp;&nbsp; 319570 |
| 5.550%, 03/15/54 | 103000 | &nbsp;&nbsp; 100657 |
| Duke Energy Progress LLC |  |  |
| 5.550%, 03/15/55 | 8000 | &nbsp;&nbsp; 7891 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.616%, 08/01/27 (144A) | 319000 | &nbsp;&nbsp; 314568 |
| Edison International |  |  |
| 5.250%, 03/15/32 | 142000 | &nbsp;&nbsp; 141968 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-282**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Emera U.S. Finance LP |  |  |
| 2.639%, 06/15/31 | 118000 | &nbsp;&nbsp; $106634 |
| 4.750%, 06/15/46 (b) | 291000 | &nbsp;&nbsp; 248373 |
| Enel Finance International NV |  |  |
| 2.500%, 07/12/31 (144A) | 455000 | &nbsp;&nbsp; 409281 |
| 4.125%, 09/30/28 (144A) | 200000 | &nbsp;&nbsp; 199644 |
| 5.125%, 06/26/29 (144A) | 225000 | &nbsp;&nbsp; 230739 |
| Entergy Corp. |  |  |
| 5.875%, 5Y H15 + 2.179%, 06/15/56 (e) | 200000 | &nbsp;&nbsp; 199875 |
| 7.125%, 5Y H15 + 2.670%, 12/01/54 (e) | 298000 | &nbsp;&nbsp; 312886 |
| Entergy Louisiana LLC |  |  |
| 4.950%, 01/15/45 | 152000 | &nbsp;&nbsp; 138969 |
| 5.700%, 03/15/54 | 150000 | &nbsp;&nbsp; 148991 |
| Entergy Mississippi LLC |  |  |
| 5.000%, 09/01/33 | 280000 | &nbsp;&nbsp; 284575 |
| Entergy Texas, Inc. |  |  |
| 5.150%, 06/01/45 | 10000 | &nbsp;&nbsp; 9466 |
| 5.550%, 09/15/54 | 36000 | &nbsp;&nbsp; 34942 |
| FirstEnergy Transmission LLC |  |  |
| 4.550%, 04/01/49 (144A) | 166000 | &nbsp;&nbsp; 141005 |
| 5.450%, 07/15/44 (144A) | 49000 | &nbsp;&nbsp; 47292 |
| ITC Holdings Corp. |  |  |
| 2.950%, 05/14/30 (144A) | 790000 | &nbsp;&nbsp; 745675 |
| 5.400%, 06/01/33 (144A) | 288000 | &nbsp;&nbsp; 296630 |
| 5.650%, 05/09/34 (144A) | 173000 | &nbsp;&nbsp; 180304 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 (b) | 25000 | &nbsp;&nbsp; 25281 |
| 6.150%, 06/01/37 | 100000 | &nbsp;&nbsp; 108155 |
| Monongahela Power Co. |  |  |
| 5.850%, 02/15/34 (144A) (b) | 248000 | &nbsp;&nbsp; 262091 |
| Nevada Power Co. |  |  |
| 6.250%, 5Y H15 + 1.936%, 05/15/55 (e) | 430000 | &nbsp;&nbsp; 434835 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.900%, 03/15/55 (b) | 310000 | &nbsp;&nbsp; 313408 |
| 6.375%, 5Y H15 + 2.053%, 08/15/55 (e) | 217000 | &nbsp;&nbsp; 223998 |
| 6.750%, 5Y H15 + 2.457%, 06/15/54 (b) (e) | 125000 | &nbsp;&nbsp; 133448 |
| Niagara Mohawk Power Corp. |  |  |
| 5.996%, 07/03/55 (144A) | 45000 | &nbsp;&nbsp; 45585 |
| NRG Energy, Inc. |  |  |
| 4.450%, 06/15/29 (144A) | 348000 | &nbsp;&nbsp; 346464 |
| 4.734%, 10/15/30 (144A) | 150000 | &nbsp;&nbsp; 150190 |
| 5.407%, 10/15/35 (144A) | 225000 | &nbsp;&nbsp; 224762 |
| 7.000%, 03/15/33 (144A) | 128000 | &nbsp;&nbsp; 141490 |
| Ohio Power Co. |  |  |
| 2.900%, 10/01/51 | 115000 | &nbsp;&nbsp; 70875 |
| Pacific Gas & Electric Co. |  |  |
| 3.250%, 06/01/31 | 222000 | &nbsp;&nbsp; 206568 |
| 3.750%, 08/15/42 | 37000 | &nbsp;&nbsp; 27996 |
| 3.950%, 12/01/47 | 159000 | &nbsp;&nbsp; 118374 |
| 4.250%, 03/15/46 | 82000 | &nbsp;&nbsp; 64189 |
| 4.300%, 03/15/45 | 60000 | &nbsp;&nbsp; 47594 |
| 4.500%, 07/01/40 | 150000 | &nbsp;&nbsp; 130710 |
| 4.550%, 07/01/30 | 71744 | &nbsp;&nbsp; 71436 |
| 4.600%, 06/15/43 | 178000 | &nbsp;&nbsp; 148549 |
| 5.550%, 05/15/29 | 91000 | &nbsp;&nbsp; 93891 |
| 5.700%, 03/01/35 | 175000 | &nbsp;&nbsp; 179911 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Pacific Gas & Electric Co. |  |  |
| 5.800%, 05/15/34 | 12000 | &nbsp;&nbsp; $12463 |
| 6.000%, 08/15/35 | 115000 | &nbsp;&nbsp; 120669 |
| 6.100%, 01/15/29 | 253000 | &nbsp;&nbsp; 264604 |
| 6.400%, 06/15/33 | 276000 | &nbsp;&nbsp; 297637 |
| 6.750%, 01/15/53 | 10000 | &nbsp;&nbsp; 10635 |
| PacifiCorp |  |  |
| 2.900%, 06/15/52 | 122000 | &nbsp;&nbsp; 71447 |
| PG&E Recovery Funding LLC |  |  |
| 5.231%, 06/01/42 | 575000 | &nbsp;&nbsp; 581396 |
| 5.536%, 07/15/49 | 135000 | &nbsp;&nbsp; 135373 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.263%, 06/01/38 | 65000 | &nbsp;&nbsp; 63206 |
| 5.099%, 06/01/54 | 165000 | &nbsp;&nbsp; 153730 |
| 5.212%, 12/01/49 | 85000 | &nbsp;&nbsp; 82002 |
| Public Service Co. of Colorado |  |  |
| 4.500%, 06/01/52 | 57000 | &nbsp;&nbsp; 47484 |
| Public Service Co. of Oklahoma |  |  |
| 5.200%, 01/15/35 | 20000 | &nbsp;&nbsp; 20216 |
| 5.450%, 01/15/36 | 445000 | &nbsp;&nbsp; 456250 |
| 6.625%, 11/15/37 | 100000 | &nbsp;&nbsp; 109597 |
| Puget Energy, Inc. |  |  |
| 4.224%, 03/15/32 | 422000 | &nbsp;&nbsp; 404624 |
| 5.725%, 03/15/35 | 193000 | &nbsp;&nbsp; 198048 |
| Puget Sound Energy, Inc. |  |  |
| 5.638%, 04/15/41 | 71000 | &nbsp;&nbsp; 70931 |
| San Diego Gas & Electric Co. |  |  |
| 2.950%, 08/15/51 | 230000 | &nbsp;&nbsp; 146020 |
| 5.350%, 04/01/53 | 420000 | &nbsp;&nbsp; 396748 |
| 5.400%, 04/15/35 | 250000 | &nbsp;&nbsp; 258766 |
| SCE Recovery Funding LLC |  |  |
| 4.697%, 06/15/42 | 140700 | &nbsp;&nbsp; 139923 |
| 5.112%, 12/14/49 | 65000 | &nbsp;&nbsp; 61359 |
| 5.341%, 03/15/47 | 60000 | &nbsp;&nbsp; 59943 |
| Sempra |  |  |
| 6.375%, 5Y H15 + 2.632%, 04/01/56 (b) (e) | 68000 | &nbsp;&nbsp; 69416 |
| Sierra Pacific Power Co. |  |  |
| 6.200%, 5Y H15 + 2.549%, 12/15/55 (e) | 95000 | &nbsp;&nbsp; 94150 |
| Sigeco Securitization I LLC |  |  |
| 5.026%, 11/15/38 | 129143 | &nbsp;&nbsp; 132351 |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 78000 | &nbsp;&nbsp; 77100 |
| 3.900%, 03/15/43 | 122000 | &nbsp;&nbsp; 93785 |
| 4.050%, 03/15/42 | 150000 | &nbsp;&nbsp; 119293 |
| 5.200%, 06/01/34 | 449000 | &nbsp;&nbsp; 450937 |
| 5.250%, 03/15/30 | 116000 | &nbsp;&nbsp; 118968 |
| 5.700%, 03/01/53 | 65000 | &nbsp;&nbsp; 60324 |
| 5.875%, 12/01/53 | 177000 | &nbsp;&nbsp; 169476 |
| 5.900%, 03/01/55 | 45000 | &nbsp;&nbsp; 43444 |
| 5.950%, 02/01/38 | 91000 | &nbsp;&nbsp; 92949 |
| Southern Co. |  |  |
| 5.200%, 06/15/33 | 120000 | &nbsp;&nbsp; 123291 |
| Southern Power Co. |  |  |
| 4.250%, 10/01/30 | 85000 | &nbsp;&nbsp; 84773 |
| 4.900%, 10/01/35 | 334000 | &nbsp;&nbsp; 330401 |
| 4.950%, 12/15/46 | 214000 | &nbsp;&nbsp; 190850 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-283**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Southern Power Co. |  |  |
| 5.150%, 09/15/41 | 100000 | &nbsp;&nbsp; $96285 |
| Tucson Electric Power Co. |  |  |
| 1.500%, 08/01/30 | 78000 | &nbsp;&nbsp; 69352 |
| 4.850%, 12/01/48 | 150000 | &nbsp;&nbsp; 132411 |
| 5.500%, 04/15/53 (b) | 235000 | &nbsp;&nbsp; 225359 |
| Union Electric Co. |  |  |
| 5.200%, 04/01/34 (b) | 137000 | &nbsp;&nbsp; 141066 |
| 5.250%, 01/15/54 | 89000 | &nbsp;&nbsp; 83083 |
| 5.450%, 03/15/53 | 140000 | &nbsp;&nbsp; 134939 |
| Virginia Electric & Power Co. |  |  |
| 2.450%, 12/15/50 | 250000 | &nbsp;&nbsp; 143636 |
| 4.650%, 08/15/43 | 60000 | &nbsp;&nbsp; 53719 |
| 5.650%, 03/15/55 | 160000 | &nbsp;&nbsp; 156655 |
| Vistra Operations Co. LLC |  |  |
| 4.300%, 10/15/28 (144A) | 135000 | &nbsp;&nbsp; 135104 |
| 4.600%, 10/15/30 (144A) | 41000 | &nbsp;&nbsp; 40983 |
| 5.250%, 10/15/35 (144A) | 101000 | &nbsp;&nbsp; 100676 |
| 5.700%, 12/30/34 (144A) | 42000 | &nbsp;&nbsp; 43351 |
| 6.000%, 04/15/34 (144A) | 10000 | &nbsp;&nbsp; 10523 |
| 6.950%, 10/15/33 (144A) | 114000 | &nbsp;&nbsp; 127035 |
|  |  | &nbsp;&nbsp; 20772394 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Amphenol Corp. |  |  |
| 5.300%, 11/15/55 | 90000 | &nbsp;&nbsp; 85978 |
| Honeywell International, Inc. |  |  |
| 5.250%, 03/01/54 | 90000 | &nbsp;&nbsp; 85059 |
|  |  | &nbsp;&nbsp; 171037 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental, Inc. |  |  |
| 3.500%, 09/01/28 (144A) (b) | 445000 | &nbsp;&nbsp; 437587 |
| Veralto Corp. |  |  |
| 5.350%, 09/18/28 | 140000 | &nbsp;&nbsp; 144355 |
|  |  | &nbsp;&nbsp; 581942 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. <br> SARL<br>|  |  |
| 3.000%, 05/15/32 | 289000 | &nbsp;&nbsp; 259422 |
| 3.750%, 12/01/31 | 85000 | &nbsp;&nbsp; 80717 |
| 4.375%, 02/02/52 (b) | 85000 | &nbsp;&nbsp; 66073 |
| 6.750%, 03/15/34 (b) | 75000 | &nbsp;&nbsp; 82860 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 380000 | &nbsp;&nbsp; 386140 |
| 6.375%, 04/15/66 (144A) | 170000 | &nbsp;&nbsp; 169265 |
| JBS USA Lux SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 128000 | &nbsp;&nbsp; 134591 |
| 6.375%, 02/25/55 (144A) | 75000 | &nbsp;&nbsp; 76244 |
| Kraft Heinz Foods Co. |  |  |
| 4.375%, 06/01/46 | 255000 | &nbsp;&nbsp; 210661 |
| 4.625%, 10/01/39 | 60000 | &nbsp;&nbsp; 54796 |
| 5.500%, 06/01/50 | 155000 | &nbsp;&nbsp; 145009 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| Kroger Co. |  |  |
| 5.000%, 09/15/34 | 30000 | &nbsp;&nbsp; $30166 |
| 5.400%, 07/15/40 | 141000 | &nbsp;&nbsp; 140429 |
| 5.500%, 09/15/54 | 30000 | &nbsp;&nbsp; 28569 |
| 5.650%, 09/15/64 | 196000 | &nbsp;&nbsp; 186964 |
| Mars, Inc. |  |  |
| 5.000%, 03/01/32 (144A) | 140000 | &nbsp;&nbsp; 144304 |
| 5.200%, 03/01/35 (144A) (b) | 470000 | &nbsp;&nbsp; 483080 |
| 5.650%, 05/01/45 (144A) | 248000 | &nbsp;&nbsp; 249988 |
| 5.700%, 05/01/55 (144A) | 150000 | &nbsp;&nbsp; 149419 |
| Tyson Foods, Inc. |  |  |
| 5.700%, 03/15/34 | 70000 | &nbsp;&nbsp; 73800 |
|  |  | &nbsp;&nbsp; 3152497 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| NiSource, Inc. |  |  |
| 6.950%, 5Y H15 + 2.451%, 11/30/54 (e) | 120000 | &nbsp;&nbsp; 124896 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.350%, 06/01/50 | 143000 | &nbsp;&nbsp; 98119 |
| Southern California Gas Co. |  |  |
| 6.350%, 11/15/52 (b) | 225000 | &nbsp;&nbsp; 243198 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.150%, 09/30/51 | 161000 | &nbsp;&nbsp; 104384 |
| 3.950%, 10/01/46 | 261000 | &nbsp;&nbsp; 204206 |
| 4.400%, 06/01/43 | 345000 | &nbsp;&nbsp; 295333 |
| 5.750%, 09/15/33 | 86000 | &nbsp;&nbsp; 91129 |
|  |  | &nbsp;&nbsp; 1161265 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Baxter International, Inc. |  |  |
| 2.272%, 12/01/28 | 96000 | &nbsp;&nbsp; 90624 |
| Boston Scientific Corp. |  |  |
| 4.550%, 03/01/39 | 60000 | &nbsp;&nbsp; 57129 |
| DH Europe Finance II SARL |  |  |
| 3.250%, 11/15/39 | 85000 | &nbsp;&nbsp; 69622 |
| Solventum Corp. |  |  |
| 5.450%, 03/13/31 (b) | 288000 | &nbsp;&nbsp; 300419 |
| 5.600%, 03/23/34 | 86000 | &nbsp;&nbsp; 89482 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.500%, 02/19/35 | 213000 | &nbsp;&nbsp; 220893 |
|  |  | &nbsp;&nbsp; 828169 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Aetna, Inc. |  |  |
| 4.750%, 03/15/44 | 133000 | &nbsp;&nbsp; 116151 |
| 6.750%, 12/15/37 | 50000 | &nbsp;&nbsp; 55045 |
| AHS Hospital Corp. |  |  |
| 5.024%, 07/01/45 | 110000 | &nbsp;&nbsp; 103020 |
| Children's Hospital |  |  |
| 2.928%, 07/15/50 | 100000 | &nbsp;&nbsp; 64216 |
| Cigna Group |  |  |
| 4.500%, 09/15/30 | 165000 | &nbsp;&nbsp; 166133 |
| 5.250%, 01/15/36 | 145000 | &nbsp;&nbsp; 147611 |
| CommonSpirit Health |  |  |
| 2.782%, 10/01/30 | 70000 | &nbsp;&nbsp; 65143 |
| 3.910%, 10/01/50 | 65000 | &nbsp;&nbsp; 48546 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-284**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Cottage Health Obligated Group |  |  |
| 3.304%, 11/01/49 | 110000 | &nbsp;&nbsp; $77613 |
| Elevance Health, Inc. |  |  |
| 4.625%, 05/15/42 | 178000 | &nbsp;&nbsp; 160159 |
| 4.650%, 01/15/43 | 111000 | &nbsp;&nbsp; 99469 |
| Hartford HealthCare Corp. |  |  |
| 3.447%, 07/01/54 | 240000 | &nbsp;&nbsp; 170381 |
| HCA, Inc. |  |  |
| 3.625%, 03/15/32 | 31000 | &nbsp;&nbsp; 29280 |
| 4.600%, 11/15/32 | 128000 | &nbsp;&nbsp; 126841 |
| 4.625%, 03/15/52 | 57000 | &nbsp;&nbsp; 46550 |
| 4.900%, 11/15/35 (b) | 40000 | &nbsp;&nbsp; 39453 |
| 5.250%, 06/15/49 | 30000 | &nbsp;&nbsp; 27113 |
| 5.500%, 03/01/32 | 370000 | &nbsp;&nbsp; 385565 |
| 5.600%, 04/01/34 | 330000 | &nbsp;&nbsp; 344163 |
| 5.625%, 09/01/28 | 480000 | &nbsp;&nbsp; 494772 |
| 5.700%, 11/15/55 (b) | 90000 | &nbsp;&nbsp; 85764 |
| 5.750%, 03/01/35 | 74000 | &nbsp;&nbsp; 77671 |
| 5.875%, 02/01/29 | 614000 | &nbsp;&nbsp; 639848 |
| 5.950%, 09/15/54 (b) | 45000 | &nbsp;&nbsp; 44455 |
| 6.100%, 04/01/64 | 90000 | &nbsp;&nbsp; 89155 |
| 6.200%, 03/01/55 | 84000 | &nbsp;&nbsp; 85608 |
| MyMichigan Health |  |  |
| 3.409%, 06/01/50 | 40000 | &nbsp;&nbsp; 27738 |
| NYU Langone Hospitals |  |  |
| 3.380%, 07/01/55 | 90000 | &nbsp;&nbsp; 61563 |
| Piedmont Healthcare, Inc. |  |  |
| 2.864%, 01/01/52 | 95000 | &nbsp;&nbsp; 60098 |
| Quest Diagnostics, Inc. |  |  |
| 5.000%, 12/15/34 (b) | 244000 | &nbsp;&nbsp; 246768 |
| UnitedHealth Group, Inc. |  |  |
| 2.750%, 05/15/40 | 142000 | &nbsp;&nbsp; 106197 |
| 5.050%, 04/15/53 | 126000 | &nbsp;&nbsp; 113649 |
| 5.350%, 02/15/33 (b) | 233000 | &nbsp;&nbsp; 242752 |
| 5.375%, 04/15/54 (b) | 126000 | &nbsp;&nbsp; 118887 |
| 5.875%, 02/15/53 | 90000 | &nbsp;&nbsp; 90751 |
| Yale-New Haven Health Services Corp. |  |  |
| 2.496%, 07/01/50 | 110000 | &nbsp;&nbsp; 64259 |
|  |  | &nbsp;&nbsp; 4922387 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Sekisui House U.S., Inc. |  |  |
| 6.000%, 01/15/43 | 98000 | &nbsp;&nbsp; 91445 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Athene Global Funding |  |  |
| 2.950%, 11/12/26 (144A) | 370000 | &nbsp;&nbsp; 366148 |
| 5.033%, 07/17/30 (144A) | 455000 | &nbsp;&nbsp; 458398 |
| 5.543%, 08/22/35 (144A) (b) | 405000 | &nbsp;&nbsp; 406340 |
| Berkshire Hathaway Finance Corp. |  |  |
| 3.850%, 03/15/52 (b) | 185000 | &nbsp;&nbsp; 142358 |
| Corebridge Financial, Inc. |  |  |
| 6.375%, 5Y H15 + 2.646%, 09/15/54 (e) | 44000 | &nbsp;&nbsp; 44336 |
| 6.875%, 5Y H15 + 3.181%, 12/01/30 (e) | 90000 | &nbsp;&nbsp; 92491 |
| Corebridge Global Funding |  |  |
| 4.900%, 08/21/32 (144A) | 164000 | &nbsp;&nbsp; 164987 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 35000 | &nbsp;&nbsp; $36462 |
| F&G Global Funding |  |  |
| 1.750%, 06/30/26 (144A) | 80000 | &nbsp;&nbsp; 79011 |
| Guardian Life Global Funding |  |  |
| 4.673%, 09/05/32 (144A) | 270000 | &nbsp;&nbsp; 271891 |
| Hanover Insurance Group, Inc. |  |  |
| 2.500%, 09/01/30 | 70000 | &nbsp;&nbsp; 63662 |
| Hartford Insurance Group, Inc. |  |  |
| 4.300%, 04/15/43 | 25000 | &nbsp;&nbsp; 21487 |
| 6.100%, 10/01/41 | 25000 | &nbsp;&nbsp; 26666 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.350%, 04/30/50 (144A) | 220000 | &nbsp;&nbsp; 172228 |
| New York Life Global Funding |  |  |
| 1.200%, 08/07/30 (144A) | 111000 | &nbsp;&nbsp; 97008 |
| New York Life Insurance Co. |  |  |
| 3.750%, 05/15/50 (144A) (b) | 107000 | &nbsp;&nbsp; 79307 |
| 4.450%, 05/15/69 (144A) | 137000 | &nbsp;&nbsp; 106723 |
| Northwestern Mutual Life Insurance Co. |  |  |
| 6.063%, 03/30/40 (144A) | 230000 | &nbsp;&nbsp; 244419 |
| Pacific Life Insurance Co. |  |  |
| 4.300%, 10/24/67 (144A) | 97000 | &nbsp;&nbsp; 77889 |
| Principal Financial Group, Inc. |  |  |
| 4.111%, 02/15/28 (144A) | 121000 | &nbsp;&nbsp; 120732 |
| Prudential Financial, Inc. |  |  |
| 6.500%, 5Y H15 + 2.404%, 03/15/54 (b) (e) | 115000 | &nbsp;&nbsp; 121547 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.270%, 05/15/47 (144A) | 100000 | &nbsp;&nbsp; 82074 |
| 6.850%, 12/16/39 (144A) | 316000 | &nbsp;&nbsp; 362353 |
|  |  | &nbsp;&nbsp; 3638517 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Alphabet, Inc. |  |  |
| 4.100%, 11/15/30 | 285000 | &nbsp;&nbsp; 285875 |
| 4.700%, 11/15/35 | 275000 | &nbsp;&nbsp; 275067 |
| 5.450%, 11/15/55 | 80000 | &nbsp;&nbsp; 78477 |
| Amazon.com, Inc. |  |  |
| 4.650%, 11/20/35 | 530000 | &nbsp;&nbsp; 527857 |
| Meta Platforms, Inc. |  |  |
| 4.450%, 08/15/52 | 304000 | &nbsp;&nbsp; 247397 |
| 4.600%, 11/15/32 | 160000 | &nbsp;&nbsp; 161286 |
| 4.875%, 11/15/35 | 410000 | &nbsp;&nbsp; 409451 |
| 5.400%, 08/15/54 | 493000 | &nbsp;&nbsp; 458645 |
| 5.500%, 11/15/45 (b) | 295000 | &nbsp;&nbsp; 286451 |
| 5.550%, 08/15/64 | 80000 | &nbsp;&nbsp; 74208 |
| 5.600%, 05/15/53 | 40000 | &nbsp;&nbsp; 38286 |
| 5.625%, 11/15/55 (b) | 300000 | &nbsp;&nbsp; 287931 |
| 5.750%, 05/15/63 | 57000 | &nbsp;&nbsp; 54743 |
| Uber Technologies, Inc. |  |  |
| 4.500%, 08/15/29 (144A) | 236000 | &nbsp;&nbsp; 236029 |
| 4.800%, 09/15/34 | 40000 | &nbsp;&nbsp; 39988 |
| 4.800%, 09/15/35 | 190000 | &nbsp;&nbsp; 188997 |
| 5.350%, 09/15/54 (b) | 181000 | &nbsp;&nbsp; 172615 |
|  |  | &nbsp;&nbsp; 3823303 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-285**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| Vale Overseas Ltd. |  |  |
| 6.000%, 5Y H15 + 2.431%, 02/25/56 (144A) (e) | 200000 | &nbsp;&nbsp; $200060 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.625%, 09/30/31 (144A) | 145000 | &nbsp;&nbsp; 148236 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Marriott International, Inc. |  |  |
| 4.200%, 07/15/27 | 220000 | &nbsp;&nbsp; 220786 |
| 5.500%, 04/15/37 | 160000 | &nbsp;&nbsp; 163790 |
|  |  | &nbsp;&nbsp; 384576 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Regal Rexnord Corp. |  |  |
| 6.050%, 04/15/28 | 191000 | &nbsp;&nbsp; 197582 |
| 6.400%, 04/15/33 (b) | 77000 | &nbsp;&nbsp; 82824 |
|  |  | &nbsp;&nbsp; 280406 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.500%, 06/01/41 | 145000 | &nbsp;&nbsp; 103137 |
| 3.500%, 03/01/42 | 105000 | &nbsp;&nbsp; 72843 |
| 3.700%, 04/01/51 | 132000 | &nbsp;&nbsp; 83085 |
| 4.800%, 03/01/50 | 135000 | &nbsp;&nbsp; 101412 |
| 5.850%, 12/01/35 | 290000 | &nbsp;&nbsp; 289296 |
| 6.484%, 10/23/45 | 231000 | &nbsp;&nbsp; 217178 |
| Comcast Corp. |  |  |
| 2.800%, 01/15/51 | 235000 | &nbsp;&nbsp; 136138 |
| 2.887%, 11/01/51 | 1077000 | &nbsp;&nbsp; 629822 |
| 2.937%, 11/01/56 | 769000 | &nbsp;&nbsp; 432082 |
| 5.168%, 01/15/37 (144A) | 194000 | &nbsp;&nbsp; 191278 |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 200000 | &nbsp;&nbsp; 175531 |
| 5.875%, 11/15/40 | 634000 | &nbsp;&nbsp; 586674 |
| 6.550%, 05/01/37 (b) | 252000 | &nbsp;&nbsp; 257156 |
|  |  | &nbsp;&nbsp; 3275632 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) | 460000 | &nbsp;&nbsp; 423979 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.780%, 01/13/55 (144A) | 200000 | &nbsp;&nbsp; 215312 |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 | 170000 | &nbsp;&nbsp; 164567 |
| Glencore Funding LLC |  |  |
| 5.186%, 04/01/30 (144A) | 80000 | &nbsp;&nbsp; 82214 |
| 5.634%, 04/04/34 (144A) | 80000 | &nbsp;&nbsp; 83583 |
| 5.673%, 04/01/35 (144A) | 362000 | &nbsp;&nbsp; 377952 |
| 6.375%, 10/06/30 (144A) | 201000 | &nbsp;&nbsp; 216314 |
|  |  | &nbsp;&nbsp; 1563921 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Eaton Corp. |  |  |
| 4.150%, 11/02/42 | 200000 | &nbsp;&nbsp; 173139 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| Antero Resources Corp. |  |  |
| 5.375%, 03/01/30 (144A) | 227000 | &nbsp;&nbsp; $230143 |
| ConocoPhillips Co. |  |  |
| 5.500%, 01/15/55 (b) | 65000 | &nbsp;&nbsp; 62176 |
| 5.700%, 09/15/63 | 231000 | &nbsp;&nbsp; 222553 |
| Coterra Energy, Inc. |  |  |
| 5.400%, 02/15/35 | 70000 | &nbsp;&nbsp; 71050 |
| 5.900%, 02/15/55 | 263000 | &nbsp;&nbsp; 252532 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 (b) | 25000 | &nbsp;&nbsp; 22972 |
| Diamondback Energy, Inc. |  |  |
| 5.750%, 04/18/54 (b) | 187000 | &nbsp;&nbsp; 176722 |
| Eni SpA |  |  |
| 5.700%, 10/01/40 (144A) | 150000 | &nbsp;&nbsp; 149129 |
| 5.950%, 05/15/54 (144A) | 200000 | &nbsp;&nbsp; 198291 |
| EOG Resources, Inc. |  |  |
| 4.400%, 01/15/31 | 185000 | &nbsp;&nbsp; 185720 |
| EQT Corp. |  |  |
| 4.500%, 01/15/29 | 130000 | &nbsp;&nbsp; 130307 |
| 4.750%, 01/15/31 | 322000 | &nbsp;&nbsp; 324113 |
| 6.375%, 04/01/29 | 120000 | &nbsp;&nbsp; 124174 |
| 7.500%, 06/01/30 | 90000 | &nbsp;&nbsp; 98997 |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 | 234000 | &nbsp;&nbsp; 230842 |
| 5.375%, 03/15/30 | 750000 | &nbsp;&nbsp; 760191 |
| Hess Corp. |  |  |
| 5.600%, 02/15/41 | 329000 | &nbsp;&nbsp; 339930 |
| 6.000%, 01/15/40 | 89000 | &nbsp;&nbsp; 96044 |
| Marathon Petroleum Corp. |  |  |
| 4.750%, 09/15/44 | 53000 | &nbsp;&nbsp; 45302 |
| Occidental Petroleum Corp. |  |  |
| 4.625%, 06/15/45 | 123000 | &nbsp;&nbsp; 99253 |
| Ovintiv, Inc. |  |  |
| 6.250%, 07/15/33 (b) | 111000 | &nbsp;&nbsp; 117740 |
| 6.500%, 08/15/34 (b) | 36000 | &nbsp;&nbsp; 38670 |
| Pioneer Natural Resources Co. |  |  |
| 2.150%, 01/15/31 | 1206000 | &nbsp;&nbsp; 1093771 |
| Santos Finance Ltd. |  |  |
| 3.649%, 04/29/31 (144A) | 254000 | &nbsp;&nbsp; 238002 |
| 5.750%, 11/13/35 (144A) | 170000 | &nbsp;&nbsp; 169055 |
| 6.875%, 09/19/33 (144A) | 75000 | &nbsp;&nbsp; 82032 |
| Shell Finance U.S., Inc. |  |  |
| 5.125%, 10/15/41 (144A) | 200000 | &nbsp;&nbsp; 194938 |
| TotalEnergies Capital International SA |  |  |
| 2.986%, 06/29/41 | 519000 | &nbsp;&nbsp; 392606 |
| TotalEnergies Capital SA |  |  |
| 5.275%, 09/10/54 (b) | 80000 | &nbsp;&nbsp; 75168 |
| 5.638%, 04/05/64 | 89000 | &nbsp;&nbsp; 85959 |
|  |  | &nbsp;&nbsp; 6308382 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.100%, 03/17/30 | 110000 | &nbsp;&nbsp; 112913 |
| 5.500%, 03/17/35 | 175000 | &nbsp;&nbsp; 180763 |
| Berry Global, Inc. |  |  |
| 5.800%, 06/15/31 | 125000 | &nbsp;&nbsp; 131957 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-286**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Packaging Corp. of America |  |  |
| 4.050%, 12/15/49 | 35000 | &nbsp;&nbsp; $27745 |
| Sonoco Products Co. |  |  |
| 4.600%, 09/01/29 (b) | 138000 | &nbsp;&nbsp; 139107 |
| 5.000%, 09/01/34 (b) | 160000 | &nbsp;&nbsp; 158496 |
|  |  | &nbsp;&nbsp; 750981 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| AbbVie, Inc. |  |  |
| 4.050%, 11/21/39 | 456000 | &nbsp;&nbsp; 407055 |
| 4.250%, 11/21/49 | 250000 | &nbsp;&nbsp; 205889 |
| 4.400%, 11/06/42 | 340000 | &nbsp;&nbsp; 302431 |
| 4.625%, 10/01/42 | 188000 | &nbsp;&nbsp; 171265 |
| 5.050%, 03/15/34 | 94000 | &nbsp;&nbsp; 96603 |
| 5.500%, 03/15/64 | 36000 | &nbsp;&nbsp; 34950 |
| Bristol-Myers Squibb Co. |  |  |
| 3.700%, 03/15/52 | 38000 | &nbsp;&nbsp; 27921 |
| 3.900%, 03/15/62 | 97000 | &nbsp;&nbsp; 70324 |
| 4.250%, 10/26/49 | 74000 | &nbsp;&nbsp; 60462 |
| 4.550%, 02/20/48 | 150000 | &nbsp;&nbsp; 129769 |
| 5.200%, 02/22/34 | 43000 | &nbsp;&nbsp; 44701 |
| 5.550%, 02/22/54 | 487000 | &nbsp;&nbsp; 478270 |
| Cardinal Health, Inc. |  |  |
| 5.150%, 09/15/35 (b) | 123000 | &nbsp;&nbsp; 124999 |
| Cencora, Inc. |  |  |
| 4.250%, 03/01/45 | 94000 | &nbsp;&nbsp; 79527 |
| 4.850%, 12/15/29 | 25000 | &nbsp;&nbsp; 25555 |
| 5.150%, 02/15/35 | 125000 | &nbsp;&nbsp; 127757 |
| CVS Health Corp. |  |  |
| 4.125%, 04/01/40 | 238000 | &nbsp;&nbsp; 203388 |
| 5.875%, 06/01/53 | 157000 | &nbsp;&nbsp; 152446 |
| CVS Pass-Through Trust |  |  |
| 4.704%, 01/10/36 (144A) | 204950 | &nbsp;&nbsp; 190233 |
| 5.880%, 01/10/28 | 111335 | &nbsp;&nbsp; 112261 |
| 8.353%, 07/10/31 (144A) | 86672 | &nbsp;&nbsp; 94375 |
| Eli Lilly & Co. |  |  |
| 5.650%, 10/15/65 | 60000 | &nbsp;&nbsp; 60457 |
| Merck & Co., Inc. |  |  |
| 4.316%, SOFR + 0.570%, 03/15/29 (e) | 115000 | &nbsp;&nbsp; 115246 |
| 5.150%, 05/17/63 | 45000 | &nbsp;&nbsp; 41351 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.750%, 05/19/33 (b) | 258000 | &nbsp;&nbsp; 260736 |
| 5.300%, 05/19/53 | 377000 | &nbsp;&nbsp; 356972 |
| 5.340%, 05/19/63 | 118000 | &nbsp;&nbsp; 109480 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.175%, 07/09/50 | 200000 | &nbsp;&nbsp; 133382 |
| Zoetis, Inc. |  |  |
| 2.000%, 05/15/30 | 393000 | &nbsp;&nbsp; 359545 |
| 5.000%, 08/17/35 (b) | 85000 | &nbsp;&nbsp; 85931 |
|  |  | &nbsp;&nbsp; 4663281 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| Cameron LNG LLC |  |  |
| 3.701%, 01/15/39 (144A) | 163000 | &nbsp;&nbsp; 138902 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.700%, 11/15/29 | 138000 | &nbsp;&nbsp; 134768 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.125%, 06/30/27 | 121000 | &nbsp;&nbsp; $122170 |
| Cheniere Energy Partners LP |  |  |
| 3.250%, 01/31/32 | 163000 | &nbsp;&nbsp; 150129 |
| 4.500%, 10/01/29 | 488000 | &nbsp;&nbsp; 489026 |
| 5.550%, 10/30/35 (144A) | 40000 | &nbsp;&nbsp; 40895 |
| 5.750%, 08/15/34 | 90000 | &nbsp;&nbsp; 93971 |
| Cheniere Energy, Inc. |  |  |
| 4.625%, 10/15/28 | 391000 | &nbsp;&nbsp; 390337 |
| Colonial Enterprises, Inc. |  |  |
| 5.627%, 11/15/35 (144A) | 145000 | &nbsp;&nbsp; 146125 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 4.999%, 11/17/32 (144A) | 225000 | &nbsp;&nbsp; 224980 |
| 5.097%, 10/01/31 (144A) | 58000 | &nbsp;&nbsp; 58979 |
| 6.042%, 08/15/28 (144A) | 134000 | &nbsp;&nbsp; 139257 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.439%, 02/15/35 (144A) (b) | 205000 | &nbsp;&nbsp; 209245 |
| 5.927%, 08/15/30 (144A) | 63000 | &nbsp;&nbsp; 66645 |
| 5.962%, 02/15/55 (144A) | 160000 | &nbsp;&nbsp; 157612 |
| 6.036%, 11/15/33 (144A) (b) | 244000 | &nbsp;&nbsp; 261192 |
| DT Midstream, Inc. |  |  |
| 4.125%, 06/15/29 (144A) | 370000 | &nbsp;&nbsp; 365122 |
| 4.300%, 04/15/32 (144A) | 100000 | &nbsp;&nbsp; 96595 |
| Eastern Energy Gas Holdings LLC |  |  |
| 6.200%, 01/15/55 | 40000 | &nbsp;&nbsp; 41337 |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 | 75000 | &nbsp;&nbsp; 78294 |
| 8.250%, 5Y H15 + 3.785%, 01/15/84 (e) | 238000 | &nbsp;&nbsp; 254667 |
| Energy Transfer LP |  |  |
| 4.950%, 01/15/43 | 150000 | &nbsp;&nbsp; 131487 |
| 5.600%, 09/01/34 | 115000 | &nbsp;&nbsp; 118348 |
| 5.950%, 05/15/54 | 55000 | &nbsp;&nbsp; 52121 |
| 6.000%, 02/01/29 (144A) | 633000 | &nbsp;&nbsp; 639894 |
| 6.200%, 04/01/55 | 120000 | &nbsp;&nbsp; 117620 |
| 6.500%, 5Y H15 + 2.676%, 02/15/56 (b) (e) | 348000 | &nbsp;&nbsp; 346849 |
| 7.375%, 02/01/31 (144A) | 106000 | &nbsp;&nbsp; 110130 |
| Enterprise Products Operating LLC |  |  |
| 5.200%, 01/15/36 | 100000 | &nbsp;&nbsp; 101794 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.700%, 11/01/42 | 249000 | &nbsp;&nbsp; 219804 |
| 5.000%, 08/15/42 | 170000 | &nbsp;&nbsp; 155776 |
| 6.375%, 03/01/41 | 110000 | &nbsp;&nbsp; 117474 |
| Kinder Morgan, Inc. |  |  |
| 5.150%, 06/01/30 | 90000 | &nbsp;&nbsp; 93060 |
| MPLX LP |  |  |
| 5.400%, 04/01/35 | 70000 | &nbsp;&nbsp; 70447 |
| 5.400%, 09/15/35 (b) | 375000 | &nbsp;&nbsp; 377790 |
| 5.500%, 06/01/34 | 65000 | &nbsp;&nbsp; 66312 |
| 5.950%, 04/01/55 | 175000 | &nbsp;&nbsp; 168793 |
| NGPL PipeCo LLC |  |  |
| 4.875%, 08/15/27 (144A) | 228000 | &nbsp;&nbsp; 228872 |
| Northern Natural Gas Co. |  |  |
| 3.400%, 10/16/51 (144A) | 81000 | &nbsp;&nbsp; 54154 |
| 4.300%, 01/15/49 (144A) | 44000 | &nbsp;&nbsp; 35235 |
| ONEOK Partners LP |  |  |
| 6.650%, 10/01/36 | 140000 | &nbsp;&nbsp; 152368 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-287**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| ONEOK, Inc. |  |  |
| 4.750%, 10/15/31 (b) | 50000 | &nbsp;&nbsp; $50266 |
| 5.050%, 04/01/45 | 51000 | &nbsp;&nbsp; 44994 |
| 5.375%, 06/01/29 | 125000 | &nbsp;&nbsp; 128807 |
| 5.400%, 10/15/35 | 225000 | &nbsp;&nbsp; 227337 |
| 5.600%, 04/01/44 | 188000 | &nbsp;&nbsp; 177617 |
| Plains All American Pipeline LP |  |  |
| 5.950%, 06/15/35 | 80000 | &nbsp;&nbsp; 83315 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 5.600%, 01/15/36 | 185000 | &nbsp;&nbsp; 187140 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 | 190000 | &nbsp;&nbsp; 190769 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.911%, 09/01/27 | 114000 | &nbsp;&nbsp; 115043 |
| 5.026%, 10/01/29 | 265000 | &nbsp;&nbsp; 268811 |
| Targa Resources Corp. |  |  |
| 5.400%, 07/30/36 (b) | 200000 | &nbsp;&nbsp; 200230 |
| TransCanada PipeLines Ltd. |  |  |
| 5.600%, 03/31/34 | 90000 | &nbsp;&nbsp; 93497 |
| 6.100%, 06/01/40 | 62000 | &nbsp;&nbsp; 65140 |
| Transcanada Trust |  |  |
| 5.500%, SOFR + 4.416%, 09/15/79 (e) | 165000 | &nbsp;&nbsp; 163759 |
| 5.875%, 08/15/76 | 347000 | &nbsp;&nbsp; 347425 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 08/15/29 (144A) | 35000 | &nbsp;&nbsp; 32810 |
| 4.125%, 08/15/31 (144A) | 480000 | &nbsp;&nbsp; 436787 |
| Western Midstream Operating LP |  |  |
| 5.250%, 02/01/50 | 45000 | &nbsp;&nbsp; 38522 |
| 5.450%, 04/01/44 | 170000 | &nbsp;&nbsp; 154880 |
| Williams Cos., Inc. |  |  |
| 4.800%, 11/15/29 | 361000 | &nbsp;&nbsp; 367883 |
| 5.300%, 08/15/28 | 359000 | &nbsp;&nbsp; 369573 |
| 5.600%, 03/15/35 | 60000 | &nbsp;&nbsp; 62399 |
|  |  | &nbsp;&nbsp; 10825580 |
| **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.000%, 05/18/32 | 405000 | &nbsp;&nbsp; 342433 |
| 3.550%, 03/15/52 | 115000 | &nbsp;&nbsp; 78130 |
| 4.000%, 02/01/50 | 111000 | &nbsp;&nbsp; 82790 |
| American Tower Corp. |  |  |
| 1.875%, 10/15/30 (b) | 130000 | &nbsp;&nbsp; 116123 |
| 4.700%, 12/15/32 | 145000 | &nbsp;&nbsp; 145031 |
| 5.200%, 02/15/29 | 382000 | &nbsp;&nbsp; 393139 |
| American Tower Trust #1 |  |  |
| 3.652%, 03/15/48 (144A) | 160000 | &nbsp;&nbsp; 158410 |
| Brixmor Operating Partnership LP |  |  |
| 2.250%, 04/01/28 | 80000 | &nbsp;&nbsp; 76812 |
| 4.850%, 02/15/33 | 135000 | &nbsp;&nbsp; 135286 |
| 5.500%, 02/15/34 | 70000 | &nbsp;&nbsp; 72174 |
| COPT Defense Properties LP |  |  |
| 2.750%, 04/15/31 | 132000 | &nbsp;&nbsp; 120402 |
| 4.500%, 10/15/30 | 110000 | &nbsp;&nbsp; 109466 |
| Crown Castle, Inc. |  |  |
| 5.600%, 06/01/29 | 560000 | &nbsp;&nbsp; 581085 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| DOC Dr. LLC |  |  |
| 2.625%, 11/01/31 | 55000 | &nbsp;&nbsp; $49449 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 4.600%, 11/15/30 | 110000 | &nbsp;&nbsp; 110332 |
| 5.500%, 06/15/34 (b) | 354000 | &nbsp;&nbsp; 366493 |
| ERP Operating LP |  |  |
| 4.950%, 06/15/32 | 100000 | &nbsp;&nbsp; 102250 |
| Essex Portfolio LP |  |  |
| 1.700%, 03/01/28 | 170000 | &nbsp;&nbsp; 161393 |
| 2.650%, 03/15/32 | 120000 | &nbsp;&nbsp; 106983 |
| Extra Space Storage LP |  |  |
| 4.000%, 06/15/29 | 311000 | &nbsp;&nbsp; 307937 |
| 4.950%, 01/15/33 | 60000 | &nbsp;&nbsp; 60649 |
| 5.500%, 07/01/30 | 200000 | &nbsp;&nbsp; 208161 |
| 5.900%, 01/15/31 | 201000 | &nbsp;&nbsp; 213114 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 110000 | &nbsp;&nbsp; 108864 |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 118000 | &nbsp;&nbsp; 114691 |
| 5.375%, 02/15/35 | 80000 | &nbsp;&nbsp; 81709 |
| Mid-America Apartments LP |  |  |
| 4.650%, 01/15/33 | 105000 | &nbsp;&nbsp; 104860 |
| NNN REIT, Inc. |  |  |
| 3.000%, 04/15/52 | 50000 | &nbsp;&nbsp; 31192 |
| 3.100%, 04/15/50 | 155000 | &nbsp;&nbsp; 100221 |
| 3.500%, 04/15/51 | 105000 | &nbsp;&nbsp; 73939 |
| 5.600%, 10/15/33 | 100000 | &nbsp;&nbsp; 104447 |
| Realty Income Corp. |  |  |
| 3.250%, 01/15/31 | 185000 | &nbsp;&nbsp; 176125 |
| 5.125%, 04/15/35 | 60000 | &nbsp;&nbsp; 61030 |
| Safehold GL Holdings LLC |  |  |
| 2.850%, 01/15/32 | 167000 | &nbsp;&nbsp; 150427 |
| Simon Property Group LP |  |  |
| 5.125%, 10/01/35 | 249000 | &nbsp;&nbsp; 252736 |
| UDR, Inc. |  |  |
| 1.900%, 03/15/33 | 80000 | &nbsp;&nbsp; 66025 |
| 3.500%, 01/15/28 | 100000 | &nbsp;&nbsp; 98865 |
| 4.400%, 01/26/29 | 86000 | &nbsp;&nbsp; 86389 |
| 5.125%, 09/01/34 | 241000 | &nbsp;&nbsp; 243616 |
| Ventas Realty LP |  |  |
| 3.000%, 01/15/30 | 360000 | &nbsp;&nbsp; 342748 |
| 4.750%, 11/15/30 | 75000 | &nbsp;&nbsp; 76053 |
| 4.875%, 04/15/49 | 88000 | &nbsp;&nbsp; 76945 |
| WP Carey, Inc. |  |  |
| 2.250%, 04/01/33 | 135000 | &nbsp;&nbsp; 113833 |
|  |  | &nbsp;&nbsp; 6562757 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| Home Depot, Inc. |  |  |
| 3.300%, 04/15/40 | 329000 | &nbsp;&nbsp; 268662 |
| Lowe's Cos., Inc. |  |  |
| 2.800%, 09/15/41 | 475000 | &nbsp;&nbsp; 341449 |
| 5.625%, 04/15/53 (b) | 120000 | &nbsp;&nbsp; 116341 |
| McDonald's Corp. |  |  |
| 4.400%, 02/12/31 | 225000 | &nbsp;&nbsp; 226812 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-288**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| McDonald's Corp. |  |  |
| 6.300%, 10/15/37 | 30000 | &nbsp;&nbsp; $33346 |
|  |  | &nbsp;&nbsp; 986610 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society |  |  |
| 3.960%, 07/18/30 (144A) (b) | 200000 | &nbsp;&nbsp; 197192 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Broadcom, Inc. |  |  |
| 3.187%, 11/15/36 (144A) | 120000 | &nbsp;&nbsp; 101771 |
| 3.419%, 04/15/33 | 566000 | &nbsp;&nbsp; 523926 |
| 3.469%, 04/15/34 | 238000 | &nbsp;&nbsp; 217019 |
| 3.750%, 02/15/51 | 10000 | &nbsp;&nbsp; 7539 |
| 4.550%, 02/15/32 | 44000 | &nbsp;&nbsp; 44123 |
| 4.800%, 02/15/36 | 222000 | &nbsp;&nbsp; 219058 |
| 4.900%, 07/15/32 | 145000 | &nbsp;&nbsp; 148045 |
| Foundry JV Holdco LLC |  |  |
| 6.250%, 01/25/35 (144A) | 555000 | &nbsp;&nbsp; 588517 |
| Intel Corp. |  |  |
| 3.050%, 08/12/51 (b) | 55000 | &nbsp;&nbsp; 33821 |
| 3.250%, 11/15/49 | 55000 | &nbsp;&nbsp; 35136 |
| 3.734%, 12/08/47 | 35000 | &nbsp;&nbsp; 24906 |
| 4.250%, 12/15/42 | 205000 | &nbsp;&nbsp; 166203 |
| KLA Corp. |  |  |
| 3.300%, 03/01/50 | 100000 | &nbsp;&nbsp; 69420 |
| Marvell Technology, Inc. |  |  |
| 2.950%, 04/15/31 | 430000 | &nbsp;&nbsp; 398259 |
| 4.750%, 07/15/30 | 25000 | &nbsp;&nbsp; 25326 |
| 5.450%, 07/15/35 | 346000 | &nbsp;&nbsp; 356489 |
| 5.750%, 02/15/29 | 366000 | &nbsp;&nbsp; 381661 |
| 5.950%, 09/15/33 | 165000 | &nbsp;&nbsp; 176415 |
| Micron Technology, Inc. |  |  |
| 5.875%, 02/09/33 (b) | 190000 | &nbsp;&nbsp; 202092 |
| 6.050%, 11/01/35 | 155000 | &nbsp;&nbsp; 165370 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 5.000%, 01/15/33 | 200000 | &nbsp;&nbsp; 203166 |
|  |  | &nbsp;&nbsp; 4088262 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Electronic Arts, Inc. |  |  |
| 2.950%, 02/15/51 | 39000 | &nbsp;&nbsp; 35974 |
| Fiserv, Inc. |  |  |
| 4.400%, 07/01/49 (b) | 60000 | &nbsp;&nbsp; 47077 |
| 5.150%, 08/12/34 | 30000 | &nbsp;&nbsp; 29768 |
| Microsoft Corp. |  |  |
| 2.525%, 06/01/50 | 80000 | &nbsp;&nbsp; 48844 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/40 | 320000 | &nbsp;&nbsp; 237324 |
| 3.600%, 04/01/50 | 401000 | &nbsp;&nbsp; 249787 |
| 3.650%, 03/25/41 | 300000 | &nbsp;&nbsp; 218856 |
| 3.800%, 11/15/37 | 130000 | &nbsp;&nbsp; 104954 |
| 4.000%, 11/15/47 | 71000 | &nbsp;&nbsp; 48755 |
| 4.375%, 05/15/55 | 154000 | &nbsp;&nbsp; 106356 |
| 4.800%, 09/26/32 | 75000 | &nbsp;&nbsp; 72407 |
| 4.900%, 02/06/33 | 100000 | &nbsp;&nbsp; 96239 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Oracle Corp. |  |  |
| 5.375%, 09/27/54 | 36000 | &nbsp;&nbsp; $29116 |
| 5.550%, 02/06/53 | 6000 | &nbsp;&nbsp; 4979 |
| 5.875%, 09/26/45 | 5000 | &nbsp;&nbsp; 4516 |
| 6.000%, 08/03/55 | 240000 | &nbsp;&nbsp; 211629 |
| Roper Technologies, Inc. |  |  |
| 4.450%, 09/15/30 (b) | 70000 | &nbsp;&nbsp; 70323 |
| 4.500%, 10/15/29 | 97000 | &nbsp;&nbsp; 97916 |
| 4.750%, 02/15/32 | 53000 | &nbsp;&nbsp; 53576 |
| Salesforce, Inc. |  |  |
| 2.700%, 07/15/41 | 150000 | &nbsp;&nbsp; 108805 |
| Synopsys, Inc. |  |  |
| 4.850%, 04/01/30 (b) | 150000 | &nbsp;&nbsp; 153203 |
| 5.000%, 04/01/32 | 112000 | &nbsp;&nbsp; 114365 |
| 5.700%, 04/01/55 (b) | 87000 | &nbsp;&nbsp; 86303 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.400%, 06/12/29 | 232000 | &nbsp;&nbsp; 240020 |
|  |  | &nbsp;&nbsp; 2471092 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| AT&T, Inc. |  |  |
| 2.250%, 02/01/32 | 200000 | &nbsp;&nbsp; 175401 |
| 3.500%, 06/01/41 (b) | 428000 | &nbsp;&nbsp; 336663 |
| 3.500%, 09/15/53 | 115000 | &nbsp;&nbsp; 76961 |
| 3.550%, 09/15/55 | 839000 | &nbsp;&nbsp; 558474 |
| 4.900%, 11/01/35 | 395000 | &nbsp;&nbsp; 390126 |
| 5.550%, 11/01/45 | 205000 | &nbsp;&nbsp; 197420 |
| 5.700%, 11/01/54 | 270000 | &nbsp;&nbsp; 258975 |
| NTT Finance Corp. |  |  |
| 5.171%, 07/16/32 (144A) | 200000 | &nbsp;&nbsp; 205207 |
| Rogers Communications, Inc. |  |  |
| 3.800%, 03/15/32 | 453000 | &nbsp;&nbsp; 426802 |
| 5.300%, 02/15/34 | 218000 | &nbsp;&nbsp; 219657 |
| T-Mobile USA, Inc. |  |  |
| 2.625%, 02/15/29 | 742000 | &nbsp;&nbsp; 708228 |
| 3.300%, 02/15/51 | 230000 | &nbsp;&nbsp; 153749 |
| 3.875%, 04/15/30 | 236000 | &nbsp;&nbsp; 232076 |
| 5.125%, 05/15/32 | 175000 | &nbsp;&nbsp; 180088 |
| Verizon Communications, Inc. |  |  |
| 1.750%, 01/20/31 | 690000 | &nbsp;&nbsp; 607363 |
| 5.050%, 05/09/33 (b) | 200000 | &nbsp;&nbsp; 205123 |
| 5.401%, 07/02/37 (144A) (b) | 448000 | &nbsp;&nbsp; 452798 |
| Vodafone Group PLC |  |  |
| 5.750%, 06/28/54 (b) | 184000 | &nbsp;&nbsp; 178724 |
|  |  | &nbsp;&nbsp; 5563835 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Canadian Pacific Railway Co. |  |  |
| 3.100%, 12/02/51 | 140000 | &nbsp;&nbsp; 92877 |
| 4.300%, 05/15/43 | 236000 | &nbsp;&nbsp; 204195 |
| 4.700%, 05/01/48 | 258000 | &nbsp;&nbsp; 227083 |
| CSX Corp. |  |  |
| 6.150%, 05/01/37 | 60000 | &nbsp;&nbsp; 65876 |
| FedEx Corp. |  |  |
| 3.250%, 05/15/41 | 89000 | &nbsp;&nbsp; 66832 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-289**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Transportation—(Continued)** | **Transportation—(Continued)** | **Transportation—(Continued)** |
| Norfolk Southern Corp. |  |  |
| 2.900%, 08/25/51 | 285000 | &nbsp;&nbsp; $179043 |
| 3.050%, 05/15/50 | 116000 | &nbsp;&nbsp; 76196 |
| 4.450%, 06/15/45 | 100000 | &nbsp;&nbsp; 86358 |
| Union Pacific Corp. |  |  |
| 4.100%, 09/15/67 | 70000 | &nbsp;&nbsp; 51831 |
|  |  | &nbsp;&nbsp; 1050291 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| Avolon Holdings Funding Ltd. |  |  |
| 4.900%, 10/10/30 (144A) | 260000 | &nbsp;&nbsp; 261379 |
| Total Corporate Bonds & Notes <br>(Cost $163,277,064) <br>|  | &nbsp;&nbsp; 164159113 |
| **U.S. Treasury & Government Agencies—3.5%** | **U.S. Treasury & Government Agencies—3.5%** | **U.S. Treasury & Government Agencies—3.5%** |
| **U.S. Treasury — 3.5%** | **U.S. Treasury — 3.5%** | **U.S. Treasury — 3.5%** |
| U.S. Treasury Bonds |  |  |
| 1.875%, 02/15/51 | 2298000 | &nbsp;&nbsp; 1284187 |
| 1.875%, 11/15/51 | 845000 | &nbsp;&nbsp; 467060 |
| 2.000%, 02/15/50 | 367000 | &nbsp;&nbsp; 215125 |
| 2.000%, 08/15/51 | 500000 | &nbsp;&nbsp; 286426 |
| 2.250%, 08/15/46 | 236000 | &nbsp;&nbsp; 155308 |
| 2.250%, 08/15/49 | 115000 | &nbsp;&nbsp; 72122 |
| 2.375%, 11/15/49 (b) | 570000 | &nbsp;&nbsp; 366114 |
| 2.375%, 05/15/51 | 175000 | &nbsp;&nbsp; 110284 |
| 2.750%, 08/15/42 | 1600000 | &nbsp;&nbsp; 1235062 |
| 2.875%, 05/15/43 | 1000000 | &nbsp;&nbsp; 776289 |
| 3.000%, 11/15/44 | 2634000 | &nbsp;&nbsp; 2037029 |
| 3.000%, 02/15/47 | 65000 | &nbsp;&nbsp; 48935 |
| 3.000%, 08/15/48 | 5000 | &nbsp;&nbsp; 3702 |
| 3.125%, 02/15/43 | 235000 | &nbsp;&nbsp; 190065 |
| 3.250%, 05/15/42 | 1400000 | &nbsp;&nbsp; 1167578 |
| 3.625%, 08/15/43 | 1501000 | &nbsp;&nbsp; 1295668 |
| 3.750%, 11/15/43 | 452000 | &nbsp;&nbsp; 396118 |
| 3.875%, 08/15/40 | 410000 | &nbsp;&nbsp; 379714 |
| 3.875%, 05/15/43 | 265000 | &nbsp;&nbsp; 237724 |
| 4.750%, 05/15/55 (b) | 154000 | &nbsp;&nbsp; 151329 |
| 4.750%, 08/15/55 (b) | 53000 | &nbsp;&nbsp; 52106 |
| U.S. Treasury Notes |  |  |
| 1.625%, 05/15/31 | 610000 | &nbsp;&nbsp; 546498 |
| 3.750%, 10/31/32 (b) | 3833000 | &nbsp;&nbsp; 3790478 |
| 3.875%, 08/31/32 | 6170000 | &nbsp;&nbsp; 6153852 |
| 3.875%, 08/15/34 | 1705000 | &nbsp;&nbsp; 1678759 |
| 4.000%, 02/15/34 | 1117000 | &nbsp;&nbsp; 1113509 |
| 4.125%, 05/31/32 | 525000 | &nbsp;&nbsp; 531891 |
| 4.250%, 11/15/34 | 6364000 | &nbsp;&nbsp; 6430872 |
| 4.250%, 08/15/35 | 2275000 | &nbsp;&nbsp; 2291352 |
| 4.375%, 11/30/30 | 7076000 | &nbsp;&nbsp; 7279711 |
| 4.500%, 12/31/31 | 310000 | &nbsp;&nbsp; 320802 |
| 4.500%, 11/15/33 | 220000 | &nbsp;&nbsp; 227159 |
| 4.625%, 02/15/35 | 6340000 | &nbsp;&nbsp; 6580969 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 02/15/31 | 665000 | &nbsp;&nbsp; 545518 |
| Zero Coupon, 02/15/36 | 1055000 | &nbsp;&nbsp; 678888 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 11/15/40 | 720000 | &nbsp;&nbsp; $351249 |
| Zero Coupon, 02/15/41 | 462776 | &nbsp;&nbsp; 222480 |
| Total U.S. Treasury & Government Agencies <br>(Cost $52,808,226) <br>|  | &nbsp;&nbsp; 49671932 |
| **Agency Sponsored Mortgage-Backed Securities—3.0%** | **Agency Sponsored Mortgage-Backed Securities—3.0%** | **Agency Sponsored Mortgage-Backed Securities—3.0%** |
| **Agency Collateralized Mortgage Obligations — 0.5%** | **Agency Collateralized Mortgage Obligations — 0.5%** | **Agency Collateralized Mortgage Obligations — 0.5%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.500%, 01/15/42 | 20165 | &nbsp;&nbsp; 18365 |
| 3.000%, 07/25/49 | 197832 | &nbsp;&nbsp; 178442 |
| 4.500%, 10/15/41 | 756679 | &nbsp;&nbsp; 738621 |
| 5.000%, 02/15/40 | 117000 | &nbsp;&nbsp; 120260 |
| 5.500%, 03/15/37 | 108643 | &nbsp;&nbsp; 113629 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 3.000%, 10/25/62 | 686283 | &nbsp;&nbsp; 579543 |
| 3.250%, 06/25/57 (f) | 680999 | &nbsp;&nbsp; 622516 |
| 3.250%, 11/25/61 | 302737 | &nbsp;&nbsp; 263998 |
| 3.500%, 05/25/57 | 306082 | &nbsp;&nbsp; 286408 |
| 3.500%, 06/25/57 | 308407 | &nbsp;&nbsp; 288132 |
| 3.500%, 03/25/58 | 402220 | &nbsp;&nbsp; 394016 |
| 3.500%, 07/25/58 | 332058 | &nbsp;&nbsp; 297802 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 08/25/42 | 138123 | &nbsp;&nbsp; 131745 |
| 3.500%, 06/25/46 | 78220 | &nbsp;&nbsp; 76817 |
| 3.500%, 05/25/49 | 358903 | &nbsp;&nbsp; 330587 |
| 4.000%, 04/25/42 | 119226 | &nbsp;&nbsp; 115799 |
| 4.000%, 05/25/43 | 39921 | &nbsp;&nbsp; 39831 |
| 5.000%, 04/25/37 | 21801 | &nbsp;&nbsp; 22311 |
| 5.000%, 07/25/39 | 250000 | &nbsp;&nbsp; 255570 |
| 5.000%, 05/25/40 | 65000 | &nbsp;&nbsp; 65115 |
| 6.000%, 01/25/34 | 59763 | &nbsp;&nbsp; 62948 |
| Federal National Mortgage Association Trust |  |  |
| 5.620%, 11/25/33 | 149298 | &nbsp;&nbsp; 150359 |
| Government National Mortgage Association REMICS |  |  |
| 2.500%, 05/20/43 | 14542 | &nbsp;&nbsp; 12404 |
| 3.500%, 10/20/48 | 288763 | &nbsp;&nbsp; 275011 |
| 3.500%, 04/20/49 | 253938 | &nbsp;&nbsp; 238279 |
| 4.500%, 04/20/53 | 696771 | &nbsp;&nbsp; 687881 |
| 5.500%, 02/20/37 | 54381 | &nbsp;&nbsp; 54578 |
| 5.500%, 04/16/37 | 52408 | &nbsp;&nbsp; 52575 |
| 5.500%, 11/16/39 | 200000 | &nbsp;&nbsp; 203728 |
| 6.000%, 04/17/34 | 29235 | &nbsp;&nbsp; 29332 |
| Seasoned Credit Risk Transfer Trust |  |  |
| 3.250%, 06/25/65 | 214493 | &nbsp;&nbsp; 183737 |
|  |  | &nbsp;&nbsp; 6890339 |
| **Agency Mortgage-Backed Securities — 2.5%** | **Agency Mortgage-Backed Securities — 2.5%** | **Agency Mortgage-Backed Securities — 2.5%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 11/01/49 | 592463 | &nbsp;&nbsp; 505982 |
| 3.000%, 02/01/52 | 325838 | &nbsp;&nbsp; 288407 |
| 3.700%, 06/01/34 | 732241 | &nbsp;&nbsp; 693996 |
| 4.000%, 12/01/47 | 125244 | &nbsp;&nbsp; 120898 |
| 4.500%, 06/01/48 | 143191 | &nbsp;&nbsp; 142220 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-290**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.000%, 12/01/48 | 76104 | &nbsp;&nbsp; $76764 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Credit Risk<br>|  |  |
| 8.124%, SOFR30A + 4.250%, 05/25/52 (144A) (e) | 549629 | &nbsp;&nbsp; 562206 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 4.660%, 01/25/31 | 485000 | &nbsp;&nbsp; 495131 |
| Federal National Mortgage Association |  |  |
| 1.500%, 01/01/31 | 500000 | &nbsp;&nbsp; 440513 |
| 1.800%, 10/01/33 | 498342 | &nbsp;&nbsp; 418856 |
| 1.930%, 11/01/31 | 900000 | &nbsp;&nbsp; 791256 |
| 1.960%, 09/01/33 | 750000 | &nbsp;&nbsp; 630870 |
| 2.140%, 12/01/33 | 432604 | &nbsp;&nbsp; 371705 |
| 2.500%, 09/01/51 | 427017 | &nbsp;&nbsp; 361202 |
| 2.500%, 11/01/51 | 517113 | &nbsp;&nbsp; 442533 |
| 2.500%, 07/01/61 | 323150 | &nbsp;&nbsp; 266084 |
| 2.500%, 09/01/61 | 1656060 | &nbsp;&nbsp; 1363608 |
| 2.500%, 03/01/62 | 487485 | &nbsp;&nbsp; 401397 |
| 2.580%, 03/01/32 | 498686 | &nbsp;&nbsp; 453842 |
| 2.600%, 10/01/31 | 342876 | &nbsp;&nbsp; 316099 |
| 2.770%, 08/01/33 | 917462 | &nbsp;&nbsp; 814458 |
| 3.000%, 01/01/52 | 528002 | &nbsp;&nbsp; 467348 |
| 3.000%, 03/01/61 | 579802 | &nbsp;&nbsp; 507269 |
| 3.230%, 01/01/30 | 430679 | &nbsp;&nbsp; 418855 |
| 3.330%, 04/01/35 | 448362 | &nbsp;&nbsp; 414278 |
| 3.500%, 03/01/61 | 289926 | &nbsp;&nbsp; 263433 |
| 3.500%, 09/01/61 | 701030 | &nbsp;&nbsp; 636989 |
| 3.500%, 03/01/62 | 532957 | &nbsp;&nbsp; 488398 |
| 3.500%, 06/01/62 | 491240 | &nbsp;&nbsp; 446365 |
| 3.510%, 09/01/32 | 300000 | &nbsp;&nbsp; 284667 |
| 3.540%, 11/01/32 | 600000 | &nbsp;&nbsp; 569395 |
| 3.620%, 05/01/32 | 940031 | &nbsp;&nbsp; 903808 |
| 3.680%, 09/01/32 | 613000 | &nbsp;&nbsp; 589813 |
| 3.800%, 09/01/32 | 720672 | &nbsp;&nbsp; 697253 |
| 3.810%, 10/01/32 | 790000 | &nbsp;&nbsp; 765459 |
| 3.870%, 06/01/37 | 364000 | &nbsp;&nbsp; 338195 |
| 4.000%, 06/01/46 | 312780 | &nbsp;&nbsp; 303259 |
| 4.000%, 11/01/47 | 176304 | &nbsp;&nbsp; 170402 |
| 4.000%, 12/01/47 | 246638 | &nbsp;&nbsp; 238331 |
| 4.000%, 01/01/48 | 236790 | &nbsp;&nbsp; 229304 |
| 4.000%, 09/01/48 | 80397 | &nbsp;&nbsp; 77643 |
| 4.000%, 06/01/52 | 388608 | &nbsp;&nbsp; 370870 |
| 4.000%, 08/01/59 | 460774 | &nbsp;&nbsp; 436070 |
| 4.000%, 12/01/61 | 728447 | &nbsp;&nbsp; 686209 |
| 4.500%, 04/01/39 | 59784 | &nbsp;&nbsp; 59726 |
| 4.500%, 12/01/40 | 79041 | &nbsp;&nbsp; 79530 |
| 4.500%, 05/01/48 | 40878 | &nbsp;&nbsp; 40562 |
| 4.500%, 06/01/48 | 68711 | &nbsp;&nbsp; 68136 |
| 4.500%, 07/01/48 | 5971 | &nbsp;&nbsp; 5921 |
| 4.500%, 01/01/49 | 157593 | &nbsp;&nbsp; 157096 |
| 4.500%, 06/01/49 | 88636 | &nbsp;&nbsp; 87552 |
| 4.500%, 08/01/58 | 462051 | &nbsp;&nbsp; 451196 |
| 4.500%, 06/01/62 | 419764 | &nbsp;&nbsp; 409763 |
| 4.680%, 10/01/29 | 800000 | &nbsp;&nbsp; 816996 |
| 4.970%, 12/01/30 | 536528 | &nbsp;&nbsp; 552584 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 07/01/44 | 211450 | &nbsp;&nbsp; $215666 |
| 5.000%, 06/01/48 | 39913 | &nbsp;&nbsp; 40533 |
| 5.000%, 07/01/48 | 111711 | &nbsp;&nbsp; 114879 |
| 5.000%, 08/01/48 | 154028 | &nbsp;&nbsp; 156517 |
| 5.000%, 10/01/48 | 107726 | &nbsp;&nbsp; 108407 |
| 5.000%, 01/01/49 | 205119 | &nbsp;&nbsp; 208536 |
| 5.000%, 03/01/53 | 418740 | &nbsp;&nbsp; 419255 |
| 5.000%, 01/01/55 | 285086 | &nbsp;&nbsp; 286717 |
| Federal National Mortgage Association-ACES |  |  |
| 0.750%, 09/25/28 | 95233 | &nbsp;&nbsp; 91187 |
| 1.200%, 10/25/30 | 64342 | &nbsp;&nbsp; 62024 |
| 1.707%, 11/25/31 (e) | 1000000 | &nbsp;&nbsp; 866713 |
| 1.822%, 10/25/30 (e) (g) | 1086527 | &nbsp;&nbsp; 36789 |
| 1.833%, 11/25/33 (e) (g) | 6280516 | &nbsp;&nbsp; 384460 |
| 1.927%, 07/25/30 (e) (g) | 1818549 | &nbsp;&nbsp; 90765 |
| 2.592%, 06/25/32 (e) | 966000 | &nbsp;&nbsp; 878661 |
| 3.759%, 08/25/32 (e) | 800000 | &nbsp;&nbsp; 777243 |
| FREMF Mortgage Trust |  |  |
| 3.531%, 12/25/51 (144A) (e) | 500000 | &nbsp;&nbsp; 482152 |
| Government National Mortgage Association |  |  |
| 2.500%, 08/20/51 | 351412 | &nbsp;&nbsp; 303281 |
| 2.500%, 10/20/51 | 96868 | &nbsp;&nbsp; 83600 |
| 3.000%, 12/20/51 | 430755 | &nbsp;&nbsp; 397612 |
| 3.000%, 03/20/52 | 696168 | &nbsp;&nbsp; 624488 |
| 3.500%, 02/20/52 | 411023 | &nbsp;&nbsp; 373372 |
| 4.000%, 10/20/49 | 181931 | &nbsp;&nbsp; 173521 |
| 4.000%, 01/20/52 | 303064 | &nbsp;&nbsp; 282721 |
| 4.250%, 07/20/47 | 503610 | &nbsp;&nbsp; 485238 |
| 4.250%, 12/20/48 | 396972 | &nbsp;&nbsp; 378667 |
| 4.500%, 07/15/39 | 161513 | &nbsp;&nbsp; 160768 |
| 4.500%, 05/20/48 | 47661 | &nbsp;&nbsp; 46332 |
| 4.500%, 06/20/48 | 652457 | &nbsp;&nbsp; 640856 |
| 4.500%, 12/20/48 | 204453 | &nbsp;&nbsp; 200344 |
| 4.500%, 07/20/49 | 169400 | &nbsp;&nbsp; 165560 |
| 4.500%, 09/20/49 | 252528 | &nbsp;&nbsp; 249348 |
| 5.000%, 07/20/48 | 61689 | &nbsp;&nbsp; 61732 |
| 5.000%, 12/20/48 | 204669 | &nbsp;&nbsp; 207142 |
| 5.000%, 03/20/49 | 499045 | &nbsp;&nbsp; 505808 |
| 5.000%, 05/20/49 | 519528 | &nbsp;&nbsp; 532693 |
| 5.000%, 06/20/52 | 1118291 | &nbsp;&nbsp; 1119079 |
| 5.500%, 07/20/53 | 590727 | &nbsp;&nbsp; 602680 |
| 6.000%, 04/20/53 | 423634 | &nbsp;&nbsp; 437329 |
|  |  | &nbsp;&nbsp; 36243377 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $45,428,146) <br>|  | &nbsp;&nbsp; 43133716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Companies—1.7%** | **Investment Companies—1.7%** | **Investment Companies—1.7%** |
| **Exchange-Traded Funds — 1.7%** | **Exchange-Traded Funds — 1.7%** | **Exchange-Traded Funds — 1.7%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (b) | 257335 | &nbsp;&nbsp; 24776214 |
| Total Investment Companies <br>(Cost $24,739,544) <br>|  | &nbsp;&nbsp; 24776214 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-291**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—1.1%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| 5.620%, 03/17/31 | 330000 | &nbsp;&nbsp; $335188 |
| 5.700%, 07/16/29 | 438000 | &nbsp;&nbsp; 443998 |
| Carvana Auto Receivables Trust |  |  |
| 5.920%, 07/10/29 (144A) | 440000 | &nbsp;&nbsp; 442221 |
| Credit Acceptance Auto Loan Trust |  |  |
| 4.870%, 01/15/36 (144A) | 180000 | &nbsp;&nbsp; 181578 |
| 6.700%, 10/16/34 (144A) | 500000 | &nbsp;&nbsp; 517612 |
| 8.450%, 02/15/33 (144A) | 279448 | &nbsp;&nbsp; 280486 |
| DT Auto Owner Trust |  |  |
| 5.790%, 02/15/29 (144A) | 472969 | &nbsp;&nbsp; 474868 |
| Enterprise Fleet Financing LLC |  |  |
| 4.410%, 06/20/29 (144A) | 178000 | &nbsp;&nbsp; 179840 |
| Exeter Automobile Receivables Trust |  |  |
| 5.160%, 03/15/32 | 200000 | &nbsp;&nbsp; 201348 |
| 5.980%, 12/15/28 | 472775 | &nbsp;&nbsp; 476422 |
| 6.760%, 09/15/28 | 609344 | &nbsp;&nbsp; 615837 |
| GLS Auto Receivables Issuer Trust |  |  |
| 3.970%, 01/18/28 (144A) | 258590 | &nbsp;&nbsp; 258465 |
| Santander Drive Auto Receivables Trust |  |  |
| 4.950%, 01/15/32 | 95000 | &nbsp;&nbsp; 95347 |
| 5.670%, 12/16/30 | 800000 | &nbsp;&nbsp; 807646 |
| 5.690%, 02/18/31 | 800000 | &nbsp;&nbsp; 805580 |
| 6.280%, 08/15/31 | 500000 | &nbsp;&nbsp; 515976 |
|  |  | &nbsp;&nbsp; 6632412 |
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| Continental Finance Credit Card ABS Master Trust |  |  |
| 5.400%, 12/17/35 (144A) | 305000 | &nbsp;&nbsp; 306407 |
| 6.190%, 10/15/30 (144A) | 378062 | &nbsp;&nbsp; 379558 |
| Perimeter Master Note Business Trust |  |  |
| 5.580%, 12/16/30 (144A) | 350000 | &nbsp;&nbsp; 351998 |
|  |  | &nbsp;&nbsp; 1037963 |
| **Asset-Backed - Other — 0.5%** | **Asset-Backed - Other — 0.5%** | **Asset-Backed - Other — 0.5%** |
| Cars Net Lease Mortgage Notes |  |  |
| 3.100%, 12/15/50 (144A) | 126750 | &nbsp;&nbsp; 122256 |
| CoreVest American Finance Trust |  |  |
| 3.163%, 10/15/52 (144A) | 650000 | &nbsp;&nbsp; 624734 |
| FirstKey Homes Trust |  |  |
| 4.500%, 07/17/38 (144A) | 496000 | &nbsp;&nbsp; 494913 |
| FMC GMSR Issuer Trust |  |  |
| 3.620%, 07/25/26 (144A) (e) | 400000 | &nbsp;&nbsp; 386162 |
| 3.850%, 10/25/26 (144A) (e) | 360000 | &nbsp;&nbsp; 348707 |
| 4.450%, 01/25/26 (144A) (e) | 500000 | &nbsp;&nbsp; 497296 |
| 6.190%, 04/25/27 (144A) | 400000 | &nbsp;&nbsp; 401167 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.000%, 10/20/49 (144A) | 249485 | &nbsp;&nbsp; 250103 |
| Hilton Grand Vacations Trust |  |  |
| 4.900%, 10/25/44 (144A) | 215000 | &nbsp;&nbsp; 215706 |
| MVW LLC |  |  |
| 5.210%, 09/22/42 (144A) | 198503 | &nbsp;&nbsp; 201554 |
| 6.540%, 10/20/40 (144A) | 310583 | &nbsp;&nbsp; 319090 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| 3.474%, 11/25/26 (144A) | 94793 | &nbsp;&nbsp; 93227 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Oportun Issuance Trust |  |  |
| 5.310%, 02/08/33 (144A) | 350000 | &nbsp;&nbsp; $351108 |
| PowerPay Issuance Trust |  |  |
| 5.230%, 11/18/41 (144A) | 274312 | &nbsp;&nbsp; 275060 |
| Progress Residential Trust |  |  |
| 4.550%, 04/17/27 (144A) | 750000 | &nbsp;&nbsp; 741175 |
| 5.200%, 04/17/39 (144A) | 330000 | &nbsp;&nbsp; 328699 |
| Reach ABS Trust |  |  |
| 5.120%, 08/18/32 (144A) | 175000 | &nbsp;&nbsp; 176686 |
| SCF Equipment Leasing LLC |  |  |
| 4.820%, 06/20/36 (144A) | 194000 | &nbsp;&nbsp; 194087 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| 3.940%, 10/20/38 (144A) | 31947 | &nbsp;&nbsp; 31672 |
| 6.280%, 04/20/40 (144A) | 74062 | &nbsp;&nbsp; 76259 |
| Tricon American Homes Trust |  |  |
| 3.198%, 03/17/38 (144A) | 525000 | &nbsp;&nbsp; 522228 |
| UPX HIL Issuer Trust |  |  |
| 5.160%, 01/25/47 (144A) | 312501 | &nbsp;&nbsp; 314914 |
| VM Debt Trust |  |  |
| 7.460%, 07/18/27 | 499794 | &nbsp;&nbsp; 476054 |
|  |  | &nbsp;&nbsp; 7442857 |
| Total Asset-Backed Securities <br>(Cost $15,010,400) <br>|  | &nbsp;&nbsp; 15113232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—1.0%** | **Convertible Preferred Stocks—1.0%** | **Convertible Preferred Stocks—1.0%** |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Bank of America Corp.- Series L, 7.250% | 8045 | &nbsp;&nbsp; 10072340 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| NextEra Energy, Inc., 7.234%, 11/01/27 (b) | 77143 | &nbsp;&nbsp; 3760721 |
| Total Convertible Preferred Stocks <br>(Cost $13,052,101) <br>|  | &nbsp;&nbsp; 13833061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Non-Agency Mortgage-Backed Securities—0.3%** | **Non-Agency Mortgage-Backed Securities—0.3%** | **Non-Agency Mortgage-Backed Securities—0.3%** |
| **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |
| Anchor Mortgage Trust |  |  |
| 5.718%, 05/25/40 (144A) (f) | 165000 | &nbsp;&nbsp; 165873 |
| Brean Asset-Backed Securities Trust |  |  |
| 4.750%, 05/25/65 (144A) (e) | 199528 | &nbsp;&nbsp; 196772 |
| BVRT LLC |  |  |
| 3.985%, 05/10/33 (144A) (e) | 296093 | &nbsp;&nbsp; 288311 |
| CAFL Issuer LP |  |  |
| 5.179%, 11/28/40 (144A) (f) | 165000 | &nbsp;&nbsp; 165458 |
| 5.684%, 05/28/40 (144A) (f) | 350000 | &nbsp;&nbsp; 352630 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 1.750%, 12/25/60 (144A) (e) | 387406 | &nbsp;&nbsp; 363968 |
| LHOME Mortgage Trust |  |  |
| 5.612%, 04/25/40 (144A) (e) | 165000 | &nbsp;&nbsp; 166218 |
| PRPM LLC |  |  |
| 4.000%, 11/25/53 (144A) (f) | 165160 | &nbsp;&nbsp; 163740 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (e) | 492628 | &nbsp;&nbsp; 447422 |
|  |  | &nbsp;&nbsp; 2310392 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-292**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

**Securities Lending Reinvestments (l)—2.2%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |
| CSMC Trust |  |  |
| 3.953%, 09/15/37 (144A) | 655000 | &nbsp;&nbsp; $601679 |
| MRCD Mortgage Trust |  |  |
| 2.718%, 12/15/36 (144A) | 1420000 | &nbsp;&nbsp; 1150800 |
| SBALR Commercial Mortgage Trust |  |  |
| 2.825%, 02/13/53 (144A) | 649851 | &nbsp;&nbsp; 558682 |
| SLG Office Trust |  |  |
| 2.585%, 07/15/41 (144A) | 390000 | &nbsp;&nbsp; 348661 |
|  |  | &nbsp;&nbsp; 2659822 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $5,417,984) <br>|  | &nbsp;&nbsp; 4970214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Petroleo Brasileiro SA - Petrobras (ADR) (b) <br>(Cost $1,094,827)<br>| 87923 | &nbsp;&nbsp; 990892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Foreign Government—0.0%** | **Foreign Government—0.0%** | **Foreign Government—0.0%** |
| **Sovereign — 0.0%** | **Sovereign — 0.0%** | **Sovereign — 0.0%** |
| Mexico Government International Bonds |  |  |
| 5.625%, 09/22/35 <br>(Cost $283,694)<br>| 285000 | &nbsp;&nbsp; 281010 |
| **Municipals—0.0%** | **Municipals—0.0%** | **Municipals—0.0%** |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 <br>(Cost $155,000)<br>| 155000 | &nbsp;&nbsp; 158077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—13.9%** | **Short-Term Investments—13.9%** | **Short-Term Investments—13.9%** |
| **Repurchase Agreement—11.8%** | **Repurchase Agreement—11.8%** | **Repurchase Agreement—11.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $167,859,742; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $171,193,349<br>| 167836431 | &nbsp;&nbsp; 167836431 |
| **U.S. Treasury—2.1%** | **U.S. Treasury—2.1%** | **U.S. Treasury—2.1%** |
| U.S. Treasury Bills |  |  |
| 3.659%, 05/21/26 (h) (i) | 30000000 | &nbsp;&nbsp; 29594210 |
| 3.725%, 03/17/26 (i) (j) | 412000 | &nbsp;&nbsp; 409036 |
|  |  | &nbsp;&nbsp; 30003246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—0.0%** |  |  |
| State Street Global Advisors Liquidity PLC |  |  |
| - U.S. Treasury Liquidity Fund, 3.645% (k) | 29338 | &nbsp;&nbsp; 29338 |
| Total Short-Term Investments <br>(Cost $197,847,688) <br>|  | &nbsp;&nbsp; 197869015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (k)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (k)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (k)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (k)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 8000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** |
| Bank of Montreal |  |  |
| 4.120%, SOFR + 0.350%, 05/14/26 (e) | 1000000 | &nbsp;&nbsp; 1000025 |
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1000000 | &nbsp;&nbsp; 999456 |
| **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $3,000,635; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 5.000%, maturity dates ranging from <br> 02/19/26 - 02/15/55, and an aggregate market value of <br> $3,060,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,301,217; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.750%, maturity dates ranging from <br> 02/05/26 - 11/15/55, and an aggregate market value of <br> $2,347,241<br>| 2300727 | &nbsp;&nbsp; 2300727 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $500,111; collateralized <br> by various Common Stock with an aggregate market value of <br> $556,479<br>| 500000 | &nbsp;&nbsp; 500000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $2,001,509; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,224,371<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-293**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,000,426; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $2,040,434<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $2,007,603; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,464<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $81,347; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $82,958<br>| 81331 | &nbsp;&nbsp; 81331 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 20882058 |
| Total Securities Lending Reinvestments <br>(Cost $30,881,715) <br>|  | &nbsp;&nbsp; 30881539 |
| Total Investments—100.6% <br>(Cost $1,291,421,630) <br>|  | &nbsp;&nbsp; 1432239735 |
| Other assets and liabilities (net)—(0.6)%  |  | &nbsp;&nbsp; (8310785)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1423928950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that <br> follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $68,769,914 and the collateral received consisted of cash in the <br> amount of $30,872,012 and non-cash collateral with a value of $40,016,307. The cash <br> collateral investments are disclosed in the Consolidated Schedule of Investments and <br> categorized as Securities Lending Reinvestments. The non-cash collateral received consists of <br> U.S. government securities that are held in safe-keeping by the lending agent, or a third-<br> party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Consolidated Statement of Assets and Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (e) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br>|

---

---

| | |
|:---|:---|
|  | determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (f) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (g) | Interest only security. |
| (h) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was <br> $19,691,001.<br>|
| (i) | The rate shown represents current yield to maturity. |
| (j) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $404,073.<br>|
| (k) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (l) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $96,298,879, which is 6.8% of net assets.<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-294**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 53.9 |
| China | 4.8 |
| Japan | 3.1 |
| France | 3.0 |
| Germany | 2.8 |
| United Kingdom | 2.6 |
| South Korea | 2.1 |
| Spain | 1.7 |
| Taiwan | 1.6 |
| Netherlands | 1.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 06/15/17 | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; $5440 | &nbsp;&nbsp; $0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39216041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $693356905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38 <br>,230066<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $788204034 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(13906955)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(13906955)<br>|
| Convertible Bonds | &nbsp;&nbsp; (3285715)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3285715)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (12270416)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12270416)<br>|
| Preferred Stocks | &nbsp;&nbsp; (1031850)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1031850)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (377076)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (377076)<br>|
| Total Borrowings | &nbsp;&nbsp; $(30872012)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(30872012)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(30872012)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 582 | AUD | 63719723 | &nbsp;&nbsp; $95884 |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 4 | EUR | 233640 | &nbsp;&nbsp; 3497 |
| Euro-BTP Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 401 | EUR | 48192180 | &nbsp;&nbsp; (107661)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 18 | GBP | 1789380 | &nbsp;&nbsp; 48050 |
| Hang Seng Index Futures | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; 173 | HKD | 221855200 | &nbsp;&nbsp; (325710)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 343 | USD | 118206375 | &nbsp;&nbsp; 61730 |
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 73 | JPY | 2491855000 | &nbsp;&nbsp; 138873 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 486 | GBP | 44405820 | &nbsp;&nbsp; 435813 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 47 | USD | 5432906 | &nbsp;&nbsp; (46016)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-295**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 51 | USD | 10648242 | &nbsp;&nbsp; $(4050)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 316 | USD | 35530250 | &nbsp;&nbsp; (202705)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 52 | USD | 6136000 | &nbsp;&nbsp; (92526)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (297)<br>| EUR | (37888290)<br>| &nbsp;&nbsp; 327996 |
| Euro-Schatz Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (535)<br>| EUR | (57132650)<br>| &nbsp;&nbsp; 18543 |
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (80)<br>| USD | (5645600)<br>| &nbsp;&nbsp; (108558)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (66)<br>| USD | (8243400)<br>| &nbsp;&nbsp; 248121 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (102)<br>| USD | (11149078)<br>| &nbsp;&nbsp; 27871 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (168)<br>| USD | (18889500)<br>| &nbsp;&nbsp; (13355)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (48)<br>| USD | (5520750)<br>| &nbsp;&nbsp; 31752 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $537549 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.691<br> %<br>| Annually | 02/29/36 | USD | 124000000 | $(1254218)<br>| $(75316)<br>| $(1178902)<br>|
| Pay | 12M SOFR | Annually | 3.823<br> %<br>| Annually | 06/13/36 | USD | 115000000 | (36710)<br>| (60615)<br>| 23905 |
| Pay | 12M SOFR | Annually | 3.891<br> %<br>| Annually | 09/10/35 | USD | 65000000 | 568310 | (39664)<br>| 607974 |
| Pay | 12M SOFR | Annually | 3.902<br> %<br>| Annually | 12/14/35 | USD | 100500000 | 864717 |  | 864717 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $142099 | $(175595)<br>| $317694 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $500271 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $434268 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) <br>| &nbsp;&nbsp; 1496596 | Unrealized depreciation on centrally cleared swap contracts (b) <br>| &nbsp;&nbsp; 1178902 |
|  | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; 937859 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; 466313 |
| Total |  | &nbsp;&nbsp; $2934726 |  | &nbsp;&nbsp; $2079483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(172462)<br>| &nbsp;&nbsp;&nbsp; $(172462)<br>|
| Futures contracts | &nbsp;&nbsp; (248865)<br>| &nbsp;&nbsp;&nbsp; (22426867)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22675732)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-296**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign**<br> **Exchange**<br>| **Total** |
| Swap contracts | &nbsp;&nbsp; $(9370776)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9370776)<br>|
|  | &nbsp;&nbsp; $(9619641)<br>| &nbsp;&nbsp;&nbsp; $(22426867)<br>| &nbsp;&nbsp;&nbsp; $(172462)<br>| &nbsp;&nbsp;&nbsp; $(32218970)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(517080)<br>| &nbsp;&nbsp;&nbsp; $(517080)<br>|
| Futures contracts | &nbsp;&nbsp; 3047263 | &nbsp;&nbsp;&nbsp; 6231031 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9278294 |
| Swap contracts | &nbsp;&nbsp; 17927255 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17927255 |
|  | &nbsp;&nbsp; $20974518 | &nbsp;&nbsp;&nbsp; $6231031 | &nbsp;&nbsp;&nbsp; $(517080)<br>| &nbsp;&nbsp;&nbsp; $26688469 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $49960817 |
| Futures contracts long | &nbsp;&nbsp; 365236972 |
| Futures contracts short | &nbsp;&nbsp; (164616299)<br>|
| Swap contracts | &nbsp;&nbsp; 407063333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $5854096 | &nbsp;&nbsp; $9123289 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14977385 |
| Air Freight & Logistics | &nbsp;&nbsp; 1073404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1073404 |
| Automobile Components | &nbsp;&nbsp; 167893 | &nbsp;&nbsp; 1932649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2100542 |
| Automobiles | &nbsp;&nbsp; 5545947 | &nbsp;&nbsp; 6173034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11718981 |
| Banks | &nbsp;&nbsp; 23186145 | &nbsp;&nbsp; 37450568 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 60636713 |
| Beverages | &nbsp;&nbsp; 4404169 | &nbsp;&nbsp; 4208626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8612795 |
| Biotechnology | &nbsp;&nbsp; 9718448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9718448 |
| Broadline Retail | &nbsp;&nbsp; 18444235 | &nbsp;&nbsp; 3980401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22424636 |
| Building Products | &nbsp;&nbsp; 4883001 | &nbsp;&nbsp; 810701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5693702 |
| Capital Markets | &nbsp;&nbsp; 15301796 | &nbsp;&nbsp; 12959637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28261433 |
| Chemicals | &nbsp;&nbsp; 3173268 | &nbsp;&nbsp; 4396525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7569793 |
| Communications Equipment | &nbsp;&nbsp; 1283864 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1283864 |
| Construction & Engineering | &nbsp;&nbsp; 2349746 | &nbsp;&nbsp; 2387722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4737468 |
| Construction Materials | &nbsp;&nbsp; 567866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 567866 |
| Consumer Finance | &nbsp;&nbsp; 5437908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5437908 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6204181 | &nbsp;&nbsp; 3302045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9506226 |
| Containers & Packaging | &nbsp;&nbsp; 2142151 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2142151 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1710583 | &nbsp;&nbsp; 5014059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6724642 |
| Electric Utilities | &nbsp;&nbsp; 9056145 | &nbsp;&nbsp; 3487369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12543514 |
| Electrical Equipment | &nbsp;&nbsp; 3762877 | &nbsp;&nbsp; 3994193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7757070 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1851139 | &nbsp;&nbsp; 4656208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6507347 |
| Energy Equipment & Services | &nbsp;&nbsp; 2546931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2546931 |
| Entertainment | &nbsp;&nbsp; 11708546 | &nbsp;&nbsp; 3187574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14896120 |
| Financial Services | &nbsp;&nbsp; 12629606 | &nbsp;&nbsp; 151318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12780924 |
| Food Products | &nbsp;&nbsp; 710783 | &nbsp;&nbsp; 4502445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5213228 |
| Ground Transportation | &nbsp;&nbsp; 1707174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1707174 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 4069489 | &nbsp;&nbsp; 2681836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6751325 |
| Health Care Providers & Services | &nbsp;&nbsp; 8758471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8758471 |
| Hotel & Resort REITs | &nbsp;&nbsp; 319885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 319885 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 19049411 | &nbsp;&nbsp; 4224768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23274179 |
| Household Durables | &nbsp;&nbsp; 903248 | &nbsp;&nbsp; 8180175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9083423 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-297**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Household Products | &nbsp;&nbsp; $738906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $738906 |
| Industrial Conglomerates | &nbsp;&nbsp; 2533102 | &nbsp;&nbsp; 7678284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10211386 |
| Industrial REITs | &nbsp;&nbsp; 278255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 278255 |
| Insurance | &nbsp;&nbsp; 5476545 | &nbsp;&nbsp; 13764220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19240765 |
| Interactive Media & Services | &nbsp;&nbsp; 24725334 | &nbsp;&nbsp; 5195327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29920661 |
| IT Services | &nbsp;&nbsp; 5736111 | &nbsp;&nbsp; 3455505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9191616 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 3658399 | &nbsp;&nbsp; 2003286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5661685 |
| Machinery | &nbsp;&nbsp; 2829846 | &nbsp;&nbsp; 11618798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14448644 |
| Media | &nbsp;&nbsp; 1206507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1206507 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 2696549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2696549 |
| Multi-Utilities | &nbsp;&nbsp; 2037480 | &nbsp;&nbsp; 1901185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3938665 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 11887813 | &nbsp;&nbsp; 4649310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16537123 |
| Passenger Airlines | &nbsp;&nbsp; 666240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 666240 |
| Personal Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1636649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1636649 |
| Pharmaceuticals | &nbsp;&nbsp; 11965944 | &nbsp;&nbsp; 9764061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21730005 |
| Professional Services | &nbsp;&nbsp; 840551 | &nbsp;&nbsp; 2257248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3097799 |
| Real Estate Management & Development | &nbsp;&nbsp; 847042 | &nbsp;&nbsp; 1924622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2771664 |
| Residential REITs | &nbsp;&nbsp; 1585896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1585896 |
| Retail REITs | &nbsp;&nbsp; 855765 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 855765 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 38068245 | &nbsp;&nbsp; 33106607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71174852 |
| Software | &nbsp;&nbsp; 26184057 | &nbsp;&nbsp; 972206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27156263 |
| Specialized REITs | &nbsp;&nbsp; 4125801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4125801 |
| Specialty Retail | &nbsp;&nbsp; 9654287 | &nbsp;&nbsp; 1281838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10936125 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 27089313 | &nbsp;&nbsp; 623280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27712593 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1078694 | &nbsp;&nbsp; 7640557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8719251 |
| Tobacco | &nbsp;&nbsp; 1616832 | &nbsp;&nbsp; 1188763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2805595 |
| Trading Companies & Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp; 1924952 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1924952 |
| Total Common Stocks | &nbsp;&nbsp; 374209371 | &nbsp;&nbsp; 242088389 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 616297760 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 270103960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 270103960 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 164159113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164159113 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 49671932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49671932 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 43133716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43133716 |
| Total Investment Companies\* | &nbsp;&nbsp; 24776214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24776214 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15113232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15113232 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 13833061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13833061 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4970214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4970214 |
| Total Preferred Stocks\* | &nbsp;&nbsp; 990892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 990892 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 281010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281010 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 158077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158077 |
| Short-Term Investments |  |  |  |  |
| Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; 167836431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167836431 |
| Short-Term Investment Funds | &nbsp;&nbsp; 29338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29338 |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp; 30003246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30003246 |
| Total Short-Term Investments | &nbsp;&nbsp; 29338 | &nbsp;&nbsp; 197839677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197869015 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000025 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 999456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999456 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 20882058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20882058 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 22881539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30881539 |
| Total Investments | &nbsp;&nbsp; $421838876 | &nbsp;&nbsp; $1010400859 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1432239735 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30872012)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30872012)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1438130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1438130 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (900581)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (900581)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $537549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $537549 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1496596 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1496596 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-298**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1178902)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1178902)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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

*See accompanying notes to financial statements.*

**BHFTI-299**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1264403304 |
| Repurchase Agreements at value which equals cost | &nbsp;&nbsp; 167836431 |
| Cash | &nbsp;&nbsp; 8937 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 7011689 |
| Cash collateral (d) | &nbsp;&nbsp; 15588011 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 115521 |
| Fund shares sold | &nbsp;&nbsp; 350024 |
| Dividends and interest | &nbsp;&nbsp; 4944768 |
| Prepaid expenses | &nbsp;&nbsp; 4850 |
| Total Assets | &nbsp;&nbsp; 1460263535 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 30872012 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 192737 |
| Fund shares redeemed | &nbsp;&nbsp; 759446 |
| Foreign taxes | &nbsp;&nbsp; 685788 |
| Variation margin on futures contracts | &nbsp;&nbsp; 762890 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 981919 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 809721 |
| Distribution and service fees | &nbsp;&nbsp; 303264 |
| Deferred trustees' fees | &nbsp;&nbsp; 295494 |
| Other expenses | &nbsp;&nbsp; 671314 |
| Total Liabilities | &nbsp;&nbsp; 36334585 |
| **Net Assets**  | &nbsp;&nbsp; $1423928950 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1239265195 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; 184663755 |
| **Net Assets**  | &nbsp;&nbsp; $1423928950 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1423928950 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 120404604 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $11.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding repurchase agreement, was $1,123,585,199.

(b) Includes securities loaned at value of $68,769,914.

(c) Identified cost of cash denominated in foreign currencies was $6,994,638.

(d) Includes collateral of $15,510,011 for futures contracts and $78,000 for centrally cleared swap contracts. 

(e) Includes foreign capital gains tax of $685,788.

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $13811984 |
| Interest (b) | &nbsp;&nbsp; 25372854 |
| Securities lending income | &nbsp;&nbsp; 332553 |
| Total investment income | &nbsp;&nbsp; 39517391 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10104580 |
| Administration fees | &nbsp;&nbsp; 47157 |
| Custodian and accounting fees | &nbsp;&nbsp; 320342 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 3456993 |
| Audit and tax services | &nbsp;&nbsp; 130456 |
| Legal | &nbsp;&nbsp; 57478 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 43468 |
| Insurance | &nbsp;&nbsp; 11808 |
| Miscellaneous | &nbsp;&nbsp; 55750 |
| Total expenses | &nbsp;&nbsp; 14290125 |
| Less management fee waiver | &nbsp;&nbsp; (866399)<br>|
| Net expenses | &nbsp;&nbsp; 13423726 |
| **Net Investment Income** | &nbsp;&nbsp; 26093665 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; 97966303 |
| Futures contracts | &nbsp;&nbsp; (22675732)<br>|
| Swap contracts | &nbsp;&nbsp; (9370776)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 511927 |
| Forward foreign currency transactions | &nbsp;&nbsp; (172462)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 66259260 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (d) | &nbsp;&nbsp; 60614699 |
| Futures contracts | &nbsp;&nbsp; 9278294 |
| Swap contracts | &nbsp;&nbsp; 17927255 |
| Foreign currency transactions | &nbsp;&nbsp; 163508 |
| Forward foreign currency transactions | &nbsp;&nbsp; (517080)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 87466676 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 153725936 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $179819601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $729,753.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $1,130.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $43,772.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes change in foreign capital gains tax of $(14,929).

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

*See accompanying notes to financial statements.*

**BHFTI-300**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $26093665 | &nbsp;&nbsp; $30163007 |
| Net realized gain (loss) | &nbsp;&nbsp; 66259260 | &nbsp;&nbsp; 101410342 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 87466676 | &nbsp;&nbsp; (54822287)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 179819601 | &nbsp;&nbsp; 76751062 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (32455521)<br>| &nbsp;&nbsp; (13275875)<br>|
| **Total distributions** | &nbsp;&nbsp; (32455521)<br>| &nbsp;&nbsp; (13275875)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (66779278)<br>| &nbsp;&nbsp; (184485717)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 80584802 | &nbsp;&nbsp; (121010530)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1343344148 | &nbsp;&nbsp; 1464354678 |
| End of period | &nbsp;&nbsp; $1423928950 | &nbsp;&nbsp; $1343344148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 7232300 | &nbsp;&nbsp; $81305397 | &nbsp;&nbsp; 1677131 | &nbsp;&nbsp; $17893544 |
| Reinvestments | &nbsp;&nbsp; 2980305 | &nbsp;&nbsp; 32455521 | &nbsp;&nbsp; 1261965 | &nbsp;&nbsp; 13275875 |
| Redemptions | &nbsp;&nbsp; (16072219)<br>| &nbsp;&nbsp; (180540196)<br>| &nbsp;&nbsp; (20352696)<br>| &nbsp;&nbsp; (215655136)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5859614)<br>| &nbsp;&nbsp; $(66779278)<br>| &nbsp;&nbsp; (17413600)<br>| &nbsp;&nbsp; $(184485717)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(66779278)<br>|  | &nbsp;&nbsp; $(184485717)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-301**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $13.07 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Total income (loss) from investment operations | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.07)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $13.51 |
| **Total Return (%)** (b) | 13.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp; 10.28 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net ratio of expenses to average net assets (%) (e) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Ratio of net investment income (loss) to average net assets (%) | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 69 <br>(f)<br>| &nbsp;&nbsp; 48 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58 <br>(f)<br>| &nbsp;&nbsp; 61 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1423.9 | &nbsp;&nbsp; $1343.3 | &nbsp;&nbsp; $1464.4 | &nbsp;&nbsp;&nbsp;&nbsp; $1501.5 | &nbsp;&nbsp; $2046.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) During 2023, 0.54% of the Portfolio's total return for Class B consists of a voluntary reimbursement by the subadviser. Excluding this item, total return would have been 9.74%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 69%, 48%, 53% and 60% for years ended December 31, 2024, 2023, 2022 and 2021, respectively.

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

*See accompanying notes to financial statements.*

**BHFTI-302**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Mercury Systems, Inc. (a) | 8763 | &nbsp;&nbsp; $639787 |
| StandardAero, Inc. (a) | 10637 | &nbsp;&nbsp; 305069 |
| V2X, Inc. (a) | 10448 | &nbsp;&nbsp; 569938 |
|  |  | &nbsp;&nbsp; 1514794 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. (a) | 40315 | &nbsp;&nbsp; 255194 |
| **Automobile Components — 1.6%** | **Automobile Components — 1.6%** | **Automobile Components — 1.6%** |
| Adient PLC (a) | 56149 | &nbsp;&nbsp; 1076376 |
| Dana, Inc.  | 44377 | &nbsp;&nbsp; 1054397 |
| Garrett Motion, Inc.  | 80334 | &nbsp;&nbsp; 1400222 |
| LCI Industries | 2742 | &nbsp;&nbsp; 332714 |
| Motorcar Parts of America, Inc. (a) | 25532 | &nbsp;&nbsp; 315065 |
| Phinia, Inc.  | 16627 | &nbsp;&nbsp; 1042347 |
|  |  | &nbsp;&nbsp; 5221121 |
| **Banks — 17.8%** | **Banks — 17.8%** | **Banks — 17.8%** |
| 1st Source Corp.  | 3196 | &nbsp;&nbsp; 199718 |
| Amerant Bancorp, Inc.  | 14004 | &nbsp;&nbsp; 273218 |
| Ameris Bancorp | 25197 | &nbsp;&nbsp; 1871381 |
| Associated Banc-Corp.  | 5604 | &nbsp;&nbsp; 144359 |
| Atlantic Union Bankshares Corp. (b) | 7101 | &nbsp;&nbsp; 250665 |
| Axos Financial, Inc. (a) | 12448 | &nbsp;&nbsp; 1072520 |
| Banc of California, Inc.  | 79450 | &nbsp;&nbsp; 1532590 |
| Bank of NT Butterfield & Son Ltd.  | 41045 | &nbsp;&nbsp; 2044862 |
| BankUnited, Inc.  | 22220 | &nbsp;&nbsp; 990345 |
| BayCom Corp.  | 2106 | &nbsp;&nbsp; 61916 |
| Beacon Financial Corp.  | 17917 | &nbsp;&nbsp; 472471 |
| Bridgewater Bancshares, Inc. (a) | 18911 | &nbsp;&nbsp; 331510 |
| Burke & Herbert Financial Services Corp.  | 2645 | &nbsp;&nbsp; 164810 |
| Business First Bancshares, Inc.  | 22655 | &nbsp;&nbsp; 592202 |
| Byline Bancorp, Inc.  | 40943 | &nbsp;&nbsp; 1193488 |
| Capital City Bank Group, Inc.  | 4372 | &nbsp;&nbsp; 186116 |
| Capitol Federal Financial, Inc.  | 42243 | &nbsp;&nbsp; 287675 |
| Central Pacific Financial Corp.  | 13043 | &nbsp;&nbsp; 406420 |
| ChoiceOne Financial Services, Inc.  | 3466 | &nbsp;&nbsp; 102316 |
| CNB Financial Corp.  | 17774 | &nbsp;&nbsp; 465146 |
| Community Trust Bancorp, Inc.  | 9154 | &nbsp;&nbsp; 517201 |
| ConnectOne Bancorp, Inc.  | 51839 | &nbsp;&nbsp; 1359219 |
| Customers Bancorp, Inc. (a) | 27876 | &nbsp;&nbsp; 2038293 |
| Dime Community Bancshares, Inc.  | 7132 | &nbsp;&nbsp; 214602 |
| Eastern Bankshares, Inc.  | 100473 | &nbsp;&nbsp; 1851717 |
| Enterprise Financial Services Corp.  | 31721 | &nbsp;&nbsp; 1712934 |
| Equity Bancshares, Inc. - Class A | 28830 | &nbsp;&nbsp; 1287259 |
| FB Financial Corp.  | 3901 | &nbsp;&nbsp; 217676 |
| Financial Institutions, Inc.  | 19905 | &nbsp;&nbsp; 620439 |
| First BanCorp | 44453 | &nbsp;&nbsp; 921511 |
| First Busey Corp.  | 5352 | &nbsp;&nbsp; 127324 |
| First Commonwealth Financial Corp.  | 5228 | &nbsp;&nbsp; 88144 |
| First Financial Bancorp | 9702 | &nbsp;&nbsp; 242744 |
| First Financial Corp.  | 15889 | &nbsp;&nbsp; 960013 |
| First Interstate BancSystem, Inc. - Class A | 5780 | &nbsp;&nbsp; 199988 |
| First Merchants Corp.  | 27749 | &nbsp;&nbsp; 1040032 |
| First Mid Bancshares, Inc.  | 19153 | &nbsp;&nbsp; 746967 |
| Five Star Bancorp | 4194 | &nbsp;&nbsp; 150061 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Fulton Financial Corp.  | 16051 | &nbsp;&nbsp; $310266 |
| Hancock Whitney Corp.  | 17316 | &nbsp;&nbsp; 1102683 |
| Hanmi Financial Corp.  | 27063 | &nbsp;&nbsp; 731513 |
| HBT Financial, Inc.  | 2467 | &nbsp;&nbsp; 63772 |
| Heritage Commerce Corp.  | 103305 | &nbsp;&nbsp; 1240693 |
| Hilltop Holdings, Inc.  | 41586 | &nbsp;&nbsp; 1411429 |
| Home BancShares, Inc.  | 10763 | &nbsp;&nbsp; 298996 |
| HomeTrust Bancshares, Inc.  | 7123 | &nbsp;&nbsp; 305862 |
| Horizon Bancorp, Inc.  | 55489 | &nbsp;&nbsp; 941093 |
| Independent Bank Corp.  | 8880 | &nbsp;&nbsp; 648950 |
| Mercantile Bank Corp.  | 13039 | &nbsp;&nbsp; 627176 |
| Metropolitan Bank Holding Corp.  | 11492 | &nbsp;&nbsp; 877529 |
| Mid Penn Bancorp, Inc.  | 3891 | &nbsp;&nbsp; 120699 |
| Midland States Bancorp, Inc.  | 4764 | &nbsp;&nbsp; 100854 |
| MidWestOne Financial Group, Inc.  | 8661 | &nbsp;&nbsp; 333448 |
| National Bank Holdings Corp. - Class A | 8165 | &nbsp;&nbsp; 310352 |
| Nicolet Bankshares, Inc.  | 3333 | &nbsp;&nbsp; 404293 |
| Northrim BanCorp, Inc.  | 9885 | &nbsp;&nbsp; 263040 |
| OceanFirst Financial Corp.  | 59004 | &nbsp;&nbsp; 1059122 |
| OFG Bancorp | 26404 | &nbsp;&nbsp; 1082036 |
| Old National Bancorp | 111656 | &nbsp;&nbsp; 2491045 |
| Old Second Bancorp, Inc.  | 63869 | &nbsp;&nbsp; 1245445 |
| Origin Bancorp, Inc.  | 6302 | &nbsp;&nbsp; 237018 |
| Orrstown Financial Services, Inc.  | 3557 | &nbsp;&nbsp; 125989 |
| Pathward Financial, Inc.  | 14682 | &nbsp;&nbsp; 1042422 |
| Peapack-Gladstone Financial Corp.  | 4976 | &nbsp;&nbsp; 138582 |
| Pinnacle Financial Partners, Inc.  | 1167 | &nbsp;&nbsp; 111343 |
| Provident Financial Services, Inc.  | 8665 | &nbsp;&nbsp; 171134 |
| QCR Holdings, Inc.  | 20793 | &nbsp;&nbsp; 1732057 |
| Renasant Corp.  | 7862 | &nbsp;&nbsp; 276900 |
| Seacoast Banking Corp. of Florida | 8563 | &nbsp;&nbsp; 269049 |
| Sierra Bancorp | 4242 | &nbsp;&nbsp; 138629 |
| Simmons First National Corp. - Class A | 53825 | &nbsp;&nbsp; 1014601 |
| SmartFinancial, Inc.  | 3527 | &nbsp;&nbsp; 130464 |
| South Plains Financial, Inc.  | 32337 | &nbsp;&nbsp; 1254676 |
| Southern Missouri Bancorp, Inc.  | 3338 | &nbsp;&nbsp; 197343 |
| Southside Bancshares, Inc.  | 13399 | &nbsp;&nbsp; 407196 |
| Southstate Bank Corp.  | 7171 | &nbsp;&nbsp; 674863 |
| Texas Capital Bancshares, Inc. (a) | 4996 | &nbsp;&nbsp; 452338 |
| Towne Bank | 21489 | &nbsp;&nbsp; 717088 |
| TriCo Bancshares | 9565 | &nbsp;&nbsp; 453094 |
| Trustmark Corp.  | 4643 | &nbsp;&nbsp; 180845 |
| UMB Financial Corp.  | 11453 | &nbsp;&nbsp; 1317553 |
| United Bankshares, Inc.  | 13856 | &nbsp;&nbsp; 532070 |
| United Community Banks, Inc.  | 3671 | &nbsp;&nbsp; 114609 |
| Unity Bancorp, Inc.  | 948 | &nbsp;&nbsp; 49031 |
| Univest Financial Corp.  | 6650 | &nbsp;&nbsp; 217721 |
| WesBanco, Inc.  | 23090 | &nbsp;&nbsp; 767512 |
| Wintrust Financial Corp.  | 4914 | &nbsp;&nbsp; 687075 |
| WSFS Financial Corp.  | 8779 | &nbsp;&nbsp; 484952 |
|  |  | &nbsp;&nbsp; 56806302 |
| **Biotechnology — 5.8%** | **Biotechnology — 5.8%** | **Biotechnology — 5.8%** |
| Agios Pharmaceuticals, Inc. (a) | 18548 | &nbsp;&nbsp; 504877 |
| Aurinia Pharmaceuticals, Inc. (a) | 25103 | &nbsp;&nbsp; 400393 |
| Avidity Biosciences, Inc. (a) | 5424 | &nbsp;&nbsp; 391233 |

---

*See accompanying notes to financial statements.*

**BHFTI-303**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Beam Therapeutics, Inc. (a) | 33817 | &nbsp;&nbsp; $937407 |
| Biohaven Ltd. (a) | 857 | &nbsp;&nbsp; 9676 |
| Celldex Therapeutics, Inc. (a) | 12776 | &nbsp;&nbsp; 346996 |
| Cidara Therapeutics, Inc. (a) | 3437 | &nbsp;&nbsp; 759199 |
| Compass Therapeutics, Inc. (a) (b) | 128830 | &nbsp;&nbsp; 691817 |
| CRISPR Therapeutics AG (a) | 25516 | &nbsp;&nbsp; 1338059 |
| Cytokinetics, Inc. (a) (b) | 22482 | &nbsp;&nbsp; 1428506 |
| Denali Therapeutics, Inc. (a) | 8641 | &nbsp;&nbsp; 142663 |
| Enanta Pharmaceuticals, Inc. (a) | 16758 | &nbsp;&nbsp; 264274 |
| Erasca, Inc. (a) (b) | 178243 | &nbsp;&nbsp; 663064 |
| GRAIL, Inc. (a) (b) | 6639 | &nbsp;&nbsp; 568232 |
| Ideaya Biosciences, Inc. (a) | 18716 | &nbsp;&nbsp; 647012 |
| Intellia Therapeutics, Inc. (a) | 23257 | &nbsp;&nbsp; 209080 |
| Iovance Biotherapeutics, Inc. (a) | 210926 | &nbsp;&nbsp; 575828 |
| Olema Pharmaceuticals, Inc. (a) | 39716 | &nbsp;&nbsp; 992900 |
| ORIC Pharmaceuticals, Inc. (a) | 44288 | &nbsp;&nbsp; 362276 |
| Praxis Precision Medicines, Inc. (a) | 5764 | &nbsp;&nbsp; 1698881 |
| PTC Therapeutics, Inc. (a) | 5194 | &nbsp;&nbsp; 394536 |
| Relay Therapeutics, Inc. (a) | 59037 | &nbsp;&nbsp; 499453 |
| Replimune Group, Inc. (a) | 65556 | &nbsp;&nbsp; 637204 |
| Scholar Rock Holding Corp. (a) | 5596 | &nbsp;&nbsp; 246504 |
| Syndax Pharmaceuticals, Inc. (a) | 19708 | &nbsp;&nbsp; 414065 |
| Travere Therapeutics, Inc. (a) | 10938 | &nbsp;&nbsp; 417941 |
| Upstream Bio, Inc. (a) (b) | 15672 | &nbsp;&nbsp; 425495 |
| Vanda Pharmaceuticals, Inc. (a) | 46385 | &nbsp;&nbsp; 409116 |
| Vaxcyte, Inc. (a) | 26740 | &nbsp;&nbsp; 1233784 |
| Viridian Therapeutics, Inc. (a) | 32436 | &nbsp;&nbsp; 1009408 |
|  |  | &nbsp;&nbsp; 18619879 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Kohl's Corp.  | 29099 | &nbsp;&nbsp; 593911 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Apogee Enterprises, Inc.  | 14401 | &nbsp;&nbsp; 524340 |
| Griffon Corp.  | 18413 | &nbsp;&nbsp; 1356118 |
| Masterbrand, Inc. (a) (b) | 56903 | &nbsp;&nbsp; 628209 |
| Modine Manufacturing Co. (a) | 9633 | &nbsp;&nbsp; 1286102 |
| Resideo Technologies, Inc. (a) | 60541 | &nbsp;&nbsp; 2126200 |
| UFP Industries, Inc.  | 8918 | &nbsp;&nbsp; 811984 |
|  |  | &nbsp;&nbsp; 6732953 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| BGC Group, Inc. - Class A | 37243 | &nbsp;&nbsp; 332580 |
| Bullish (a) (b) | 10540 | &nbsp;&nbsp; 399150 |
| DigitalBridge Group, Inc.  | 26160 | &nbsp;&nbsp; 401294 |
| Marex Group PLC | 15624 | &nbsp;&nbsp; 599337 |
| StoneX Group, Inc. (a) | 4516 | &nbsp;&nbsp; 429607 |
| Virtus Investment Partners, Inc.  | 2363 | &nbsp;&nbsp; 385523 |
|  |  | &nbsp;&nbsp; 2547491 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Avient Corp.  | 14594 | &nbsp;&nbsp; 455917 |
| Ecovyst, Inc. (a) | 9717 | &nbsp;&nbsp; 94546 |
| HB Fuller Co.  | 27908 | &nbsp;&nbsp; 1659410 |
| Innospec, Inc.  | 8306 | &nbsp;&nbsp; 635741 |
| Mativ Holdings, Inc.  | 61865 | &nbsp;&nbsp; 751660 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Perimeter Solutions, Inc. (a) | 62821 | &nbsp;&nbsp; $1729462 |
| Quaker Chemical Corp.  | 6199 | &nbsp;&nbsp; 851185 |
|  |  | &nbsp;&nbsp; 6177921 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| ABM Industries, Inc.  | 28775 | &nbsp;&nbsp; 1217182 |
| ACCO Brands Corp.  | 19215 | &nbsp;&nbsp; 71672 |
| Healthcare Services Group, Inc. (a) | 41493 | &nbsp;&nbsp; 793346 |
| MillerKnoll, Inc.  | 30438 | &nbsp;&nbsp; 556407 |
| OPENLANE, Inc. (a) | 9852 | &nbsp;&nbsp; 293393 |
|  |  | &nbsp;&nbsp; 2932000 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| NETGEAR, Inc. (a) | 28412 | &nbsp;&nbsp; 696946 |
| Viasat, Inc. (a) | 23691 | &nbsp;&nbsp; 816392 |
|  |  | &nbsp;&nbsp; 1513338 |
| **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** |
| API Group Corp. (a) | 13711 | &nbsp;&nbsp; 524583 |
| Arcosa, Inc.  | 10285 | &nbsp;&nbsp; 1093501 |
| Fluor Corp. (a) | 17985 | &nbsp;&nbsp; 712746 |
| MYR Group, Inc. (a) | 6839 | &nbsp;&nbsp; 1494321 |
| Primoris Services Corp.  | 9494 | &nbsp;&nbsp; 1178585 |
| Tutor Perini Corp.  | 20446 | &nbsp;&nbsp; 1370291 |
|  |  | &nbsp;&nbsp; 6374027 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Encore Capital Group, Inc. (a) | 6634 | &nbsp;&nbsp; 360558 |
| Enova International, Inc. (a) | 10356 | &nbsp;&nbsp; 1627963 |
| LendingClub Corp. (a) | 21521 | &nbsp;&nbsp; 407608 |
| Nelnet, Inc. - Class A | 3882 | &nbsp;&nbsp; 516151 |
| PROG Holdings, Inc.  | 19764 | &nbsp;&nbsp; 582840 |
|  |  | &nbsp;&nbsp; 3495120 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Andersons, Inc.  | 21689 | &nbsp;&nbsp; 1153204 |
| United Natural Foods, Inc. (a) | 22419 | &nbsp;&nbsp; 754848 |
|  |  | &nbsp;&nbsp; 1908052 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Greif, Inc. - Class A | 10356 | &nbsp;&nbsp; 701101 |
| O-I Glass, Inc. (a) | 38712 | &nbsp;&nbsp; 571389 |
|  |  | &nbsp;&nbsp; 1272490 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| GigaCloud Technology, Inc. - Class A (a) | 25706 | &nbsp;&nbsp; 1009732 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| American Public Education, Inc. (a) | 7418 | &nbsp;&nbsp; 280400 |
| Laureate Education, Inc. (a) | 24307 | &nbsp;&nbsp; 818417 |
| McGraw Hill, Inc. (a) | 80606 | &nbsp;&nbsp; 1329999 |
| Perdoceo Education Corp.  | 10146 | &nbsp;&nbsp; 297582 |
|  |  | &nbsp;&nbsp; 2726398 |

---

*See accompanying notes to financial statements.*

**BHFTI-304**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** |
| Alexander & Baldwin, Inc.  | 66938 | &nbsp;&nbsp; $1381600 |
| American Assets Trust, Inc.  | 23006 | &nbsp;&nbsp; 435504 |
| Broadstone Net Lease, Inc.  | 104963 | &nbsp;&nbsp; 1823207 |
| Essential Properties Realty Trust, Inc.  | 61536 | &nbsp;&nbsp; 1825158 |
|  |  | &nbsp;&nbsp; 5465469 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Lumen Technologies, Inc. (a) | 23159 | &nbsp;&nbsp; 179945 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| IDACORP, Inc. (b) | 10711 | &nbsp;&nbsp; 1355584 |
| Oklo, Inc. (a) (b) | 11383 | &nbsp;&nbsp; 816844 |
| Otter Tail Corp.  | 20076 | &nbsp;&nbsp; 1622342 |
| Portland General Electric Co.  | 38985 | &nbsp;&nbsp; 1870890 |
|  |  | &nbsp;&nbsp; 5665660 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| Atkore, Inc.  | 15699 | &nbsp;&nbsp; 992962 |
| EnerSys | 14039 | &nbsp;&nbsp; 2060223 |
| Nextpower, Inc. - Class A (a) | 1446 | &nbsp;&nbsp; 125961 |
| Sunrun, Inc. (a) (b) | 45347 | &nbsp;&nbsp; 834385 |
| Thermon Group Holdings, Inc. (a) | 11283 | &nbsp;&nbsp; 419276 |
|  |  | &nbsp;&nbsp; 4432807 |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| Benchmark Electronics, Inc.  | 15179 | &nbsp;&nbsp; 649054 |
| CTS Corp.  | 2922 | &nbsp;&nbsp; 125266 |
| Daktronics, Inc. (a) | 31652 | &nbsp;&nbsp; 625760 |
| Kimball Electronics, Inc. (a) | 15486 | &nbsp;&nbsp; 430820 |
| Knowles Corp. (a) | 82004 | &nbsp;&nbsp; 1757346 |
| nLight, Inc. (a) | 7018 | &nbsp;&nbsp; 263245 |
| Plexus Corp. (a) | 4081 | &nbsp;&nbsp; 599907 |
| Sanmina Corp. (a) | 13523 | &nbsp;&nbsp; 2029397 |
| TTM Technologies, Inc. (a) | 21910 | &nbsp;&nbsp; 1511790 |
| Vishay Intertechnology, Inc.  | 24938 | &nbsp;&nbsp; 361352 |
| Vishay Precision Group, Inc. (a) | 17145 | &nbsp;&nbsp; 660082 |
|  |  | &nbsp;&nbsp; 9014019 |
| **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** |
| Bristow Group, Inc. (a) | 16488 | &nbsp;&nbsp; 603791 |
| DMC Global, Inc. (a) | 12332 | &nbsp;&nbsp; 82501 |
| Forum Energy Technologies, Inc. (a) | 18989 | &nbsp;&nbsp; 701644 |
| Helix Energy Solutions Group, Inc. (a) | 13320 | &nbsp;&nbsp; 83516 |
| Liberty Energy, Inc.  | 52450 | &nbsp;&nbsp; 968227 |
| Mammoth Energy Services, Inc. (a) | 26208 | &nbsp;&nbsp; 48485 |
| National Energy Services Reunited Corp. (a) | 25387 | &nbsp;&nbsp; 397560 |
| Noble Corp. PLC (b) | 9327 | &nbsp;&nbsp; 263394 |
| Oceaneering International, Inc. (a) | 7535 | &nbsp;&nbsp; 181066 |
| Oil States International, Inc. (a) | 78924 | &nbsp;&nbsp; 534316 |
| Patterson-UTI Energy, Inc.  | 76451 | &nbsp;&nbsp; 467116 |
| ProPetro Holding Corp. (a) | 69542 | &nbsp;&nbsp; 661344 |
| Ranger Energy Services, Inc. - Class A | 31452 | &nbsp;&nbsp; 439699 |
| Transocean Ltd. (a) | 384181 | &nbsp;&nbsp; 1586668 |
| Valaris Ltd. (a) | 10971 | &nbsp;&nbsp; 552938 |
|  |  | &nbsp;&nbsp; 7572265 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 112368 | &nbsp;&nbsp; $175294 |
| Cinemark Holdings, Inc.  | 4646 | &nbsp;&nbsp; 107973 |
| Sphere Entertainment Co. (a) (b) | 9938 | &nbsp;&nbsp; 944905 |
|  |  | &nbsp;&nbsp; 1228172 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Banco Latinoamericano de Comercio Exterior SA | 10050 | &nbsp;&nbsp; 448230 |
| Burford Capital Ltd.  | 37451 | &nbsp;&nbsp; 334063 |
| Enact Holdings, Inc.  | 13887 | &nbsp;&nbsp; 550481 |
| Essent Group Ltd.  | 25681 | &nbsp;&nbsp; 1669522 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 25883 | &nbsp;&nbsp; 813503 |
| Jackson Financial, Inc. - Class A | 20016 | &nbsp;&nbsp; 2134706 |
| NMI Holdings, Inc. (a) | 24900 | &nbsp;&nbsp; 1015671 |
| PennyMac Financial Services, Inc.  | 10255 | &nbsp;&nbsp; 1352019 |
| Radian Group, Inc.  | 35202 | &nbsp;&nbsp; 1266920 |
| Walker & Dunlop, Inc.  | 12311 | &nbsp;&nbsp; 740506 |
|  |  | &nbsp;&nbsp; 10325621 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Dole PLC | 48106 | &nbsp;&nbsp; 721109 |
| Fresh Del Monte Produce, Inc.  | 6321 | &nbsp;&nbsp; 225217 |
|  |  | &nbsp;&nbsp; 946326 |
| **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** |
| Chesapeake Utilities Corp.  | 6109 | &nbsp;&nbsp; 762159 |
| New Jersey Resources Corp.  | 30704 | &nbsp;&nbsp; 1416068 |
| Southwest Gas Holdings, Inc.  | 37676 | &nbsp;&nbsp; 3014834 |
| Spire, Inc.  | 7561 | &nbsp;&nbsp; 625295 |
|  |  | &nbsp;&nbsp; 5818356 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| ArcBest Corp.  | 7134 | &nbsp;&nbsp; 529271 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Alphatec Holdings, Inc. (a) | 53240 | &nbsp;&nbsp; 1120169 |
| Beta Bionics, Inc. (a) | 28286 | &nbsp;&nbsp; 861874 |
| Embecta Corp.  | 9592 | &nbsp;&nbsp; 113953 |
| LivaNova PLC (a) | 12156 | &nbsp;&nbsp; 747959 |
| Omnicell, Inc. (a) | 38757 | &nbsp;&nbsp; 1755692 |
| OraSure Technologies, Inc. (a) | 48258 | &nbsp;&nbsp; 116784 |
| Orthofix Medical, Inc. (a) | 30292 | &nbsp;&nbsp; 459227 |
| Varex Imaging Corp. (a) | 31964 | &nbsp;&nbsp; 372381 |
|  |  | &nbsp;&nbsp; 5548039 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Enhabit, Inc. (a) | 37615 | &nbsp;&nbsp; 346810 |
| Fulgent Genetics, Inc. (a) | 5080 | &nbsp;&nbsp; 133452 |
| Pediatrix Medical Group, Inc. (a) | 75969 | &nbsp;&nbsp; 1624977 |
| Strata Critical Medical, Inc. (a) | 29055 | &nbsp;&nbsp; 139754 |
|  |  | &nbsp;&nbsp; 2244993 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| American Healthcare REIT, Inc.  | 1646 | &nbsp;&nbsp; 77461 |
| CareTrust REIT, Inc. (b) | 45341 | &nbsp;&nbsp; 1639531 |
| Community Healthcare Trust, Inc.  | 6601 | &nbsp;&nbsp; 108388 |

---

*See accompanying notes to financial statements.*

**BHFTI-305**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** |
| LTC Properties, Inc.  | 5921 | &nbsp;&nbsp; $203564 |
| National Health Investors, Inc.  | 4073 | &nbsp;&nbsp; 311055 |
| Sabra Health Care REIT, Inc.  | 59646 | &nbsp;&nbsp; 1129695 |
|  |  | &nbsp;&nbsp; 3469694 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Health Catalyst, Inc. (a) (b) | 36272 | &nbsp;&nbsp; 86690 |
| Teladoc Health, Inc. (a) | 69939 | &nbsp;&nbsp; 489573 |
|  |  | &nbsp;&nbsp; 576263 |
| **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** |
| Chatham Lodging Trust | 52297 | &nbsp;&nbsp; 356143 |
| DiamondRock Hospitality Co.  | 120357 | &nbsp;&nbsp; 1078399 |
| RLJ Lodging Trust | 30203 | &nbsp;&nbsp; 225012 |
| Ryman Hospitality Properties, Inc.  | 8449 | &nbsp;&nbsp; 799444 |
| Xenia Hotels & Resorts, Inc.  | 95958 | &nbsp;&nbsp; 1356846 |
|  |  | &nbsp;&nbsp; 3815844 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Biglari Holdings, Inc. - Class B (a) | 1199 | &nbsp;&nbsp; 398584 |
| Black Rock Coffee Bar, Inc. - Class A (a) | 5829 | &nbsp;&nbsp; 129695 |
| Brightstar Lottery PLC | 17906 | &nbsp;&nbsp; 277185 |
| Dine Brands Global, Inc. (b) | 9383 | &nbsp;&nbsp; 301570 |
| Jack in the Box, Inc. (b) | 25742 | &nbsp;&nbsp; 487811 |
| Marriott Vacations Worldwide Corp.  | 10776 | &nbsp;&nbsp; 621667 |
| United Parks & Resorts, Inc. (a) (b) | 17316 | &nbsp;&nbsp; 628571 |
|  |  | &nbsp;&nbsp; 2845083 |
| **Household Durables — 2.4%** | **Household Durables — 2.4%** | **Household Durables — 2.4%** |
| Beazer Homes USA, Inc. (a) | 11269 | &nbsp;&nbsp; 228422 |
| Century Communities, Inc. (b) | 8672 | &nbsp;&nbsp; 514683 |
| Green Brick Partners, Inc. (a) | 7821 | &nbsp;&nbsp; 490064 |
| KB Home | 19369 | &nbsp;&nbsp; 1092605 |
| LGI Homes, Inc. (a) | 2332 | &nbsp;&nbsp; 100183 |
| M/I Homes, Inc. (a) | 10002 | &nbsp;&nbsp; 1279756 |
| Meritage Homes Corp.  | 12351 | &nbsp;&nbsp; 812696 |
| Taylor Morrison Home Corp. (a) | 26348 | &nbsp;&nbsp; 1551107 |
| Tri Pointe Homes, Inc. (a) | 49336 | &nbsp;&nbsp; 1552604 |
|  |  | &nbsp;&nbsp; 7622120 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (a) | 11202 | &nbsp;&nbsp; 326986 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Clearway Energy, Inc. - Class A | 17578 | &nbsp;&nbsp; 552301 |
| Clearway Energy, Inc. - Class C | 3784 | &nbsp;&nbsp; 125856 |
|  |  | &nbsp;&nbsp; 678157 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| LXP Industrial Trust | 25071 | &nbsp;&nbsp; 1243020 |
| Terreno Realty Corp.  | 13198 | &nbsp;&nbsp; 774855 |
|  |  | &nbsp;&nbsp; 2017875 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| CNO Financial Group, Inc.  | 37865 | &nbsp;&nbsp; 1608127 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Fidelis Insurance Holdings Ltd.  | 32542 | &nbsp;&nbsp; $636847 |
| Hamilton Insurance Group Ltd. - Class B (a) | 25883 | &nbsp;&nbsp; 722136 |
| Heritage Insurance Holdings, Inc. (a) | 6879 | &nbsp;&nbsp; 201280 |
| Horace Mann Educators Corp.  | 5766 | &nbsp;&nbsp; 266274 |
| Mercury General Corp.  | 4010 | &nbsp;&nbsp; 377181 |
| RLI Corp.  | 4533 | &nbsp;&nbsp; 290021 |
| Safety Insurance Group, Inc.  | 5887 | &nbsp;&nbsp; 458656 |
| Selective Insurance Group, Inc.  | 1870 | &nbsp;&nbsp; 156463 |
| SiriusPoint Ltd. (a) | 20578 | &nbsp;&nbsp; 450452 |
| Stewart Information Services Corp.  | 3904 | &nbsp;&nbsp; 274295 |
| Universal Insurance Holdings, Inc.  | 4573 | &nbsp;&nbsp; 154567 |
|  |  | &nbsp;&nbsp; 5596299 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Cars.com, Inc. (a) (b) | 22371 | &nbsp;&nbsp; 272926 |
| Nextdoor Holdings, Inc. (a) | 64666 | &nbsp;&nbsp; 135799 |
| QuinStreet, Inc. (a) | 4555 | &nbsp;&nbsp; 65455 |
| Shutterstock, Inc.  | 3528 | &nbsp;&nbsp; 67385 |
| Webtoon Entertainment, Inc. (a) (b) | 26617 | &nbsp;&nbsp; 346819 |
|  |  | &nbsp;&nbsp; 888384 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Applied Digital Corp. (a) (b) | 15587 | &nbsp;&nbsp; 382193 |
| BigBear.ai Holdings, Inc. (a) (b) | 56731 | &nbsp;&nbsp; 306347 |
| Unisys Corp. (a) (b) | 81102 | &nbsp;&nbsp; 223842 |
|  |  | &nbsp;&nbsp; 912382 |
| **Leisure Products — 0.9%** | **Leisure Products — 0.9%** | **Leisure Products — 0.9%** |
| Funko, Inc. - Class A (a) | 51642 | &nbsp;&nbsp; 175583 |
| Peloton Interactive, Inc. - Class A (a) (b) | 94690 | &nbsp;&nbsp; 583290 |
| Polaris, Inc. (b) | 18497 | &nbsp;&nbsp; 1169935 |
| Topgolf Callaway Brands Corp. (a) | 88416 | &nbsp;&nbsp; 1031815 |
|  |  | &nbsp;&nbsp; 2960623 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| 10X Genomics, Inc. - Class A (a) (b) | 62950 | &nbsp;&nbsp; 1026714 |
| Cytek Biosciences, Inc. (a) (b) | 46865 | &nbsp;&nbsp; 236668 |
| Fortrea Holdings, Inc. (a) | 40898 | &nbsp;&nbsp; 705491 |
|  |  | &nbsp;&nbsp; 1968873 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Blue Bird Corp. (a) | 8983 | &nbsp;&nbsp; 422201 |
| Hillenbrand, Inc.  | 16062 | &nbsp;&nbsp; 509487 |
| Hillman Solutions Corp. (a) | 66946 | &nbsp;&nbsp; 579752 |
| Mueller Industries, Inc.  | 7343 | &nbsp;&nbsp; 842976 |
| Terex Corp.  | 12890 | &nbsp;&nbsp; 688068 |
| Worthington Enterprises, Inc.  | 4024 | &nbsp;&nbsp; 207518 |
|  |  | &nbsp;&nbsp; 3250002 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Costamare Bulkers Holdings Ltd. (a) | 3937 | &nbsp;&nbsp; 60669 |
| Costamare, Inc.  | 73399 | &nbsp;&nbsp; 1158970 |
| Matson, Inc.  | 6126 | &nbsp;&nbsp; 756868 |
| Safe Bulkers, Inc.  | 34484 | &nbsp;&nbsp; 166213 |
|  |  | &nbsp;&nbsp; 2142720 |

---

*See accompanying notes to financial statements.*

**BHFTI-306**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| AMC Networks, Inc. - Class A (a) | 14807 | &nbsp;&nbsp; $140963 |
| EchoStar Corp. - Class A (a) (b) | 28689 | &nbsp;&nbsp; 3118494 |
| Gray Media, Inc.  | 84896 | &nbsp;&nbsp; 410897 |
| John Wiley & Sons, Inc. - Class A | 17249 | &nbsp;&nbsp; 528337 |
| Stagwell, Inc. (a) | 74545 | &nbsp;&nbsp; 364525 |
|  |  | &nbsp;&nbsp; 4563216 |
| **Metals & Mining — 3.9%** | **Metals & Mining — 3.9%** | **Metals & Mining — 3.9%** |
| Alpha Metallurgical Resources, Inc. (a) | 724 | &nbsp;&nbsp; 144713 |
| Coeur Mining, Inc. (a) | 120692 | &nbsp;&nbsp; 2151938 |
| Commercial Metals Co.  | 34593 | &nbsp;&nbsp; 2394527 |
| Constellium SE (a) | 87677 | &nbsp;&nbsp; 1652711 |
| Hecla Mining Co.  | 130734 | &nbsp;&nbsp; 2508786 |
| Ivanhoe Electric, Inc. (a) | 2461 | &nbsp;&nbsp; 39327 |
| Materion Corp.  | 8992 | &nbsp;&nbsp; 1117885 |
| SSR Mining, Inc. (a) | 50629 | &nbsp;&nbsp; 1109788 |
| Warrior Met Coal, Inc.  | 15909 | &nbsp;&nbsp; 1402697 |
|  |  | &nbsp;&nbsp; 12522372 |
| **Mortgage Real Estate Investment Trusts — 1.4%** | **Mortgage Real Estate Investment Trusts — 1.4%** | **Mortgage Real Estate Investment Trusts — 1.4%** |
| Adamas Trust, Inc.  | 36354 | &nbsp;&nbsp; 265384 |
| Apollo Commercial Real Estate Finance, Inc.  | 30575 | &nbsp;&nbsp; 295966 |
| BrightSpire Capital, Inc.  | 134647 | &nbsp;&nbsp; 754023 |
| Ellington Financial, Inc.  | 32539 | &nbsp;&nbsp; 441880 |
| KKR Real Estate Finance Trust, Inc.  | 27360 | &nbsp;&nbsp; 224899 |
| Ladder Capital Corp.  | 182258 | &nbsp;&nbsp; 2003016 |
| TPG RE Finance Trust, Inc.  | 44987 | &nbsp;&nbsp; 387338 |
|  |  | &nbsp;&nbsp; 4372506 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Avista Corp.  | 3788 | &nbsp;&nbsp; 145990 |
| Black Hills Corp.  | 22057 | &nbsp;&nbsp; 1531197 |
| Northwestern Energy Group, Inc.  | 6947 | &nbsp;&nbsp; 448359 |
| Unitil Corp.  | 27181 | &nbsp;&nbsp; 1316648 |
|  |  | &nbsp;&nbsp; 3442194 |
| **Office REITs — 1.3%** | **Office REITs — 1.3%** | **Office REITs — 1.3%** |
| COPT Defense Properties | 71934 | &nbsp;&nbsp; 1999765 |
| Empire State Realty Trust, Inc. - Class A | 51017 | &nbsp;&nbsp; 332631 |
| Piedmont Realty Trust, Inc. - Class A | 110016 | &nbsp;&nbsp; 917534 |
| Postal Realty Trust, Inc. - Class A | 14693 | &nbsp;&nbsp; 237145 |
| SL Green Realty Corp. (b) | 14428 | &nbsp;&nbsp; 661812 |
|  |  | &nbsp;&nbsp; 4148887 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| California Resources Corp.  | 11703 | &nbsp;&nbsp; 523241 |
| Centrus Energy Corp. - Class A (a) (b) | 722 | &nbsp;&nbsp; 175273 |
| Chord Energy Corp.  | 3756 | &nbsp;&nbsp; 348181 |
| Clean Energy Fuels Corp. (a) | 193246 | &nbsp;&nbsp; 405817 |
| CNX Resources Corp. (a) | 36525 | &nbsp;&nbsp; 1343024 |
| Core Natural Resources, Inc.  | 6053 | &nbsp;&nbsp; 535751 |
| Energy Fuels, Inc. (a) (b) | 40315 | &nbsp;&nbsp; 586180 |
| Excelerate Energy, Inc. - Class A | 17497 | &nbsp;&nbsp; 490791 |
| Gulfport Energy Corp. (a) | 4608 | &nbsp;&nbsp; 958418 |
| International Seaways, Inc.  | 10177 | &nbsp;&nbsp; 494093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Magnolia Oil & Gas Corp. - Class A | 30327 | &nbsp;&nbsp; $663858 |
| Murphy Oil Corp. (b) | 16301 | &nbsp;&nbsp; 509406 |
| New Fortress Energy, Inc. (a) (b) | 57720 | &nbsp;&nbsp; 65801 |
| Ovintiv, Inc.  | 7490 | &nbsp;&nbsp; 293533 |
| Par Pacific Holdings, Inc. (a) | 35059 | &nbsp;&nbsp; 1231973 |
| PBF Energy, Inc. - Class A | 17875 | &nbsp;&nbsp; 484770 |
| Peabody Energy Corp. (b) | 42905 | &nbsp;&nbsp; 1274279 |
| Scorpio Tankers, Inc.  | 4210 | &nbsp;&nbsp; 213994 |
| SM Energy Co.  | 12402 | &nbsp;&nbsp; 231917 |
| Teekay Corp. Ltd.  | 64248 | &nbsp;&nbsp; 580160 |
| Teekay Tankers Ltd. - Class A | 34070 | &nbsp;&nbsp; 1820019 |
| World Kinect Corp.  | 20334 | &nbsp;&nbsp; 476426 |
|  |  | &nbsp;&nbsp; 13706905 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| SkyWest, Inc. (a) | 12082 | &nbsp;&nbsp; 1213154 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc. (a) | 5407 | &nbsp;&nbsp; 144529 |
| Nature's Sunshine Products, Inc. (a) | 16907 | &nbsp;&nbsp; 364853 |
|  |  | &nbsp;&nbsp; 509382 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Aclaris Therapeutics, Inc. (a) | 88801 | &nbsp;&nbsp; 267291 |
| Alumis, Inc. (a) | 36042 | &nbsp;&nbsp; 351770 |
| Atea Pharmaceuticals, Inc. (a) | 39658 | &nbsp;&nbsp; 141579 |
| Esperion Therapeutics, Inc. (a) (b) | 91463 | &nbsp;&nbsp; 338413 |
| Nuvation Bio, Inc. (a) | 83789 | &nbsp;&nbsp; 750750 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 14163 | &nbsp;&nbsp; 234964 |
| Prestige Consumer Healthcare, Inc. (a) | 3744 | &nbsp;&nbsp; 230967 |
| Septerna, Inc. (a) (b) | 9431 | &nbsp;&nbsp; 262936 |
| Supernus Pharmaceuticals, Inc. (a) | 11198 | &nbsp;&nbsp; 556541 |
| Terns Pharmaceuticals, Inc. (a) | 18294 | &nbsp;&nbsp; 739078 |
| Theravance Biopharma, Inc. (a) | 11313 | &nbsp;&nbsp; 211666 |
| WaVe Life Sciences Ltd. (a) | 50022 | &nbsp;&nbsp; 850374 |
|  |  | &nbsp;&nbsp; 4936329 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Alight, Inc. - Class A | 19995 | &nbsp;&nbsp; 38990 |
| IBEX Holdings Ltd. (a) | 8888 | &nbsp;&nbsp; 339344 |
| Kelly Services, Inc. - Class A | 21280 | &nbsp;&nbsp; 187264 |
|  |  | &nbsp;&nbsp; 565598 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Cushman & Wakefield Ltd. (a) | 30603 | &nbsp;&nbsp; 495463 |
| Newmark Group, Inc. - Class A | 69598 | &nbsp;&nbsp; 1206829 |
| RE/MAX Holdings, Inc. - Class A (a) | 13741 | &nbsp;&nbsp; 104294 |
|  |  | &nbsp;&nbsp; 1806586 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| Centerspace | 3629 | &nbsp;&nbsp; 242127 |
| Independence Realty Trust, Inc.  | 51341 | &nbsp;&nbsp; 897441 |
| UMH Properties, Inc.  | 9240 | &nbsp;&nbsp; 147008 |
| Veris Residential, Inc.  | 15654 | &nbsp;&nbsp; 232932 |
|  |  | &nbsp;&nbsp; 1519508 |

---

*See accompanying notes to financial statements.*

**BHFTI-307**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Retail REITs — 2.2%** | **Retail REITs — 2.2%** | **Retail REITs — 2.2%** |
| Agree Realty Corp.  | 1477 | &nbsp;&nbsp; $106388 |
| Curbline Properties Corp.  | 40069 | &nbsp;&nbsp; 930002 |
| Getty Realty Corp. (b) | 17194 | &nbsp;&nbsp; 470600 |
| InvenTrust Properties Corp.  | 29080 | &nbsp;&nbsp; 820347 |
| Kite Realty Group Trust | 56556 | &nbsp;&nbsp; 1355647 |
| Macerich Co.  | 49651 | &nbsp;&nbsp; 916557 |
| NETSTREIT Corp. (b) | 24044 | &nbsp;&nbsp; 424136 |
| Phillips Edison & Co., Inc.  | 38305 | &nbsp;&nbsp; 1362509 |
| Tanger, Inc.  | 15345 | &nbsp;&nbsp; 512063 |
|  |  | &nbsp;&nbsp; 6898249 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Ambarella, Inc. (a) | 4554 | &nbsp;&nbsp; 322606 |
| Diodes, Inc. (a) | 19235 | &nbsp;&nbsp; 949055 |
| Navitas Semiconductor Corp. (a) (b) | 23838 | &nbsp;&nbsp; 170203 |
| Penguin Solutions, Inc. (a) (b) | 11621 | &nbsp;&nbsp; 227307 |
| Veeco Instruments, Inc. (a) | 12859 | &nbsp;&nbsp; 367510 |
|  |  | &nbsp;&nbsp; 2036681 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Adeia, Inc.  | 57427 | &nbsp;&nbsp; 990616 |
| Bit Digital, Inc. (a) (b) | 145515 | &nbsp;&nbsp; 275023 |
| Cipher Mining, Inc. (a) (b) | 81561 | &nbsp;&nbsp; 1203840 |
| Cleanspark, Inc. (a) (b) | 95821 | &nbsp;&nbsp; 969709 |
| Consensus Cloud Solutions, Inc. (a) | 12212 | &nbsp;&nbsp; 266466 |
| Digital Turbine, Inc. (a) | 40295 | &nbsp;&nbsp; 201475 |
| Hut 8 Corp. (a) | 23909 | &nbsp;&nbsp; 1098379 |
| LiveRamp Holdings, Inc. (a) | 20529 | &nbsp;&nbsp; 602937 |
| MARA Holdings, Inc. (a) (b) | 98410 | &nbsp;&nbsp; 883722 |
| NCR Voyix Corp. (a) | 34060 | &nbsp;&nbsp; 347412 |
| ON24, Inc. (a) | 55837 | &nbsp;&nbsp; 444463 |
| OneSpan, Inc.  | 33442 | &nbsp;&nbsp; 429395 |
| Porch Group, Inc. (a) | 38304 | &nbsp;&nbsp; 349716 |
| Riot Platforms, Inc. (a) (b) | 77870 | &nbsp;&nbsp; 986613 |
| Terawulf, Inc. (a) | 22049 | &nbsp;&nbsp; 253343 |
| Xperi, Inc. (a) | 82961 | &nbsp;&nbsp; 486151 |
|  |  | &nbsp;&nbsp; 9789260 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Four Corners Property Trust, Inc.  | 16138 | &nbsp;&nbsp; 372142 |
| Outfront Media, Inc.  | 15743 | &nbsp;&nbsp; 379406 |
| PotlatchDeltic Corp.  | 17021 | &nbsp;&nbsp; 677096 |
| Smartstop Self Storage REIT, Inc.  | 18199 | &nbsp;&nbsp; 563077 |
|  |  | &nbsp;&nbsp; 1991721 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| American Eagle Outfitters, Inc.  | 63277 | &nbsp;&nbsp; 1668614 |
| Asbury Automotive Group, Inc. (a) | 3957 | &nbsp;&nbsp; 920121 |
| Buckle, Inc.  | 8223 | &nbsp;&nbsp; 439273 |
| EVgo, Inc. (a) | 54193 | &nbsp;&nbsp; 157702 |
| Group 1 Automotive, Inc.  | 1295 | &nbsp;&nbsp; 509323 |
| National Vision Holdings, Inc. (a) | 17010 | &nbsp;&nbsp; 439198 |
| RealReal, Inc. (a) | 31906 | &nbsp;&nbsp; 503477 |
| Signet Jewelers Ltd.  | 23859 | &nbsp;&nbsp; 1977434 |
| Sonic Automotive, Inc. - Class A | 3945 | &nbsp;&nbsp; 244038 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Urban Outfitters, Inc. (a) | 20373 | &nbsp;&nbsp; $1533272 |
| Victoria's Secret & Co. (a) | 21713 | &nbsp;&nbsp; 1176193 |
|  |  | &nbsp;&nbsp; 9568645 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Turtle Beach Corp. (a) | 18091 | &nbsp;&nbsp; 253817 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Capri Holdings Ltd. (a) | 38751 | &nbsp;&nbsp; 945524 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc.  | 1711 | &nbsp;&nbsp; 185472 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| BlueLinx Holdings, Inc. (a) | 2883 | &nbsp;&nbsp; 177102 |
| Boise Cascade Co.  | 10455 | &nbsp;&nbsp; 769488 |
| DNOW, Inc. (a) | 102834 | &nbsp;&nbsp; 1362550 |
| GATX Corp.  | 6328 | &nbsp;&nbsp; 1073229 |
| Hudson Technologies, Inc. (a) | 15502 | &nbsp;&nbsp; 106189 |
| Rush Enterprises, Inc. - Class A | 19138 | &nbsp;&nbsp; 1032304 |
| WESCO International, Inc.  | 5756 | &nbsp;&nbsp; 1408148 |
|  |  | &nbsp;&nbsp; 5929010 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co.  | 5088 | &nbsp;&nbsp; 368778 |
| Consolidated Water Co. Ltd.  | 52116 | &nbsp;&nbsp; 1839174 |
|  |  | &nbsp;&nbsp; 2207952 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Spok Holdings, Inc.  | 11580 | &nbsp;&nbsp; 152740 |
| Telephone & Data Systems, Inc.  | 9198 | &nbsp;&nbsp; 377118 |
|  |  | &nbsp;&nbsp; 529858 |
| Total Common Stocks <br>(Cost $269,597,579) <br>|  | &nbsp;&nbsp; 311385797 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| iTeos Therapeutics, Inc. (a) (c) (d) <br>(Cost $0)<br>| 97620 | &nbsp;&nbsp; 9762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** |
| **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $7,257,886; collateralized <br> by U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $7,402,108<br>| 7256878 | &nbsp;&nbsp; 7256878 |
| Total Short-Term Investments <br>(Cost $7,256,878) <br>|  | &nbsp;&nbsp; 7256878 |

---

*See accompanying notes to financial statements.*

**BHFTI-308**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—3.2%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—1.8%** | **Short-Term Investment Funds—1.8%** | **Short-Term Investment Funds—1.8%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 1200000 | &nbsp;&nbsp; $1200000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (f)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
|  |  | &nbsp;&nbsp; 6000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $1,000,209; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,676<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $889,544; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $907,335<br>| 889355 | &nbsp;&nbsp; 889355 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $1,000,217; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,234<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $500,111; collateralized by <br> various Common Stock with an aggregate market value of <br> $556,479<br>| 500000 | &nbsp;&nbsp; 500000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $20,769; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $21,180<br>| 20765 | &nbsp;&nbsp; 20765 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $1,000,776; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,264<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 4410120 |
| Total Securities Lending Reinvestments <br>(Cost $10,410,120) <br>|  | &nbsp;&nbsp; 10410120 |
| Total Investments—103.1% <br>(Cost $287,264,577) <br>|  | &nbsp;&nbsp; 329062557 |
| Other assets and liabilities (net)—(3.1)%  |  | &nbsp;&nbsp; (9916842)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $319145715 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $24,198,628 and the collateral received consisted of cash in the amount of $10,410,120 and non-cash collateral with a value of $14,679,860. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets. 

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

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(f) The rate shown represents the annualized seven-day yield as of December 31, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $253163052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $286882228 |

---

*See accompanying notes to financial statements.*

**BHFTI-309**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(10410120)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10410120)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(10410120)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 61 | USD | 7618900 | &nbsp;&nbsp; $(229266)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $229266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(17840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $329913 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $7919457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-310**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $311385797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $311385797 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9762 | &nbsp;&nbsp; 9762 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7256878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7256878 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4410120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4410120 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 4410120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10410120 |
| Total Investments | &nbsp;&nbsp; $317385797 | &nbsp;&nbsp; $11666998 | &nbsp;&nbsp; $9762 | &nbsp;&nbsp; $329062557 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10410120)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10410120)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(229266)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(229266)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-311**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $329062557 |
| Cash | &nbsp;&nbsp; 27 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 781000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 8022 |
| Fund shares sold | &nbsp;&nbsp; 978 |
| Dividends and interest | &nbsp;&nbsp; 528942 |
| Prepaid expenses | &nbsp;&nbsp; 1083 |
| Total Assets | &nbsp;&nbsp; 330382609 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 10410120 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 60538 |
| Fund shares redeemed | &nbsp;&nbsp; 59507 |
| Variation margin on futures contracts | &nbsp;&nbsp; 60114 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 189414 |
| Distribution and service fees | &nbsp;&nbsp; 4440 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 201806 |
| Total Liabilities | &nbsp;&nbsp; 11236894 |
| **Net Assets**  | &nbsp;&nbsp; $319145715 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $246456722 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 72688993 |
| **Net Assets**  | &nbsp;&nbsp; $319145715 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $298698990 |
| Class B | &nbsp;&nbsp; 20446725 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 24938559 |
| Class B | &nbsp;&nbsp; 1744685 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.98 |
| Class B | 11.72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $287,264,577.

(b) Includes securities loaned at value of $24,198,628.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $5424242 |
| Interest | &nbsp;&nbsp; 251636 |
| Securities lending income | &nbsp;&nbsp; 109259 |
| Total investment income | &nbsp;&nbsp; 5785137 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2483419 |
| Administration fees | &nbsp;&nbsp; 35379 |
| Custodian and accounting fees | &nbsp;&nbsp; 78184 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 51396 |
| Audit and tax services | &nbsp;&nbsp; 68124 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 20153 |
| Insurance | &nbsp;&nbsp; 2857 |
| Miscellaneous | &nbsp;&nbsp; 13468 |
| Total expenses | &nbsp;&nbsp; 2863565 |
| Less management fee waiver | &nbsp;&nbsp; (317215)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (43869)<br>|
| Net expenses | &nbsp;&nbsp; 2502481 |
| **Net Investment Income** | &nbsp;&nbsp; 3282656 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 29673001 |
| Futures contracts | &nbsp;&nbsp; (17840)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (597)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 29654564 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 6217365 |
| Futures contracts | &nbsp;&nbsp; 329913 |
| Foreign currency transactions | &nbsp;&nbsp; 609 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6547887 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 36202451 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $39485107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $8,053.

*See accompanying notes to financial statements.*

**BHFTI-312**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3282656 | &nbsp;&nbsp; $3859279 |
| Net realized gain (loss) | &nbsp;&nbsp; 29654564 | &nbsp;&nbsp; 49494787 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6547887 | &nbsp;&nbsp; (16856632)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 39485107 | &nbsp;&nbsp; 36497434 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (35513490)<br>| &nbsp;&nbsp; (5950724)<br>|
| Class B | &nbsp;&nbsp; (2451254)<br>| &nbsp;&nbsp; (351628)<br>|
| **Total distributions** | &nbsp;&nbsp; (37964744)<br>| &nbsp;&nbsp; (6302352)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (4418902)<br>| &nbsp;&nbsp; (100336375)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (2898539)<br>| &nbsp;&nbsp; (70141293)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 322044254 | &nbsp;&nbsp; 392185547 |
| End of period | &nbsp;&nbsp; $319145715 | &nbsp;&nbsp; $322044254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1354430 | &nbsp;&nbsp; $15388630 | &nbsp;&nbsp; 234536 | &nbsp;&nbsp; $2716856 |
| Reinvestments | &nbsp;&nbsp; 3498866 | &nbsp;&nbsp; 35513490 | &nbsp;&nbsp; 523371 | &nbsp;&nbsp; 5950724 |
| Redemptions | &nbsp;&nbsp; (4732172)<br>| &nbsp;&nbsp; (54396249)<br>| &nbsp;&nbsp; (8537182)<br>| &nbsp;&nbsp; (104409796)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 121124 | &nbsp;&nbsp; $(3494129)<br>| &nbsp;&nbsp; (7779275)<br>| &nbsp;&nbsp; $(95742216)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 146772 | &nbsp;&nbsp; $1615845 | &nbsp;&nbsp; 94614 | &nbsp;&nbsp; $1105619 |
| Reinvestments | &nbsp;&nbsp; 246605 | &nbsp;&nbsp; 2451254 | &nbsp;&nbsp; 31508 | &nbsp;&nbsp; 351628 |
| Redemptions | &nbsp;&nbsp; (449153)<br>| &nbsp;&nbsp; (4991872)<br>| &nbsp;&nbsp; (519950)<br>| &nbsp;&nbsp; (6051406)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (55776)<br>| &nbsp;&nbsp; $(924773)<br>| &nbsp;&nbsp; (393828)<br>| &nbsp;&nbsp; $(4594159)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(4418902)<br>|  | &nbsp;&nbsp; $(100336375)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-313**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $15.60 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| Total income (loss) from investment operations | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.14 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; (0.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $20.02 |
| **Total Return (%)** (b) | 12.48 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 | &nbsp;&nbsp; (13.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.01 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (c) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $298.7 | &nbsp;&nbsp; $300.7 | &nbsp;&nbsp; $367.9 | &nbsp;&nbsp; $356.6 | &nbsp;&nbsp; $491.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $15.42 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.94 |
| Total income (loss) from investment operations | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.04 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp; (0.68)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $19.78 |
| **Total Return (%)** (b) | 12.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.74 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net ratio of expenses to average net assets (%) (c) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.4 | &nbsp;&nbsp; $21.4 | &nbsp;&nbsp; $24.3 | &nbsp;&nbsp; $23.3 | &nbsp;&nbsp; $31.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-314**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—68.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks — 2.1%** | **Banks — 2.1%** | **Banks — 2.1%** |
| JPMorgan Chase & Co.  | 23733 | &nbsp;&nbsp; $7647247 |
| **Broadline Retail — 3.0%** | **Broadline Retail — 3.0%** | **Broadline Retail — 3.0%** |
| Amazon.com, Inc. (a) | 48141 | &nbsp;&nbsp; 11111906 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Builders FirstSource, Inc. (a) | 9777 | &nbsp;&nbsp; 1005955 |
| Trane Technologies PLC | 15764 | &nbsp;&nbsp; 6135349 |
|  |  | &nbsp;&nbsp; 7141304 |
| **Capital Markets — 9.0%** | **Capital Markets — 9.0%** | **Capital Markets — 9.0%** |
| Blackrock, Inc.  | 9128 | &nbsp;&nbsp; 9770063 |
| Goldman Sachs Group, Inc.  | 8467 | &nbsp;&nbsp; 7442493 |
| London Stock Exchange Group PLC | 37230 | &nbsp;&nbsp; 4483033 |
| S&P Global, Inc.  | 21564 | &nbsp;&nbsp; 11269131 |
|  |  | &nbsp;&nbsp; 32964720 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Linde PLC | 14632 | &nbsp;&nbsp; 6238938 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Costco Wholesale Corp.  | 6839 | &nbsp;&nbsp; 5897543 |
| **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
| Schneider Electric SE | 21667 | &nbsp;&nbsp; 5938955 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| Halma PLC | 115945 | &nbsp;&nbsp; 5494693 |
| **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
| Mastercard, Inc. - Class A | 18712 | &nbsp;&nbsp; 10682307 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| UnitedHealth Group, Inc.  | 5587 | &nbsp;&nbsp; 1844325 |
| **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** |
| Airbnb, Inc. - Class A (a) | 37712 | &nbsp;&nbsp; 5118273 |
| Chipotle Mexican Grill, Inc. (a) | 30391 | &nbsp;&nbsp; 1124467 |
| Hilton Worldwide Holdings, Inc.  | 29760 | &nbsp;&nbsp; 8548560 |
|  |  | &nbsp;&nbsp; 14791300 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Progressive Corp.  | 19609 | &nbsp;&nbsp; 4465361 |
| **Interactive Media & Services — 3.3%** | **Interactive Media & Services — 3.3%** | **Interactive Media & Services — 3.3%** |
| Alphabet, Inc. - Class A | 38362 | &nbsp;&nbsp; 12007306 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| CGI, Inc.  | 54600 | &nbsp;&nbsp; 5043305 |
| Nomura Research Institute Ltd.  | 167900 | &nbsp;&nbsp; 6463594 |
|  |  | &nbsp;&nbsp; 11506899 |
| **Life Sciences Tools & Services — 3.8%** | **Life Sciences Tools & Services — 3.8%** | **Life Sciences Tools & Services — 3.8%** |
| Danaher Corp.  | 26714 | &nbsp;&nbsp; 6115369 |
| Mettler-Toledo International, Inc. (a) | 5693 | &nbsp;&nbsp; 7937124 |
|  |  | &nbsp;&nbsp; 14052493 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery — 7.6%** | **Machinery — 7.6%** | **Machinery — 7.6%** |
| Atlas Copco AB - A Shares | 450771 | &nbsp;&nbsp; $8075905 |
| Cummins, Inc.  | 16502 | &nbsp;&nbsp; 8423446 |
| Parker-Hannifin Corp.  | 12859 | &nbsp;&nbsp; 11302547 |
|  |  | &nbsp;&nbsp; 27801898 |
| **Semiconductors & Semiconductor Equipment — 12.3%** | **Semiconductors & Semiconductor Equipment — 12.3%** | **Semiconductors & Semiconductor Equipment — 12.3%** |
| ASML Holding NV | 9953 | &nbsp;&nbsp; 10638921 |
| KLA Corp.  | 4565 | &nbsp;&nbsp; 5546840 |
| NVIDIA Corp.  | 93745 | &nbsp;&nbsp; 17483443 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 237000 | &nbsp;&nbsp; 11578250 |
|  |  | &nbsp;&nbsp; 45247454 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Adobe, Inc. (a) | 3108 | &nbsp;&nbsp; 1087769 |
| Roper Technologies, Inc.  | 14276 | &nbsp;&nbsp; 6354676 |
| Salesforce, Inc.  | 5559 | &nbsp;&nbsp; 1472635 |
|  |  | &nbsp;&nbsp; 8915080 |
| **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** |
| Home Depot, Inc.  | 22068 | &nbsp;&nbsp; 7593599 |
| O'Reilly Automotive, Inc. (a) | 80421 | &nbsp;&nbsp; 7335199 |
|  |  | &nbsp;&nbsp; 14928798 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| LVMH Moet Hennessy Louis Vuitton SE | 3812 | &nbsp;&nbsp; 2873867 |
| Total Common Stocks <br>(Cost $163,782,179) <br>|  | &nbsp;&nbsp; 251552394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—17.9%** | **Corporate Bonds & Notes—17.9%** | **Corporate Bonds & Notes—17.9%** |
| **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** |
| Boeing Co. |  |  |
| 3.625%, 02/01/31 | 160000 | &nbsp;&nbsp; 153695 |
| 5.150%, 05/01/30 | 120000 | &nbsp;&nbsp; 123301 |
| 5.705%, 05/01/40 | 125000 | &nbsp;&nbsp; 127597 |
| 5.805%, 05/01/50 | 495000 | &nbsp;&nbsp; 486879 |
| 6.528%, 05/01/34 | 855000 | &nbsp;&nbsp; 945937 |
| 6.858%, 05/01/54 | 510000 | &nbsp;&nbsp; 572801 |
| TransDigm, Inc. |  |  |
| 6.750%, 08/15/28 (144A) | 30000 | &nbsp;&nbsp; 30528 |
|  |  | &nbsp;&nbsp; 2440738 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 147568 | &nbsp;&nbsp; 141026 |
| 4.125%, 06/15/29 (144A) | 94832 | &nbsp;&nbsp; 93267 |
|  |  | &nbsp;&nbsp; 234293 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Allison Transmission, Inc. |  |  |
| 3.750%, 01/30/31 (144A) | 45000 | &nbsp;&nbsp; 42372 |
| 4.750%, 10/01/27 (144A) | 105000 | &nbsp;&nbsp; 104857 |
| American Honda Finance Corp. |  |  |
| 5.150%, 07/09/32 | 115000 | &nbsp;&nbsp; 118170 |

---

*See accompanying notes to financial statements.*

**BHFTI-315**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** |
| Hyundai Capital America |  |  |
| 5.400%, 06/24/31 (144A) | 40000 | &nbsp;&nbsp; $41392 |
| 6.375%, 04/08/30 (144A) | 175000 | &nbsp;&nbsp; 186750 |
|  |  | &nbsp;&nbsp; 493541 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 1.600%, 09/15/28 (EUR) | 100000 | &nbsp;&nbsp; 114389 |
| ZF North America Capital, Inc. |  |  |
| 6.875%, 04/14/28 (144A) (b) | 150000 | &nbsp;&nbsp; 153061 |
| 6.875%, 04/23/32 (144A) | 150000 | &nbsp;&nbsp; 146690 |
|  |  | &nbsp;&nbsp; 414140 |
| **Banks — 1.5%** | **Banks — 1.5%** | **Banks — 1.5%** |
| Banco de Chile |  |  |
| 2.990%, 12/09/31 (144A) | 200000 | &nbsp;&nbsp; 182440 |
| Banco de Credito del Peru SA |  |  |
| 5.650%, 5Y H15 + 1.961%, 01/15/37 (144A) (c) | 144000 | &nbsp;&nbsp; 144648 |
| Banco Santander Chile |  |  |
| 3.177%, 10/26/31 (144A) | 250000 | &nbsp;&nbsp; 234262 |
| Banco Santander SA |  |  |
| 6.938%, 11/07/33 | 200000 | &nbsp;&nbsp; 228869 |
| Bank of America Corp. |  |  |
| 2.482%, 5Y H15 + 1.200%, 09/21/36 (c) | 162000 | &nbsp;&nbsp; 142165 |
| 3.846%, 5Y H15 + 2.000%, 03/08/37 (b) (c) | 275000 | &nbsp;&nbsp; 258977 |
| Credit Agricole SA |  |  |
| 5.862%, SOFR + 1.740%, 01/09/36 (144A) (c) | 250000 | &nbsp;&nbsp; 263704 |
| Danske Bank AS |  |  |
| 4.750%, 1Y EUR Swap + 1.700%, 06/21/30 (EUR) (c) | 280000 | &nbsp;&nbsp; 347312 |
| Deutsche Bank AG |  |  |
| 2.552%, SOFR + 1.318%, 01/07/28 (b) (c) | 170000 | &nbsp;&nbsp; 167187 |
| DNB Bank ASA |  |  |
| 1.535%, 1Y H15 + 0.720%, 05/25/27 (144A) (c) | 410000 | &nbsp;&nbsp; 405814 |
| Intesa Sanpaolo SpA |  |  |
| 6.625%, 06/20/33 (144A) | 315000 | &nbsp;&nbsp; 346632 |
| JPMorgan Chase & Co. |  |  |
| 6.500%, 5Y H15 + 2.152%, 04/01/30 (b) (c) | 800000 | &nbsp;&nbsp; 831289 |
| Morgan Stanley |  |  |
| 2.484%, SOFR + 1.360%, 09/16/36 (c) | 510000 | &nbsp;&nbsp; 448450 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.766%, 01/13/33 (b) | 200000 | &nbsp;&nbsp; 212990 |
| UBS Group AG |  |  |
| 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 510000 | &nbsp;&nbsp; 473164 |
| UniCredit SpA |  |  |
| 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (c) | 325000 | &nbsp;&nbsp; 348476 |
| Westpac Banking Corp. |  |  |
| 1.953%, 11/20/28 | 400000 | &nbsp;&nbsp; 379458 |
|  |  | &nbsp;&nbsp; 5415837 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch InBev SA |  |  |
| 3.700%, 04/02/40 (EUR) | 300000 | &nbsp;&nbsp; 335753 |
| Diageo Capital PLC |  |  |
| 2.125%, 04/29/32 | 200000 | &nbsp;&nbsp; 174038 |
|  |  | &nbsp;&nbsp; 509791 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 75000 | &nbsp;&nbsp; $76554 |
| 6.125%, 07/31/32 (144A) | 105000 | &nbsp;&nbsp; 107789 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 330000 | &nbsp;&nbsp; 343490 |
|  |  | &nbsp;&nbsp; 527833 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Albemarle Corp. |  |  |
| 5.050%, 06/01/32 | 200000 | &nbsp;&nbsp; 201348 |
| Ashland, Inc. |  |  |
| 3.375%, 09/01/31 (144A) (b) | 55000 | &nbsp;&nbsp; 50309 |
| Chemours Co. |  |  |
| 5.750%, 11/15/28 (144A) | 35000 | &nbsp;&nbsp; 34038 |
| OCP SA |  |  |
| 6.750%, 05/02/34 (144A) | 450000 | &nbsp;&nbsp; 484722 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.500%, 09/10/34 (144A) | 200000 | &nbsp;&nbsp; 202606 |
| 6.500%, 11/07/33 (144A) | 200000 | &nbsp;&nbsp; 217296 |
| Solstice Advanced Materials, Inc. |  |  |
| 5.625%, 09/30/33 (144A) | 96000 | &nbsp;&nbsp; 96844 |
|  |  | &nbsp;&nbsp; 1287163 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Block, Inc. |  |  |
| 3.500%, 06/01/31 (b) | 415000 | &nbsp;&nbsp; 390065 |
| TriNet Group, Inc. |  |  |
| 3.500%, 03/01/29 (144A) | 415000 | &nbsp;&nbsp; 392159 |
| United Rentals North America, Inc. |  |  |
| 3.750%, 01/15/32 | 225000 | &nbsp;&nbsp; 211092 |
| 6.125%, 03/15/34 (144A) | 140000 | &nbsp;&nbsp; 145834 |
|  |  | &nbsp;&nbsp; 1139150 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 4.091%, 06/01/29 (144A) | 155000 | &nbsp;&nbsp; 151889 |
| 9.625%, 12/01/32 (144A) | 7650 | &nbsp;&nbsp; 8685 |
|  |  | &nbsp;&nbsp; 160574 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.300%, 01/30/32 | 260000 | &nbsp;&nbsp; 240063 |
| Blue Owl Finance LLC |  |  |
| 6.250%, 04/18/34 (b) | 175000 | &nbsp;&nbsp; 180459 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |  |  |
| 2.340%, 01/30/32 | 175000 | &nbsp;&nbsp; 153398 |
| Brookfield Finance, Inc. |  |  |
| 3.900%, 01/25/28 | 185000 | &nbsp;&nbsp; 184349 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.375%, 04/01/32 (144A) | 47000 | &nbsp;&nbsp; 49475 |
| 9.125%, 05/15/31 (144A) | 35000 | &nbsp;&nbsp; 37592 |
| Jefferies Financial Group, Inc. |  |  |
| 6.200%, 04/14/34 (b) | 235000 | &nbsp;&nbsp; 248018 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.400%, 03/26/29 (144A) | 10000 | &nbsp;&nbsp; 10479 |

---

*See accompanying notes to financial statements.*

**BHFTI-316**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.500%, 03/26/31 (144A) | 15000 | &nbsp;&nbsp; $16042 |
| Nomura Holdings, Inc. |  |  |
| 2.710%, 01/22/29 | 245000 | &nbsp;&nbsp; 233696 |
| Osaic Holdings, Inc. |  |  |
| 6.750%, 08/01/32 (144A) | 56000 | &nbsp;&nbsp; 58499 |
| Power Finance Corp. Ltd. |  |  |
| 3.950%, 04/23/30 (144A) | 200000 | &nbsp;&nbsp; 195045 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 3.875%, 03/01/31 (144A) (b) | 515000 | &nbsp;&nbsp; 489041 |
| 4.000%, 10/15/33 (144A) (b) | 100000 | &nbsp;&nbsp; 92910 |
|  |  | &nbsp;&nbsp; 2189066 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| Colbun SA |  |  |
| 5.375%, 09/11/35 (144A) | 200000 | &nbsp;&nbsp; 200250 |
| EDP Finance BV |  |  |
| 1.710%, 01/24/28 (144A) | 205000 | &nbsp;&nbsp; 195118 |
| Electricite de France SA |  |  |
| 4.875%, 09/21/38 (144A) | 200000 | &nbsp;&nbsp; 186560 |
| Empresas Publicas de Medellin ESP |  |  |
| 4.250%, 07/18/29 (144A) | 200000 | &nbsp;&nbsp; 187930 |
| Enel Chile SA |  |  |
| 4.875%, 06/12/28 | 110000 | &nbsp;&nbsp; 111540 |
| Engie Energia Chile SA |  |  |
| 3.400%, 01/28/30 | 305000 | &nbsp;&nbsp; 286927 |
| 6.375%, 04/17/34 (144A) | 200000 | &nbsp;&nbsp; 213625 |
| Engie SA |  |  |
| 1.250%, 10/24/41 (EUR) | 200000 | &nbsp;&nbsp; 151588 |
| Israel Electric Corp. Ltd. |  |  |
| 3.750%, 02/22/32 (144A) | 200000 | &nbsp;&nbsp; 187015 |
| Orsted AS |  |  |
| 2.125%, 05/17/27 (GBP) | 215000 | &nbsp;&nbsp; 280659 |
| Talen Energy Supply LLC |  |  |
| 6.250%, 02/01/34 (144A) | 201000 | &nbsp;&nbsp; 205003 |
|  |  | &nbsp;&nbsp; 2206215 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Sensata Technologies, Inc. |  |  |
| 3.750%, 02/15/31 (144A) (b) | 275000 | &nbsp;&nbsp; 258081 |
| 4.375%, 02/15/30 (144A) | 80000 | &nbsp;&nbsp; 78136 |
| TD SYNNEX Corp. |  |  |
| 6.100%, 04/12/34 | 95000 | &nbsp;&nbsp; 100383 |
|  |  | &nbsp;&nbsp; 436600 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| Cellnex Telecom SA |  |  |
| 1.750%, 10/23/30 (EUR) | 400000 | &nbsp;&nbsp; 437824 |
| IHS Holding Ltd. |  |  |
| 7.875%, 05/29/30 (144A) | 280000 | &nbsp;&nbsp; 288400 |
| TopBuild Corp. |  |  |
| 4.125%, 02/15/32 (144A) (b) | 40000 | &nbsp;&nbsp; 37989 |
| 5.625%, 01/31/34 (144A) | 175000 | &nbsp;&nbsp; 177028 |
|  |  | &nbsp;&nbsp; 941241 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 (b) | 976000 | &nbsp;&nbsp; $856752 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental, Inc. |  |  |
| 4.375%, 08/15/29 (144A) | 65000 | &nbsp;&nbsp; 63916 |
| 6.750%, 01/15/31 (144A) | 25000 | &nbsp;&nbsp; 26230 |
|  |  | &nbsp;&nbsp; 90146 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Fonterra Co-Operative Group Ltd. |  |  |
| 3.750%, 06/16/26 (AUD) | 400000 | &nbsp;&nbsp; 266257 |
| 4.000%, 11/02/27 (AUD) | 100000 | &nbsp;&nbsp; 65823 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 3.750%, 12/01/31 | 85000 | &nbsp;&nbsp; 80717 |
| 6.750%, 03/15/34 | 245000 | &nbsp;&nbsp; 270676 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.875%, 05/15/28 (144A) | 30000 | &nbsp;&nbsp; 29924 |
| Pilgrim's Pride Corp. |  |  |
| 3.500%, 03/01/32 | 450000 | &nbsp;&nbsp; 415708 |
| 4.250%, 04/15/31 | 40000 | &nbsp;&nbsp; 39051 |
| Post Holdings, Inc. |  |  |
| 4.500%, 09/15/31 (144A) | 220000 | &nbsp;&nbsp; 208570 |
|  |  | &nbsp;&nbsp; 1376726 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH |  |  |
| 2.500%, 09/15/28 | 255000 | &nbsp;&nbsp; 241361 |
| 3.125%, 01/15/32 (b) | 125000 | &nbsp;&nbsp; 111817 |
| 3.750%, 01/15/31 | 60000 | &nbsp;&nbsp; 56616 |
| Suzano Netherlands BV |  |  |
| 5.500%, 01/15/36 | 145000 | &nbsp;&nbsp; 143750 |
|  |  | &nbsp;&nbsp; 553544 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| Naturgy Finance Iberia SA |  |  |
| 1.500%, 01/29/28 (EUR) | 200000 | &nbsp;&nbsp; 229687 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.125%, 12/15/30 (144A) | 76000 | &nbsp;&nbsp; 77394 |
| 6.500%, 01/15/34 (144A) (b) | 579000 | &nbsp;&nbsp; 593035 |
| 6.500%, 06/15/34 (144A) | 5000 | &nbsp;&nbsp; 5109 |
| 6.750%, 01/15/36 (144A) | 145000 | &nbsp;&nbsp; 148522 |
| 7.500%, 05/01/33 (144A) | 252000 | &nbsp;&nbsp; 272286 |
| 7.750%, 05/01/35 (144A) | 65000 | &nbsp;&nbsp; 71172 |
|  |  | &nbsp;&nbsp; 1397205 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Avantor Funding, Inc. |  |  |
| 4.625%, 07/15/28 (144A) | 60000 | &nbsp;&nbsp; 59674 |
| DH Europe Finance II SARL |  |  |
| 0.750%, 09/18/31 (EUR) | 140000 | &nbsp;&nbsp; 144320 |
| Hologic, Inc. |  |  |
| 3.250%, 02/15/29 (144A) | 160000 | &nbsp;&nbsp; 157691 |
|  |  | &nbsp;&nbsp; 361685 |

---

*See accompanying notes to financial statements.*

**BHFTI-317**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 | 275000 | &nbsp;&nbsp; $237482 |
| 2.625%, 08/01/31 | 5000 | &nbsp;&nbsp; 4301 |
| 3.000%, 10/15/30 | 185000 | &nbsp;&nbsp; 165489 |
| HCA, Inc. |  |  |
| 5.125%, 06/15/39 | 350000 | &nbsp;&nbsp; 337998 |
| Molina Healthcare, Inc. |  |  |
| 3.875%, 11/15/30 (144A) | 40000 | &nbsp;&nbsp; 37116 |
| 3.875%, 05/15/32 (144A) | 105000 | &nbsp;&nbsp; 95359 |
| 4.375%, 06/15/28 (144A) | 60000 | &nbsp;&nbsp; 59007 |
| 6.500%, 02/15/31 (144A) | 125000 | &nbsp;&nbsp; 128379 |
|  |  | &nbsp;&nbsp; 1065131 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| CK Hutchison International 19 Ltd. |  |  |
| 3.625%, 04/11/29 (144A) | 225000 | &nbsp;&nbsp; 220997 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Taylor Morrison Communities, Inc. |  |  |
| 5.750%, 11/15/32 (144A) | 83000 | &nbsp;&nbsp; 85398 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| Kimberly-Clark de Mexico SAB de CV |  |  |
| 2.431%, 07/01/31 | 200000 | &nbsp;&nbsp; 181675 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| AIA Group Ltd. |  |  |
| 3.600%, 04/09/29 | 200000 | &nbsp;&nbsp; 197236 |
| 3.900%, 04/06/28 (144A) | 260000 | &nbsp;&nbsp; 260185 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 7.000%, 01/15/31 (144A) | 255000 | &nbsp;&nbsp; 264556 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, <br> Inc.<br>|  |  |
| 7.500%, 07/15/33 (144A) | 155000 | &nbsp;&nbsp; 156813 |
| Ryan Specialty LLC |  |  |
| 5.875%, 08/01/32 (144A) (b) | 235000 | &nbsp;&nbsp; 240116 |
|  |  | &nbsp;&nbsp; 1118906 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.400%, 12/06/27 | 240000 | &nbsp;&nbsp; 237932 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| 3.500%, 03/01/29 (144A) | 410000 | &nbsp;&nbsp; 393141 |
| 5.250%, 12/01/27 (144A) | 85000 | &nbsp;&nbsp; 85232 |
|  |  | &nbsp;&nbsp; 716305 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 6.750%, 03/01/41 | 95000 | &nbsp;&nbsp; 103844 |
| Commercial Metals Co. |  |  |
| 5.750%, 11/15/33 (144A) | 74000 | &nbsp;&nbsp; 75667 |
| 6.000%, 12/15/35 (144A) | 104000 | &nbsp;&nbsp; 106616 |
| Mineral Resources Ltd. |  |  |
| 8.000%, 11/01/27 (144A) | 10000 | &nbsp;&nbsp; 10213 |
| 9.250%, 10/01/28 (144A) | 15000 | &nbsp;&nbsp; 15743 |
|  |  | &nbsp;&nbsp; 312083 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| Carnival Corp. |  |  |
| 5.750%, 03/15/30 (144A) (b) | 140000 | &nbsp;&nbsp; $143978 |
| Kingpin Intermediate Holdings LLC |  |  |
| 7.250%, 10/15/32 (144A) (b) | 76000 | &nbsp;&nbsp; 71847 |
| NCL Corp. Ltd. |  |  |
| 6.750%, 02/01/32 (144A) | 260000 | &nbsp;&nbsp; 266220 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.250%, 07/01/26 (144A) | 365000 | &nbsp;&nbsp; 364951 |
| 5.500%, 04/01/28 (144A) | 450000 | &nbsp;&nbsp; 458061 |
| 5.625%, 09/30/31 (144A) | 440000 | &nbsp;&nbsp; 449819 |
| 6.250%, 03/15/32 (144A) | 50000 | &nbsp;&nbsp; 51738 |
|  |  | &nbsp;&nbsp; 1806614 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.625%, 02/15/32 (144A) | 655000 | &nbsp;&nbsp; 608024 |
| 5.500%, 03/31/34 (144A) | 39000 | &nbsp;&nbsp; 39268 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc.<br>|  |  |
| 4.875%, 07/01/31 (144A) (b) | 70000 | &nbsp;&nbsp; 65346 |
| 6.625%, 01/15/32 (144A) | 70000 | &nbsp;&nbsp; 71749 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.500%, 06/15/29 (144A) | 88000 | &nbsp;&nbsp; 84076 |
| Travel & Leisure Co. |  |  |
| 4.500%, 12/01/29 (144A) | 75000 | &nbsp;&nbsp; 73408 |
| 4.625%, 03/01/30 (144A) | 175000 | &nbsp;&nbsp; 170635 |
| 6.125%, 09/01/33 (144A) | 90000 | &nbsp;&nbsp; 91354 |
|  |  | &nbsp;&nbsp; 1203860 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Ingersoll Rand, Inc. |  |  |
| 5.700%, 08/14/33 | 285000 | &nbsp;&nbsp; 301957 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.950%, 06/30/62 | 45000 | &nbsp;&nbsp; 27078 |
| 6.384%, 10/23/35 | 65000 | &nbsp;&nbsp; 67083 |
| 6.550%, 06/01/34 (b) | 135000 | &nbsp;&nbsp; 141987 |
| 6.650%, 02/01/34 (b) | 70000 | &nbsp;&nbsp; 73741 |
| CSC Holdings LLC |  |  |
| 3.375%, 02/15/31 (144A) (b) | 335000 | &nbsp;&nbsp; 202862 |
| 4.125%, 12/01/30 (144A) | 400000 | &nbsp;&nbsp; 245281 |
| 4.500%, 11/15/31 (144A) (b) | 405000 | &nbsp;&nbsp; 247050 |
| 4.625%, 12/01/30 (144A) | 1385000 | &nbsp;&nbsp; 494710 |
| 5.375%, 02/01/28 (144A) | 818000 | &nbsp;&nbsp; 593480 |
| 11.250%, 05/15/28 (144A) | 201000 | &nbsp;&nbsp; 159929 |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) | 564000 | &nbsp;&nbsp; 570899 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) | 235000 | &nbsp;&nbsp; 240182 |
| Discovery Communications LLC |  |  |
| 3.625%, 05/15/30 | 855000 | &nbsp;&nbsp; 787141 |
| 6.350%, 06/01/40 | 63000 | &nbsp;&nbsp; 52180 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) † | 1160000 | &nbsp;&nbsp; 1124907 |

---

*See accompanying notes to financial statements.*

**BHFTI-318**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| DISH DBS Corp. |  |  |
| 5.750%, 12/01/28 (144A) † | 105000 | &nbsp;&nbsp; $103084 |
| 7.750%, 07/01/26 † | 60000 | &nbsp;&nbsp; 59270 |
| Grupo Televisa SAB |  |  |
| 7.250%, 05/14/43 (MXN) | 6000000 | &nbsp;&nbsp; 199495 |
|  |  | &nbsp;&nbsp; 5390359 |
| **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) | 200000 | &nbsp;&nbsp; 184339 |
| 5.625%, 04/01/30 (144A) | 200000 | &nbsp;&nbsp; 208848 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.375%, 11/01/28 | 300000 | &nbsp;&nbsp; 291041 |
| Antofagasta PLC |  |  |
| 5.625%, 05/13/32 | 200000 | &nbsp;&nbsp; 208020 |
| 6.250%, 05/02/34 (144A) | 200000 | &nbsp;&nbsp; 215431 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.000%, 09/30/29 (144A) | 285000 | &nbsp;&nbsp; 270470 |
| Freeport-McMoRan, Inc. |  |  |
| 4.375%, 08/01/28 | 325000 | &nbsp;&nbsp; 325100 |
| 5.400%, 11/14/34 (b) | 540000 | &nbsp;&nbsp; 556765 |
| Glencore Funding LLC |  |  |
| 5.634%, 04/04/34 (144A) (b) | 1230000 | &nbsp;&nbsp; 1285094 |
| 5.700%, 05/08/33 (144A) (b) | 285000 | &nbsp;&nbsp; 300099 |
| 6.500%, 10/06/33 (144A) (b) | 1270000 | &nbsp;&nbsp; 1402639 |
| Ivanhoe Mines Ltd. |  |  |
| 7.875%, 01/23/30 (144A) | 200000 | &nbsp;&nbsp; 206343 |
|  |  | &nbsp;&nbsp; 5454189 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Axon Enterprise, Inc. |  |  |
| 6.125%, 03/15/30 (144A) | 50000 | &nbsp;&nbsp; 51617 |
| 6.250%, 03/15/33 (144A) | 235000 | &nbsp;&nbsp; 244477 |
|  |  | &nbsp;&nbsp; 296094 |
| **Multi-National — 0.3%** | **Multi-National — 0.3%** | **Multi-National — 0.3%** |
| International Bank for Reconstruction & Development |  |  |
| 1.200%, 07/22/26 (CAD) | 1315000 | &nbsp;&nbsp; 952054 |
| **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 5.550%, 08/22/34 | 590000 | &nbsp;&nbsp; 601160 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Chord Energy Corp. |  |  |
| 6.000%, 10/01/30 (144A) | 20000 | &nbsp;&nbsp; 20245 |
| 6.750%, 03/15/33 (144A) | 370000 | &nbsp;&nbsp; 382623 |
| Civitas Resources, Inc. |  |  |
| 8.375%, 07/01/28 (144A) | 35000 | &nbsp;&nbsp; 36064 |
| 8.625%, 11/01/30 (144A) (b) | 175000 | &nbsp;&nbsp; 183411 |
| 8.750%, 07/01/31 (144A) (b) | 30000 | &nbsp;&nbsp; 31122 |
| Continental Resources, Inc. |  |  |
| 2.875%, 04/01/32 (144A) | 728000 | &nbsp;&nbsp; 635312 |
| 5.750%, 01/15/31 (144A) (b) | 517000 | &nbsp;&nbsp; 530124 |
| Equinor ASA |  |  |
| 3.625%, 04/06/40 | 355000 | &nbsp;&nbsp; 300040 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Matador Resources Co. |  |  |
| 6.250%, 04/15/33 (144A) | 5000 | &nbsp;&nbsp; $5007 |
| 6.500%, 04/15/32 (144A) | 45000 | &nbsp;&nbsp; 45638 |
| 6.875%, 04/15/28 (144A) | 20000 | &nbsp;&nbsp; 20438 |
| QatarEnergy |  |  |
| 2.250%, 07/12/31 (144A) | 305000 | &nbsp;&nbsp; 274683 |
| SM Energy Co. |  |  |
| 6.750%, 08/01/29 (144A) | 155000 | &nbsp;&nbsp; 156138 |
| 7.000%, 08/01/32 (144A) (b) | 35000 | &nbsp;&nbsp; 34407 |
|  |  | &nbsp;&nbsp; 2655252 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Ball Corp. |  |  |
| 5.500%, 09/15/33 | 582000 | &nbsp;&nbsp; 593286 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| Bausch Health Cos., Inc. |  |  |
| 4.875%, 06/01/28 (144A) | 200000 | &nbsp;&nbsp; 179000 |
| Teva Pharmaceutical Finance Co. LLC |  |  |
| 6.150%, 02/01/36 (b) | 250000 | &nbsp;&nbsp; 262475 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.100%, 10/01/46 | 1665000 | &nbsp;&nbsp; 1259080 |
| 6.000%, 12/01/32 (b) | 230000 | &nbsp;&nbsp; 241387 |
| 7.875%, 09/15/29 (b) | 605000 | &nbsp;&nbsp; 665517 |
| 8.125%, 09/15/31 | 430000 | &nbsp;&nbsp; 495119 |
| Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| 5.750%, 12/01/30 | 765000 | &nbsp;&nbsp; 793477 |
|  |  | &nbsp;&nbsp; 3896055 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Hess Midstream Operations LP |  |  |
| 4.250%, 02/15/30 (144A) | 95000 | &nbsp;&nbsp; 92918 |
| ONEOK, Inc. |  |  |
| 5.450%, 06/01/47 | 60000 | &nbsp;&nbsp; 55161 |
| Targa Resources Corp. |  |  |
| 6.125%, 03/15/33 | 115000 | &nbsp;&nbsp; 123013 |
| Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp.<br>|  |  |
| 4.000%, 01/15/32 | 35000 | &nbsp;&nbsp; 33397 |
| 4.875%, 02/01/31 | 15000 | &nbsp;&nbsp; 15092 |
| 5.500%, 03/01/30 | 20000 | &nbsp;&nbsp; 20308 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 11/01/33 (144A) | 83000 | &nbsp;&nbsp; 71165 |
| 4.125%, 08/15/31 (144A) | 131000 | &nbsp;&nbsp; 119206 |
| Venture Global LNG, Inc. |  |  |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (b) (c) | 235000 | &nbsp;&nbsp; 185587 |
| Western Midstream Operating LP |  |  |
| 4.050%, 02/01/30 (b) | 60000 | &nbsp;&nbsp; 58781 |
| 5.250%, 02/01/50 | 50000 | &nbsp;&nbsp; 42802 |
| 5.300%, 03/01/48 | 80000 | &nbsp;&nbsp; 68979 |
| 5.450%, 04/01/44 | 15000 | &nbsp;&nbsp; 13666 |
| 5.500%, 08/15/48 | 10000 | &nbsp;&nbsp; 8797 |
| 6.150%, 04/01/33 | 110000 | &nbsp;&nbsp; 116475 |
|  |  | &nbsp;&nbsp; 1025347 |

---

*See accompanying notes to financial statements.*

**BHFTI-319**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Blackstone Property Partners Europe Holdings SARL |  |  |
| 1.625%, 04/20/30 (EUR) | 215000 | &nbsp;&nbsp; $233633 |
| Logicor Financing SARL |  |  |
| 2.000%, 01/17/34 (EUR) | 140000 | &nbsp;&nbsp; 140821 |
| 3.750%, 07/14/32 (EUR) | 202000 | &nbsp;&nbsp; 234542 |
|  |  | &nbsp;&nbsp; 608996 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 3.250%, 03/15/31 (EUR) | 100000 | &nbsp;&nbsp; 116031 |
| Iron Mountain, Inc. |  |  |
| 4.875%, 09/15/29 (144A) | 225000 | &nbsp;&nbsp; 221973 |
| 5.250%, 07/15/30 (144A) | 125000 | &nbsp;&nbsp; 123488 |
| Prologis Euro Finance LLC |  |  |
| 0.250%, 09/10/27 (EUR) | 320000 | &nbsp;&nbsp; 361375 |
| Prologis LP |  |  |
| 2.250%, 06/30/29 (GBP) | 135000 | &nbsp;&nbsp; 170359 |
| Realty Income Corp. |  |  |
| 1.625%, 12/15/30 (GBP) | 125000 | &nbsp;&nbsp; 146529 |
| 5.125%, 07/06/34 (EUR) | 100000 | &nbsp;&nbsp; 127791 |
|  |  | &nbsp;&nbsp; 1267546 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 3.500%, 02/15/29 (144A) | 10000 | &nbsp;&nbsp; 9662 |
| 3.875%, 01/15/28 (144A) | 5000 | &nbsp;&nbsp; 4929 |
| 4.000%, 10/15/30 (144A) | 685000 | &nbsp;&nbsp; 652397 |
| 5.625%, 09/15/29 (144A) | 80000 | &nbsp;&nbsp; 81455 |
| El Puerto de Liverpool SAB de CV |  |  |
| 6.658%, 01/22/37 (144A) | 200000 | &nbsp;&nbsp; 213980 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.375%, 01/15/29 (144A) | 400000 | &nbsp;&nbsp; 393000 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |
| 7.500%, 09/15/32 (144A) | 250000 | &nbsp;&nbsp; 254421 |
| Yum! Brands, Inc. |  |  |
| 3.625%, 03/15/31 | 85000 | &nbsp;&nbsp; 80405 |
| 4.625%, 01/31/32 | 220000 | &nbsp;&nbsp; 215598 |
|  |  | &nbsp;&nbsp; 1905847 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Broadcom, Inc. |  |  |
| 2.450%, 02/15/31 | 415000 | &nbsp;&nbsp; 379592 |
| 2.600%, 02/15/33 | 690000 | &nbsp;&nbsp; 607625 |
| 3.419%, 04/15/33 | 680000 | &nbsp;&nbsp; 629452 |
| 3.469%, 04/15/34 | 1080000 | &nbsp;&nbsp; 984791 |
| 4.150%, 04/15/32 (144A) | 330000 | &nbsp;&nbsp; 322688 |
| Entegris, Inc. |  |  |
| 4.750%, 04/15/29 (144A) | 110000 | &nbsp;&nbsp; 110240 |
|  |  | &nbsp;&nbsp; 3034388 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Fair Isaac Corp. |  |  |
| 6.000%, 05/15/33 (144A) | 725000 | &nbsp;&nbsp; 744681 |
| Open Text Corp. |  |  |
| 3.875%, 12/01/29 (144A) | 95000 | &nbsp;&nbsp; 90158 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Open Text Holdings, Inc. |  |  |
| 4.125%, 02/15/30 (144A) | 445000 | &nbsp;&nbsp; $425340 |
| Paychex, Inc. |  |  |
| 5.600%, 04/15/35 (b) | 280000 | &nbsp;&nbsp; 293243 |
| Synopsys, Inc. |  |  |
| 5.700%, 04/01/55 | 405000 | &nbsp;&nbsp; 401756 |
|  |  | &nbsp;&nbsp; 1955178 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
| America Movil SAB de CV |  |  |
| 2.125%, 03/10/28 (EUR) | 235000 | &nbsp;&nbsp; 272138 |
| 2.875%, 05/07/30 | 200000 | &nbsp;&nbsp; 188342 |
| Bharti Airtel Ltd. |  |  |
| 3.250%, 06/03/31 (b) | 305000 | &nbsp;&nbsp; 288634 |
| Cipher Compute LLC |  |  |
| 7.125%, 11/15/30 (144A) | 44000 | &nbsp;&nbsp; 44813 |
| EchoStar Corp. |  |  |
| 6.750%, 6.750% PIK, 11/30/30 † (d) | 288597 | &nbsp;&nbsp; 295659 |
| 10.750%, 11/30/29 † | 3081509 | &nbsp;&nbsp; 3407536 |
| KT Corp. |  |  |
| 2.500%, 07/18/26 (144A) | 210000 | &nbsp;&nbsp; 208196 |
| Ooredoo International Finance Ltd. |  |  |
| 2.625%, 04/08/31 (144A) | 250000 | &nbsp;&nbsp; 230948 |
| Telecom Argentina SA |  |  |
| 9.250%, 05/28/33 (144A) | 200000 | &nbsp;&nbsp; 208922 |
| T-Mobile USA, Inc. |  |  |
| 3.875%, 04/15/30 | 355000 | &nbsp;&nbsp; 349098 |
| Turk Telekomunikasyon AS |  |  |
| 6.950%, 10/07/32 (144A) | 200000 | &nbsp;&nbsp; 204368 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| 5.800%, 04/11/28 | 215000 | &nbsp;&nbsp; 216930 |
|  |  | &nbsp;&nbsp; 5915584 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Canadian Pacific Railway Co. |  |  |
| 1.750%, 12/02/26 (b) | 265000 | &nbsp;&nbsp; 259826 |
| Total Corporate Bonds & Notes <br>(Cost $66,239,960) <br>|  | &nbsp;&nbsp; 65856327 |
| **Foreign Government—8.0%** | **Foreign Government—8.0%** | **Foreign Government—8.0%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Corp. Financiera de Desarrollo SA |  |  |
| 2.400%, 09/28/27 (144A) | 365000 | &nbsp;&nbsp; 353090 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| Korea National Oil Corp. |  |  |
| 2.125%, 04/18/27 (144A) | 240000 | &nbsp;&nbsp; 234525 |
| **Regional Government — 0.3%** | **Regional Government — 0.3%** | **Regional Government — 0.3%** |
| New South Wales Treasury Corp. |  |  |
| 2.000%, 03/08/33 (AUD) | 1280000 | &nbsp;&nbsp; 701800 |
| Province of Quebec |  |  |
| 2.300%, 09/01/29 (CAD) | 390000 | &nbsp;&nbsp; 277599 |

---

*See accompanying notes to financial statements.*

**BHFTI-320**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Regional Government—(Continued)** | **Regional Government—(Continued)** | **Regional Government—(Continued)** |
| Province of Quebec |  |  |
| 4.500%, 09/08/33 | 310000 | &nbsp;&nbsp; $313810 |
|  |  | &nbsp;&nbsp; 1293209 |
| **Sovereign — 7.5%** | **Sovereign — 7.5%** | **Sovereign — 7.5%** |
| Argentina Republic Government International Bonds |  |  |
| 4.125%, 07/09/35 (e) | 236000 | &nbsp;&nbsp; 175584 |
| Australia Government Bonds |  |  |
| 0.500%, 09/21/26 (AUD) | 566000 | &nbsp;&nbsp; 368693 |
| 3.000%, 11/21/33 (AUD) | 470000 | &nbsp;&nbsp; 280780 |
| 4.250%, 12/21/35 (AUD) | 883000 | &nbsp;&nbsp; 566141 |
| Bonos de la Tesoreria de la Republica en pesos |  |  |
| 5.000%, 03/01/35 (CLP) | 295000000 | &nbsp;&nbsp; 320276 |
| Brazil Government International Bonds |  |  |
| 6.000%, 10/20/33 | 325000 | &nbsp;&nbsp; 328412 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 4775000 | &nbsp;&nbsp; 765234 |
| 10.000%, 01/01/35 (BRL) | 3297000 | &nbsp;&nbsp; 492832 |
| Bundesobligation |  |  |
| 2.400%, 04/18/30 (EUR) | 318000 | &nbsp;&nbsp; 373785 |
| Canada Government Bonds |  |  |
| 2.500%, 11/01/27 (CAD) | 2935000 | &nbsp;&nbsp; 2135148 |
| Chile Government International Bonds |  |  |
| 2.550%, 01/27/32 | 350000 | &nbsp;&nbsp; 313617 |
| Colombia Government International Bonds |  |  |
| 7.500%, 02/02/34 | 200000 | &nbsp;&nbsp; 208400 |
| 7.750%, 11/07/36 (b) | 200000 | &nbsp;&nbsp; 208430 |
| Colombia TES |  |  |
| 7.500%, 08/26/26 (COP) | 4868600000 | &nbsp;&nbsp; 1273761 |
| Dominican Republic International Bonds |  |  |
| 4.500%, 01/30/30 (144A) | 235000 | &nbsp;&nbsp; 229184 |
| 4.875%, 09/23/32 (144A) | 150000 | &nbsp;&nbsp; 144180 |
| 6.000%, 07/19/28 (144A) | 200000 | &nbsp;&nbsp; 204630 |
| 8.625%, 04/20/27 (144A) | 133333 | &nbsp;&nbsp; 137420 |
| Export-Import Bank of India |  |  |
| 2.250%, 01/13/31 (144A) | 310000 | &nbsp;&nbsp; 279526 |
| Indonesia Treasury Bonds |  |  |
| 7.000%, 09/15/30 (IDR) | 4793000000 | &nbsp;&nbsp; 302513 |
| Ireland Government Bonds |  |  |
| Zero Coupon, 10/18/31 (EUR) | 345000 | &nbsp;&nbsp; 348044 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.950%, 07/01/30 (EUR) | 750000 | &nbsp;&nbsp; 889883 |
| 3.650%, 08/01/35 (144A) (EUR) | 235000 | &nbsp;&nbsp; 280531 |
| Japan Government CPI-Linked Bonds |  |  |
| 0.100%, 03/10/28 (JPY) (f) | 94816755 | &nbsp;&nbsp; 615311 |
| Japan Government Ten Year Bonds |  |  |
| 1.700%, 09/20/35 (JPY) | 154600000 | &nbsp;&nbsp; 957476 |
| Japan Government Thirty Year Bonds |  |  |
| 1.600%, 12/20/53 (JPY) | 109000000 | &nbsp;&nbsp; 472679 |
| 2.800%, 06/20/55 (JPY) | 92500000 | &nbsp;&nbsp; 528586 |
| Korea Treasury Bonds |  |  |
| 2.500%, 09/10/30 (KRW) | 902260000 | &nbsp;&nbsp; 606881 |
| 3.000%, 12/10/34 (KRW) | 376710000 | &nbsp;&nbsp; 252791 |
| 3.500%, 09/10/28 (KRW) | 436120000 | &nbsp;&nbsp; 306506 |
| Malaysia Government Bonds |  |  |
| 3.582%, 07/15/32 (MYR) | 1141000 | &nbsp;&nbsp; 284148 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Malaysia Government Bonds |  |  |
| 3.828%, 07/05/34 (MYR) | 1165000 | &nbsp;&nbsp; $293977 |
| Mexico Bonos |  |  |
| 5.750%, 03/05/26 (MXN) | 20927400 | &nbsp;&nbsp; 1158047 |
| 7.500%, 06/03/27 (MXN) | 7046700 | &nbsp;&nbsp; 390804 |
| 8.500%, 05/31/29 (MXN) | 11467500 | &nbsp;&nbsp; 642123 |
| Mexico Government International Bonds |  |  |
| 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp; 172900 |
| 4.000%, 03/15/2115 (EUR) | 100000 | &nbsp;&nbsp; 82162 |
| 5.850%, 07/02/32 | 200000 | &nbsp;&nbsp; 205482 |
| Netherlands Government Bonds |  |  |
| Zero Coupon, 01/15/29 (144A) (EUR) | 395000 | &nbsp;&nbsp; 433194 |
| New Zealand Government Bonds |  |  |
| 1.500%, 05/15/31 (NZD) | 600000 | &nbsp;&nbsp; 305599 |
| 3.000%, 04/20/29 (NZD) | 1490000 | &nbsp;&nbsp; 846142 |
| Norway Government Bonds |  |  |
| 1.375%, 08/19/30 (144A) (NOK) | 5850000 | &nbsp;&nbsp; 518955 |
| 1.750%, 02/17/27 (144A) (NOK) | 2950000 | &nbsp;&nbsp; 285649 |
| Paraguay Government International Bonds |  |  |
| 4.950%, 04/28/31 (144A) | 200000 | &nbsp;&nbsp; 202700 |
| Peru Government International Bonds |  |  |
| 3.000%, 01/15/34 | 245000 | &nbsp;&nbsp; 213113 |
| Republic of Poland Government Bonds |  |  |
| 1.250%, 10/25/30 (PLN) | 766000 | &nbsp;&nbsp; 184260 |
| 4.500%, 07/25/30 (PLN) | 1380000 | &nbsp;&nbsp; 384956 |
| Republic of South Africa Government Bonds |  |  |
| 8.875%, 02/28/35 (ZAR) | 5250000 | &nbsp;&nbsp; 329858 |
| 9.000%, 01/31/40 (ZAR) | 11100000 | &nbsp;&nbsp; 671266 |
| Republic of South Africa Government International Bonds |  |  |
| 5.750%, 09/30/49 | 965000 | &nbsp;&nbsp; 813486 |
| 7.100%, 11/19/36 (144A) | 200000 | &nbsp;&nbsp; 214768 |
| Romania Government International Bonds |  |  |
| 2.000%, 04/14/33 (144A) (EUR) | 120000 | &nbsp;&nbsp; 114638 |
| 6.125%, 10/07/37 (144A) (EUR) | 175000 | &nbsp;&nbsp; 206773 |
| Singapore Government Bonds |  |  |
| 2.125%, 06/01/26 (SGD) | 985000 | &nbsp;&nbsp; 768116 |
| Spain Government Bonds |  |  |
| 1.250%, 10/31/30 (144A) (EUR) | 336000 | &nbsp;&nbsp; 370456 |
| Sweden Government Bonds |  |  |
| 0.125%, 05/12/31 (SEK) | 4200000 | &nbsp;&nbsp; 404334 |
| U.K. Gilts |  |  |
| 4.125%, 01/29/27 (GBP) | 680000 | &nbsp;&nbsp; 920367 |
| 4.250%, 07/31/34 (GBP) | 1140000 | &nbsp;&nbsp; 1518190 |
| Uruguay Government International Bonds |  |  |
| 8.250%, 05/21/31 (UYU) | 8750000 | &nbsp;&nbsp; 230198 |
|  |  | &nbsp;&nbsp; 27533895 |
| Total Foreign Government <br>(Cost $29,903,548) <br>|  | &nbsp;&nbsp; 29414719 |
| **U.S. Treasury & Government Agencies—2.8%** | **U.S. Treasury & Government Agencies—2.8%** | **U.S. Treasury & Government Agencies—2.8%** |
| **U.S. Treasury — 2.8%** | **U.S. Treasury — 2.8%** | **U.S. Treasury — 2.8%** |
| U.S. Treasury Bonds |  |  |
| 2.250%, 02/15/52 | 480000 | &nbsp;&nbsp; 291225 |
| 3.000%, 05/15/45 | 800000 | &nbsp;&nbsp; 615687 |

---

*See accompanying notes to financial statements.*

**BHFTI-321**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 3.625%, 05/15/53 | 630000 | &nbsp;&nbsp; $509636 |
| 4.125%, 08/15/53 | 115000 | &nbsp;&nbsp; 101802 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.375%, 07/15/27 (f) | 592277 | &nbsp;&nbsp; 585361 |
| U.S. Treasury Notes |  |  |
| 2.750%, 08/15/32 | 115000 | &nbsp;&nbsp; 107197 |
| 3.375%, 05/15/33 | 825000 | &nbsp;&nbsp; 793128 |
| 3.500%, 11/30/30 (b) | 1914000 | &nbsp;&nbsp; 1894710 |
| 3.750%, 06/30/30 | 1485000 | &nbsp;&nbsp; 1488538 |
| 4.000%, 03/31/30 (g) | 3435000 | &nbsp;&nbsp; 3478743 |
| 4.000%, 02/15/34 | 240000 | &nbsp;&nbsp; 239250 |
| 4.625%, 02/15/35 | 100000 | &nbsp;&nbsp; 103801 |
| Total U.S. Treasury & Government Agencies <br>(Cost $10,218,406) <br>|  | &nbsp;&nbsp; 10209078 |
| **Floating Rate Loans (h)—1.2%** | **Floating Rate Loans (h)—1.2%** | **Floating Rate Loans (h)—1.2%** |
| **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
| Allison Transmission, Inc. |  |  |
| 2025 Incremental Term Loan B, 11/05/32 (i) | 85000 | &nbsp;&nbsp; 85531 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Solstice Advanced Materials, Inc. |  |  |
| Term Loan B, 5.593%, 3M TSFR + 1.750%, 10/29/32 | 105000 | &nbsp;&nbsp; 105722 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, 5.466%, 1M TSFR + 1.750%, <br> 06/24/31<br>| 263304 | &nbsp;&nbsp; 264093 |
| United Rentals, Inc. |  |  |
| 2025 Repriced Term Loan B, 5.216%, 1M TSFR + 1.500%, <br> 02/14/31<br>| 24873 | &nbsp;&nbsp; 25034 |
|  |  | &nbsp;&nbsp; 289127 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| Resideo Funding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 5.734%, 1M TSFR + 2.000%, <br> 02/11/28<br>| 30132 | &nbsp;&nbsp; 30245 |
| 2024 M&A 1st lien Term Loan B, 5.839%, 6M TSFR + <br> 2.000%, 06/13/31<br>| 136495 | &nbsp;&nbsp; 137006 |
|  |  | &nbsp;&nbsp; 167251 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.672%, 3M TSFR + 2.000%, <br> 10/31/31<br>| 29774 | &nbsp;&nbsp; 29961 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.593%, 3M TSFR + 1.750%, 04/16/31 | 293281 | &nbsp;&nbsp; 294462 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| DK Crown Holdings, Inc. |  |  |
| 2025 Term Loan B, 5.534%, 1M TSFR + 1.750%, 03/04/32 | 89325 | &nbsp;&nbsp; 89481 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 5.422%, 3M TSFR + 1.750%, 11/30/30 | 199838 | &nbsp;&nbsp; $199526 |
| 2025 Term Loan B, 5.672%, 3M TSFR + 2.000%, 06/04/32 | 69650 | &nbsp;&nbsp; 69650 |
| Light & Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 5.986%, 1M TSFR + 2.250%, <br> 04/14/29<br>| 9850 | &nbsp;&nbsp; 9752 |
|  |  | &nbsp;&nbsp; 368409 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |
| 2025 Term Loan, 5.216%, 1M TSFR + 1.500%, 10/08/32 | 90000 | &nbsp;&nbsp; 90855 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| 2025 Repriced Term Loan, 5.471%, 1M TSFR + 1.750%, <br> 04/06/28<br>| 15000 | &nbsp;&nbsp; 15084 |
| 2025 Term Loan, 5.471%, 1M TSFR + 1.750%, 06/22/30 | 129175 | &nbsp;&nbsp; 130023 |
|  |  | &nbsp;&nbsp; 145107 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Asplundh Tree Expert LLC |  |  |
| 2024 Incremental Term Loan B, 5.466%, 1M TSFR + <br> 1.750%, 05/23/31<br>| 142680 | &nbsp;&nbsp; 143460 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Bausch & Lomb Corp. |  |  |
| 2025 Repriced Term Loan, 01/15/31 (i) | 70406 | &nbsp;&nbsp; 71374 |
| 2025 Term Loan B, 7.966%, 1M TSFR + 4.250%, 01/15/31 | 70384 | &nbsp;&nbsp; 70801 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 7.216%, 1M TSFR + <br> 3.500%, 10/23/31 (j)<br>| 8316 | &nbsp;&nbsp; 8354 |
| 2024 Term Loan B, 7.216%, 1M TSFR + 3.500%, 10/23/31 | 64245 | &nbsp;&nbsp; 64540 |
|  |  | &nbsp;&nbsp; 215069 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 5.466%, 1M TSFR + 1.750%, 05/09/31 | 24813 | &nbsp;&nbsp; 24941 |
| IQVIA, Inc. |  |  |
| 2025 Incremental Term Loan B5, 5.422%, 3M TSFR + <br> 1.750%, 01/02/31<br>| 69312 | &nbsp;&nbsp; 69832 |
|  |  | &nbsp;&nbsp; 94773 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.422% - 6.950%, 3M TSFR + <br> 2.750%, 6M TSFR + 2.750%, 02/15/31 (k)<br>| 1011122 | &nbsp;&nbsp; 1011122 |
| Ryan Specialty Group LLC |  |  |
| 2024 USD Term Loan B, 5.716%, 1M TSFR + 2.000%, <br> 09/15/31<br>| 19800 | &nbsp;&nbsp; 19866 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 6.422%, 3M TSFR + 2.750%, 05/06/31 | 34097 | &nbsp;&nbsp; 34225 |
|  |  | &nbsp;&nbsp; 1065213 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Gryphon Acquire Newco LLC |  |  |
| Term Loan B, 6.854%, 6M TSFR + 3.000%, 09/13/32 | 210000 | &nbsp;&nbsp; 211706 |

---

*See accompanying notes to financial statements.*

**BHFTI-322**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| 2023 Term Loan B4, 5.477%, 1M TSFR + 3.500%, <br> 11/08/30<br>| 96740 | &nbsp;&nbsp; $97385 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 5.466%, 1M TSFR + 1.750%, 05/24/30 | 265950 | &nbsp;&nbsp; 266906 |
|  |  | &nbsp;&nbsp; 364291 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Terex Corp. |  |  |
| 2025 Term Loan, 5.466%, 1M TSFR + 1.750%, 10/08/31 | 24813 | &nbsp;&nbsp; 24982 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| Novelis Corp. |  |  |
| 2025 Term Loan B, 5.422%, 3M TSFR + 1.750%, 03/11/32 | 112605 | &nbsp;&nbsp; 113063 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Dayforce, Inc. |  |  |
| 2025 Term Loan, 08/20/32 (i) | 288699 | &nbsp;&nbsp; 288122 |
| Kaseya, Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 03/20/32<br>| 114813 | &nbsp;&nbsp; 115037 |
| Open Text Corp. |  |  |
| 2023 Term Loan B, 5.466%, 1M TSFR + 1.750%, 01/31/30 | 122262 | &nbsp;&nbsp; 122498 |
|  |  | &nbsp;&nbsp; 525657 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Ciena Corp. |  |  |
| 2025 Repriced Term Loan B, 5.484%, 3M TSFR + 1.750%, <br> 10/24/30<br>| 28614 | &nbsp;&nbsp; 28752 |
| Total Floating Rate Loans <br>(Cost $4,349,448) <br>|  | &nbsp;&nbsp; 4363391 |
| **Convertible Bond—0.2%** | **Convertible Bond—0.2%** | **Convertible Bond—0.2%** |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| EchoStar Corp. |  |  |
| 3.875%, 3.875% PIK, 11/30/30 † (d) <br>(Cost $282,344)<br>| 266218 | &nbsp;&nbsp; 889168 |
| **Municipals—0.1%** | **Municipals—0.1%** | **Municipals—0.1%** |
| Tobacco Settlement Financing Corp. |  |  |
| 6.706%, 06/01/46 <br>(Cost $459,882)<br>| 460000 | &nbsp;&nbsp; 366989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $4,032,804; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $4,112,900<br>| 4032244 | &nbsp;&nbsp; 4032244 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—0.1%** | **U.S. Treasury—0.1%** | **U.S. Treasury—0.1%** |
| U.S. Treasury Bills |  |  |
| 3.482%, 06/25/26 (l) | 294000 | &nbsp;&nbsp; $289045 |
| Total Short-Term Investments <br>(Cost $4,321,267) <br>|  | &nbsp;&nbsp; 4321289 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (m)—1.2%** | **Securities Lending Reinvestments (m)—1.2%** | **Securities Lending Reinvestments (m)—1.2%** |
| **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (n)<br>| 750000 | &nbsp;&nbsp; 750000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (n)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (n)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (n)<br>| 400000 | &nbsp;&nbsp; 400000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (n)<br>| 250000 | &nbsp;&nbsp; 250000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (n)<br>| 250000 | &nbsp;&nbsp; 250000 |
|  |  | &nbsp;&nbsp; 2450000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $500,106; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% <br> - 4.375%, maturity dates ranging from 06/30/31 - <br> 05/15/34, and an aggregate market value of $510,000<br>| 500000 | &nbsp;&nbsp; 500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $516,253; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.750%, maturity dates ranging from 02/05/26 - <br> 11/15/55, and an aggregate market value of $526,578<br>| 516143 | &nbsp;&nbsp; 516143 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $500,109; collateralized <br> by various Common Stock with an aggregate market value of <br> $555,617<br>| 500000 | &nbsp;&nbsp; 500000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $300,066; collateralized <br> by various Common Stock with an aggregate market value of <br> $333,888<br>| 300000 | &nbsp;&nbsp; 300000 |

---

*See accompanying notes to financial statements.*

**BHFTI-323**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $25,112; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $25,609<br>| 25107 | &nbsp;&nbsp; $25107 |
|  |  | &nbsp;&nbsp; 1841250 |
| Total Securities Lending Reinvestments <br>(Cost $4,291,250) <br>|  | &nbsp;&nbsp; 4291250 |
| Total Investments—101.2% <br>(Cost $283,848,284)<br>|  | &nbsp;&nbsp; 371264605 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(3417))<br>|  | &nbsp;&nbsp; (3417)<br>|
| Net Investments—101.2% <br>(Cost $283,844,867) <br>|  | &nbsp;&nbsp; 371261188 |
| Other assets and liabilities (net)—(1.2)%  |  | &nbsp;&nbsp; (4375889)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $366885299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $5,879,624, which is 1.6% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $8,956,945 and the collateral received consisted of cash in the <br> amount of $4,291,250 and non-cash collateral with a value of $4,977,240. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (c) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br>|

---

---

| | |
|:---|:---|
|  | index and spread in their description above. |
| (d) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Principal amount of security is adjusted for inflation. |
| (g) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $708,914.<br>|
| (h) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (i) | This loan will settle after December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (j) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (k) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (l) | The rate shown represents current yield to maturity. |
| (m) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (n) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $35,884,758, which is 9.8% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 68.3 |
| United Kingdom | 3.9 |
| Taiwan | 3.2 |
| Netherlands | 3.0 |
| Canada | 2.8 |
| Japan | 2.6 |
| Sweden | 2.3 |
| Australia | 1.5 |
| Israel | 1.1 |
| Mexico | 1.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| DISH DBS Corp., 5.250%, 12/01/26 | 11/10/21-08/26/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; $1126281 | &nbsp;&nbsp; $1124907 |
| DISH DBS Corp., 5.750%, 12/01/28 | 03/29/23-05/05/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 88259 | &nbsp;&nbsp; 103084 |
| DISH DBS Corp., 7.750%, 07/01/26 | 09/08/25-09/09/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59699 | &nbsp;&nbsp; 59270 |
| EchoStar Corp., 3.875%, 11/30/30 | 11/12/24-05/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 266218 | &nbsp;&nbsp; 282344 | &nbsp;&nbsp; 889168 |
| EchoStar Corp., 6.750%, 11/30/30 | 11/12/24-05/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 288597 | &nbsp;&nbsp; 261364 | &nbsp;&nbsp; 295659 |
| EchoStar Corp., 10.750%, 11/30/29 | 11/12/24-05/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3081509 | &nbsp;&nbsp; 3049844 | &nbsp;&nbsp; 3407536 |
|  |  |  |  |  | &nbsp;&nbsp; $5879624 |

---

*See accompanying notes to financial statements.*

**BHFTI-324**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11561397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100131496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19 <br>,136709<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138049052 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(4269700)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4269700)<br>|
| Foreign Government | &nbsp;&nbsp; (21550)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21550)<br>|
| Total Borrowings | &nbsp;&nbsp; $(4291250)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4291250)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(4291250)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| CAD | &nbsp;&nbsp; 387000 | CBNA | 03/18/26 | USD | 281936 | &nbsp;&nbsp; $939 |
| CNH | &nbsp;&nbsp; 41252000 | HSBCU | 03/18/26 | USD | 5870332 | &nbsp;&nbsp; 68465 |
| EUR | &nbsp;&nbsp; 8321000 | MSC | 03/18/26 | USD | 9830080 | &nbsp;&nbsp; (18267)<br>|
| IDR | &nbsp;&nbsp; 944197000 | BOA | 03/17/26 | USD | 56246 | &nbsp;&nbsp; 329 |
| JPY | &nbsp;&nbsp; 470909000 | MSC | 03/18/26 | USD | 3036965 | &nbsp;&nbsp; (11983)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 1985000 | HSBCU | 03/18/26 | USD | 1317216 | &nbsp;&nbsp; (7584)<br>|
| BRL | &nbsp;&nbsp; 5767000 | UBSA | 03/03/26 | USD | 1046927 | &nbsp;&nbsp; 8205 |
| CAD | &nbsp;&nbsp; 3289000 | CBNA | 03/18/26 | USD | 2386524 | &nbsp;&nbsp; (17549)<br>|
| COP | &nbsp;&nbsp; 4796862000 | UBSA | 03/18/26 | USD | 1224002 | &nbsp;&nbsp; (15113)<br>|
| EUR | &nbsp;&nbsp; 15000 | MSC | 03/18/26 | USD | 17715 | &nbsp;&nbsp; 27 |
| EUR | &nbsp;&nbsp; 288000 | MSC | 03/18/26 | USD | 340120 | &nbsp;&nbsp; 521 |
| GBP | &nbsp;&nbsp; 265000 | UBSA | 03/18/26 | USD | 354229 | &nbsp;&nbsp; (2912)<br>|
| IDR | &nbsp;&nbsp; 6000000000 | BOA | 03/17/26 | USD | 358359 | &nbsp;&nbsp; (1152)<br>|
| KRW | &nbsp;&nbsp; 455903000 | BOA | 03/18/26 | USD | 311484 | &nbsp;&nbsp; (5892)<br>|
| MXN | &nbsp;&nbsp; 30479000 | BOA | 03/18/26 | USD | 1654685 | &nbsp;&nbsp; (25913)<br>|
| NZD | &nbsp;&nbsp; 530000 | MSC | 03/18/26 | USD | 307355 | &nbsp;&nbsp; 1382 |
| NZD | &nbsp;&nbsp; 760000 | MSC | 03/18/26 | USD | 440437 | &nbsp;&nbsp; 1683 |
| ZAR | &nbsp;&nbsp; 4000000 | BOA | 03/18/26 | USD | 235991 | &nbsp;&nbsp; (4330)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |  |
| EUR | &nbsp;&nbsp; 319803 | MSC | 03/18/26 | NOK | 3786000 | &nbsp;&nbsp; 1594 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(27550)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-325**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 24 | EUR | 3061680 | &nbsp;&nbsp; $(27641)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 16 | USD | 3340625 | &nbsp;&nbsp; (1233)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 307 | USD | 33556539 | &nbsp;&nbsp; (63611)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 66 | USD | 7420875 | &nbsp;&nbsp; (58713)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (19)<br>| USD | (2196281)<br>| &nbsp;&nbsp; 32679 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (110)<br>| USD | (12651719)<br>| &nbsp;&nbsp; 97427 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (10)<br>| USD | (1180000)<br>| &nbsp;&nbsp; 28565 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $7473 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $83145 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $110695 |
| Interest Rate | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 158671 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 151198 |
| Total |  | &nbsp;&nbsp; $241816 |  | &nbsp;&nbsp; $261893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $329 | &nbsp;&nbsp;&nbsp;&nbsp; $(329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Citibank NA | &nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA | &nbsp;&nbsp; 68465 | &nbsp;&nbsp;&nbsp;&nbsp; (7584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60881 |
| Morgan Stanley & Co. | &nbsp;&nbsp; 5207 | &nbsp;&nbsp;&nbsp;&nbsp; (5207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 8205 | &nbsp;&nbsp;&nbsp;&nbsp; (8205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $83145 | &nbsp;&nbsp;&nbsp;&nbsp; $(22264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $60881 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $37287 | &nbsp;&nbsp;&nbsp;&nbsp; $(329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $36958 |
| Citibank NA | &nbsp;&nbsp; 17549 | &nbsp;&nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16610 |
| HSBC Bank USA | &nbsp;&nbsp; 7584 | &nbsp;&nbsp;&nbsp;&nbsp; (7584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. | &nbsp;&nbsp; 30250 | &nbsp;&nbsp;&nbsp;&nbsp; (5207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25043 |

---

*See accompanying notes to financial statements.*

**BHFTI-326**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| UBS AG | &nbsp;&nbsp; $18025 | &nbsp;&nbsp;&nbsp;&nbsp; $(8205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9820 |
|  | &nbsp;&nbsp; $110695 | &nbsp;&nbsp;&nbsp;&nbsp; $(22264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $88431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(30098)<br>| &nbsp;&nbsp;&nbsp; $(30098)<br>|
| Futures contracts | &nbsp;&nbsp; 99129 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99129 |
|  | &nbsp;&nbsp; $99129 | &nbsp;&nbsp;&nbsp; $(30098)<br>| &nbsp;&nbsp;&nbsp; $69031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13325 | &nbsp;&nbsp;&nbsp; $13325 |
| Futures contracts | &nbsp;&nbsp; (30768)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30768)<br>|
|  | &nbsp;&nbsp; $(30768)<br>| &nbsp;&nbsp;&nbsp; $13325 | &nbsp;&nbsp;&nbsp; $(17443)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $33519416 |
| Futures contracts long | &nbsp;&nbsp; 35855969 |
| Futures contracts short | &nbsp;&nbsp; (12586385)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Banks | &nbsp;&nbsp; $7647247 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7647247 |
| Broadline Retail | &nbsp;&nbsp; 11111906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11111906 |
| Building Products | &nbsp;&nbsp; 7141304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7141304 |
| Capital Markets | &nbsp;&nbsp; 28481687 | &nbsp;&nbsp; 4483033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32964720 |
| Chemicals | &nbsp;&nbsp; 6238938 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6238938 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 5897543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5897543 |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 5938955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5938955 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 5494693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5494693 |
| Financial Services | &nbsp;&nbsp; 10682307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10682307 |
| Health Care Providers & Services | &nbsp;&nbsp; 1844325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1844325 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 14791300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14791300 |
| Insurance | &nbsp;&nbsp; 4465361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4465361 |
| Interactive Media & Services | &nbsp;&nbsp; 12007306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12007306 |
| IT Services | &nbsp;&nbsp; 5043305 | &nbsp;&nbsp; 6463594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11506899 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 14052493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14052493 |
| Machinery | &nbsp;&nbsp; 19725993 | &nbsp;&nbsp; 8075905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27801898 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 23030283 | &nbsp;&nbsp; 22217171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45247454 |
| Software | &nbsp;&nbsp; 8915080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8915080 |

---

*See accompanying notes to financial statements.*

**BHFTI-327**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Specialty Retail | &nbsp;&nbsp; $14928798 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14928798 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 2873867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2873867 |
| Total Common Stocks | &nbsp;&nbsp; 196005176 | &nbsp;&nbsp; 55547218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251552394 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 65856327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65856327 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 29414719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29414719 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10209078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10209078 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $3,417)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4359974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4359974 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 889168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 889168 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 366989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 366989 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4321289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4321289 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2450000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 1841250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1841250 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 1841250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4291250 |
| Total Net Investments | &nbsp;&nbsp; $198455176 | &nbsp;&nbsp; $172806012 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371261188 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4291250)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4291250)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83145 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (110695)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (110695)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27550)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27550)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $158671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158671 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (151198)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (151198)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $7473 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-328**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $371261188 |
| Cash | &nbsp;&nbsp; 11460 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 284591 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 83145 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 75664 |
| Fund shares sold | &nbsp;&nbsp; 1523 |
| Dividends and interest | &nbsp;&nbsp; 1401909 |
| Prepaid expenses | &nbsp;&nbsp; 1322 |
| Total Assets | &nbsp;&nbsp; 373120802 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 110695 |
| Collateral for securities loaned | &nbsp;&nbsp; 4291250 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 879109 |
| Fund shares redeemed | &nbsp;&nbsp; 104926 |
| Foreign taxes | &nbsp;&nbsp; 5205 |
| Variation margin on futures contracts | &nbsp;&nbsp; 28487 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 214293 |
| Distribution and service fees | &nbsp;&nbsp; 53754 |
| Deferred trustees' fees | &nbsp;&nbsp; 282535 |
| Other expenses | &nbsp;&nbsp; 265249 |
| Total Liabilities | &nbsp;&nbsp; 6235503 |
| **Net Assets**  | &nbsp;&nbsp; $366885299 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $252274454 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; 114610845 |
| **Net Assets**  | &nbsp;&nbsp; $366885299 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $114423629 |
| Class B | &nbsp;&nbsp; 252461670 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 6889101 |
| Class B | &nbsp;&nbsp; 15572494 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $16.61 |
| Class B | 16.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $283,844,867.

(b) Investments at value is net of unfunded loan commitments of $3,417.

(c) Includes securities loaned at value of $8,956,945.

(d) Identified cost of cash denominated in foreign currencies was $281,131.

(e) Includes foreign capital gains tax of $5,205.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $2239030 |
| Interest (b) | &nbsp;&nbsp; 6104533 |
| Securities lending income | &nbsp;&nbsp; 15391 |
| Total investment income | &nbsp;&nbsp; 8358954 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2577893 |
| Administration fees | &nbsp;&nbsp; 44688 |
| Custodian and accounting fees | &nbsp;&nbsp; 92384 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 634878 |
| Audit and tax services | &nbsp;&nbsp; 77179 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 32733 |
| Insurance | &nbsp;&nbsp; 3198 |
| Miscellaneous | &nbsp;&nbsp; 27123 |
| Total expenses | &nbsp;&nbsp; 3600661 |
| Less management fee waiver | &nbsp;&nbsp; (50000)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (2200)<br>|
| Net expenses | &nbsp;&nbsp; 3548461 |
| **Net Investment Income** | &nbsp;&nbsp; 4810493 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; 23741016 |
| Futures contracts | &nbsp;&nbsp; 99129 |
| Foreign currency transactions | &nbsp;&nbsp; 82714 |
| Forward foreign currency transactions | &nbsp;&nbsp; (30098)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 23892761 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (d) | &nbsp;&nbsp; 15302415 |
| Futures contracts | &nbsp;&nbsp; (30768)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 59063 |
| Forward foreign currency transactions | &nbsp;&nbsp; 13325 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15344035 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 39236796 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $44047289 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $96,604.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $13,834.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $5,606.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes change in foreign capital gains tax of $1,934.

*See accompanying notes to financial statements.*

**BHFTI-329**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4810493 | &nbsp;&nbsp; $5062573 |
| Net realized gain (loss) | &nbsp;&nbsp; 23892761 | &nbsp;&nbsp; 29536796 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15344035 | &nbsp;&nbsp; 10686448 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 44047289 | &nbsp;&nbsp; 45285817 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (10402803)<br>| &nbsp;&nbsp; (6930540)<br>|
| Class B | &nbsp;&nbsp; (23045849)<br>| &nbsp;&nbsp; (15045131)<br>|
| **Total distributions** | &nbsp;&nbsp; (33448652)<br>| &nbsp;&nbsp; (21975671)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (16994319)<br>| &nbsp;&nbsp; (34635862)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (6395682)<br>| &nbsp;&nbsp; (11325716)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 373280981 | &nbsp;&nbsp; 384606697 |
| End of period | &nbsp;&nbsp; $366885299 | &nbsp;&nbsp; $373280981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 151508 | &nbsp;&nbsp; $2468021 | &nbsp;&nbsp; 86489 | &nbsp;&nbsp; $1392893 |
| Reinvestments | &nbsp;&nbsp; 681704 | &nbsp;&nbsp; 10402803 | &nbsp;&nbsp; 446268 | &nbsp;&nbsp; 6930540 |
| Redemptions | &nbsp;&nbsp; (1133112)<br>| &nbsp;&nbsp; (18226224)<br>| &nbsp;&nbsp; (1112133)<br>| &nbsp;&nbsp; (17851656)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (299900)<br>| &nbsp;&nbsp; $(5355400)<br>| &nbsp;&nbsp; (579376)<br>| &nbsp;&nbsp; $(9528223)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 551850 | &nbsp;&nbsp; $8782820 | &nbsp;&nbsp; 552381 | &nbsp;&nbsp; $8662441 |
| Reinvestments | &nbsp;&nbsp; 1544628 | &nbsp;&nbsp; 23045849 | &nbsp;&nbsp; 989161 | &nbsp;&nbsp; 15045131 |
| Redemptions | &nbsp;&nbsp; (2760219)<br>| &nbsp;&nbsp; (43467588)<br>| &nbsp;&nbsp; (3111863)<br>| &nbsp;&nbsp; (48815211)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (663741)<br>| &nbsp;&nbsp; $(11638919)<br>| &nbsp;&nbsp; (1570321)<br>| &nbsp;&nbsp; $(25107639)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(16994319)<br>|  | &nbsp;&nbsp; $(34635862)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-330**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $19.79 | &nbsp;&nbsp; $19.30 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| Total income (loss) from investment operations | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (1.96)<br>|
| Total distributions | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.17)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.61 | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $19.79 |
| **Total Return (%)** (b) | 12.94 | &nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp; (23.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (c) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 46 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $114.4 | &nbsp;&nbsp; $116.3 | &nbsp;&nbsp; $118.5 | &nbsp;&nbsp; $110.3 | &nbsp;&nbsp; $161.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $19.53 | &nbsp;&nbsp; $19.08 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Total income (loss) from investment operations | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (1.96)<br>|
| Total distributions | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $19.53 |
| **Total Return (%)** (b) | 12.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.30 | &nbsp;&nbsp;&nbsp;&nbsp;22.20 | &nbsp;&nbsp; (23.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.26 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (c) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Ratio of net investment income (loss) to average net assets (%) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 46 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $252.5 | &nbsp;&nbsp; $256.9 | &nbsp;&nbsp; $266.1 | &nbsp;&nbsp; $248.4 | &nbsp;&nbsp; $348.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-331**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** |
| Boeing Co. (a) | 665487 | &nbsp;&nbsp; $144490537 |
| **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** |
| Expeditors International of Washington, Inc. (b) | 255058 | &nbsp;&nbsp; 38006193 |
| **Automobiles — 8.6%** | **Automobiles — 8.6%** | **Automobiles — 8.6%** |
| Tesla, Inc. (a) | 595777 | &nbsp;&nbsp; 267932832 |
| **Beverages — 2.8%** | **Beverages — 2.8%** | **Beverages — 2.8%** |
| Monster Beverage Corp. (a) | 1153802 | &nbsp;&nbsp; 88461999 |
| **Biotechnology — 4.8%** | **Biotechnology — 4.8%** | **Biotechnology — 4.8%** |
| Regeneron Pharmaceuticals, Inc.  | 87570 | &nbsp;&nbsp; 67592656 |
| Vertex Pharmaceuticals, Inc. (a) | 185066 | &nbsp;&nbsp; 83901522 |
|  |  | &nbsp;&nbsp; 151494178 |
| **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| Alibaba Group Holding Ltd. (ADR) (b) | 12777 | &nbsp;&nbsp; 1872853 |
| Amazon.com, Inc. (a) | 728164 | &nbsp;&nbsp; 168074814 |
|  |  | &nbsp;&nbsp; 169947667 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| FactSet Research Systems, Inc. (b) | 67198 | &nbsp;&nbsp; 19500188 |
| SEI Investments Co. (b) | 381305 | &nbsp;&nbsp; 31274636 |
|  |  | &nbsp;&nbsp; 50774824 |
| **Entertainment — 7.7%** | **Entertainment — 7.7%** | **Entertainment — 7.7%** |
| Netflix, Inc. (a) | 1764492 | &nbsp;&nbsp; 165438770 |
| Walt Disney Co.  | 648206 | &nbsp;&nbsp; 73746397 |
|  |  | &nbsp;&nbsp; 239185167 |
| **Financial Services — 6.0%** | **Financial Services — 6.0%** | **Financial Services — 6.0%** |
| Block, Inc. (a) | 324221 | &nbsp;&nbsp; 21103545 |
| PayPal Holdings, Inc. (b) | 294044 | &nbsp;&nbsp; 17166289 |
| Visa, Inc. - Class A (b) | 427020 | &nbsp;&nbsp; 149760184 |
|  |  | &nbsp;&nbsp; 188030018 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Intuitive Surgical, Inc. (a) | 77833 | &nbsp;&nbsp; 44081498 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Starbucks Corp.  | 430130 | &nbsp;&nbsp; 36221247 |
| Yum China Holdings, Inc.  | 160105 | &nbsp;&nbsp; 7643413 |
| Yum! Brands, Inc.  | 176507 | &nbsp;&nbsp; 26701979 |
|  |  | &nbsp;&nbsp; 70566639 |
| **Interactive Media & Services — 16.0%** | **Interactive Media & Services — 16.0%** | **Interactive Media & Services — 16.0%** |
| Alphabet, Inc. - Class A | 887505 | &nbsp;&nbsp; 277789065 |
| Meta Platforms, Inc. - Class A | 338553 | &nbsp;&nbsp; 223475450 |
|  |  | &nbsp;&nbsp; 501264515 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| Shopify, Inc. - Class A (a) | 626587 | &nbsp;&nbsp; 100861709 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| Illumina, Inc. (a) (b) | 188705 | &nbsp;&nbsp; 24750548 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| Thermo Fisher Scientific, Inc.  | 67132 | &nbsp;&nbsp; $38899637 |
|  |  | &nbsp;&nbsp; 63650185 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. (b) | 60964 | &nbsp;&nbsp; 28383010 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Novartis AG (ADR) (b) | 254195 | &nbsp;&nbsp; 35045865 |
| Novo Nordisk AS (ADR) | 809747 | &nbsp;&nbsp; 41199927 |
| Roche Holding AG (ADR) (b) | 580228 | &nbsp;&nbsp; 29922358 |
|  |  | &nbsp;&nbsp; 106168150 |
| **Semiconductors & Semiconductor Equipment — 12.2%** | **Semiconductors & Semiconductor Equipment — 12.2%** | **Semiconductors & Semiconductor Equipment — 12.2%** |
| NVIDIA Corp.  | 1878118 | &nbsp;&nbsp; 350269007 |
| QUALCOMM, Inc.  | 187823 | &nbsp;&nbsp; 32127124 |
|  |  | &nbsp;&nbsp; 382396131 |
| **Software — 14.2%** | **Software — 14.2%** | **Software — 14.2%** |
| Autodesk, Inc. (a) | 256636 | &nbsp;&nbsp; 75966823 |
| Microsoft Corp.  | 274402 | &nbsp;&nbsp; 132706295 |
| Oracle Corp.  | 754998 | &nbsp;&nbsp; 147156660 |
| Salesforce, Inc.  | 258242 | &nbsp;&nbsp; 68410888 |
| Workday, Inc. - Class A (a) (b) | 89612 | &nbsp;&nbsp; 19246865 |
|  |  | &nbsp;&nbsp; 443487531 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| NIKE, Inc. - Class B | 364779 | &nbsp;&nbsp; 23240070 |
| Total Common Stocks <br>(Cost $1,467,988,431) <br>|  | &nbsp;&nbsp; 3102422853 |
| **Investment Companies—0.1%** | **Investment Companies—0.1%** | **Investment Companies—0.1%** |
| **Exchange-Traded Funds — 0.1%** | **Exchange-Traded Funds — 0.1%** | **Exchange-Traded Funds — 0.1%** |
| Natixis Loomis Sayles Focused Growth ETF (b) (c) | 70462 | &nbsp;&nbsp; 3153879 |
| Total Investment Companies <br>(Cost $3,171,319) <br>|  | &nbsp;&nbsp; 3153879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** |
| **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $23,953,226; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $24,428,932<br>| 23949899 | &nbsp;&nbsp; 23949899 |
| Total Short-Term Investments <br>(Cost $23,949,899) <br>|  | &nbsp;&nbsp; 23949899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—1.9%** | **Securities Lending Reinvestments (d)—1.9%** | **Securities Lending Reinvestments (d)—1.9%** |
| **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-332**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (e)<br>| 7000000 | &nbsp;&nbsp; $7000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (e)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (e)<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (e)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 33000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $2,000,419; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,351<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,523,195; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.750%, maturity dates ranging from <br> 02/05/26 - 11/15/55, and an aggregate market value of <br> $10,733,659<br>| 10520956 | &nbsp;&nbsp; 10520956 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $2,000,443; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,225,917<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $1,000,214; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,114,877<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $3,000,643; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,696<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $1,000,754; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,186<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; $100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 22620956 |
| **Time Deposits—0.1%** | **Time Deposits—0.1%** | **Time Deposits—0.1%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $59,620,956) <br>|  | &nbsp;&nbsp; 59620956 |
| Total Investments—101.9% <br>(Cost $1,554,730,605) <br>|  | &nbsp;&nbsp; 3189147587 |
| Other assets and liabilities (net)—(1.9)%  |  | &nbsp;&nbsp; (59108024)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3130039563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $118,875,456 and the collateral received consisted of cash in the amount of $59,620,956 and non-cash collateral with a value of $62,924,816. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(e) The rate shown represents the annualized seven-day yield as of December 31, 2025.

*See accompanying notes to financial statements.*

**BHFTI-333**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| Natixis Loomis Sayles Focused Growth ETF | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3171319 | &nbsp;&nbsp; $(17440)<br>| &nbsp;&nbsp; $3153879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Security Description** | **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| Natixis Loomis Sayles Focused Growth ETF | &nbsp;&nbsp; 70,462 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69798139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $596264227 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(59059756)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(59059756)<br>|
| Investment Companies | &nbsp;&nbsp; (561200)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (561200)<br>|
| Total Borrowings | &nbsp;&nbsp; $(59620956)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(59620956)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(59620956)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $3102422853 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3102422853 |
| Total Investment Companies\* | &nbsp;&nbsp; 3153879 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3153879 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 23949899 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23949899 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 22620956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22620956 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp; 26620956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59620956 |
| Total Investments | &nbsp;&nbsp; $3138576732 | &nbsp;&nbsp; $50570855 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3189147587 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59620956)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59620956)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-334**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $3185993708 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 3153879 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 278237 |
| Dividends and interest | &nbsp;&nbsp; 4035412 |
| Prepaid expenses | &nbsp;&nbsp; 11291 |
| Total Assets | &nbsp;&nbsp; 3193472527 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 59620956 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1366940 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1422901 |
| Distribution and service fees | &nbsp;&nbsp; 185806 |
| Deferred trustees' fees | &nbsp;&nbsp; 303787 |
| Other expenses | &nbsp;&nbsp; 532574 |
| Total Liabilities | &nbsp;&nbsp; 63432964 |
| **Net Assets**  | &nbsp;&nbsp; $3130039563 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1275906303 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1854133260 |
| **Net Assets**  | &nbsp;&nbsp; $3130039563 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2248586600 |
| Class B | &nbsp;&nbsp; 852744029 |
| Class E | &nbsp;&nbsp; 28708934 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 116603924 |
| Class B | &nbsp;&nbsp; 48097651 |
| Class E | &nbsp;&nbsp; 1566044 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $19.28 |
| Class B | 17.73 |
| Class E | 18.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,551,559,286.

(b) Includes securities loaned at value $118,329,384.

(c) Identified cost of affiliated investments was $3,171,319.

(d) Includes securities loaned at value of $546,072.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $15000458 |
| Interest | &nbsp;&nbsp; 802809 |
| Securities lending income | &nbsp;&nbsp; 412071 |
| Total investment income | &nbsp;&nbsp; 16215338 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 17300812 |
| Administration fees | &nbsp;&nbsp; 138217 |
| Custodian and accounting fees | &nbsp;&nbsp; 109509 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2153175 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 43700 |
| Audit and tax services | &nbsp;&nbsp; 50316 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 134484 |
| Insurance | &nbsp;&nbsp; 26259 |
| Miscellaneous | &nbsp;&nbsp; 27051 |
| Total expenses | &nbsp;&nbsp; 20094108 |
| Less management fee waiver | &nbsp;&nbsp; (723646)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (27404)<br>|
| Net expenses | &nbsp;&nbsp; 19343058 |
| **Net Investment Loss** | &nbsp;&nbsp; (3127720)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 265679853<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 183843752 |
| Affiliated investments | &nbsp;&nbsp; (17440)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1887 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 183828199 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 449508052 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $446380332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $457,155.

*See accompanying notes to financial statements.*

**BHFTI-335**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3127720)<br>| &nbsp;&nbsp; $(1796289)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 265679853 | &nbsp;&nbsp; 409418947 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 183828199 | &nbsp;&nbsp; 518060606 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 446380332 | &nbsp;&nbsp; 925683264 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (292695262)<br>| &nbsp;&nbsp; (171264345)<br>|
| Class B | &nbsp;&nbsp; (123411624)<br>| &nbsp;&nbsp; (72562040)<br>|
| Class E | &nbsp;&nbsp; (3977930)<br>| &nbsp;&nbsp; (2413736)<br>|
| **Total distributions** | &nbsp;&nbsp; (420084816)<br>| &nbsp;&nbsp; (246240121)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (100480014)<br>| &nbsp;&nbsp; (457100692)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (74184498)<br>| &nbsp;&nbsp; 222342451 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3204224061 | &nbsp;&nbsp; 2981881610 |
| End of period | &nbsp;&nbsp; $3130039563 | &nbsp;&nbsp; $3204224061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1565200 | &nbsp;&nbsp; $29219834 | &nbsp;&nbsp; 1088827 | &nbsp;&nbsp; $18601110 |
| Reinvestments | &nbsp;&nbsp; 16821567 | &nbsp;&nbsp; 292695262 | &nbsp;&nbsp; 10323348 | &nbsp;&nbsp; 171264345 |
| Redemptions | &nbsp;&nbsp; (19989511)<br>| &nbsp;&nbsp; (375604858)<br>| &nbsp;&nbsp; (28901504)<br>| &nbsp;&nbsp; (505406420)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1602744)<br>| &nbsp;&nbsp; $(53689762)<br>| &nbsp;&nbsp; (17489329)<br>| &nbsp;&nbsp; $(315540965)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2285636 | &nbsp;&nbsp; $38816223 | &nbsp;&nbsp; 1218699 | &nbsp;&nbsp; $19424293 |
| Reinvestments | &nbsp;&nbsp; 7703597 | &nbsp;&nbsp; 123411624 | &nbsp;&nbsp; 4687470 | &nbsp;&nbsp; 72562040 |
| Redemptions | &nbsp;&nbsp; (11906546)<br>| &nbsp;&nbsp; (207033488)<br>| &nbsp;&nbsp; (14032131)<br>| &nbsp;&nbsp; (228495843)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1917313)<br>| &nbsp;&nbsp; $(44805641)<br>| &nbsp;&nbsp; (8125962)<br>| &nbsp;&nbsp; $(136509510)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 25781 | &nbsp;&nbsp; $450933 | &nbsp;&nbsp; 31164 | &nbsp;&nbsp; $506897 |
| Reinvestments | &nbsp;&nbsp; 240358 | &nbsp;&nbsp; 3977930 | &nbsp;&nbsp; 151712 | &nbsp;&nbsp; 2413736 |
| Redemptions | &nbsp;&nbsp; (357566)<br>| &nbsp;&nbsp; (6413474)<br>| &nbsp;&nbsp; (480430)<br>| &nbsp;&nbsp; (7970850)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (91427)<br>| &nbsp;&nbsp; $(1984611)<br>| &nbsp;&nbsp; (297554)<br>| &nbsp;&nbsp; $(5050217)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(100480014)<br>|  | &nbsp;&nbsp; $(457100692)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-336**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $14.45 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>|
| Net realized and unrealized gain (loss) | 2.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Total income (loss) from investment operations | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.03)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $19.28 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $16.59 |
| **Total Return (%)** (c) | 15.21 | &nbsp;&nbsp;&nbsp;&nbsp;34.47 | &nbsp;&nbsp;&nbsp;&nbsp;52.06 | &nbsp;&nbsp; (27.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.66 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net ratio of expenses to average net assets (%) (d) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2248.6 | &nbsp;&nbsp; $2276.0 | &nbsp;&nbsp; $2105.2 | &nbsp;&nbsp; $1747.7 | &nbsp;&nbsp; $2526.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $13.80 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Total income (loss) from investment operations | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $15.80 |
| **Total Return (%)** (c) | 14.90 | &nbsp;&nbsp;&nbsp;&nbsp;34.13 | &nbsp;&nbsp;&nbsp;&nbsp;51.73 | &nbsp;&nbsp; (28.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.27 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (d) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $852.7 | &nbsp;&nbsp; $897.6 | &nbsp;&nbsp; $847.5 | &nbsp;&nbsp; $695.3 | &nbsp;&nbsp; $1034.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-337**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $14.05 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 2.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp; (4.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| Total income (loss) from investment operations | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.33 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $16.11 |
| **Total Return (%)** (c) | 15.05 | &nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp;51.84 | &nbsp;&nbsp; (27.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.46 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net ratio of expenses to average net assets (%) (d) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.10)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $28.7 | &nbsp;&nbsp; $30.6 | &nbsp;&nbsp; $29.2 | &nbsp;&nbsp; $21.8 | &nbsp;&nbsp; $34.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2021.

*See accompanying notes to financial statements.*

**BHFTI-338**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—75.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Affiliated Mutual Funds — 75.2%** | **Affiliated Mutual Funds — 75.2%** | **Affiliated Mutual Funds — 75.2%** |
| MetLife Aggregate Bond Index Portfolio (Class A) (a) | 209625430 | &nbsp;&nbsp; $2045944194 |
| MetLife Mid Cap Stock Index Portfolio (Class A) (a) | 13816587 | &nbsp;&nbsp; 242895611 |
| MetLife MSCI EAFE Index Portfolio (Class A) (a) | 30151514 | &nbsp;&nbsp; 566546947 |
| MetLife Russell 2000 Index Portfolio (Class A) (a) | 7489297 | &nbsp;&nbsp; 145666821 |
| MetLife Stock Index Portfolio (Class A) (a) | 11089260 | &nbsp;&nbsp; 824486465 |
| Total Investment Companies <br>(Cost $3,595,463,318) <br>|  | &nbsp;&nbsp; 3825540038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—25.2%** | **Short-Term Investments—25.2%** | **Short-Term Investments—25.2%** |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $1,112; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with <br> a market value of $1,292<br>| 1112 | &nbsp;&nbsp; 1112 |
| **U.S. Treasury—25.2%** | **U.S. Treasury—25.2%** | **U.S. Treasury—25.2%** |
| U.S. Treasury Bills |  |  |
| 3.323%, 01/06/26 (b) | 70000 | &nbsp;&nbsp; 69973 |
| 3.528%, 03/24/26 (b) | 5500000 | &nbsp;&nbsp; 5456389 |
| 3.560%, 02/10/26 (b) | 3810000 | &nbsp;&nbsp; 3795394 |
| 3.580%, 02/10/26 (b) | 197960000 | &nbsp;&nbsp; 197201122 |
| 3.607%, 03/24/26 (b) | 8180000 | &nbsp;&nbsp; 8115138 |
| 3.621%, 01/22/26 (b) | 4690000 | &nbsp;&nbsp; 4680742 |
| 3.635%, 03/24/26 (b) | 10110000 | &nbsp;&nbsp; 10029835 |
| 3.663%, 03/10/26 (b) | 160000000 | &nbsp;&nbsp; 158964293 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bills |  |  |
| 3.665%, 03/10/26 (b) | 100000000 | &nbsp;&nbsp; $99352683 |
| 3.715%, 02/24/26 (b) (c) (d) | 211030000 | &nbsp;&nbsp; 209932294 |
| 3.732%, 03/24/26 (b) | 149165000 | &nbsp;&nbsp; 147982223 |
| 3.739%, 03/24/26 (b) | 20245000 | &nbsp;&nbsp; 20084471 |
| 3.753%, 01/22/26 (b) | 12630000 | &nbsp;&nbsp; 12605067 |
| 3.782%, 01/22/26 (b) | 20190000 | &nbsp;&nbsp; 20150143 |
| 3.794%, 01/22/26 (b) | 172990000 | &nbsp;&nbsp; 172648506 |
| 3.843%, 01/06/26 (b) | 211240000 | &nbsp;&nbsp; 211158907 |
|  |  | &nbsp;&nbsp; 1282227180 |
| Total Short-Term Investments <br>(Cost $1,281,820,082) <br>|  | &nbsp;&nbsp; 1282228292 |
| Total Investments—100.4% <br>(Cost $4,877,283,400) <br>|  | &nbsp;&nbsp; 5107768330 |
| Other assets and liabilities (net)—(0.4)%  |  | &nbsp;&nbsp; (19303156)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $5088465174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.) 

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

(c) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2025, the market value of securities pledged was $69,635,884. 

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2025, the market value of securities pledged was $99,479,834. 

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| MetLife Aggregate Bond Index Portfolio (Class A) | &nbsp;&nbsp; $2360652627 | &nbsp;&nbsp; $44941073 | &nbsp;&nbsp; $(464536731)<br>| &nbsp;&nbsp; $(63133322)<br>| &nbsp;&nbsp; $168020547 | &nbsp;&nbsp; $2045944194 |
| MetLife Mid Cap Stock Index Portfolio (Class A) | &nbsp;&nbsp; 272254880 | &nbsp;&nbsp; 22163135 | &nbsp;&nbsp; (47268387)<br>| &nbsp;&nbsp; 5071618 | &nbsp;&nbsp; (9325635)<br>| &nbsp;&nbsp; 242895611 |
| MetLife MSCI EAFE Index Portfolio (Class A) | &nbsp;&nbsp; 646606593 | &nbsp;&nbsp; 15891311 | &nbsp;&nbsp; (248749008)<br>| &nbsp;&nbsp; 45135627 | &nbsp;&nbsp; 107662424 | &nbsp;&nbsp; 566546947 |
| MetLife Russell 2000 Index Portfolio (Class A) | &nbsp;&nbsp; 163622398 | &nbsp;&nbsp; 12955664 | &nbsp;&nbsp; (39573477)<br>| &nbsp;&nbsp; (44376)<br>| &nbsp;&nbsp; 8706612 | &nbsp;&nbsp; 145666821 |
| MetLife Stock Index Portfolio (Class A) | &nbsp;&nbsp; 939663068 | &nbsp;&nbsp; 88207874 | &nbsp;&nbsp; (256643969)<br>| &nbsp;&nbsp; 41167343 | &nbsp;&nbsp; 12092149 | &nbsp;&nbsp; 824486465 |
|  | &nbsp;&nbsp; $4382799566 | &nbsp;&nbsp; $184159057 | &nbsp;&nbsp; $(1056771572)<br>| &nbsp;&nbsp; $28196890 | &nbsp;&nbsp; $287156097 | &nbsp;&nbsp; $3825540038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| MetLife Aggregate Bond Index Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44941073 | &nbsp;&nbsp; 209625430 |
| MetLife Mid Cap Stock Index Portfolio (Class A) | &nbsp;&nbsp; 19186437 | &nbsp;&nbsp; 2976698 | &nbsp;&nbsp; 13816587 |
| MetLife MSCI EAFE Index Portfolio (Class A) | &nbsp;&nbsp; 4520195 | &nbsp;&nbsp; 11371116 | &nbsp;&nbsp; 30151514 |
| MetLife Russell 2000 Index Portfolio (Class A) | &nbsp;&nbsp; 8555934 | &nbsp;&nbsp; 1899328 | &nbsp;&nbsp; 7489297 |
| MetLife Stock Index Portfolio (Class A) | &nbsp;&nbsp; 79179206 | &nbsp;&nbsp; 9028668 | &nbsp;&nbsp; 11089260 |
|  | &nbsp;&nbsp; $111441772 | &nbsp;&nbsp; $70216883 |  |

---

*See accompanying notes to financial statements.*

**BHFTI-339**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184159057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1056771572 |

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 3744 | USD | 543273120 | &nbsp;&nbsp; $3081012 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 1128 | USD | 140887200 | &nbsp;&nbsp; (3160725)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 2224 | USD | 766446000 | &nbsp;&nbsp; 1446645 |
| S&P Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 708 | USD | 235424160 | &nbsp;&nbsp; (3231246)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1864314)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.530<br> %<br>| Annually | 12/16/35 | USD | 255000000 | $(5715116)<br>| $2555 | $(5717671)<br>|
| Pay | 12M SOFR | Annually | 3.570<br> %<br>| Annually | 01/17/36 | USD | 255000000 | (4975773)<br>| 2565 | (4978338)<br>|
| Pay | 12M SOFR | Annually | 3.640<br> %<br>| Annually | 02/18/36 | USD | 255000000 | (3613885)<br>| 2566 | (3616451)<br>|
| Pay | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 11/19/35 | USD | 255000000 | (942269)<br>| 2535 | (944804)<br>|
| Pay | 12M SOFR | Annually | 3.780<br> %<br>| Annually | 03/16/36 | USD | 255000000 | (761157)<br>| 2566 | (763723)<br>|
| Pay | 12M SOFR | Annually | 3.840<br> %<br>| Annually | 10/17/35 | USD | 255000000 | 1057265 | 2512 | 1054753 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(14950935)<br>| $15299 | $(14966234)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $4527657 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $6391971 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) <br>| &nbsp;&nbsp; 1054753 | Unrealized depreciation on centrally cleared swap contracts (b) <br>| &nbsp;&nbsp; 16020987 |
| Total |  | &nbsp;&nbsp; $5582410 |  | &nbsp;&nbsp; $22412958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-340**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(182193946)<br>| &nbsp;&nbsp;&nbsp; $(182193946)<br>|
| Swap contracts | &nbsp;&nbsp; 20977270 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20977270 |
|  | &nbsp;&nbsp; $20977270 | &nbsp;&nbsp;&nbsp; $(182193946)<br>| &nbsp;&nbsp;&nbsp; $(161216676)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $74359258 | &nbsp;&nbsp;&nbsp; $74359258 |
| Swap contracts | &nbsp;&nbsp; 18223338 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18223338 |
|  | &nbsp;&nbsp; $18223338 | &nbsp;&nbsp;&nbsp; $74359258 | &nbsp;&nbsp;&nbsp; $92582596 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $1575042214 |
| Futures contracts short | &nbsp;&nbsp; (208723463)<br>|
| Swap contracts | &nbsp;&nbsp; 1602000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $3825540038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3825540038 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1282228292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1282228292 |
| Total Investments | &nbsp;&nbsp; $3825540038 | &nbsp;&nbsp; $1282228292 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5107768330 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $4527657 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4527657 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (6391971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6391971)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(1864314)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1864314)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1054753 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1054753 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (16020987)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (16020987)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14966234)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14966234)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-341**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1282228292 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 3825540038 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 3585897 |
| Fund shares sold | &nbsp;&nbsp; 4840 |
| Prepaid expenses | &nbsp;&nbsp; 5047 |
| Total Assets | &nbsp;&nbsp; 5111364114 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 3590737 |
| Variation margin on futures contracts | &nbsp;&nbsp; 12560404 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 4475462 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 684588 |
| Distribution and service fees | &nbsp;&nbsp; 1091833 |
| Deferred trustees' fees | &nbsp;&nbsp; 228137 |
| Other expenses | &nbsp;&nbsp; 267779 |
| Total Liabilities | &nbsp;&nbsp; 22898940 |
| **Net Assets**  | &nbsp;&nbsp; $5088465174 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $4842475955 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 245989219 |
| **Net Assets**  | &nbsp;&nbsp; $5088465174 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $5088465174 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 435858567 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $11.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $1,281,820,082.

(b) Identified cost of affiliated investments was $3,595,463,318.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $70216883 |
| Interest | &nbsp;&nbsp; 55141377 |
| Total investment income | &nbsp;&nbsp; 125358260 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8412971 |
| Administration fees | &nbsp;&nbsp; 100204 |
| Custodian and accounting fees | &nbsp;&nbsp; 79261 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 13500851 |
| Audit and tax services | &nbsp;&nbsp; 52396 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 23627 |
| Insurance | &nbsp;&nbsp; 6936 |
| Miscellaneous | &nbsp;&nbsp; 22209 |
| Total expenses | &nbsp;&nbsp; 22309040 |
| Less management fee waiver | &nbsp;&nbsp; (131258)<br>|
| Net expenses | &nbsp;&nbsp; 22177782 |
| **Net Investment Income** | &nbsp;&nbsp; 103180478 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 23707 |
| Affiliated investments | &nbsp;&nbsp; 28196890 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 111441772 |
| Futures contracts | &nbsp;&nbsp; (182193946)<br>|
| Swap contracts | &nbsp;&nbsp; 20977270 |
| Net realized gain (loss) | &nbsp;&nbsp; (21554307)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (59114)<br>|
| Affiliated investments | &nbsp;&nbsp; 287156097 |
| Futures contracts | &nbsp;&nbsp; 74359258 |
| Swap contracts | &nbsp;&nbsp; 18223338 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 379679579 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 358125272 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $461305750 |

---

*See accompanying notes to financial statements.*

**BHFTI-342**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $103180478 | &nbsp;&nbsp; $37920496 |
| Net realized gain (loss) | &nbsp;&nbsp; (21554307)<br>| &nbsp;&nbsp; 125189893 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 379679579 | &nbsp;&nbsp; (185362385)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 461305750 | &nbsp;&nbsp; (22251996)<br>|
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (35313336)<br>| &nbsp;&nbsp; (29740090)<br>|
| **Total distributions** | &nbsp;&nbsp; (35313336)<br>| &nbsp;&nbsp; (29740090)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (1098835964)<br>| &nbsp;&nbsp; 4523731446 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (672843550)<br>| &nbsp;&nbsp; 4471739360 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 5761308724 | &nbsp;&nbsp; 1289569364 |
| End of period | &nbsp;&nbsp; $5088465174 | &nbsp;&nbsp; $5761308724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1816416 | &nbsp;&nbsp; $19802001 | &nbsp;&nbsp; 433744145 | &nbsp;&nbsp; $4792056749 |
| Reinvestments | &nbsp;&nbsp; 3312696 | &nbsp;&nbsp; 35313336 | &nbsp;&nbsp; 2832390 | &nbsp;&nbsp; 29740090 |
| Redemptions | &nbsp;&nbsp; (104042511)<br>| &nbsp;&nbsp; (1153951301)<br>| &nbsp;&nbsp; (27545876)<br>| &nbsp;&nbsp; (298065393)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (98913399)<br>| &nbsp;&nbsp; $(1098835964)<br>| &nbsp;&nbsp; 409030659 | &nbsp;&nbsp; $4523731446 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(1098835964)<br>|  | &nbsp;&nbsp; $4523731446 |

---

*See accompanying notes to financial statements.*

**BHFTI-343**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $12.76 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Total income (loss) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $13.24 |
| **Total Return (%)** (c) | 9.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp; (21.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.72 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (d) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $5088.5 | &nbsp;&nbsp; $5761.3 | &nbsp;&nbsp; $1289.6 | &nbsp;&nbsp; $1282.0 | &nbsp;&nbsp; $1818.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) does not directly correlate to the amounts reported in the Statement of Operations due to the timing of shareholder activity in the Portfolio.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-344**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 3.6%** | **Australia — 3.6%** | **Australia — 3.6%** |
| APA Group | 659108 | &nbsp;&nbsp; $3942622 |
| Aristocrat Leisure Ltd.  | 157231 | &nbsp;&nbsp; 6097435 |
| CSL Ltd.  | 90067 | &nbsp;&nbsp; 10376850 |
| Glencore PLC (a) | 2377411 | &nbsp;&nbsp; 12932489 |
| Qantas Airways Ltd.  | 801593 | &nbsp;&nbsp; 5530132 |
| Rio Tinto PLC | 148406 | &nbsp;&nbsp; 11840559 |
|  |  | &nbsp;&nbsp; 50720087 |
| **Brazil — 1.4%** | **Brazil — 1.4%** | **Brazil — 1.4%** |
| B3 SA - Brasil Bolsa Balcao | 3548300 | &nbsp;&nbsp; 9236047 |
| Banco Bradesco SA (ADR) | 3073677 | &nbsp;&nbsp; 10235345 |
|  |  | &nbsp;&nbsp; 19471392 |
| **Canada — 3.2%** | **Canada — 3.2%** | **Canada — 3.2%** |
| Alimentation Couche-Tard, Inc.  | 67380 | &nbsp;&nbsp; 3679870 |
| Constellation Software, Inc.  | 5290 | &nbsp;&nbsp; 12724058 |
| RB Global, Inc. (b) | 91396 | &nbsp;&nbsp; 9409616 |
| Toronto-Dominion Bank | 204915 | &nbsp;&nbsp; 19312815 |
|  |  | &nbsp;&nbsp; 45126359 |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| China Resources Gas Group Ltd. (b) | 1191824 | &nbsp;&nbsp; 3459525 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| Novonesis (Novozymes) - B Shares (b) | 107286 | &nbsp;&nbsp; 6870581 |
| **France — 8.2%** | **France — 8.2%** | **France — 8.2%** |
| Accor SA | 128121 | &nbsp;&nbsp; 7259464 |
| BNP Paribas SA | 196962 | &nbsp;&nbsp; 18637644 |
| Cie Generale des Etablissements Michelin SCA | 200562 | &nbsp;&nbsp; 6651414 |
| Legrand SA | 114867 | &nbsp;&nbsp; 17069921 |
| LVMH Moet Hennessy Louis Vuitton SE | 26592 | &nbsp;&nbsp; 20047713 |
| Pernod Ricard SA | 138568 | &nbsp;&nbsp; 11862659 |
| Thales SA | 49220 | &nbsp;&nbsp; 13294341 |
| TotalEnergies SE | 319743 | &nbsp;&nbsp; 20840167 |
|  |  | &nbsp;&nbsp; 115663323 |
| **Germany — 5.1%** | **Germany — 5.1%** | **Germany — 5.1%** |
| Beiersdorf AG (b) | 114993 | &nbsp;&nbsp; 12654501 |
| E.ON SE | 476572 | &nbsp;&nbsp; 9034329 |
| GEA Group AG | 176709 | &nbsp;&nbsp; 11997377 |
| Merck KGaA | 84025 | &nbsp;&nbsp; 12061040 |
| MTU Aero Engines AG | 41343 | &nbsp;&nbsp; 17244877 |
| SAP SE | 8557 | &nbsp;&nbsp; 2093712 |
| Symrise AG | 85265 | &nbsp;&nbsp; 6899707 |
|  |  | &nbsp;&nbsp; 71985543 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Hellenic Telecommunications Organization SA | 53577 | &nbsp;&nbsp; 1059567 |
| **Hong Kong — 2.0%** | **Hong Kong — 2.0%** | **Hong Kong — 2.0%** |
| AIA Group Ltd.  | 1426028 | &nbsp;&nbsp; 14647437 |
| CLP Holdings Ltd.  | 474500 | &nbsp;&nbsp; 4239643 |
| Techtronic Industries Co. Ltd.  | 784000 | &nbsp;&nbsp; 9007204 |
|  |  | &nbsp;&nbsp; 27894284 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — 1.5%** | **India — 1.5%** | **India — 1.5%** |
| HDFC Bank Ltd.  | 1260171 | &nbsp;&nbsp; $13948830 |
| Reliance Industries Ltd.  | 430343 | &nbsp;&nbsp; 7504754 |
|  |  | &nbsp;&nbsp; 21453584 |
| **Ireland — 1.3%** | **Ireland — 1.3%** | **Ireland — 1.3%** |
| Bank of Ireland Group PLC | 922505 | &nbsp;&nbsp; 17648777 |
| **Italy — 3.3%** | **Italy — 3.3%** | **Italy — 3.3%** |
| BPER Banca SpA | 1413157 | &nbsp;&nbsp; 19109412 |
| Davide Campari-Milano NV (b) | 1260241 | &nbsp;&nbsp; 8182468 |
| Eni SpA | 725926 | &nbsp;&nbsp; 13769455 |
| Ryanair Holdings PLC (ADR) (b) | 74032 | &nbsp;&nbsp; 5344370 |
|  |  | &nbsp;&nbsp; 46405705 |
| **Japan — 20.6%** | **Japan — 20.6%** | **Japan — 20.6%** |
| Ajinomoto Co., Inc.  | 267500 | &nbsp;&nbsp; 5657841 |
| Capcom Co. Ltd. (b) | 137200 | &nbsp;&nbsp; 3192026 |
| Daiichi Sankyo Co. Ltd.  | 657000 | &nbsp;&nbsp; 13992558 |
| Daikin Industries Ltd.  | 81300 | &nbsp;&nbsp; 10436728 |
| Disco Corp.  | 10000 | &nbsp;&nbsp; 3083907 |
| FUJIFILM Holdings Corp. (b) | 275000 | &nbsp;&nbsp; 5875695 |
| Fujitsu Ltd.  | 405600 | &nbsp;&nbsp; 11120578 |
| Hitachi Ltd.  | 1139500 | &nbsp;&nbsp; 35351444 |
| KDDI Corp. (b) | 805700 | &nbsp;&nbsp; 13937293 |
| Keyence Corp.  | 28800 | &nbsp;&nbsp; 10434377 |
| Mitsubishi Electric Corp.  | 454700 | &nbsp;&nbsp; 13339296 |
| Mitsui & Co. Ltd. (b) | 497600 | &nbsp;&nbsp; 14706917 |
| Mizuho Financial Group, Inc.  | 1052300 | &nbsp;&nbsp; 38210802 |
| Nitori Holdings Co. Ltd. (b) | 200800 | &nbsp;&nbsp; 3515027 |
| Pan Pacific International Holdings Corp.  | 1763200 | &nbsp;&nbsp; 10507319 |
| Shin-Etsu Chemical Co. Ltd.  | 357900 | &nbsp;&nbsp; 11130011 |
| Sompo Holdings, Inc.  | 270800 | &nbsp;&nbsp; 9219331 |
| Sony Group Corp.  | 615300 | &nbsp;&nbsp; 15727165 |
| Suzuki Motor Corp. (b) | 856500 | &nbsp;&nbsp; 12720691 |
| Taisei Corp. (b) | 117500 | &nbsp;&nbsp; 11138961 |
| Terumo Corp.  | 377500 | &nbsp;&nbsp; 5499922 |
| Tokyo Electron Ltd.  | 70600 | &nbsp;&nbsp; 15504999 |
| Toyota Industries Corp. (b) | 63100 | &nbsp;&nbsp; 7165141 |
| Unicharm Corp.  | 1428800 | &nbsp;&nbsp; 8189293 |
|  |  | &nbsp;&nbsp; 289657322 |
| **Macau — 0.2%** | **Macau — 0.2%** | **Macau — 0.2%** |
| Sands China Ltd.  | 1258000 | &nbsp;&nbsp; 3170401 |
| **Netherlands — 6.3%** | **Netherlands — 6.3%** | **Netherlands — 6.3%** |
| Akzo Nobel NV | 103100 | &nbsp;&nbsp; 7160691 |
| ASML Holding NV | 20827 | &nbsp;&nbsp; 22262313 |
| Euronext NV | 121895 | &nbsp;&nbsp; 18295606 |
| ING Groep NV | 768992 | &nbsp;&nbsp; 21617281 |
| Koninklijke KPN NV | 2088760 | &nbsp;&nbsp; 9771543 |
| Wolters Kluwer NV | 83979 | &nbsp;&nbsp; 8719238 |
|  |  | &nbsp;&nbsp; 87826672 |
| **Portugal — 1.4%** | **Portugal — 1.4%** | **Portugal — 1.4%** |
| Galp Energia SGPS SA | 666074 | &nbsp;&nbsp; 11346970 |

---

*See accompanying notes to financial statements.*

**BHFTI-345**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Portugal — (Continued)** | **Portugal — (Continued)** | **Portugal — (Continued)** |
| Jeronimo Martins SGPS SA | 337970 | &nbsp;&nbsp; $8050568 |
|  |  | &nbsp;&nbsp; 19397538 |
| **South Korea — 1.3%** | **South Korea — 1.3%** | **South Korea — 1.3%** |
| Samsung Electronics Co. Ltd.  | 157957 | &nbsp;&nbsp; 13164815 |
| Samsung Fire & Marine Insurance Co. Ltd.  | 16260 | &nbsp;&nbsp; 5604436 |
|  |  | &nbsp;&nbsp; 18769251 |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| Amadeus IT Group SA | 150398 | &nbsp;&nbsp; 11031501 |
| Banco Bilbao Vizcaya Argentaria SA | 765075 | &nbsp;&nbsp; 17895210 |
| Cellnex Telecom SA (a) | 274664 | &nbsp;&nbsp; 8834995 |
|  |  | &nbsp;&nbsp; 37761706 |
| **Sweden — 1.0%** | **Sweden — 1.0%** | **Sweden — 1.0%** |
| Atlas Copco AB - A Shares | 750812 | &nbsp;&nbsp; 13451368 |
| **Switzerland — 3.0%** | **Switzerland — 3.0%** | **Switzerland — 3.0%** |
| Cie Financiere Richemont SA - Class A | 71051 | &nbsp;&nbsp; 15333957 |
| Sika AG | 33355 | &nbsp;&nbsp; 6836296 |
| UBS Group AG | 434277 | &nbsp;&nbsp; 20075350 |
|  |  | &nbsp;&nbsp; 42245603 |
| **Taiwan — 1.7%** | **Taiwan — 1.7%** | **Taiwan — 1.7%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 484468 | &nbsp;&nbsp; 23667898 |
| **Thailand — 0.6%** | **Thailand — 0.6%** | **Thailand — 0.6%** |
| Advanced Info Service PCL | 818600 | &nbsp;&nbsp; 8132734 |
| **United Kingdom — 12.4%** | **United Kingdom — 12.4%** | **United Kingdom — 12.4%** |
| Babcock International Group PLC | 408157 | &nbsp;&nbsp; 6793901 |
| Barclays PLC | 3699560 | &nbsp;&nbsp; 23485003 |
| Beazley PLC | 1603563 | &nbsp;&nbsp; 17913719 |
| British American Tobacco PLC | 345171 | &nbsp;&nbsp; 19563488 |
| Burberry Group PLC (a) | 195685 | &nbsp;&nbsp; 3335101 |
| Convatec Group PLC | 2802580 | &nbsp;&nbsp; 9157296 |
| Croda International PLC | 179209 | &nbsp;&nbsp; 6494529 |
| Hiscox Ltd.  | 705666 | &nbsp;&nbsp; 13454186 |
| London Stock Exchange Group PLC | 112885 | &nbsp;&nbsp; 13592993 |
| National Grid PLC | 1122752 | &nbsp;&nbsp; 17302865 |
| NatWest Group PLC | 1816083 | &nbsp;&nbsp; 15839805 |
| Next PLC | 47295 | &nbsp;&nbsp; 8701558 |
| Spirax Group PLC | 91026 | &nbsp;&nbsp; 8324569 |
| Weir Group PLC | 250094 | &nbsp;&nbsp; 9545256 |
|  |  | &nbsp;&nbsp; 173504269 |
| **United States — 16.8%** | **United States — 16.8%** | **United States — 16.8%** |
| Alcon AG (b) | 104167 | &nbsp;&nbsp; 8274345 |
| Aon PLC - Class A | 38705 | &nbsp;&nbsp; 13658220 |
| Cadence Design Systems, Inc. (a) | 38631 | &nbsp;&nbsp; 12075278 |
| Haleon PLC | 3873028 | &nbsp;&nbsp; 19598106 |
| James Hardie Industries PLC (a) | 369615 | &nbsp;&nbsp; 7589413 |
| Linde PLC | 52089 | &nbsp;&nbsp; 22210229 |
| Mastercard, Inc. - Class A | 28353 | &nbsp;&nbsp; 16186161 |
| Novartis AG | 185422 | &nbsp;&nbsp; 25613861 |
| Qiagen NV (b) | 238934 | &nbsp;&nbsp; 10905553 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Roche Holding AG | 103759 | &nbsp;&nbsp; $42880281 |
| Schneider Electric SE | 131126 | &nbsp;&nbsp; 35941819 |
| Spotify Technology SA (a) | 18889 | &nbsp;&nbsp; 10969031 |
| Willis Towers Watson PLC (b) | 30014 | &nbsp;&nbsp; 9862600 |
|  |  | &nbsp;&nbsp; 235764897 |
| Total Common Stocks <br>(Cost $1,067,480,302) <br>|  | &nbsp;&nbsp; 1381108386 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 9715 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** |
| **Repurchase Agreement — 1.3%** | **Repurchase Agreement — 1.3%** | **Repurchase Agreement — 1.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $18,821,218; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $19,195,062<br>| 18818604 | &nbsp;&nbsp; 18818604 |
| Total Short-Term Investments <br>(Cost $18,818,604) <br>|  | &nbsp;&nbsp; 18818604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.0%** | **Securities Lending Reinvestments (c)—2.0%** | **Securities Lending Reinvestments (c)—2.0%** |
| **Short-Term Investment Funds — 0.3%** |  |  |
| Allspring Government Money Market Fund, <br>Select Class, 3.710% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 3.680% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 3.690% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 4500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 1.7%** | **Repurchase Agreements — 1.7%** | **Repurchase Agreements — 1.7%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $2,000,423; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $1,000,209; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,676<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-346**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $3,000,642; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,341,027<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,847,464; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $1,884,413<br>| 1847071 | &nbsp;&nbsp; 1847071 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $4,000,869; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,935<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $5,001,072; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,559,234<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $52,860; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $53,906<br>| 52849 | &nbsp;&nbsp; 52849 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 22899920 |
| Total Securities Lending Reinvestments <br>(Cost $27,399,920) <br>|  | &nbsp;&nbsp; 27399920 |
| Total Investments—101.7% <br>(Cost $1,113,698,826) <br>|  | &nbsp;&nbsp; 1427326910 |
| Other assets and liabilities (net)—(1.7)%  |  | &nbsp;&nbsp; (23675176)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1403651734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $64,258,967 and the collateral received consisted of cash in the amount of $27,399,920 and non-cash collateral with a value of $40,479,358. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 15.4 |
| Pharmaceuticals | 8.1 |
| Insurance | 6.0 |
| Chemicals | 4.8 |
| Electrical Equipment | 4.7 |
| Semiconductors & Semiconductor Equipment | 4.6 |
| Capital Markets | 4.4 |
| Machinery | 4.2 |
| Oil, Gas & Consumable Fuels | 3.8 |
| Textiles, Apparel & Luxury Goods | 2.8 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $535170727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $733195810 |

---

*See accompanying notes to financial statements.*

**BHFTI-347**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(27399920)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(27399920)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(27399920)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50720087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50720087 |
| Brazil | &nbsp;&nbsp; 10235345 | &nbsp;&nbsp; 9236047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19471392 |
| Canada | &nbsp;&nbsp; 45126359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45126359 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 3459525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3459525 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 6870581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6870581 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 115663323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115663323 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 71985543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71985543 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059567 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 27894284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27894284 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 21453584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21453584 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 17648777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17648777 |
| Italy | &nbsp;&nbsp; 5344370 | &nbsp;&nbsp; 41061335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46405705 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 289657322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289657322 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170401 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 87826672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87826672 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 19397538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19397538 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 18769251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18769251 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 37761706 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37761706 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 13451368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13451368 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 42245603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42245603 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 23667898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23667898 |
| Thailand | &nbsp;&nbsp; 8132734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8132734 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 173504269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173504269 |
| United States | &nbsp;&nbsp; 84961519 | &nbsp;&nbsp; 150803378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235764897 |
| Total Common Stocks | &nbsp;&nbsp; 153800327 | &nbsp;&nbsp; 1227308059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1381108386 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 18818604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18818604 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4500000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 22899920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22899920 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 22899920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27399920 |
| Total Investments | &nbsp;&nbsp; $158300327 | &nbsp;&nbsp; $1269026583 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1427326910 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27399920)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27399920)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-348**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1427326910 |
| Cash | &nbsp;&nbsp; 2610 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 74361 |
| Fund shares sold | &nbsp;&nbsp; 91750 |
| Dividends and interest | &nbsp;&nbsp; 8112975 |
| Prepaid expenses | &nbsp;&nbsp; 5127 |
| Total Assets | &nbsp;&nbsp; 1435613733 |
| **Liabilities** |  |
| Due to custodian denominated in foreign currencies (c) | &nbsp;&nbsp; 34560 |
| Collateral for securities loaned | &nbsp;&nbsp; 27399920 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1064377 |
| Foreign taxes | &nbsp;&nbsp; 1999771 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 617088 |
| Distribution and service fees | &nbsp;&nbsp; 96754 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 498574 |
| Total Liabilities | &nbsp;&nbsp; 31961999 |
| **Net Assets**  | &nbsp;&nbsp; $1403651734 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $898978573 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 504673161 |
| **Net Assets**  | &nbsp;&nbsp; $1403651734 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $944986502 |
| Class B | &nbsp;&nbsp; 454231457 |
| Class E | &nbsp;&nbsp; 4433775 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 69667018 |
| Class B | &nbsp;&nbsp; 33926045 |
| Class E | &nbsp;&nbsp; 328346 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $13.56 |
| Class B | 13.39 |
| Class E | 13.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,113,698,826.

(b) Includes securities loaned at value of $64,258,967.

(c) Identified cost of cash due to bank denominated in foreign currencies was $34,923.

(d) Includes foreign capital gains tax of $1,995,346.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $35006225 |
| Interest | &nbsp;&nbsp; 597101 |
| Securities lending income | &nbsp;&nbsp; 142444 |
| Total investment income | &nbsp;&nbsp; 35745770 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 9933994 |
| Administration fees | &nbsp;&nbsp; 74393 |
| Custodian and accounting fees | &nbsp;&nbsp; 177699 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1130780 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 6625 |
| Audit and tax services | &nbsp;&nbsp; 56941 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 96358 |
| Insurance | &nbsp;&nbsp; 12728 |
| Miscellaneous | &nbsp;&nbsp; 32709 |
| Total expenses | &nbsp;&nbsp; 11632812 |
| Less management fee waiver | &nbsp;&nbsp; (1798609)<br>|
| Net expenses | &nbsp;&nbsp; 9834203 |
| **Net Investment Income** | &nbsp;&nbsp; 25911567 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 174852979 |
| Foreign currency transactions | &nbsp;&nbsp; 125101 |
| Net realized gain (loss) | &nbsp;&nbsp; 174978080 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 84165358 |
| Foreign currency transactions | &nbsp;&nbsp; 741035 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 84906393 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 259884473 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $285796040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $3,742,139.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $271,487.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(630,039).

*See accompanying notes to financial statements.*

**BHFTI-349**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $25911567 | &nbsp;&nbsp; $25204989 |
| Net realized gain (loss) | &nbsp;&nbsp; 174978080 | &nbsp;&nbsp; 80160927 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 84906393 | &nbsp;&nbsp; (52674794)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 285796040 | &nbsp;&nbsp; 52691122 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (71669280)<br>| &nbsp;&nbsp; (44577310)<br>|
| Class B | &nbsp;&nbsp; (34162599)<br>| &nbsp;&nbsp; (19730455)<br>|
| Class E | &nbsp;&nbsp; (333351)<br>| &nbsp;&nbsp; (193708)<br>|
| **Total distributions** | &nbsp;&nbsp; (106165230)<br>| &nbsp;&nbsp; (64501473)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (130541895)<br>| &nbsp;&nbsp; (154108273)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 49088915 | &nbsp;&nbsp; (165918624)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1354562819 | &nbsp;&nbsp; 1520481443 |
| End of period | &nbsp;&nbsp; $1403651734 | &nbsp;&nbsp; $1354562819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 833503 | &nbsp;&nbsp; $10738551 | &nbsp;&nbsp; 605392 | &nbsp;&nbsp; $7457053 |
| Reinvestments | &nbsp;&nbsp; 5621120 | &nbsp;&nbsp; 71669280 | &nbsp;&nbsp; 3586268 | &nbsp;&nbsp; 44577310 |
| Redemptions | &nbsp;&nbsp; (13062968)<br>| &nbsp;&nbsp; (170951431)<br>| &nbsp;&nbsp; (13819813)<br>| &nbsp;&nbsp; (172871369)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (6608345)<br>| &nbsp;&nbsp; $(88543600)<br>| &nbsp;&nbsp; (9628153)<br>| &nbsp;&nbsp; $(120837006)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1040159 | &nbsp;&nbsp; $13057496 | &nbsp;&nbsp; 1430494 | &nbsp;&nbsp; $17433721 |
| Reinvestments | &nbsp;&nbsp; 2711317 | &nbsp;&nbsp; 34162599 | &nbsp;&nbsp; 1604102 | &nbsp;&nbsp; 19730455 |
| Redemptions | &nbsp;&nbsp; (6970191)<br>| &nbsp;&nbsp; (88859903)<br>| &nbsp;&nbsp; (5645647)<br>| &nbsp;&nbsp; (69699435)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3218715)<br>| &nbsp;&nbsp; $(41639808)<br>| &nbsp;&nbsp; (2611051)<br>| &nbsp;&nbsp; $(32535259)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6458 | &nbsp;&nbsp; $80383 | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; $108534 |
| Reinvestments | &nbsp;&nbsp; 26248 | &nbsp;&nbsp; 333351 | &nbsp;&nbsp; 15634 | &nbsp;&nbsp; 193708 |
| Redemptions | &nbsp;&nbsp; (59570)<br>| &nbsp;&nbsp; (772221)<br>| &nbsp;&nbsp; (84233)<br>| &nbsp;&nbsp; (1038250)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (26864)<br>| &nbsp;&nbsp; $(358487)<br>| &nbsp;&nbsp; (59799)<br>| &nbsp;&nbsp; $(736008)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(130541895)<br>|  | &nbsp;&nbsp; $(154108273)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-350**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $13.86 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Total income (loss) from investment operations | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.56 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $14.81 |
| **Total Return (%)** (b) | 22.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp; (17.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.98 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (c) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $945.0 | &nbsp;&nbsp; $911.7 | &nbsp;&nbsp; $1039.8 | &nbsp;&nbsp; $1001.3 | &nbsp;&nbsp; $1319.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.72 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 2.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Total income (loss) from investment operations | 2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>|
| Total distributions | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.39 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $14.65 |
| **Total Return (%)** (b) | 22.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.71 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net ratio of expenses to average net assets (%) (c) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $454.2 | &nbsp;&nbsp; $438.6 | &nbsp;&nbsp; $475.7 | &nbsp;&nbsp; $472.2 | &nbsp;&nbsp; $614.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-351**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $13.80 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 2.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Total income (loss) from investment operations | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>|
| Total distributions | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.68)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.50 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $14.74 |
| **Total Return (%)** (b) | 22.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.80 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net ratio of expenses to average net assets (%) (c) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4.4 | &nbsp;&nbsp; $4.2 | &nbsp;&nbsp; $5.0 | &nbsp;&nbsp; $5.2 | &nbsp;&nbsp; $7.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-352**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—90.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 7.7%** | **Biotechnology — 7.7%** | **Biotechnology — 7.7%** |
| Alnylam Pharmaceuticals, Inc. (a) | 6850 | &nbsp;&nbsp; $2723902 |
| Argenx SE (ADR) (a) | 3401 | &nbsp;&nbsp; 2860071 |
| Immunovant, Inc. (a) (b) | 254670 | &nbsp;&nbsp; 6473711 |
| ProKidney Corp. (a) (b) | 1082616 | &nbsp;&nbsp; 2425060 |
| Roivant Sciences Ltd. (a) | 3815124 | &nbsp;&nbsp; 82788191 |
|  |  | &nbsp;&nbsp; 97270935 |
| **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| Global-e Online Ltd. (a) | 476490 | &nbsp;&nbsp; 18730822 |
| **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| Coinbase Global, Inc. - Class A (a) (b) | 99267 | &nbsp;&nbsp; 22448239 |
| Twenty One Capital, Inc. - Class A (a) | 1296615 | &nbsp;&nbsp; 11358348 |
|  |  | &nbsp;&nbsp; 33806587 |
| **Entertainment — 4.6%** | **Entertainment — 4.6%** | **Entertainment — 4.6%** |
| ROBLOX Corp. - Class A (a) | 720605 | &nbsp;&nbsp; 58390623 |
| **Financial Services — 10.1%** | **Financial Services — 10.1%** | **Financial Services — 10.1%** |
| Affirm Holdings, Inc. (a) (b) | 1276793 | &nbsp;&nbsp; 95031703 |
| Federal National Mortgage Association (a) (b) | 3097994 | &nbsp;&nbsp; 33241475 |
|  |  | &nbsp;&nbsp; 128273178 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| agilon health, Inc. (a) (b) | 8222166 | &nbsp;&nbsp; 5662606 |
| **IT Services — 17.9%** | **IT Services — 17.9%** | **IT Services — 17.9%** |
| Cloudflare, Inc. - Class A (a) | 841705 | &nbsp;&nbsp; 165942141 |
| MongoDB, Inc. (a) | 143858 | &nbsp;&nbsp; 60375764 |
|  |  | &nbsp;&nbsp; 226317905 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Symbotic, Inc. (a) (b) | 235596 | &nbsp;&nbsp; 14017962 |
| **Personal Care Products — 3.4%** | **Personal Care Products — 3.4%** | **Personal Care Products — 3.4%** |
| Oddity Tech Ltd. - Class A (a) (b) | 1080876 | &nbsp;&nbsp; 43429598 |
| **Pharmaceuticals — 5.8%** | **Pharmaceuticals — 5.8%** | **Pharmaceuticals — 5.8%** |
| Royalty Pharma PLC - Class A | 1900841 | &nbsp;&nbsp; 73448496 |
| **Real Estate Management & Development — 3.3%** | **Real Estate Management & Development — 3.3%** | **Real Estate Management & Development — 3.3%** |
| Landbridge Co. LLC - Class A (b) | 483738 | &nbsp;&nbsp; 23698325 |
| Opendoor Technologies, Inc. (a) | 3150203 | &nbsp;&nbsp; 18365683 |
|  |  | &nbsp;&nbsp; 42064008 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| Aurora Innovation, Inc. (a) (b) | 7894857 | &nbsp;&nbsp; 30316251 |
| BitMine Immersion Technologies, Inc. (b) | 734976 | &nbsp;&nbsp; 19954598 |
| Circle Internet Group, Inc. (a) (b) | 82211 | &nbsp;&nbsp; 6519332 |
| Figma, Inc. - Class A (a) (b) | 895442 | &nbsp;&nbsp; 33462668 |
| Samsara, Inc. - Class A (a) | 505001 | &nbsp;&nbsp; 17902286 |
| Strategy, Inc. - Class A (a) (b) | 217358 | &nbsp;&nbsp; 33027548 |
|  |  | &nbsp;&nbsp; 141182683 |
| **Specialty Retail — 5.3%** | **Specialty Retail — 5.3%** | **Specialty Retail — 5.3%** |
| Carvana Co. (a) (b) | 13379 | &nbsp;&nbsp; 5646206 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 1007481 | &nbsp;&nbsp; $61345518 |
|  |  | &nbsp;&nbsp; 66991724 |
| **Technology Hardware, Storage & Peripherals — 4.2%** | **Technology Hardware, Storage & Peripherals — 4.2%** | **Technology Hardware, Storage & Peripherals — 4.2%** |
| IonQ, Inc. (a) (b) | 1185413 | &nbsp;&nbsp; 53189481 |
| **Trading Companies & Distributors — 11.3%** | **Trading Companies & Distributors — 11.3%** | **Trading Companies & Distributors — 11.3%** |
| Core & Main, Inc. - Class A (a) (b) | 1134881 | &nbsp;&nbsp; 58979766 |
| QXO, Inc. (a) (b) | 4358695 | &nbsp;&nbsp; 84079226 |
|  |  | &nbsp;&nbsp; 143058992 |
| Total Common Stocks <br>(Cost $1,042,396,300) <br>|  | &nbsp;&nbsp; 1145835600 |
| **Convertible Preferred Stocks—4.7%** | **Convertible Preferred Stocks—4.7%** | **Convertible Preferred Stocks—4.7%** |
| **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| Databricks, Inc. - Series H † (a) (c) (d) | 229833 | &nbsp;&nbsp; 43668270 |
| Databricks, Inc. - Series I † (a) (c) (d) | 83793 | &nbsp;&nbsp; 15920670 |
| Total Convertible Preferred Stocks <br>(Cost $23,047,864) <br>|  | &nbsp;&nbsp; 59588940 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| Opendoor Technologies, Inc. - Series A, Expires 11/20/26 (a) <br>(b)<br>| 70945 | &nbsp;&nbsp; 36913 |
| Opendoor Technologies, Inc. - Series K, Expires 11/20/26 (a) <br>(b)<br>| 70945 | &nbsp;&nbsp; 63851 |
| Opendoor Technologies, Inc. - Series Z, Expires 11/20/26 (a) <br>(b)<br>| 70945 | &nbsp;&nbsp; 28335 |
| Total Warrants <br>(Cost $0) <br>|  | &nbsp;&nbsp; 129099 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Flipkart Ltd. † (a) (c) (d) <br>(Cost $0)<br>| 60812 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—4.8%** | **Short-Term Investments—4.8%** | **Short-Term Investments—4.8%** |
| **Repurchase Agreement—4.8%** | **Repurchase Agreement—4.8%** | **Repurchase Agreement—4.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $60,540,649; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $61,742,995<br>| 60532241 | &nbsp;&nbsp; 60532241 |
| Total Short-Term Investments <br>(Cost $60,532,241) <br>|  | &nbsp;&nbsp; 60532241 |

---

*See accompanying notes to financial statements.*

**BHFTI-353**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—16.4%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 7000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (g) | 2000000 | &nbsp;&nbsp; 2000598 |
| 4.090%, SOFR + 0.380%, 11/19/26 (g) | 1000000 | &nbsp;&nbsp; 999997 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (g) | 1000000 | &nbsp;&nbsp; 1000343 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (g) | 2000000 | &nbsp;&nbsp; 1999766 |
| 4.010%, SOFR + 0.240%, 01/13/26 (g) | 3000000 | &nbsp;&nbsp; 3000012 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (g) | 1000000 | &nbsp;&nbsp; 1000086 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
|  |  | &nbsp;&nbsp; 12001362 |
| **Commercial Paper—0.4%** | **Commercial Paper—0.4%** | **Commercial Paper—0.4%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 3000000 | &nbsp;&nbsp; 2998368 |
| Westpac Banking Corp. |  |  |
| 4.110%, SOFR + 0.400%, 04/10/26 (g) | 2000000 | &nbsp;&nbsp; 2001134 |
|  |  | &nbsp;&nbsp; 4999502 |
| **Repurchase Agreements—14.2%** | **Repurchase Agreements—14.2%** | **Repurchase Agreements—14.2%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,119<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $36,507,807; <br> collateralized by various Common Stock with an aggregate <br> market value of $40,649,164<br>| 36500000 | &nbsp;&nbsp; 36500000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,515,218; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,670,728<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $6,594,051; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $6,725,932<br>| 6592649 | &nbsp;&nbsp; 6592649 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $5,107,265; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $5,200,625<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $21,004,562; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,335,907<br>| 21000000 | &nbsp;&nbsp; 21000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $10,002,217; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,129,584<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $40,008,578; <br> collateralized by various Common Stock with an aggregate <br> market value of $44,449,285<br>| 40000000 | &nbsp;&nbsp; 40000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $19,014,445; <br> collateralized by various Common Stock with an aggregate <br> market value of $21,183,576<br>| 19000000 | &nbsp;&nbsp; 19000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $6,022,808; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,667,390<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $400,081; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $408,001<br>| 400000 | &nbsp;&nbsp; 400000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $19,003,948; <br> collateralized by various Common Stock with an aggregate <br> market value of $20,904,343<br>| 19000000 | &nbsp;&nbsp; 19000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 179992649 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-354**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $207,991,619) <br>|  | &nbsp;&nbsp; 207993513 |
| Total Purchased Options—0.1% (h) <br>(Cost $6,389,864) <br>|  | &nbsp;&nbsp; 904315 |
| Total Investments—116.4% <br>(Cost $1,340,357,888) <br>|  | &nbsp;&nbsp; 1474983708 |
| Other assets and liabilities (net)—(16.4)%  |  | &nbsp;&nbsp; (207436718)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1267546990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $59,588,940, <br> which is 4.7% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2025, the market value of  |

---

---

| | |
|:---|:---|
|  | securities loaned was $351,584,308 and the collateral received consisted of cash in the amount <br> of $207,962,506 and non-cash collateral with a value of $159,090,382. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 4.7% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|
| (h) | For a breakout of open positions, see details shown in the Purchased Options table that follows. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Databricks, Inc. - Series H | 08/31/21 | &nbsp;&nbsp; 229833 | &nbsp;&nbsp; $16889079 | &nbsp;&nbsp; $43668270 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 83793 | &nbsp;&nbsp; 6158785 | &nbsp;&nbsp; 15920670 |
| Flipkart Ltd. | 08/20/18 | &nbsp;&nbsp; 60812 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; $59588940 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22908341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $899055814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1153489034 |

---

The Portfolio engaged in security transactions with other accounts managed by Morgan Stanley Investment Management Inc. the subadviser to the Portfolio, that amounted to $2,357,152 in purchases of investments, which are included above.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(207880540)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(207880540)<br>|
| Warrants | &nbsp;&nbsp; (81966)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81966)<br>|
| Total Borrowings | &nbsp;&nbsp; $(207962506)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(207962506)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(207962506)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-355**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investments in Derivative Instruments**

**Purchased Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call/CNH Put<br> CNH | 7.317 | 12/17/26 | SCB | 462639110 | USD | 462639110 | $1309268 | $829974 | $(479294)<br>|
| USD Call/CNH Put<br> CNH | 7.580 | 08/11/26 | SCB | 439620734 | USD | 439620734 | 1438407 | 70339 | (1368068)<br>|
| USD Call/CNH Put<br> CNH | 7.710 | 05/13/26 | GSI | 323673593 | USD | 323673593 | 1347326 | 1295 | (1346031)<br>|
| USD Call/CNH Put<br> CNH | 7.820 | 02/25/26 | JPMC | 310359994 | USD | 310359994 | 1281476 | 621 | (1280855)<br>|
| USD Call/CNH Put<br> CNH | 7.900 | 04/01/26 | SCB | 208557842 | USD | 208557842 | 1013387 | 2086 | (1011301)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $6389864 | $904315 | $(5485549)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | Investments at market value (a) <br>| &nbsp;&nbsp; $904315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Goldman Sachs International | &nbsp;&nbsp; $1295 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 902399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (902399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $904315 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(904315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(5837778)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(3741230)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-356**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $1548963249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1145835600 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1145835600 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59588940 | &nbsp;&nbsp; 59588940 |
| Total Warrants\* | &nbsp;&nbsp; 129099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129099 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 60532241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60532241 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 12001362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12001362 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999502 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 179992649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179992649 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 200993513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 207993513 |
| Total Purchased Options at Value\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 904315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 904315 |
| Total Investments | &nbsp;&nbsp; $1152964699 | &nbsp;&nbsp; $262430069 | &nbsp;&nbsp; $59588940 | &nbsp;&nbsp; $1474983708 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(207962506)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(207962506)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**December 31, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from Investments** <br>**Held at** <br>**December 31, 2025**<br>|
| Convertible Preferred Stocks |  |  |  |  |
| Software | &nbsp;&nbsp; $29010405<br>| &nbsp;&nbsp; $30578535<br>| &nbsp;&nbsp; $59588940<br>| &nbsp;&nbsp; $30578535<br>|
| Escrow Shares |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp; 12466<br>| &nbsp;&nbsp; (12466)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (12466)<br>|
|  | &nbsp;&nbsp; $29022871<br>| &nbsp;&nbsp; $30566069<br>| &nbsp;&nbsp; $59588940<br>| &nbsp;&nbsp; $30566069<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-357**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table summarizes the valuation techniques and unobservable inputs utilized to determine fair value of the Level 3 assets as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |
| Software | &nbsp;&nbsp; $59588940<br>| Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $190.00<br>| &nbsp;&nbsp; $190.00<br>| &nbsp;&nbsp; Increase |
| Escrow Shares |  |  |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp; 0 | Liquidation Value | Estimated Distribution Per Share | &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; Increase |

---

*See accompanying notes to financial statements.*

**BHFTI-358**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1474983708 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 948 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 921198 |
| Fund shares sold | &nbsp;&nbsp; 2506987 |
| Prepaid expenses | &nbsp;&nbsp; 5180 |
| Total Assets | &nbsp;&nbsp; 1478418021 |
| **Liabilities** |  |
| Cash collateral for purchased options | &nbsp;&nbsp; 1050000 |
| Collateral for securities loaned | &nbsp;&nbsp; 207962506 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 50437 |
| Fund shares redeemed | &nbsp;&nbsp; 462489 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 688858 |
| Distribution and service fees | &nbsp;&nbsp; 83087 |
| Deferred trustees' fees | &nbsp;&nbsp; 253978 |
| Other expenses | &nbsp;&nbsp; 319676 |
| Total Liabilities | &nbsp;&nbsp; 210871031 |
| **Net Assets**  | &nbsp;&nbsp; $1267546990 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1657444976 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (389897986)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1267546990 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $885955073 |
| Class B | &nbsp;&nbsp; 368820896 |
| Class E | &nbsp;&nbsp; 12771021 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 97896625 |
| Class B | &nbsp;&nbsp; 59658662 |
| Class E | &nbsp;&nbsp; 1766150 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.05 |
| Class B | 6.18 |
| Class E | 7.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,340,357,888.

(b) Includes securities loaned at value of $351,584,308.

(c) Identified cost of cash denominated in foreign currencies was $981.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $1818996 |
| Interest | &nbsp;&nbsp; 1107504 |
| Securities lending income | &nbsp;&nbsp; 1635883 |
| Total investment income | &nbsp;&nbsp; 4562383 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8645985 |
| Administration fees | &nbsp;&nbsp; 74282 |
| Custodian and accounting fees | &nbsp;&nbsp; 52275 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1020055 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 20740 |
| Audit and tax services | &nbsp;&nbsp; 55979 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 119317 |
| Insurance | &nbsp;&nbsp; 10250 |
| Miscellaneous | &nbsp;&nbsp; 17565 |
| Total expenses | &nbsp;&nbsp; 10127033 |
| Less management fee waiver | &nbsp;&nbsp; (348679)<br>|
| Net expenses | &nbsp;&nbsp; 9778354 |
| **Net Investment Loss** | &nbsp;&nbsp; (5215971)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 204733766 |
| Purchased options | &nbsp;&nbsp; (5837778)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 54388 |
| Net realized gain (loss) | &nbsp;&nbsp; 198950376 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (13887125)<br>|
| Purchased options | &nbsp;&nbsp; (3741230)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 43 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (17628312)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 181322064 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $176106093 |

---

*See accompanying notes to financial statements.*

**BHFTI-359**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(5215971)<br>| &nbsp;&nbsp; $(4283961)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 198950376 | &nbsp;&nbsp; 214279117 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (17628312)<br>| &nbsp;&nbsp; 182843841 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 176106093 | &nbsp;&nbsp; 392838997 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (191545079)<br>| &nbsp;&nbsp; (228325893)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (15438986)<br>| &nbsp;&nbsp; 164513104 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1282985976 | &nbsp;&nbsp; 1118472872 |
| End of period | &nbsp;&nbsp; $1267546990 | &nbsp;&nbsp; $1282985976 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2635510 | &nbsp;&nbsp; $23374045 | &nbsp;&nbsp; 1959551 | &nbsp;&nbsp; $11934715 |
| Redemptions | &nbsp;&nbsp; (12011678)<br>| &nbsp;&nbsp; (109745573)<br>| &nbsp;&nbsp; (18742264)<br>| &nbsp;&nbsp; (124226387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9376168)<br>| &nbsp;&nbsp; $(86371528)<br>| &nbsp;&nbsp; (16782713)<br>| &nbsp;&nbsp; $(112291672)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5017141 | &nbsp;&nbsp; $30435249 | &nbsp;&nbsp; 2899023 | &nbsp;&nbsp; $11922405 |
| Redemptions | &nbsp;&nbsp; (21342293)<br>| &nbsp;&nbsp; (133263965)<br>| &nbsp;&nbsp; (27610518)<br>| &nbsp;&nbsp; (124595079)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (16325152)<br>| &nbsp;&nbsp; $(102828716)<br>| &nbsp;&nbsp; (24711495)<br>| &nbsp;&nbsp; $(112672674)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 135454 | &nbsp;&nbsp; $952457 | &nbsp;&nbsp; 40840 | &nbsp;&nbsp; $186725 |
| Redemptions | &nbsp;&nbsp; (456527)<br>| &nbsp;&nbsp; (3297292)<br>| &nbsp;&nbsp; (711049)<br>| &nbsp;&nbsp; (3548272)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (321073)<br>| &nbsp;&nbsp; $(2344835)<br>| &nbsp;&nbsp; (670209)<br>| &nbsp;&nbsp; $(3361547)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(191545079)<br>|  | &nbsp;&nbsp; $(228325893)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-360**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $5.72 | &nbsp;&nbsp; $4.05 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $47.23 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp; (13.36)<br>| &nbsp;&nbsp; (2.34)<br>|
| Total income (loss) from investment operations | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (13.38)<br>| &nbsp;&nbsp; (2.46)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $5.72 | &nbsp;&nbsp; $4.05 | &nbsp;&nbsp; $22.25 |
| **Total Return (%)** (c) | 13.55 | &nbsp;&nbsp;&nbsp;&nbsp;39.34 | &nbsp;&nbsp;&nbsp;&nbsp;41.23 | &nbsp;&nbsp; (62.47)<br>| &nbsp;&nbsp; (10.54)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net ratio of expenses to average net assets (%) (d) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $886.0 | &nbsp;&nbsp; $855.0 | &nbsp;&nbsp; $710.1 | &nbsp;&nbsp; $544.8 | &nbsp;&nbsp; $1436.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $3.93 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $43.58 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (11.27)<br>| &nbsp;&nbsp; (1.98)<br>|
| Total income (loss) from investment operations | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; (11.30)<br>| &nbsp;&nbsp; (2.15)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $6.18 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $3.93 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $18.91 |
| **Total Return (%)** (c) | 13.19 | &nbsp;&nbsp;&nbsp;&nbsp;38.93 | &nbsp;&nbsp;&nbsp;&nbsp;40.86 | &nbsp;&nbsp; (62.52)<br>| &nbsp;&nbsp; (10.78)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net ratio of expenses to average net assets (%) (d) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.60)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $368.8 | &nbsp;&nbsp; $414.7 | &nbsp;&nbsp; $395.7 | &nbsp;&nbsp; $298.9 | &nbsp;&nbsp; $588.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-361**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $4.59 | &nbsp;&nbsp; $3.25 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp; $44.91 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (12.03)<br>| &nbsp;&nbsp; (2.11)<br>|
| Total income (loss) from investment operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; (12.06)<br>| &nbsp;&nbsp; (2.26)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $4.59 | &nbsp;&nbsp; $3.25 | &nbsp;&nbsp; $20.13 |
| **Total Return (%)** (c) | 13.32 | &nbsp;&nbsp;&nbsp;&nbsp;39.00 | &nbsp;&nbsp;&nbsp;&nbsp;41.23 | &nbsp;&nbsp; (62.53)<br>| &nbsp;&nbsp; (10.69)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (d) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.50)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $12.7 | &nbsp;&nbsp; $9.7 | &nbsp;&nbsp; $26.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-362**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—12.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury — 12.3%** | **U.S. Treasury — 12.3%** | **U.S. Treasury — 12.3%** |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.250%, 02/15/50 (a) | 1266370 | &nbsp;&nbsp; $728563 |
| 1.000%, 02/15/49 (a) | 2587700 | &nbsp;&nbsp; 1860818 |
| 1.500%, 02/15/53 (a) | 7119385 | &nbsp;&nbsp; 5548971 |
| 2.125%, 02/15/40 (a) | 4067091 | &nbsp;&nbsp; 4024678 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 04/15/26 (a) | 3227848 | &nbsp;&nbsp; 3199740 |
| 0.125%, 01/15/30 (a) | 7592640 | &nbsp;&nbsp; 7200813 |
| 0.125%, 07/15/30 (a) | 15238200 | &nbsp;&nbsp; 14380013 |
| 0.125%, 01/15/31 (a) | 12507000 | &nbsp;&nbsp; 11657685 |
| 0.125%, 07/15/31 (a) | 9718000 | &nbsp;&nbsp; 9003643 |
| 0.375%, 07/15/27 (a) | 3021279 | &nbsp;&nbsp; 2985997 |
| 0.500%, 01/15/28 (a) | 7510345 | &nbsp;&nbsp; 7377661 |
| 0.875%, 01/15/29 (a) | 5467099 | &nbsp;&nbsp; 5382031 |
| 1.125%, 01/15/33 (a) | 18581000 | &nbsp;&nbsp; 17827729 |
| 1.250%, 04/15/28 (a) | 3256320 | &nbsp;&nbsp; 3243009 |
| 1.375%, 07/15/33 (a) | 8576080 | &nbsp;&nbsp; 8358780 |
| 1.625%, 10/15/29 (a) | 9312390 | &nbsp;&nbsp; 9403723 |
| 1.750%, 01/15/34 (a) | 18005890 | &nbsp;&nbsp; 17902648 |
| 1.875%, 07/15/34 (a) | 9338310 | &nbsp;&nbsp; 9375038 |
| 2.125%, 04/15/29 (a) | 13683800 | &nbsp;&nbsp; 13972173 |
| Total U.S. Treasury & Government Agencies <br>(Cost $154,971,664) <br>|  | &nbsp;&nbsp; 153433713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—9.9%** | **Common Stocks—9.9%** | **Common Stocks—9.9%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Elbit Systems Ltd.  | 123 | &nbsp;&nbsp; 70926 |
| General Dynamics Corp.  | 1764 | &nbsp;&nbsp; 593868 |
| Singapore Technologies Engineering Ltd.  | 37800 | &nbsp;&nbsp; 246621 |
|  |  | &nbsp;&nbsp; 911415 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| Expeditors International of Washington, Inc.  | 1260 | &nbsp;&nbsp; 187753 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Bridgestone Corp.  | 13400 | &nbsp;&nbsp; 301419 |
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| ANZ Group Holdings Ltd.  | 4760 | &nbsp;&nbsp; 115180 |
| Banco Bilbao Vizcaya Argentaria SA | 51693 | &nbsp;&nbsp; 1209106 |
| Bank Leumi Le-Israel BM | 72680 | &nbsp;&nbsp; 1602089 |
| Bank of Montreal | 1301 | &nbsp;&nbsp; 168958 |
| Bank of Nova Scotia | 1542 | &nbsp;&nbsp; 113727 |
| BOC Hong Kong Holdings Ltd.  | 69500 | &nbsp;&nbsp; 351403 |
| Canadian Imperial Bank of Commerce | 1245 | &nbsp;&nbsp; 112867 |
| Commerzbank AG | 37318 | &nbsp;&nbsp; 1579898 |
| DBS Group Holdings Ltd.  | 5800 | &nbsp;&nbsp; 253833 |
| Erste Group Bank AG | 15544 | &nbsp;&nbsp; 1870093 |
| Hang Seng Bank Ltd.  | 17200 | &nbsp;&nbsp; 339240 |
| Intesa Sanpaolo SpA | 148058 | &nbsp;&nbsp; 1025435 |
| Japan Post Bank Co. Ltd.  | 9000 | &nbsp;&nbsp; 126576 |
| JPMorgan Chase & Co.  | 277 | &nbsp;&nbsp; 89255 |
| KBC Group NV | 11266 | &nbsp;&nbsp; 1464389 |
| Mizrahi Tefahot Bank Ltd.  | 24426 | &nbsp;&nbsp; 1705770 |
| NatWest Group PLC | 208794 | &nbsp;&nbsp; 1821093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Oversea-Chinese Banking Corp. Ltd.  | 22000 | &nbsp;&nbsp; $337941 |
| Standard Chartered PLC | 57564 | &nbsp;&nbsp; 1405771 |
| UniCredit SpA | 20143 | &nbsp;&nbsp; 1672186 |
| Westpac Banking Corp.  | 3764 | &nbsp;&nbsp; 96654 |
|  |  | &nbsp;&nbsp; 17461464 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Coca-Cola Co.  | 3739 | &nbsp;&nbsp; 261393 |
| Coca-Cola Europacific Partners PLC | 1408 | &nbsp;&nbsp; 127706 |
| Coca-Cola HBC AG | 1718 | &nbsp;&nbsp; 88969 |
| Keurig Dr. Pepper, Inc.  | 12201 | &nbsp;&nbsp; 341750 |
| PepsiCo, Inc.  | 2090 | &nbsp;&nbsp; 299957 |
|  |  | &nbsp;&nbsp; 1119775 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | 289 | &nbsp;&nbsp; 66034 |
| Amgen, Inc.  | 442 | &nbsp;&nbsp; 144671 |
| CSL Ltd.  | 1397 | &nbsp;&nbsp; 160952 |
| Gilead Sciences, Inc.  | 1195 | &nbsp;&nbsp; 146674 |
| Moderna, Inc. (b) | 11187 | &nbsp;&nbsp; 329905 |
|  |  | &nbsp;&nbsp; 848236 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Dollarama, Inc.  | 3522 | &nbsp;&nbsp; 526395 |
| eBay, Inc.  | 4555 | &nbsp;&nbsp; 396740 |
| Next PLC | 8789 | &nbsp;&nbsp; 1617042 |
|  |  | &nbsp;&nbsp; 2540177 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Cie de Saint-Gobain SA | 1195 | &nbsp;&nbsp; 121308 |
| Geberit AG | 1378 | &nbsp;&nbsp; 1073423 |
| Johnson Controls International PLC | 1566 | &nbsp;&nbsp; 187529 |
|  |  | &nbsp;&nbsp; 1382260 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Bank of New York Mellon Corp.  | 1089 | &nbsp;&nbsp; 126422 |
| Intercontinental Exchange, Inc.  | 509 | &nbsp;&nbsp; 82438 |
| Nasdaq, Inc.  | 1036 | &nbsp;&nbsp; 100627 |
| Northern Trust Corp.  | 1428 | &nbsp;&nbsp; 195050 |
| S&P Global, Inc.  | 188 | &nbsp;&nbsp; 98247 |
| Singapore Exchange Ltd.  | 16800 | &nbsp;&nbsp; 220754 |
| TMX Group Ltd.  | 1981 | &nbsp;&nbsp; 75383 |
|  |  | &nbsp;&nbsp; 898921 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Air Liquide SA | 498 | &nbsp;&nbsp; 93716 |
| Air Products & Chemicals, Inc.  | 3274 | &nbsp;&nbsp; 808744 |
| BASF SE | 2247 | &nbsp;&nbsp; 117389 |
| Linde PLC | 356 | &nbsp;&nbsp; 151795 |
|  |  | &nbsp;&nbsp; 1171644 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Brambles Ltd.  | 63523 | &nbsp;&nbsp; 973699 |
| Republic Services, Inc.  | 2535 | &nbsp;&nbsp; 537242 |
| Secom Co. Ltd.  | 3000 | &nbsp;&nbsp; 106618 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-363**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| Veralto Corp.  | 1413 | &nbsp;&nbsp; $140989 |
| Waste Management, Inc.  | 409 | &nbsp;&nbsp; 89861 |
|  |  | &nbsp;&nbsp; 1848409 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Cisco Systems, Inc.  | 7298 | &nbsp;&nbsp; 562165 |
| Motorola Solutions, Inc.  | 271 | &nbsp;&nbsp; 103880 |
| Telefonaktiebolaget LM Ericsson - B Shares | 179259 | &nbsp;&nbsp; 1749958 |
|  |  | &nbsp;&nbsp; 2416003 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Kajima Corp.  | 2200 | &nbsp;&nbsp; 82039 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Heidelberg Materials AG | 6486 | &nbsp;&nbsp; 1698487 |
| Holcim AG | 15480 | &nbsp;&nbsp; 1517556 |
|  |  | &nbsp;&nbsp; 3216043 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Carrefour SA | 3159 | &nbsp;&nbsp; 52693 |
| Empire Co. Ltd. - Class A | 4801 | &nbsp;&nbsp; 166918 |
| George Weston Ltd.  | 3548 | &nbsp;&nbsp; 244771 |
| Koninklijke Ahold Delhaize NV | 10761 | &nbsp;&nbsp; 441339 |
| Metro, Inc.  | 3843 | &nbsp;&nbsp; 276602 |
| Tesco PLC | 199299 | &nbsp;&nbsp; 1186603 |
|  |  | &nbsp;&nbsp; 2368926 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC | 111026 | &nbsp;&nbsp; 925957 |
| CCL Industries, Inc. - Class B | 2717 | &nbsp;&nbsp; 171625 |
| International Paper Co.  | 23148 | &nbsp;&nbsp; 911800 |
| Packaging Corp. of America | 5085 | &nbsp;&nbsp; 1048679 |
|  |  | &nbsp;&nbsp; 3058061 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Pearson PLC | 6669 | &nbsp;&nbsp; 94118 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| AT&T, Inc.  | 28142 | &nbsp;&nbsp; 699047 |
| Deutsche Telekom AG | 7039 | &nbsp;&nbsp; 228326 |
| Elisa OYJ | 3867 | &nbsp;&nbsp; 171618 |
| Koninklijke KPN NV | 50858 | &nbsp;&nbsp; 237922 |
| Orange SA | 23444 | &nbsp;&nbsp; 391167 |
| Singapore Telecommunications Ltd.  | 62300 | &nbsp;&nbsp; 220732 |
| Swisscom AG | 655 | &nbsp;&nbsp; 475984 |
| Telia Co. AB | 21345 | &nbsp;&nbsp; 91194 |
| Verizon Communications, Inc.  | 20009 | &nbsp;&nbsp; 814967 |
|  |  | &nbsp;&nbsp; 3330957 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| Alliant Energy Corp.  | 16314 | &nbsp;&nbsp; 1060573 |
| Constellation Energy Corp.  | 1572 | &nbsp;&nbsp; 555340 |
| Duke Energy Corp.  | 7667 | &nbsp;&nbsp; 898649 |
| Fortis, Inc.  | 6952 | &nbsp;&nbsp; 361440 |
| Fortum OYJ | 3336 | &nbsp;&nbsp; 70994 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** |
| Hydro One Ltd.  | 8144 | &nbsp;&nbsp; $324205 |
| Pinnacle West Capital Corp.  | 1215 | &nbsp;&nbsp; 107771 |
| Southern Co.  | 7193 | &nbsp;&nbsp; 627230 |
|  |  | &nbsp;&nbsp; 4006202 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| ABB Ltd.  | 1801 | &nbsp;&nbsp; 133132 |
| AMETEK, Inc.  | 2710 | &nbsp;&nbsp; 556390 |
| Emerson Electric Co.  | 1251 | &nbsp;&nbsp; 166033 |
| GE Vernova, Inc.  | 392 | &nbsp;&nbsp; 256200 |
| Generac Holdings, Inc. (b) | 1443 | &nbsp;&nbsp; 196782 |
| Legrand SA | 386 | &nbsp;&nbsp; 57362 |
| Prysmian SpA | 540 | &nbsp;&nbsp; 53844 |
|  |  | &nbsp;&nbsp; 1419743 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Amphenol Corp. - Class A | 768 | &nbsp;&nbsp; 103787 |
| Corning, Inc.  | 1746 | &nbsp;&nbsp; 152880 |
| Keysight Technologies, Inc. (b) | 1022 | &nbsp;&nbsp; 207660 |
| Kyocera Corp.  | 45600 | &nbsp;&nbsp; 640136 |
| TE Connectivity PLC | 660 | &nbsp;&nbsp; 150157 |
| Teledyne Technologies, Inc. (b) | 863 | &nbsp;&nbsp; 440760 |
| Yokogawa Electric Corp.  | 1400 | &nbsp;&nbsp; 44900 |
|  |  | &nbsp;&nbsp; 1740280 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Electronic Arts, Inc.  | 1873 | &nbsp;&nbsp; 382710 |
| Warner Bros Discovery, Inc. (b) | 15893 | &nbsp;&nbsp; 458036 |
|  |  | &nbsp;&nbsp; 840746 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Berkshire Hathaway, Inc. - Class B (b) | 228 | &nbsp;&nbsp; 114604 |
| Block, Inc. (b) | 3086 | &nbsp;&nbsp; 200868 |
| Fiserv, Inc. (b) | 3065 | &nbsp;&nbsp; 205876 |
|  |  | &nbsp;&nbsp; 521348 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Campbell's Co.  | 5847 | &nbsp;&nbsp; 162956 |
| Conagra Brands, Inc.  | 26831 | &nbsp;&nbsp; 464445 |
| Danone SA | 2019 | &nbsp;&nbsp; 182173 |
| General Mills, Inc.  | 10506 | &nbsp;&nbsp; 488529 |
| Hershey Co.  | 2283 | &nbsp;&nbsp; 415460 |
| Hormel Foods Corp.  | 23716 | &nbsp;&nbsp; 562069 |
| J.M. Smucker Co.  | 3153 | &nbsp;&nbsp; 308395 |
| Kraft Heinz Co.  | 4053 | &nbsp;&nbsp; 98285 |
| McCormick & Co., Inc.  | 9561 | &nbsp;&nbsp; 651200 |
| Mondelez International, Inc. - Class A | 8276 | &nbsp;&nbsp; 445497 |
| Saputo, Inc.  | 3743 | &nbsp;&nbsp; 112654 |
| Tyson Foods, Inc. - Class A | 9001 | &nbsp;&nbsp; 527639 |
| WH Group Ltd.  | 68500 | &nbsp;&nbsp; 76263 |
| Wilmar International Ltd.  | 96100 | &nbsp;&nbsp; 229739 |
|  |  | &nbsp;&nbsp; 4725304 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| AltaGas Ltd.  | 2502 | &nbsp;&nbsp; 76288 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-364**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Gas Utilities—(Continued)** | **Gas Utilities—(Continued)** | **Gas Utilities—(Continued)** |
| Tokyo Gas Co. Ltd.  | 9500 | &nbsp;&nbsp; $375639 |
|  |  | &nbsp;&nbsp; 451927 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| CSX Corp.  | 4614 | &nbsp;&nbsp; 167258 |
| East Japan Railway Co.  | 4300 | &nbsp;&nbsp; 113799 |
| Hankyu Hanshin Holdings, Inc.  | 3900 | &nbsp;&nbsp; 98085 |
| MTR Corp. Ltd.  | 73000 | &nbsp;&nbsp; 279147 |
| Norfolk Southern Corp.  | 156 | &nbsp;&nbsp; 45040 |
| Union Pacific Corp.  | 123 | &nbsp;&nbsp; 28452 |
|  |  | &nbsp;&nbsp; 731781 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Abbott Laboratories | 4540 | &nbsp;&nbsp; 568817 |
| Becton Dickinson & Co.  | 1199 | &nbsp;&nbsp; 232690 |
| Boston Scientific Corp. (b) | 3869 | &nbsp;&nbsp; 368909 |
| Cooper Cos., Inc. (b) | 5251 | &nbsp;&nbsp; 430372 |
| Medtronic PLC | 4446 | &nbsp;&nbsp; 427083 |
| Smith & Nephew PLC | 4869 | &nbsp;&nbsp; 81057 |
| Sonova Holding AG | 3641 | &nbsp;&nbsp; 939437 |
| STERIS PLC | 1170 | &nbsp;&nbsp; 296618 |
| Stryker Corp.  | 1113 | &nbsp;&nbsp; 391186 |
|  |  | &nbsp;&nbsp; 3736169 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Elevance Health, Inc.  | 430 | &nbsp;&nbsp; 150736 |
| Henry Schein, Inc. (b) | 5394 | &nbsp;&nbsp; 407679 |
| Molina Healthcare, Inc. (b) | 1454 | &nbsp;&nbsp; 252327 |
| NMC Health PLC (b) (c) (d) | 1427 | &nbsp;&nbsp; 0 |
| Quest Diagnostics, Inc.  | 435 | &nbsp;&nbsp; 75486 |
| UnitedHealth Group, Inc.  | 530 | &nbsp;&nbsp; 174958 |
|  |  | &nbsp;&nbsp; 1061186 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Booking Holdings, Inc.  | 71 | &nbsp;&nbsp; 380228 |
| Compass Group PLC | 2992 | &nbsp;&nbsp; 95190 |
| McDonald's Corp.  | 2441 | &nbsp;&nbsp; 746043 |
| Restaurant Brands International, Inc.  | 3482 | &nbsp;&nbsp; 237605 |
| Yum! Brands, Inc.  | 3436 | &nbsp;&nbsp; 519798 |
|  |  | &nbsp;&nbsp; 1978864 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Garmin Ltd.  | 1678 | &nbsp;&nbsp; 340382 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc.  | 5879 | &nbsp;&nbsp; 492954 |
| Colgate-Palmolive Co.  | 3044 | &nbsp;&nbsp; 240537 |
| Kimberly-Clark Corp.  | 2962 | &nbsp;&nbsp; 298836 |
| Procter & Gamble Co.  | 2312 | &nbsp;&nbsp; 331333 |
| Reckitt Benckiser Group PLC | 1231 | &nbsp;&nbsp; 99663 |
|  |  | &nbsp;&nbsp; 1463323 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Jardine Matheson Holdings Ltd.  | 6200 | &nbsp;&nbsp; 422863 |
| Keppel Ltd.  | 31900 | &nbsp;&nbsp; 256061 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** |
| Sekisui Chemical Co. Ltd.  | 9600 | &nbsp;&nbsp; $161058 |
| Siemens AG | 235 | &nbsp;&nbsp; 65996 |
| Smiths Group PLC | 4256 | &nbsp;&nbsp; 134111 |
|  |  | &nbsp;&nbsp; 1040089 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Allianz SE | 3741 | &nbsp;&nbsp; 1715878 |
| Allstate Corp.  | 2350 | &nbsp;&nbsp; 489152 |
| Aon PLC - Class A | 212 | &nbsp;&nbsp; 74811 |
| Arch Capital Group Ltd. (b) | 1343 | &nbsp;&nbsp; 128821 |
| Arthur J Gallagher & Co.  | 1531 | &nbsp;&nbsp; 396207 |
| Assurant, Inc.  | 2105 | &nbsp;&nbsp; 506989 |
| Aviva PLC | 175430 | &nbsp;&nbsp; 1606159 |
| AXA SA | 26629 | &nbsp;&nbsp; 1280716 |
| Brown & Brown, Inc.  | 1552 | &nbsp;&nbsp; 123694 |
| Chubb Ltd.  | 1849 | &nbsp;&nbsp; 577110 |
| Cincinnati Financial Corp.  | 1076 | &nbsp;&nbsp; 175732 |
| Everest Group Ltd.  | 913 | &nbsp;&nbsp; 309827 |
| Generali | 49728 | &nbsp;&nbsp; 2087381 |
| Hannover Rueck SE | 557 | &nbsp;&nbsp; 174031 |
| Hartford Insurance Group, Inc.  | 1125 | &nbsp;&nbsp; 155025 |
| Helvetia Baloise Holding AG | 710 | &nbsp;&nbsp; 187177 |
| Intact Financial Corp.  | 362 | &nbsp;&nbsp; 75359 |
| Japan Post Holdings Co. Ltd.  | 7600 | &nbsp;&nbsp; 79920 |
| Manulife Financial Corp.  | 50940 | &nbsp;&nbsp; 1849732 |
| Marsh & McLennan Cos., Inc.  | 2701 | &nbsp;&nbsp; 501090 |
| Medibank Pvt Ltd.  | 52342 | &nbsp;&nbsp; 166989 |
| NN Group NV | 20959 | &nbsp;&nbsp; 1613495 |
| Progressive Corp.  | 358 | &nbsp;&nbsp; 81524 |
| Travelers Cos., Inc.  | 1934 | &nbsp;&nbsp; 560976 |
| W.R. Berkley Corp.  | 5965 | &nbsp;&nbsp; 418266 |
| Zurich Insurance Group AG | 344 | &nbsp;&nbsp; 261102 |
|  |  | &nbsp;&nbsp; 15597163 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Alphabet, Inc. - Class A | 1210 | &nbsp;&nbsp; 378730 |
| Match Group, Inc.  | 15234 | &nbsp;&nbsp; 491906 |
| Scout24 SE | 758 | &nbsp;&nbsp; 76403 |
|  |  | &nbsp;&nbsp; 947039 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Accenture PLC - Class A | 1784 | &nbsp;&nbsp; 478647 |
| CGI, Inc.  | 1902 | &nbsp;&nbsp; 175684 |
| Cognizant Technology Solutions Corp. - Class A | 5562 | &nbsp;&nbsp; 461646 |
| EPAM Systems, Inc. (b) | 1334 | &nbsp;&nbsp; 273310 |
| International Business Machines Corp.  | 374 | &nbsp;&nbsp; 110783 |
| Wix.com Ltd. (b) | 476 | &nbsp;&nbsp; 49452 |
|  |  | &nbsp;&nbsp; 1549522 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Charles River Laboratories International, Inc. (b) | 1381 | &nbsp;&nbsp; 275482 |
| Danaher Corp.  | 174 | &nbsp;&nbsp; 39832 |
| Thermo Fisher Scientific, Inc.  | 162 | &nbsp;&nbsp; 93871 |
|  |  | &nbsp;&nbsp; 409185 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-365**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Dover Corp.  | 2891 | &nbsp;&nbsp; $564439 |
| IDEX Corp.  | 795 | &nbsp;&nbsp; 141462 |
| Illinois Tool Works, Inc.  | 1985 | &nbsp;&nbsp; 488906 |
| Schindler Holding AG | 333 | &nbsp;&nbsp; 118032 |
|  |  | &nbsp;&nbsp; 1312839 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Comcast Corp. - Class A | 17028 | &nbsp;&nbsp; 508967 |
| Fox Corp. - Class B | 11762 | &nbsp;&nbsp; 763707 |
| Paramount Skydance Corp. - Class B | 23793 | &nbsp;&nbsp; 318826 |
| Trade Desk, Inc. - Class A (b) | 9330 | &nbsp;&nbsp; 354167 |
|  |  | &nbsp;&nbsp; 1945667 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| Anglo American PLC | 26911 | &nbsp;&nbsp; 1108986 |
| BHP Group Ltd.  | 59052 | &nbsp;&nbsp; 1781957 |
| Fortescue Ltd.  | 102151 | &nbsp;&nbsp; 1493623 |
| Kinross Gold Corp.  | 48794 | &nbsp;&nbsp; 1374359 |
| Newmont Corp.  | 14995 | &nbsp;&nbsp; 1497251 |
| Rio Tinto PLC | 2708 | &nbsp;&nbsp; 216057 |
|  |  | &nbsp;&nbsp; 7472233 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Ameren Corp.  | 6213 | &nbsp;&nbsp; 620430 |
| Canadian Utilities Ltd. - Class A | 8556 | &nbsp;&nbsp; 266364 |
| CMS Energy Corp.  | 3097 | &nbsp;&nbsp; 216573 |
| DTE Energy Co.  | 3872 | &nbsp;&nbsp; 499411 |
| Engie SA | 6450 | &nbsp;&nbsp; 169594 |
| Public Service Enterprise Group, Inc.  | 8745 | &nbsp;&nbsp; 702223 |
| Sempra | 5526 | &nbsp;&nbsp; 487891 |
| WEC Energy Group, Inc.  | 1828 | &nbsp;&nbsp; 192781 |
|  |  | &nbsp;&nbsp; 3155267 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| APA Corp.  | 42439 | &nbsp;&nbsp; 1038058 |
| ARC Resources Ltd.  | 12911 | &nbsp;&nbsp; 242219 |
| Chevron Corp.  | 6530 | &nbsp;&nbsp; 995237 |
| Exxon Mobil Corp.  | 12415 | &nbsp;&nbsp; 1494021 |
| Kinder Morgan, Inc.  | 40754 | &nbsp;&nbsp; 1120327 |
| OMV AG | 4564 | &nbsp;&nbsp; 253877 |
| ONEOK, Inc.  | 1831 | &nbsp;&nbsp; 134579 |
| Shell PLC | 22275 | &nbsp;&nbsp; 818255 |
| Tourmaline Oil Corp.  | 5802 | &nbsp;&nbsp; 260267 |
| Williams Cos., Inc.  | 17523 | &nbsp;&nbsp; 1053308 |
|  |  | &nbsp;&nbsp; 7410148 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| UPM-Kymmene OYJ | 17872 | &nbsp;&nbsp; 517915 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Beiersdorf AG | 2586 | &nbsp;&nbsp; 284579 |
| Kenvue, Inc.  | 23610 | &nbsp;&nbsp; 407272 |
| Unilever PLC | 1763 | &nbsp;&nbsp; 115267 |
|  |  | &nbsp;&nbsp; 807118 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Astellas Pharma, Inc.  | 54800 | &nbsp;&nbsp; $732183 |
| Bristol-Myers Squibb Co.  | 2921 | &nbsp;&nbsp; 157559 |
| Johnson & Johnson | 2659 | &nbsp;&nbsp; 550280 |
| Merck & Co., Inc.  | 2511 | &nbsp;&nbsp; 264308 |
| Novartis AG | 1357 | &nbsp;&nbsp; 187453 |
| Pfizer, Inc.  | 7021 | &nbsp;&nbsp; 174823 |
| Takeda Pharmaceutical Co. Ltd.  | 14038 | &nbsp;&nbsp; 436118 |
| UCB SA | 521 | &nbsp;&nbsp; 145316 |
| Zoetis, Inc.  | 3139 | &nbsp;&nbsp; 394949 |
|  |  | &nbsp;&nbsp; 3042989 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Automatic Data Processing, Inc.  | 227 | &nbsp;&nbsp; 58391 |
| Broadridge Financial Solutions, Inc.  | 2226 | &nbsp;&nbsp; 496777 |
| Paychex, Inc.  | 1496 | &nbsp;&nbsp; 167821 |
| RELX PLC | 6487 | &nbsp;&nbsp; 262388 |
| Wolters Kluwer NV | 885 | &nbsp;&nbsp; 91886 |
|  |  | &nbsp;&nbsp; 1077263 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CK Asset Holdings Ltd.  | 32000 | &nbsp;&nbsp; 161187 |
| Hongkong Land Holdings Ltd.  | 48300 | &nbsp;&nbsp; 335224 |
| Sino Land Co. Ltd.  | 116000 | &nbsp;&nbsp; 152009 |
|  |  | &nbsp;&nbsp; 648420 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Equity Residential | 1263 | &nbsp;&nbsp; 79620 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| Realty Income Corp.  | 510 | &nbsp;&nbsp; 28749 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| Advantest Corp.  | 11500 | &nbsp;&nbsp; 1451806 |
| Analog Devices, Inc.  | 816 | &nbsp;&nbsp; 221299 |
| ASML Holding NV | 42 | &nbsp;&nbsp; 44894 |
| Qnity Electronics, Inc. - Class W/I | 7543 | &nbsp;&nbsp; 615886 |
| Texas Instruments, Inc.  | 1293 | &nbsp;&nbsp; 224323 |
| Tokyo Electron Ltd.  | 6200 | &nbsp;&nbsp; 1361629 |
|  |  | &nbsp;&nbsp; 3919837 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| AppLovin Corp. - Class A (b) | 253 | &nbsp;&nbsp; 170476 |
| Check Point Software Technologies Ltd. (b) | 531 | &nbsp;&nbsp; 98532 |
| Descartes Systems Group, Inc. (b) | 3418 | &nbsp;&nbsp; 299852 |
| Oracle Corp.  | 810 | &nbsp;&nbsp; 157877 |
| Palantir Technologies, Inc. - Class A (b) | 845 | &nbsp;&nbsp; 150199 |
| Roper Technologies, Inc.  | 1004 | &nbsp;&nbsp; 446910 |
| SAP SE | 299 | &nbsp;&nbsp; 73159 |
| Synopsys, Inc. (b) | 512 | &nbsp;&nbsp; 240497 |
|  |  | &nbsp;&nbsp; 1637502 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| AutoZone, Inc. (b) | 85 | &nbsp;&nbsp; 288278 |
| Home Depot, Inc.  | 1305 | &nbsp;&nbsp; 449050 |
| Lowe's Cos., Inc.  | 2841 | &nbsp;&nbsp; 685136 |
| Ross Stores, Inc.  | 2088 | &nbsp;&nbsp; 376132 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-366**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

**Short-Term Investments—75.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| TJX Cos., Inc.  | 4752 | &nbsp;&nbsp; $729955 |
| Tractor Supply Co.  | 6645 | &nbsp;&nbsp; 332316 |
|  |  | &nbsp;&nbsp; 2860867 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| HP, Inc.  | 10652 | &nbsp;&nbsp; 237326 |
| Logitech International SA | 333 | &nbsp;&nbsp; 33914 |
| Super Micro Computer, Inc. (b) | 4334 | &nbsp;&nbsp; 126856 |
|  |  | &nbsp;&nbsp; 398096 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc.  | 7726 | &nbsp;&nbsp; 445481 |
| British American Tobacco PLC | 800 | &nbsp;&nbsp; 45342 |
| Imperial Brands PLC | 1497 | &nbsp;&nbsp; 62937 |
| Philip Morris International, Inc.  | 2261 | &nbsp;&nbsp; 362664 |
|  |  | &nbsp;&nbsp; 916424 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| KDDI Corp.  | 2000 | &nbsp;&nbsp; 34597 |
| Tele2 AB - B Shares | 4743 | &nbsp;&nbsp; 79586 |
| T-Mobile U.S., Inc.  | 2959 | &nbsp;&nbsp; 600795 |
| Vodafone Group PLC | 74811 | &nbsp;&nbsp; 99403 |
|  |  | &nbsp;&nbsp; 814381 |
| Total Common Stocks <br>(Cost $114,522,227) <br>|  | &nbsp;&nbsp; 123843208 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (b) <br>(Cost $0)<br>| 179 | &nbsp;&nbsp; 0 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| ABIOMED, Inc. (b) (c) (d) <br>(Cost $1,189)<br>| 1165 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—6.2%** | **U.S. Treasury—6.2%** | **U.S. Treasury—6.2%** |
| U.S. Treasury Bills |  |  |
| 3.635%, 03/12/26 (e) (f) | 78000000 | &nbsp;&nbsp; $77469817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—69.5%** |  |  |
| BlackRock Liquidity Funds FedFund, Institutional Shares |  |  |
| 3.640% (g) | 225613185 | &nbsp;&nbsp; 225613185 |
| Dreyfus Treasury & Agency Cash Management Fund, <br> Institutional Shares<br>|  |  |
| 3.650% (g) | 238909280 | &nbsp;&nbsp; 238909280 |
| Goldman Sachs Financial Square Government Fund, <br> Institutional Shares<br>|  |  |
| 3.610% (g) | 234097547 | &nbsp;&nbsp; 234097547 |
| State Street Institutional Treasury Plus Money Market Fund, <br> Premier Class<br>|  |  |
| 3.740% (g) | 171107883 | &nbsp;&nbsp; 171107883 |
| Total Short-Term Investment Funds <br>(Cost $869,727,895) <br>|  | &nbsp;&nbsp; 869727895 |
| Total Short-Term Investments <br>(Cost $947,176,511) <br>|  | &nbsp;&nbsp; 947197712 |
| Total Investments—97.9% <br>(Cost $1,216,671,591) <br>|  | &nbsp;&nbsp; 1224474633 |
| Other assets and liabilities (net)—2.1%  |  | &nbsp;&nbsp; 26243337 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1250717970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Principal amount of security is adjusted for inflation.

(b) Non-income producing security.

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets. 

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

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2025, the market value of securities pledged was $77,469,817. 

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

(g) The rate shown represents the annualized seven-day yield as of December 31, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $106674373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $188653606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38 <br>,118337<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $399652725 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-367**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 756 | AUD | 82769949 | &nbsp;&nbsp; $(5696)<br>|
| Brent Crude Oil Futures | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 175 | USD | 10648750 | &nbsp;&nbsp; (360493)<br>|
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 1301 | CAD | 157303910 | &nbsp;&nbsp; (1247841)<br>|
| Cattle Feeder Futures | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; 276 | USD | 47654850 | &nbsp;&nbsp; 3603585 |
| Cocoa Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 11 | USD | 667150 | &nbsp;&nbsp; (108714)<br>|
| Cocoa Futures | &nbsp;&nbsp; 05/13/26 | &nbsp;&nbsp; 1 | USD | 61020 | &nbsp;&nbsp; (6203)<br>|
| Coffee "C" Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 20 | USD | 2615625 | &nbsp;&nbsp; (249257)<br>|
| Copper Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 304 | USD | 43183200 | &nbsp;&nbsp; 3719482 |
| Corn Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 795 | USD | 17499938 | &nbsp;&nbsp; 58542 |
| Cotton No. 2 Futures | &nbsp;&nbsp; 03/09/26 | &nbsp;&nbsp; 35 | USD | 1124725 | &nbsp;&nbsp; (45794)<br>|
| DAX Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 38 | EUR | 23455500 | &nbsp;&nbsp; 320469 |
| Euro-Bobl Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 372 | EUR | 43211520 | &nbsp;&nbsp; (216548)<br>|
| Euro-BTP Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 608 | EUR | 73069440 | &nbsp;&nbsp; (153884)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 703 | EUR | 89681710 | &nbsp;&nbsp; (801009)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 90 | EUR | 9910800 | &nbsp;&nbsp; (178663)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 299 | GBP | 29723590 | &nbsp;&nbsp; 995950 |
| Gold 100 Troy Ounces Futures | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; 170 | USD | 73798700 | &nbsp;&nbsp; 1851490 |
| Hang Seng Index Futures | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; 182 | HKD | 233396800 | &nbsp;&nbsp; (223682)<br>|
| IBEX 35 Index Futures | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; 136 | EUR | 23500120 | &nbsp;&nbsp; 576055 |
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 185 | JPY | 24495850000 | &nbsp;&nbsp; (1047962)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp; 836 | USD | 28457440 | &nbsp;&nbsp; 1657789 |
| Lean Hogs Futures | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 142 | USD | 5106320 | &nbsp;&nbsp; (11686)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; 315 | USD | 29181600 | &nbsp;&nbsp; 1719252 |
| Live Cattle Futures | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 352 | USD | 32693760 | &nbsp;&nbsp; 1228139 |
| LME Nickel Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 155 | USD | 15474205 | &nbsp;&nbsp; 1560057 |
| LME Primary Aluminum Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 242 | USD | 18116543 | &nbsp;&nbsp; 762963 |
| LME Zinc Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 181 | USD | 14113113 | &nbsp;&nbsp; 413945 |
| Low Sulphur Gas Oil Futures | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 176 | USD | 10912000 | &nbsp;&nbsp; (459218)<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 2571 | USD | 181435470 | &nbsp;&nbsp; 1658424 |
| NASDAQ 100 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 5 | USD | 2545675 | &nbsp;&nbsp; (51216)<br>|
| New York Harbor ULSD Future | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 100 | USD | 8910300 | &nbsp;&nbsp; (643003)<br>|
| OMX Stockholm 30 Index Futures | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; 1007 | SEK | 291551675 | &nbsp;&nbsp; 827083 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 159 | USD | 11452770 | &nbsp;&nbsp; (775445)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 355 | USD | 44339500 | &nbsp;&nbsp; (2053916)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 148 | USD | 51004500 | &nbsp;&nbsp; (549143)<br>|
| S&P TSX 60 Index Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 141 | CAD | 52505580 | &nbsp;&nbsp; 98481 |
| Silver Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 131 | USD | 46244965 | &nbsp;&nbsp; 11071399 |
| Soybean Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 261 | USD | 13669875 | &nbsp;&nbsp; (1035499)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 385 | USD | 11526900 | &nbsp;&nbsp; (812245)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 337 | USD | 9818832 | &nbsp;&nbsp; (653718)<br>|
| SPI 200 Index Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 270 | AUD | 58563000 | &nbsp;&nbsp; 203959 |
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 174 | JPY | 5939490000 | &nbsp;&nbsp; 285421 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 496 | USD | 57334500 | &nbsp;&nbsp; (417115)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 3208 | USD | 669795311 | &nbsp;&nbsp; 137604 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 3834 | USD | 419074174 | &nbsp;&nbsp; (641647)<br>|
| Wheat Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 441 | USD | 11179350 | &nbsp;&nbsp; (1334943)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; 160 | USD | 9155200 | &nbsp;&nbsp; (216988)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Australian Dollar Currency Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; (274)<br>| USD | (18284020)<br>| &nbsp;&nbsp; (133402)<br>|
| British Pound Currency Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; (409)<br>| USD | (34402013)<br>| &nbsp;&nbsp; (343711)<br>|
| Canadian Dollar Currency Futures | &nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp; (323)<br>| USD | (23617760)<br>| &nbsp;&nbsp; (189098)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-368**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Euro Currency Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; (204)<br>| USD | (30039000)<br>| &nbsp;&nbsp; $(211216)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; (21)<br>| USD | (1637433)<br>| &nbsp;&nbsp; (15754)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $17555380 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $27646643 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $6728960 |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; 4965842 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; 2877957 |
| Foreign Exchange |  |  | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; 877427 |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; 137604 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; 4710365 |
| Total |  | &nbsp;&nbsp; $32750089 |  | &nbsp;&nbsp; $15194709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(13190627)<br>| &nbsp;&nbsp;&nbsp; $(13190627)<br>|
| Futures contracts | &nbsp;&nbsp; (14976055)<br>| &nbsp;&nbsp;&nbsp; 67993990 | &nbsp;&nbsp;&nbsp; 98411876 | &nbsp;&nbsp;&nbsp; (5539999)<br>| &nbsp;&nbsp;&nbsp; 145889812 |
|  | &nbsp;&nbsp; $(14976055)<br>| &nbsp;&nbsp;&nbsp; $67993990 | &nbsp;&nbsp;&nbsp; $98411876 | &nbsp;&nbsp;&nbsp; $(18730626)<br>| &nbsp;&nbsp;&nbsp; $132699185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation** <br> **(Depreciation)**<br>| **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(450132)<br>| &nbsp;&nbsp;&nbsp; $(450132)<br>|
| Futures contracts | &nbsp;&nbsp; 9682014 | &nbsp;&nbsp;&nbsp; 11759192 | &nbsp;&nbsp;&nbsp; 13266433 | &nbsp;&nbsp;&nbsp; (10446653)<br>| &nbsp;&nbsp;&nbsp; 24260986 |
|  | &nbsp;&nbsp; $9682014 | &nbsp;&nbsp;&nbsp; $11759192 | &nbsp;&nbsp;&nbsp; $13266433 | &nbsp;&nbsp;&nbsp; $(10896785)<br>| &nbsp;&nbsp;&nbsp; $23810854 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $141216773 |
| Futures contracts long | &nbsp;&nbsp; 2736804238 |
| Futures contracts short | &nbsp;&nbsp; (219766956)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-369**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $153433713 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $153433713 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; 593868 | &nbsp;&nbsp; 317547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 911415 |
| Air Freight & Logistics | &nbsp;&nbsp; 187753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187753 |
| Automobile Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 301419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 301419 |
| Banks | &nbsp;&nbsp; 484807 | &nbsp;&nbsp; 16976657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17461464 |
| Beverages | &nbsp;&nbsp; 1030806 | &nbsp;&nbsp; 88969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1119775 |
| Biotechnology | &nbsp;&nbsp; 687284 | &nbsp;&nbsp; 160952 | &nbsp;&nbsp; — | &nbsp;&nbsp; 848236 |
| Broadline Retail | &nbsp;&nbsp; 923135 | &nbsp;&nbsp; 1617042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2540177 |
| Building Products | &nbsp;&nbsp; 187529 | &nbsp;&nbsp; 1194731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1382260 |
| Capital Markets | &nbsp;&nbsp; 678167 | &nbsp;&nbsp; 220754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 898921 |
| Chemicals | &nbsp;&nbsp; 960539 | &nbsp;&nbsp; 211105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1171644 |
| Commercial Services & Supplies | &nbsp;&nbsp; 768092 | &nbsp;&nbsp; 1080317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1848409 |
| Communications Equipment | &nbsp;&nbsp; 666045 | &nbsp;&nbsp; 1749958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2416003 |
| Construction & Engineering | &nbsp;&nbsp; — | &nbsp;&nbsp; 82039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82039 |
| Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 3216043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3216043 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 688291 | &nbsp;&nbsp; 1680635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2368926 |
| Containers & Packaging | &nbsp;&nbsp; 3058061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3058061 |
| Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 94118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94118 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1514014 | &nbsp;&nbsp; 1816943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3330957 |
| Electric Utilities | &nbsp;&nbsp; 3935208 | &nbsp;&nbsp; 70994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4006202 |
| Electrical Equipment | &nbsp;&nbsp; 1175405 | &nbsp;&nbsp; 244338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1419743 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1055244 | &nbsp;&nbsp; 685036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1740280 |
| Entertainment | &nbsp;&nbsp; 840746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 840746 |
| Financial Services | &nbsp;&nbsp; 521348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 521348 |
| Food Products | &nbsp;&nbsp; 4237129 | &nbsp;&nbsp; 488175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4725304 |
| Gas Utilities | &nbsp;&nbsp; 76288 | &nbsp;&nbsp; 375639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 451927 |
| Ground Transportation | &nbsp;&nbsp; 240750 | &nbsp;&nbsp; 491031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 731781 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 2715675 | &nbsp;&nbsp; 1020494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3736169 |
| Health Care Providers & Services | &nbsp;&nbsp; 1061186 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1061186 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1883674 | &nbsp;&nbsp; 95190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1978864 |
| Household Durables | &nbsp;&nbsp; 340382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 340382 |
| Household Products | &nbsp;&nbsp; 1363660 | &nbsp;&nbsp; 99663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1463323 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 1040089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1040089 |
| Insurance | &nbsp;&nbsp; 6424315 | &nbsp;&nbsp; 9172848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15597163 |
| Interactive Media & Services | &nbsp;&nbsp; 870636 | &nbsp;&nbsp; 76403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 947039 |
| IT Services | &nbsp;&nbsp; 1549522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1549522 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 409185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 409185 |
| Machinery | &nbsp;&nbsp; 1194807 | &nbsp;&nbsp; 118032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312839 |
| Media | &nbsp;&nbsp; 1945667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1945667 |
| Metals & Mining | &nbsp;&nbsp; 2871610 | &nbsp;&nbsp; 4600623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7472233 |
| Multi-Utilities | &nbsp;&nbsp; 2985673 | &nbsp;&nbsp; 169594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3155267 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 6338016 | &nbsp;&nbsp; 1072132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7410148 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 517915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 517915 |
| Personal Care Products | &nbsp;&nbsp; 407272 | &nbsp;&nbsp; 399846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 807118 |
| Pharmaceuticals | &nbsp;&nbsp; 1541919 | &nbsp;&nbsp; 1501070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3042989 |
| Professional Services | &nbsp;&nbsp; 722989 | &nbsp;&nbsp; 354274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1077263 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; 648420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 648420 |
| Residential REITs | &nbsp;&nbsp; 79620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79620 |
| Retail REITs | &nbsp;&nbsp; 28749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28749 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1061508 | &nbsp;&nbsp; 2858329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3919837 |
| Software | &nbsp;&nbsp; 1564343 | &nbsp;&nbsp; 73159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1637502 |
| Specialty Retail | &nbsp;&nbsp; 2860867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2860867 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 364182 | &nbsp;&nbsp; 33914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398096 |
| Tobacco | &nbsp;&nbsp; 808145 | &nbsp;&nbsp; 108279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 916424 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 600795 | &nbsp;&nbsp; 213586 | &nbsp;&nbsp; — | &nbsp;&nbsp; 814381 |
| Total Common Stocks | &nbsp;&nbsp; 66504906 | &nbsp;&nbsp; 57338302 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 123843208 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |

---

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

*See accompanying notes to financial statements.*

**BHFTI-370**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; $869727895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $869727895 |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp; 77469817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77469817 |
| Total Short-Term Investments | &nbsp;&nbsp; 869727895 | &nbsp;&nbsp; 77469817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 947197712 |
| Total Investments | &nbsp;&nbsp; $936232801 | &nbsp;&nbsp; $288241832 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1224474633 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $32750089 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32750089 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (15194709)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15194709)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $17555380 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17555380 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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

*See accompanying notes to financial statements.*

**BHFTI-371**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1224474633 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 2864853 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 328479 |
| Dividends and interest | &nbsp;&nbsp; 3947516 |
| Variation margin on futures contracts | &nbsp;&nbsp; 20896541 |
| Prepaid expenses | &nbsp;&nbsp; 4014 |
| Total Assets | &nbsp;&nbsp; 1252516036 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 721 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 49977 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 667822 |
| Distribution and service fees | &nbsp;&nbsp; 264980 |
| Deferred trustees' fees | &nbsp;&nbsp; 354736 |
| Other expenses | &nbsp;&nbsp; 459830 |
| Total Liabilities | &nbsp;&nbsp; 1798066 |
| **Net Assets**  | &nbsp;&nbsp; $1250717970 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1827045193 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (576327223)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1250717970 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1250717970 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 190546349 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $6.56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,216,671,591.

(b) Identified cost of cash denominated in foreign currencies was $2,870,244.

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $4159318 |
| Interest | &nbsp;&nbsp; 43864480 |
| Total investment income | &nbsp;&nbsp; 48023798 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7902889 |
| Administration fees | &nbsp;&nbsp; 85603 |
| Custodian and accounting fees | &nbsp;&nbsp; 119979 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 3084537 |
| Audit and tax services | &nbsp;&nbsp; 106115 |
| Legal | &nbsp;&nbsp; 63084 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 33665 |
| Insurance | &nbsp;&nbsp; 12995 |
| Miscellaneous | &nbsp;&nbsp; 46416 |
| Total expenses | &nbsp;&nbsp; 11517375 |
| Less management fee waiver | &nbsp;&nbsp; (123380)<br>|
| Net expenses | &nbsp;&nbsp; 11393995 |
| **Net Investment Income** | &nbsp;&nbsp; 36629803 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (27260705)<br>|
| Futures contracts | &nbsp;&nbsp; 145889812 |
| Foreign currency transactions | &nbsp;&nbsp; 3547901 |
| Forward foreign currency transactions | &nbsp;&nbsp; (13190627)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 108986381 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 56872255 |
| Futures contracts | &nbsp;&nbsp; 24260986 |
| Foreign currency transactions | &nbsp;&nbsp; (956615)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (450132)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 79726494 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 188712875 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $225342678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $241,934.

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

*See accompanying notes to financial statements.*

**BHFTI-372**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $36629803 | &nbsp;&nbsp; $65383423 |
| Net realized gain (loss) | &nbsp;&nbsp; 108986381 | &nbsp;&nbsp; 99128157 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 79726494 | &nbsp;&nbsp; (82413229)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 225342678 | &nbsp;&nbsp; 82098351 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (127511120)<br>| &nbsp;&nbsp; (6897695)<br>|
| **Total distributions** | &nbsp;&nbsp; (127511120)<br>| &nbsp;&nbsp; (6897695)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (87291251)<br>| &nbsp;&nbsp; (795536627)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 10540307 | &nbsp;&nbsp; (720335971)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1240177663 | &nbsp;&nbsp; 1960513634 |
| End of period | &nbsp;&nbsp; $1250717970 | &nbsp;&nbsp; $1240177663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 772987 | &nbsp;&nbsp; $4800166 | &nbsp;&nbsp; 1196946 | &nbsp;&nbsp; $7264035 |
| Reinvestments | &nbsp;&nbsp; 22022646 | &nbsp;&nbsp; 127511120 | &nbsp;&nbsp; 1140115 | &nbsp;&nbsp; 6897695 |
| Redemptions | &nbsp;&nbsp; (35313307)<br>| &nbsp;&nbsp; (219602537)<br>| &nbsp;&nbsp; (132367255)<br>| &nbsp;&nbsp; (809698357)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (12517674)<br>| &nbsp;&nbsp; $(87291251)<br>| &nbsp;&nbsp; (130030194)<br>| &nbsp;&nbsp; $(795536627)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(87291251)<br>|  | &nbsp;&nbsp; $(795536627)<br>|

---

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

*See accompanying notes to financial statements.*

**BHFTI-373**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.11 | &nbsp;&nbsp; $5.89 | &nbsp;&nbsp; $6.09 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $11.82 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Total income (loss) from investment operations | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.96)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (0.96)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $6.56 | &nbsp;&nbsp; $6.11 | &nbsp;&nbsp; $5.89 | &nbsp;&nbsp; $6.09 | &nbsp;&nbsp; $11.58 |
| **Total Return (%)** (b) | 19.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (25.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net ratio of expenses to average net assets (%) (c) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Ratio of net investment income (loss) to average net assets (%) | 2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1250.7 | &nbsp;&nbsp; $1240.2 | &nbsp;&nbsp; $1960.5 | &nbsp;&nbsp; $2117.4 | &nbsp;&nbsp; $252.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to financial statements.*

**BHFTI-374**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—96.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 96.8%** | **U.S. Treasury — 96.8%** | **U.S. Treasury — 96.8%** |
| U.S. Treasury Bonds |  |  |
| 4.875%, 08/15/45 (a) (b) | 177000 | &nbsp;&nbsp; $178715 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.125%, 02/15/51 (c) (d) | 17133524 | &nbsp;&nbsp; 9249073 |
| 0.125%, 02/15/52 (c) (d) | 8415360 | &nbsp;&nbsp; 4446551 |
| 0.250%, 02/15/50 (c) (d) | 17995979 | &nbsp;&nbsp; 10353372 |
| 0.625%, 02/15/43 (c) (d) | 15425462 | &nbsp;&nbsp; 11474430 |
| 0.750%, 02/15/42 (c) (d) | 48006933 | &nbsp;&nbsp; 37356942 |
| 0.750%, 02/15/45 (c) (d) | 28545922 | &nbsp;&nbsp; 20803613 |
| 0.875%, 02/15/47 (c) (d) | 40620758 | &nbsp;&nbsp; 29275543 |
| 1.000%, 02/15/46 (c) (d) | 52468826 | &nbsp;&nbsp; 39539171 |
| 1.375%, 02/15/44 (c) (d) | 40262370 | &nbsp;&nbsp; 33697799 |
| 1.500%, 02/15/53 (c) (d) | 8647103 | &nbsp;&nbsp; 6739700 |
| 1.750%, 01/15/28 (c) (d) | 70390690 | &nbsp;&nbsp; 70900879 |
| 2.125%, 02/15/40 (c) (d) | 13894381 | &nbsp;&nbsp; 13749484 |
| 2.125%, 02/15/41 (c) (d) | 10444823 | &nbsp;&nbsp; 10221835 |
| 2.125%, 02/15/54 (c) (d) | 10389470 | &nbsp;&nbsp; 9331637 |
| 2.375%, 01/15/27 (a) (b) (c) | 613491 | &nbsp;&nbsp; 618376 |
| 2.375%, 02/15/55 (c) (d) | 12450779 | &nbsp;&nbsp; 11810719 |
| 2.500%, 01/15/29 (c) (d) | 21599566 | &nbsp;&nbsp; 22292251 |
| 3.375%, 04/15/32 (a) (c) (d) | 3552796 | &nbsp;&nbsp; 3921211 |
| 3.625%, 04/15/28 (c) (d) | 36350516 | &nbsp;&nbsp; 38133313 |
| 3.875%, 04/15/29 (c) (d) | 40217141 | &nbsp;&nbsp; 43316133 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 07/15/26 (c) (d) | 14438410 | &nbsp;&nbsp; 14353861 |
| 0.125%, 10/15/26 (c) (d) | 6672232 | &nbsp;&nbsp; 6610194 |
| 0.125%, 04/15/27 (c) (d) (e) (f) | 11181083 | &nbsp;&nbsp; 10977929 |
| 0.125%, 01/15/30 (c) (d) | 42617694 | &nbsp;&nbsp; 40418357 |
| 0.125%, 07/15/30 (c) (d) | 29860041 | &nbsp;&nbsp; 28178379 |
| 0.125%, 01/15/31 (c) (d) | 47645426 | &nbsp;&nbsp; 44409960 |
| 0.125%, 07/15/31 (c) (d) | 18646272 | &nbsp;&nbsp; 17275610 |
| 0.125%, 01/15/32 (c) (d) | 7746684 | &nbsp;&nbsp; 7078018 |
| 0.250%, 07/15/29 (c) (d) | 37819781 | &nbsp;&nbsp; 36435129 |
| 0.375%, 01/15/27 (c) (d) | 29336353 | &nbsp;&nbsp; 28973617 |
| 0.375%, 07/15/27 (c) (d) | 29913724 | &nbsp;&nbsp; 29564393 |
| 0.500%, 01/15/28 (c) (d) | 13021662 | &nbsp;&nbsp; 12791610 |
| 0.625%, 07/15/32 (c) (d) | 170516245 | &nbsp;&nbsp; 159960331 |
| 0.750%, 07/15/28 (a) (c) (e) (f) | 5979354 | &nbsp;&nbsp; 5907703 |
| 0.875%, 01/15/29 (c) (d) | 16899464 | &nbsp;&nbsp; 16636512 |
| 1.125%, 10/15/30 (c) (d) | 10863396 | &nbsp;&nbsp; 10696957 |
| 1.125%, 01/15/33 (c) (d) | 43472744 | &nbsp;&nbsp; 41710366 |
| 1.250%, 04/15/28 (a) (c) (e) | 6729728 | &nbsp;&nbsp; 6702219 |
| 1.375%, 07/15/33 (c) (d) | 67910910 | &nbsp;&nbsp; 66190187 |
| 1.625%, 10/15/27 (c) (d) | 97733048 | &nbsp;&nbsp; 98464210 |
| 1.625%, 10/15/29 (c) (d) | 63480232 | &nbsp;&nbsp; 64102829 |
| 1.625%, 04/15/30 (c) (d) | 54776520 | &nbsp;&nbsp; 55045065 |
| 1.750%, 01/15/34 (c) (d) | 11960711 | &nbsp;&nbsp; 11892131 |
| 1.875%, 07/15/34 (c) (d) | 46751111 | &nbsp;&nbsp; 46934987 |
| 1.875%, 07/15/35 (c) (d) | 37288607 | &nbsp;&nbsp; 37188768 |
| 2.125%, 04/15/29 (c) (d) | 14411167 | &nbsp;&nbsp; 14714869 |
| 2.125%, 01/15/35 (c) (d) | 18248346 | &nbsp;&nbsp; 18570493 |
| 2.375%, 10/15/28 (c) (d) | 28999698 | &nbsp;&nbsp; 29862559 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.250%, 08/15/35 (b) | 298000 | &nbsp;&nbsp; $300142 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,528,675,886) <br>|  | &nbsp;&nbsp; 1389358132 |
| **Agency Sponsored Mortgage-Backed Securities—18.6%** | **Agency Sponsored Mortgage-Backed Securities—18.6%** | **Agency Sponsored Mortgage-Backed Securities—18.6%** |
| **Agency Collateralized Mortgage Obligations — 3.0%** | **Agency Collateralized Mortgage Obligations — 3.0%** | **Agency Collateralized Mortgage Obligations — 3.0%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 4.448%, SOFR30A + 0.464%, 01/15/47 (g) | 983252 | &nbsp;&nbsp; 963160 |
| 4.673%, SOFR30A + 0.464%, 07/15/44 (g) | 627884 | &nbsp;&nbsp; 615538 |
| 5.024%, SOFR30A + 1.150%, 08/25/55 (g) | 1229021 | &nbsp;&nbsp; 1233885 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 4.548%, SOFR30A + 0.564%, 09/15/42 (g) | 925226 | &nbsp;&nbsp; 913670 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates<br>|  |  |
| 4.106%, 1M TSFR + 0.374%, 08/25/31 (g) | 7072 | &nbsp;&nbsp; 7056 |
| 5.229%, 12M MTA + 1.200%, 10/25/44 (g) | 562148 | &nbsp;&nbsp; 518493 |
| 5.229%, 12M MTA + 1.200%, 02/25/45 (g) | 171945 | &nbsp;&nbsp; 167628 |
| Federal National Mortgage Association REMICS |  |  |
| 4.109%, SOFR30A + 0.174%, 07/25/37 (g) | 60785 | &nbsp;&nbsp; 59666 |
| 4.246%, SOFR30A + 0.174%, 12/25/36 (g) | 8723 | &nbsp;&nbsp; 8569 |
| 4.336%, SOFR30A + 0.264%, 08/25/34 (g) | 3337 | &nbsp;&nbsp; 3279 |
| 4.339%, SOFR30A + 0.464%, 07/25/37 (g) | 1237 | &nbsp;&nbsp; 1224 |
| 4.369%, SOFR30A + 0.494%, 07/25/37 (g) | 16530 | &nbsp;&nbsp; 16374 |
| 4.904%, SOFR30A + 1.030%, 06/25/55 (g) | 6731864 | &nbsp;&nbsp; 6777183 |
| 5.054%, SOFR30A + 1.180%, 08/25/55 (g) | 953753 | &nbsp;&nbsp; 957180 |
| 6.309%, 05/25/35 (g) | 34535 | &nbsp;&nbsp; 35379 |
| Federal National Mortgage Association Trust |  |  |
| 4.339%, SOFR30A + 0.464%, 05/25/42 (g) | 13030 | &nbsp;&nbsp; 12985 |
| Government National Mortgage Association REMICS |  |  |
| 4.698%, SOFR30A + 0.780%, 10/20/75 (g) | 14863294 | &nbsp;&nbsp; 14911395 |
| 4.818%, SOFR30A + 0.900%, 10/20/72 (g) | 2330128 | &nbsp;&nbsp; 2342070 |
| 4.927%, 12M TSFR + 0.865%, 08/20/68 (g) | 1885149 | &nbsp;&nbsp; 1896726 |
| 4.944%, 1M TSFR + 0.944%, 08/20/66 (g) | 47658 | &nbsp;&nbsp; 47859 |
| 5.018%, SOFR30A + 1.100%, 05/20/73 (g) | 953921 | &nbsp;&nbsp; 971179 |
| 5.268%, SOFR30A + 1.350%, 07/20/55 (g) | 9223810 | &nbsp;&nbsp; 9306577 |
| 5.592%, 12M TSFR + 1.465%, 04/20/67 (g) | 760954 | &nbsp;&nbsp; 769979 |
|  |  | &nbsp;&nbsp; 42537054 |
| **Agency Mortgage-Backed Securities — 15.6%** | **Agency Mortgage-Backed Securities — 15.6%** | **Agency Mortgage-Backed Securities — 15.6%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 08/01/52 | 322022 | &nbsp;&nbsp; 315683 |
| 4.500%, 09/01/52 | 93998 | &nbsp;&nbsp; 92197 |
| 4.500%, 08/01/53 | 7726014 | &nbsp;&nbsp; 7560357 |
| 4.500%, 10/01/53 | 980147 | &nbsp;&nbsp; 958082 |
| 5.991%, 1Y H15 + 2.225%, 01/01/34 (g) | 8077 | &nbsp;&nbsp; 8294 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.920%, 01/25/26 | 1129127 | &nbsp;&nbsp; 1126098 |
| Federal National Mortgage Association |  |  |
| 3.000%, 05/01/52 | 320385 | &nbsp;&nbsp; 283942 |
| 4.000%, 10/01/48 | 355670 | &nbsp;&nbsp; 342436 |
| 4.000%, 04/01/49 | 125224 | &nbsp;&nbsp; 119947 |
| 4.000%, 03/01/50 | 154140 | &nbsp;&nbsp; 147170 |
| 4.000%, 08/01/50 | 212864 | &nbsp;&nbsp; 204450 |

---

*See accompanying notes to financial statements.*

**BHFTI-375**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.000%, 02/01/52 | 472452 | &nbsp;&nbsp; $450846 |
| 4.500%, 09/01/52 | 439110 | &nbsp;&nbsp; 430422 |
| 5.277%, 12M MTA + 1.200%, 07/01/44 (g) | 1903 | &nbsp;&nbsp; 1911 |
| 5.277%, 12M MTA + 1.200%, 09/01/44 (g) | 5450 | &nbsp;&nbsp; 5506 |
| 6.346%, 1Y H15 + 2.360%, 11/01/34 (g) | 70880 | &nbsp;&nbsp; 74242 |
| Government National Mortgage Association |  |  |
| 3.500%, 05/20/52 | 23724342 | &nbsp;&nbsp; 21851797 |
| Government National Mortgage Association, TBA |  |  |
| 3.500%, TBA (h) | 21900000 | &nbsp;&nbsp; 19925565 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 4.500%, TBA (h) | 98900000 | &nbsp;&nbsp; 96494523 |
| 6.000%, TBA (h) | 48100000 | &nbsp;&nbsp; 49357408 |
| 6.500%, TBA (h) | 24000000 | &nbsp;&nbsp; 24946461 |
|  |  | &nbsp;&nbsp; 224697337 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $265,487,331) <br>|  | &nbsp;&nbsp; 267234391 |
| **Asset-Backed Securities—7.1%** | **Asset-Backed Securities—7.1%** | **Asset-Backed Securities—7.1%** |
| **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 03/25/37 (g) | 419114 | &nbsp;&nbsp; 170731 |
| 4.896%, 1M TSFR + 1.164%, 12/25/33 (g) | 714977 | &nbsp;&nbsp; 728732 |
| Asset-Backed Securities Corp. Home Equity Loan Trust |  |  |
| 4.671%, 1M TSFR + 0.939%, 04/25/34 (g) | 999271 | &nbsp;&nbsp; 1074695 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.026%, 1M TSFR + 0.294%, 03/25/37 (g) | 690671 | &nbsp;&nbsp; 611215 |
| 4.136%, 1M TSFR + 0.404%, 09/25/36 (144A) (g) | 510687 | &nbsp;&nbsp; 500360 |
| 4.536%, 1M TSFR + 0.804%, 10/25/35 (g) | 3700000 | &nbsp;&nbsp; 3493884 |
| First NLC Trust |  |  |
| 3.916%, 1M TSFR + 0.184%, 08/25/37 (144A) (g) | 707774 | &nbsp;&nbsp; 356109 |
| GSAA Trust |  |  |
| 6.720%, 03/25/46 (i) | 253786 | &nbsp;&nbsp; 130833 |
| Home Equity Asset Trust |  |  |
| 4.521%, 1M TSFR + 0.789%, 02/25/36 (g) | 901496 | &nbsp;&nbsp; 890288 |
| 4.701%, 1M TSFR + 0.969%, 08/25/34 (g) | 153256 | &nbsp;&nbsp; 152610 |
| HSI Asset Securitization Corp. Trust |  |  |
| 3.946%, 1M TSFR + 0.214%, 10/25/36 (g) | 3776 | &nbsp;&nbsp; 1329 |
| MASTR Asset-Backed Securities Trust |  |  |
| 4.596%, 1M TSFR + 0.864%, 10/25/35 (g) | 80035 | &nbsp;&nbsp; 79298 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 4.506%, 1M TSFR + 0.774%, 01/25/35 (g) | 365409 | &nbsp;&nbsp; 359258 |
| 4.521%, 1M TSFR + 0.789%, 09/25/35 (g) | 852362 | &nbsp;&nbsp; 825337 |
| New Century Home Equity Loan Trust |  |  |
| 4.611%, 1M TSFR + 0.879%, 02/25/35 (g) | 258591 | &nbsp;&nbsp; 254592 |
| Nomura Home Equity Loan, Inc. Home Equity Loan Trust |  |  |
| 4.281%, 1M TSFR + 0.549%, 03/25/36 (g) | 194203 | &nbsp;&nbsp; 194072 |
| Residential Asset Securities Corporation Trust |  |  |
| 4.306%, 1M TSFR + 0.344%, 06/25/36 (g) | 2344260 | &nbsp;&nbsp; 2326068 |
| Soundview Home Loan Trust |  |  |
| 4.026%, 1M TSFR + 0.294%, 07/25/37 (g) | 242874 | &nbsp;&nbsp; 223370 |
| 4.046%, 1M TSFR + 0.314%, 06/25/37 (g) | 1640980 | &nbsp;&nbsp; 1135743 |
|  |  | &nbsp;&nbsp; 13508524 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other — 6.0%** | **Asset-Backed - Other — 6.0%** | **Asset-Backed - Other — 6.0%** |
| 522 Funding CLO Ltd. |  |  |
| 5.186%, 3M TSFR + 1.302%, 10/20/31 (144A) (g) | 196835 | &nbsp;&nbsp; $196873 |
| AlbaCore Euro CLO IV DAC |  |  |
| 2.999%, 3M EURIBOR + 0.990%, 07/15/35 (144A) <br> (EUR) (g)<br>| 999913 | &nbsp;&nbsp; 1174541 |
| Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| 5.434%, SOFR30A + 1.450%, 01/15/37 (144A) (g) | 1050255 | &nbsp;&nbsp; 1050255 |
| ARES XLIV CLO Ltd. |  |  |
| 5.035%, 3M TSFR + 1.130%, 04/15/34 (144A) (g) | 700000 | &nbsp;&nbsp; 699553 |
| Argent Securities Trust |  |  |
| 4.166%, 1M TSFR + 0.434%, 05/25/36 (g) | 214212 | &nbsp;&nbsp; 50831 |
| Bain Capital Credit CLO Ltd. |  |  |
| 4.925%, 3M TSFR + 1.060%, 07/24/34 (144A) (g) | 3200000 | &nbsp;&nbsp; 3193392 |
| Barings Euro CLO DAC |  |  |
| 3.006%, 3M EURIBOR + 0.980%, 10/15/34 (144A) <br> (EUR) (g)<br>| 3300000 | &nbsp;&nbsp; 3868437 |
| BDS LLC |  |  |
| 5.531%, 1M TSFR + 1.800%, 03/19/39 (144A) (g) | 938183 | &nbsp;&nbsp; 938150 |
| BlueMountain CLO XXII Ltd. |  |  |
| 5.246%, 3M TSFR + 1.342%, 07/15/31 (144A) (g) | 123655 | &nbsp;&nbsp; 123689 |
| Bosphorus CLO VI DAC |  |  |
| 2.897%, 3M EURIBOR + 0.850%, 05/25/34 (144A) <br> (EUR) (g)<br>| 6672987 | &nbsp;&nbsp; 7832355 |
| Capital Four U.S. CLO II Ltd. |  |  |
| 5.784%, 3M TSFR + 1.900%, 01/20/37 (144A) (g) | 900000 | &nbsp;&nbsp; 900289 |
| Carlyle Global Market Strategies Euro CLO Ltd. |  |  |
| 2.814%, 3M EURIBOR + 0.750%, 11/15/31 (144A) <br> (EUR) (g)<br>| 196580 | &nbsp;&nbsp; 230907 |
| Cedar Funding V CLO Ltd. |  |  |
| 5.243%, 3M TSFR + 1.362%, 07/17/31 (144A) (g) | 362192 | &nbsp;&nbsp; 362176 |
| CIFC European Funding CLO III DAC |  |  |
| 3.059%, 3M EURIBOR + 1.050%, 01/15/34 (144A) <br> (EUR) (g)<br>| 800000 | &nbsp;&nbsp; 940569 |
| CIFC Funding Ltd. |  |  |
| 5.077%, 3M TSFR + 1.212%, 10/24/30 (144A) (g) | 389077 | &nbsp;&nbsp; 389137 |
| CIT Mortgage Loan Trust |  |  |
| 5.346%, 1M TSFR + 2.364%, 10/25/37 (144A) (g) | 2806789 | &nbsp;&nbsp; 2849864 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.036%, 1M TSFR + 0.304%, 11/25/37 (g) | 3553920 | &nbsp;&nbsp; 3423056 |
| 4.586%, 1M TSFR + 0.854%, 08/25/47 (g) | 15322 | &nbsp;&nbsp; 15153 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 4.226%, 1M TSFR + 0.234%, 07/25/37 (144A) (g) | 54193 | &nbsp;&nbsp; 36283 |
| 4.326%, 1M TSFR + 0.334%, 07/25/37 (144A) (g) | 1080067 | &nbsp;&nbsp; 723018 |
| CSAB Mortgage-Backed Trust |  |  |
| 6.220%, 09/25/36 (i) | 356388 | &nbsp;&nbsp; 96405 |
| CVC Cordatus Loan Fund XXI DAC |  |  |
| 2.995%, 3M EURIBOR + 0.960%, 09/22/34 (144A) <br> (EUR) (g)<br>| 1700000 | &nbsp;&nbsp; 1996288 |
| CVC Cordatus Opportunity Loan Fund-R DAC |  |  |
| 2.904%, 3M EURIBOR + 0.840%, 08/15/33 (144A) <br> (EUR) (g)<br>| 1585254 | &nbsp;&nbsp; 1857510 |
| Dryden 35 Euro CLO DAC |  |  |
| 2.996%, 3M EURIBOR + 0.980%, 01/17/33 (144A) <br> (EUR) (g)<br>| 407179 | &nbsp;&nbsp; 478346 |
| Dryden 44 Euro CLO DAC |  |  |
| 2.906%, 3M EURIBOR + 0.880%, 04/15/34 (144A) <br> (EUR) (g)<br>| 1241980 | &nbsp;&nbsp; 1456147 |

---

*See accompanying notes to financial statements.*

**BHFTI-376**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Dryden 52 Euro CLO DAC |  |  |
| 2.924%, 3M EURIBOR + 0.860%, 05/15/34 (144A) <br> (EUR) (g)<br>| 531092 | &nbsp;&nbsp; $624209 |
| Dryden 54 Senior Loan Fund |  |  |
| 5.034%, 3M TSFR + 1.150%, 10/19/29 (144A) (g) | 327642 | &nbsp;&nbsp; 327545 |
| Dryden 60 CLO Ltd. |  |  |
| 5.216%, 3M TSFR + 1.312%, 07/15/31 (144A) (g) | 211385 | &nbsp;&nbsp; 211399 |
| Dryden 64 CLO Ltd. |  |  |
| 5.116%, 3M TSFR + 1.232%, 04/18/31 (144A) (g) | 236868 | &nbsp;&nbsp; 236957 |
| Dryden 86 CLO Ltd. |  |  |
| 5.012%, 3M TSFR + 1.130%, 07/17/34 (144A) (g) | 1500000 | &nbsp;&nbsp; 1501836 |
| Dryden 95 CLO Ltd. |  |  |
| 4.929%, 3M TSFR + 1.040%, 08/20/34 (144A) (g) | 2500000 | &nbsp;&nbsp; 2498218 |
| Dunedin Park CLO DAC |  |  |
| 3.031%, 3M EURIBOR + 0.980%, 11/20/34 (144A) <br> (EUR) (g)<br>| 1000000 | &nbsp;&nbsp; 1175271 |
| Elevation CLO Ltd. |  |  |
| 4.988%, 3M TSFR + 1.130%, 07/25/34 (144A) (g) | 700000 | &nbsp;&nbsp; 700113 |
| Ellington Loan Acquisition Trust |  |  |
| 4.946%, 1M TSFR + 1.214%, 05/25/37 (144A) (g) | 676210 | &nbsp;&nbsp; 664174 |
| First Franklin Mortgage Loan Trust |  |  |
| 3.966%, 1M TSFR + 0.234%, 12/25/36 (g) | 7021607 | &nbsp;&nbsp; 6406644 |
| 4.156%, 1M TSFR + 0.424%, 07/25/36 (g) | 1096416 | &nbsp;&nbsp; 1070213 |
| Gallatin CLO VIII Ltd. |  |  |
| 5.256%, 3M TSFR + 1.352%, 07/15/31 (144A) (g) | 224755 | &nbsp;&nbsp; 224885 |
| GSAMP Trust |  |  |
| 4.581%, 1M TSFR + 0.849%, 09/25/35 (g) | 55019 | &nbsp;&nbsp; 54655 |
| Henley CLO VII DAC |  |  |
| 3.055%, 3M EURIBOR + 0.990%, 04/25/34 (144A) <br> (EUR) (g)<br>| 1061510 | &nbsp;&nbsp; 1248551 |
| Jamestown CLO XVIII Ltd. |  |  |
| 5.128%, 3M TSFR + 1.270%, 07/25/35 (144A) (g) | 600000 | &nbsp;&nbsp; 599094 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 10/25/36 (g) | 11548 | &nbsp;&nbsp; 11532 |
| KKR CLO 11 Ltd. |  |  |
| 5.346%, 3M TSFR + 1.442%, 01/15/31 (144A) (g) | 80004 | &nbsp;&nbsp; 80029 |
| LCM Loan Income Fund I Ltd. |  |  |
| 5.176%, 3M TSFR + 1.292%, 04/20/31 (144A) (g) | 439783 | &nbsp;&nbsp; 439802 |
| LoanCore Issuer Ltd. |  |  |
| 5.493%, SOFR30A + 1.550%, 01/17/37 (144A) (g) | 607088 | &nbsp;&nbsp; 607135 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.086%, 1M TSFR + 0.354%, 08/25/36 (g) | 793645 | &nbsp;&nbsp; 313574 |
| Madison Park Euro Funding IX DAC |  |  |
| 2.906%, 3M EURIBOR + 0.880%, 07/15/35 (144A) <br> (EUR) (g)<br>| 700000 | &nbsp;&nbsp; 822703 |
| Madison Park Funding XXXIX Ltd. |  |  |
| 5.107%, 3M TSFR + 1.250%, 10/22/34 (144A) (g) | 300000 | &nbsp;&nbsp; 299178 |
| Man Euro CLO DAC |  |  |
| 3.776%, 3M EURIBOR + 1.750%, 10/15/36 (144A) <br> (EUR) (g)<br>| 7100000 | &nbsp;&nbsp; 8352322 |
| Man GLG Euro CLO V DAC |  |  |
| 2.790%, 3M EURIBOR + 0.690%, 12/15/31 (144A) <br> (EUR) (g)<br>| 531083 | &nbsp;&nbsp; 622987 |
| Marble Point CLO XXII Ltd. |  |  |
| 5.078%, 3M TSFR + 1.220%, 07/25/34 (144A) (g) | 1600000 | &nbsp;&nbsp; 1600880 |
| MF1 LLC |  |  |
| 5.881%, 1M TSFR + 2.150%, 06/19/37 (144A) (g) | 1489205 | &nbsp;&nbsp; 1489903 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| MF1 Ltd. |  |  |
| 4.929%, 1M TSFR + 1.194%, 10/16/36 (144A) (g) | 172015 | &nbsp;&nbsp; $171961 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 4.821%, 1M TSFR + 1.089%, 07/25/34 (g) | 35336 | &nbsp;&nbsp; 38038 |
| 4.896%, 1M TSFR + 1.164%, 06/25/35 (g) | 1232000 | &nbsp;&nbsp; 1161083 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| 3.896%, 1M TSFR + 0.164%, 11/25/36 (g) | 485 | &nbsp;&nbsp; 158 |
| Northwoods Capital XII-B Ltd. |  |  |
| 4.913%, 3M TSFR + 1.190%, 06/15/31 (144A) (g) | 316567 | &nbsp;&nbsp; 316205 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| 5.115%, 3M TSFR + 1.222%, 04/16/31 (144A) (g) | 80527 | &nbsp;&nbsp; 80505 |
| OZLM XXIV Ltd. |  |  |
| 5.306%, 3M TSFR + 1.422%, 07/20/32 (144A) (g) | 98048 | &nbsp;&nbsp; 98048 |
| Palmer Square European Loan Funding DAC |  |  |
| 3.034%, 3M EURIBOR + 0.970%, 08/15/33 (144A) <br> (EUR) (g)<br>| 737819 | &nbsp;&nbsp; 867135 |
| Park Place Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 4.581%, 1M TSFR + 0.849%, 09/25/35 (g) | 39902 | &nbsp;&nbsp; 39349 |
| 4.896%, 1M TSFR + 1.164%, 10/25/34 (g) | 907269 | &nbsp;&nbsp; 900468 |
| Pikes Peak CLO 4 |  |  |
| 5.115%, 3M TSFR + 1.210%, 07/15/34 (144A) (g) | 4300000 | &nbsp;&nbsp; 4304244 |
| Providus CLO IV DAC |  |  |
| 2.824%, 3M EURIBOR + 0.820%, 04/20/34 (144A) <br> (EUR) (g)<br>| 2900000 | &nbsp;&nbsp; 3406400 |
| Regatta XVI Funding Ltd. |  |  |
| 5.105%, 3M TSFR + 1.200%, 01/15/33 (144A) (g) | 259492 | &nbsp;&nbsp; 259903 |
| Rockford Tower Europe CLO DAC |  |  |
| 3.326%, 3M EURIBOR + 1.260%, 08/29/36 (144A) <br> (EUR) (g)<br>| 1500000 | &nbsp;&nbsp; 1762104 |
| Romark CLO Ltd. |  |  |
| 5.151%, 3M TSFR + 1.292%, 10/23/30 (144A) (g) | 36595 | &nbsp;&nbsp; 36598 |
| Saranac CLO VI Ltd. |  |  |
| 5.125%, 3M TSFR + 1.402%, 08/13/31 (144A) (g) | 188388 | &nbsp;&nbsp; 188458 |
| Saxon Asset Securities Trust |  |  |
| 4.156%, 1M TSFR + 0.424%, 09/25/37 (g) | 315847 | &nbsp;&nbsp; 306749 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.146%, 1M TSFR + 0.414%, 07/25/36 (g) | 257944 | &nbsp;&nbsp; 97621 |
| 4.166%, 1M TSFR + 0.434%, 07/25/36 (g) | 2906679 | &nbsp;&nbsp; 940807 |
| Silver Rock CLO II Ltd. |  |  |
| 4.924%, 3M TSFR + 1.040%, 01/20/35 (144A) (g) | 1100000 | &nbsp;&nbsp; 1098738 |
| Sound Point CLO IX Ltd. |  |  |
| 5.356%, 3M TSFR + 1.472%, 07/20/32 (144A) (g) | 839509 | &nbsp;&nbsp; 839745 |
| Soundview Home Loan Trust |  |  |
| 3.966%, 1M TSFR + 0.234%, 11/25/36 (144A) (g) | 37705 | &nbsp;&nbsp; 10039 |
| St. Paul's CLO X DAC |  |  |
| 2.815%, 3M EURIBOR + 0.800%, 04/22/35 (144A) <br> (EUR) (g)<br>| 793876 | &nbsp;&nbsp; 928787 |
| TRTX Issuer Ltd. |  |  |
| 5.386%, 1M TSFR + 1.650%, 02/15/39 (144A) (g) | 473806 | &nbsp;&nbsp; 473803 |
| U.S. Small Business Administration |  |  |
| 5.510%, 11/01/27 | 99317 | &nbsp;&nbsp; 100158 |
| Venture 33 CLO Ltd. |  |  |
| 5.226%, 3M TSFR + 1.322%, 07/15/31 (144A) (g) | 58125 | &nbsp;&nbsp; 58123 |
| Venture 44 CLO Ltd. |  |  |
| 5.024%, 3M TSFR + 1.140%, 10/20/34 (144A) (g) | 500000 | &nbsp;&nbsp; 497651 |

---

*See accompanying notes to financial statements.*

**BHFTI-377**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Vibrant CLO XI Ltd. |  |  |
| 5.266%, 3M TSFR + 1.382%, 07/20/32 (144A) (g) | 235699 | &nbsp;&nbsp; $235623 |
|  |  | &nbsp;&nbsp; 86285534 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| SLM Student Loan Trust |  |  |
| 5.125%, SOFR90A + 0.812%, 10/25/64 (144A) (g) | 1449216 | &nbsp;&nbsp; 1438838 |
| Total Asset-Backed Securities <br>(Cost $97,893,495) <br>|  | &nbsp;&nbsp; 101232896 |
| **Foreign Government—4.9%** | **Foreign Government—4.9%** | **Foreign Government—4.9%** |
| **Sovereign — 4.9%** | **Sovereign — 4.9%** | **Sovereign — 4.9%** |
| Canada Government Real Return Bonds |  |  |
| 4.250%, 12/01/26 (CAD) (c) | 9033552 | &nbsp;&nbsp; 6794234 |
| French Republic Government Bonds OAT |  |  |
| 0.100%, 03/01/26 (144A) (EUR) (c) | 19028420 | &nbsp;&nbsp; 22274070 |
| 0.100%, 07/25/31 (144A) (EUR) (c) | 1967264 | &nbsp;&nbsp; 2188337 |
| 0.100%, 07/25/38 (144A) (EUR) (c) | 120723 | &nbsp;&nbsp; 113986 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.400%, 05/15/30 (144A) (EUR) (c) | 2368673 | &nbsp;&nbsp; 2709007 |
| 1.800%, 05/15/36 (144A) (EUR) (c) | 937899 | &nbsp;&nbsp; 1101553 |
| Japan Government CPI-Linked Bonds |  |  |
| 0.005%, 03/10/34 (JPY) (c) | 52572500 | &nbsp;&nbsp; 328790 |
| 0.005%, 03/10/35 (JPY) (c) | 1030957500 | &nbsp;&nbsp; 6415550 |
| 0.100%, 03/10/28 (JPY) (c) | 1769155740 | &nbsp;&nbsp; 11480888 |
| 0.100%, 03/10/29 (JPY) (c) | 2617368490 | &nbsp;&nbsp; 16967713 |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 400000 | &nbsp;&nbsp; 410964 |
| 6.625%, 01/29/38 | 300000 | &nbsp;&nbsp; 313050 |
| Total Foreign Government <br>(Cost $73,485,549) <br>|  | &nbsp;&nbsp; 71098142 |
| **Non-Agency Mortgage-Backed Securities—1.4%** | **Non-Agency Mortgage-Backed Securities—1.4%** | **Non-Agency Mortgage-Backed Securities—1.4%** |
| **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** |
| Alternative Loan Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 05/25/47 (g) | 91754 | &nbsp;&nbsp; 85280 |
| Banc of America Funding Trust |  |  |
| 5.798%, 02/20/36 (g) | 81772 | &nbsp;&nbsp; 78060 |
| Banc of America Mortgage Trust |  |  |
| 5.066%, 09/25/35 (g) | 16691 | &nbsp;&nbsp; 14891 |
| 5.316%, 06/25/35 (g) | 16636 | &nbsp;&nbsp; 15233 |
| Bear Stearns ALT-A Trust |  |  |
| 4.166%, 1M TSFR + 0.434%, 02/25/34 (g) | 32357 | &nbsp;&nbsp; 30754 |
| 4.791%, 09/25/35 (g) | 354909 | &nbsp;&nbsp; 188645 |
| Bear Stearns ARM Trust |  |  |
| 4.783%, 03/25/35 (g) | 81856 | &nbsp;&nbsp; 75138 |
| Chase Mortgage Finance Trust |  |  |
| 6.010%, 02/25/37 (g) | 12699 | &nbsp;&nbsp; 12359 |
| CHL Mortgage Pass-Through Trust |  |  |
| 4.426%, 1M TSFR + 0.694%, 04/25/35 (g) | 183979 | &nbsp;&nbsp; 177513 |
| 6.000%, 03/25/37 | 765884 | &nbsp;&nbsp; 329387 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.607%, 03/25/37 (g) | 1035518 | &nbsp;&nbsp; 896243 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 6.123%, 08/25/35 (g) | 341 | &nbsp;&nbsp; $345 |
| 6.490%, 1Y H15 + 2.400%, 05/25/35 (g) | 708 | &nbsp;&nbsp; 718 |
| Countrywide Alternative Loan Trust |  |  |
| 4.028%, 1M TSFR + 0.294%, 02/20/47 (g) | 330302 | &nbsp;&nbsp; 270660 |
| 4.086%, 1M TSFR + 0.354%, 06/25/36 (g) | 819001 | &nbsp;&nbsp; 789628 |
| 4.406%, 1M TSFR + 0.674%, 12/25/35 (g) | 12690 | &nbsp;&nbsp; 12074 |
| 5.000%, 07/25/35 | 104243 | &nbsp;&nbsp; 55239 |
| 5.500%, 06/25/25 | 300677 | &nbsp;&nbsp; 240203 |
| 6.000%, 03/25/37 | 3025479 | &nbsp;&nbsp; 1001264 |
| 6.000%, 04/25/37 | 413161 | &nbsp;&nbsp; 344082 |
| CSMC Trust |  |  |
| 3.297%, 11/30/37 (144A) (g) | 1815315 | &nbsp;&nbsp; 1674184 |
| 4.129%, 10/26/36 (144A) (g) | 31522 | &nbsp;&nbsp; 28606 |
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |  |  |
| 3.946%, 1M TSFR + 0.214%, 10/25/36 (g) | 7086 | &nbsp;&nbsp; 5923 |
| 6.369%, 10/25/36 (i) | 123777 | &nbsp;&nbsp; 108145 |
| 6.386%, 10/25/36 (i) | 123777 | &nbsp;&nbsp; 108144 |
| Eurosail-U.K. PLC |  |  |
| 4.851%, SONIA + 1.069%, 06/13/45 (GBP) (g) | 261224 | &nbsp;&nbsp; 351853 |
| First Horizon Alternative Mortgage Securities Trust |  |  |
| 5.695%, 06/25/34 (g) | 37070 | &nbsp;&nbsp; 37002 |
| GreenPoint Mortgage Funding Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 09/25/46 (g) | 223095 | &nbsp;&nbsp; 210281 |
| 4.386%, 1M TSFR + 0.654%, 11/25/45 (g) | 47038 | &nbsp;&nbsp; 45286 |
| GreenPoint MTA Trust |  |  |
| 4.286%, 1M TSFR + 0.554%, 06/25/45 (g) | 56051 | &nbsp;&nbsp; 50523 |
| GSR Mortgage Loan Trust |  |  |
| 4.242%, 05/25/35 (g) | 97694 | &nbsp;&nbsp; 72019 |
| 4.467%, 11/25/35 (g) | 86664 | &nbsp;&nbsp; 73216 |
| 4.951%, 09/25/35 (g) | 29030 | &nbsp;&nbsp; 27798 |
| 5.224%, 12/25/34 (g) | 114620 | &nbsp;&nbsp; 107461 |
| 6.449%, 01/25/35 (g) | 19575 | &nbsp;&nbsp; 18656 |
| HarborView Mortgage Loan Trust |  |  |
| 4.226%, 1M TSFR + 0.494%, 09/19/37 (g) | 13003 | &nbsp;&nbsp; 11436 |
| 4.286%, 1M TSFR + 0.554%, 05/19/35 (g) | 21134 | &nbsp;&nbsp; 20600 |
| 4.406%, 1M TSFR + 0.674%, 02/19/36 (g) | 65293 | &nbsp;&nbsp; 26906 |
| 4.748%, 1M TSFR + 1.014%, 06/20/35 (g) | 109344 | &nbsp;&nbsp; 102770 |
| IndyMac INDA Mortgage Loan Trust |  |  |
| 5.052%, 11/25/35 (g) | 13922 | &nbsp;&nbsp; 16336 |
| JP Morgan Mortgage Trust |  |  |
| 4.051%, 07/27/37 (144A) (g) | 179365 | &nbsp;&nbsp; 167009 |
| 5.099%, 08/25/35 (g) | 51926 | &nbsp;&nbsp; 46025 |
| 5.192%, 07/25/35 (g) | 25582 | &nbsp;&nbsp; 24546 |
| 5.193%, 09/25/35 (g) | 7234 | &nbsp;&nbsp; 6825 |
| 5.555%, 02/25/35 (g) | 30346 | &nbsp;&nbsp; 29565 |
| 6.022%, 08/25/35 (g) | 37912 | &nbsp;&nbsp; 36110 |
| 6.230%, 07/25/35 (g) | 6910 | &nbsp;&nbsp; 6899 |
| Lehman XS Trust |  |  |
| 4.386%, 1M TSFR + 0.654%, 12/25/35 (g) | 48848 | &nbsp;&nbsp; 46478 |
| 6.146%, 1M TSFR + 2.414%, 12/25/37 (g) | 1544661 | &nbsp;&nbsp; 1564431 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| 5.088%, 12/25/33 (g) | 11355 | &nbsp;&nbsp; 10569 |
| 5.633%, 11/21/34 (g) | 21663 | &nbsp;&nbsp; 21509 |

---

*See accompanying notes to financial statements.*

**BHFTI-378**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Mellon Residential Funding Corp. Mortgage Pass-Through <br> Certificates<br>|  |  |
| 4.565%, 1M TSFR + 0.814%, 11/15/31 (g) | 19155 | &nbsp;&nbsp; $18625 |
| Mellon Residential Funding Corp. Mortgage Pass-Through <br> Trust<br>|  |  |
| 4.305%, 1M TSFR + 0.554%, 12/15/30 (g) | 2935 | &nbsp;&nbsp; 2875 |
| Mill City Mortgage Loan Trust |  |  |
| 2.750%, 08/25/59 (144A) (g) | 247465 | &nbsp;&nbsp; 241497 |
| New Residential Mortgage Loan Trust |  |  |
| 2.750%, 07/25/59 (144A) (g) | 2466910 | &nbsp;&nbsp; 2391524 |
| Opteum Mortgage Acceptance Corp. Asset-Backed Pass-<br> Through Certificates<br>|  |  |
| 4.896%, 1M TSFR + 1.164%, 04/25/35 (g) | 979099 | &nbsp;&nbsp; 978019 |
| RALI Trust |  |  |
| 4.146%, 1M TSFR + 0.414%, 08/25/35 (g) | 38750 | &nbsp;&nbsp; 26681 |
| 5.007%, 10/25/37 (g) | 520385 | &nbsp;&nbsp; 413161 |
| 5.389%, 12M MTA + 1.360%, 09/25/45 (g) | 33100 | &nbsp;&nbsp; 28722 |
| Reperforming Loan Trust REMICS |  |  |
| 4.186%, 1M TSFR + 0.454%, 06/25/35 (144A) (g) | 14417 | &nbsp;&nbsp; 14012 |
| Residential Asset Securitization Trust |  |  |
| 6.500%, 09/25/36 | 270208 | &nbsp;&nbsp; 76965 |
| Sequoia Mortgage Trust |  |  |
| 4.248%, 1M TSFR + 0.514%, 07/20/36 (g) | 122627 | &nbsp;&nbsp; 106183 |
| 4.546%, 1M TSFR + 0.814%, 10/19/26 (g) | 6333 | &nbsp;&nbsp; 6279 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 5.429%, 12M MTA + 1.400%, 01/25/35 (g) | 34909 | &nbsp;&nbsp; 32420 |
| 6.298%, 02/25/34 (g) | 15348 | &nbsp;&nbsp; 14832 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.226%, 1M TSFR + 0.494%, 06/25/36 (g) | 8253 | &nbsp;&nbsp; 8227 |
| 4.266%, 1M TSFR + 0.534%, 05/25/36 (g) | 11782 | &nbsp;&nbsp; 8340 |
| 4.346%, 1M TSFR + 0.614%, 07/19/35 (g) | 36085 | &nbsp;&nbsp; 35090 |
| 4.506%, 1M TSFR + 0.774%, 10/19/34 (g) | 11902 | &nbsp;&nbsp; 11528 |
| TBW Mortgage-Backed Trust |  |  |
| 6.515%, 07/25/37 (i) | 125766 | &nbsp;&nbsp; 46025 |
| Towd Point Mortgage Trust |  |  |
| 4.846%, 1M TSFR + 1.114%, 10/25/59 (144A) (g) | 365216 | &nbsp;&nbsp; 365483 |
| Wachovia Mortgage Loan Trust LLC |  |  |
| 4.306%, 1M TSFR + 0.574%, 01/25/37 (g) | 1366915 | &nbsp;&nbsp; 470342 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 3.878%, 12M MTA + 0.810%, 12/25/46 (g) | 23830 | &nbsp;&nbsp; 21289 |
| 4.002%, 11/25/36 (g) | 2762396 | &nbsp;&nbsp; 2487017 |
| 4.697%, 12/25/35 (g) | 19834 | &nbsp;&nbsp; 18394 |
| 4.799%, 12M MTA + 0.770%, 05/25/47 (g) | 128228 | &nbsp;&nbsp; 114551 |
| 5.029%, 12M MTA + 1.000%, 02/25/46 (g) | 45321 | &nbsp;&nbsp; 41953 |
| 5.029%, 12M MTA + 1.000%, 08/25/46 (g) | 1228925 | &nbsp;&nbsp; 1140115 |
| 5.077%, 12M MTA + 1.048%, 07/25/46 (g) | 228655 | &nbsp;&nbsp; 211876 |
| 5.229%, 12M MTA + 1.200%, 11/25/42 (g) | 3511 | &nbsp;&nbsp; 3401 |
| 5.529%, 12M MTA + 1.500%, 11/25/46 (g) | 86476 | &nbsp;&nbsp; 78094 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| 6.064%, 04/25/36 (g) | 21177 | &nbsp;&nbsp; 20968 |
|  |  | &nbsp;&nbsp; 19109315 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| ACRES LLC |  |  |
| 5.354%, 1M TSFR + 1.619%, 08/18/40 (144A) (g) | 500000 | &nbsp;&nbsp; 501207 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 5.248%, 1M TSFR + 1.497%, 12/15/31 (144A) (g) | 551299 | &nbsp;&nbsp; $549861 |
|  |  | &nbsp;&nbsp; 1051068 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $22,136,096) <br>|  | &nbsp;&nbsp; 20160383 |
| **Corporate Bonds & Notes—0.9%** | **Corporate Bonds & Notes—0.9%** | **Corporate Bonds & Notes—0.9%** |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Bank of America Corp. |  |  |
| 5.875%, 3M TSFR + 3.193%, 03/15/28 (g) | 1570000 | &nbsp;&nbsp; 1596850 |
| Nykredit Realkredit AS |  |  |
| 1.500%, 10/01/52 (DKK) | 282803 | &nbsp;&nbsp; 34651 |
| 1.500%, 10/01/53 (DKK) | 497809 | &nbsp;&nbsp; 52472 |
| 2.500%, 10/01/47 (DKK) | 4803 | &nbsp;&nbsp; 700 |
| UBS Group AG |  |  |
| 0.650%, 1Y EUR Swap + 0.770%, 01/14/28 (EUR) (g) | 100000 | &nbsp;&nbsp; 115267 |
| 1.000%, 1Y EUR Swap + 1.050%, 06/24/27 (EUR) (g) | 100000 | &nbsp;&nbsp; 116745 |
| 2.125%, 1Y UKG + 1.550%, 11/15/29 (GBP) (g) | 100000 | &nbsp;&nbsp; 126558 |
| 7.000%, 1Y UKG + 4.200%, 09/30/27 (GBP) (g) | 100000 | &nbsp;&nbsp; 137494 |
|  |  | &nbsp;&nbsp; 2180737 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 51000 | &nbsp;&nbsp; 49443 |
| Credicorp Capital Sociedad Titulizadora SA |  |  |
| 9.700%, 03/05/45 (144A) (PEN) | 900000 | &nbsp;&nbsp; 281827 |
| Jyske Realkredit AS |  |  |
| 0.500%, 10/01/43 (DKK) | 48909 | &nbsp;&nbsp; 6320 |
| 1.500%, 10/01/53 (DKK) | 1729684 | &nbsp;&nbsp; 209788 |
| 2.000%, 10/01/53 (DKK) | 7260220 | &nbsp;&nbsp; 854533 |
| 2.500%, 10/01/47 (DKK) | 3155 | &nbsp;&nbsp; 457 |
| Nordea Kredit Realkreditaktieselskab |  |  |
| 1.500%, 10/01/53 (DKK) | 2559410 | &nbsp;&nbsp; 278100 |
| 2.000%, 10/01/53 (DKK) | 4299311 | &nbsp;&nbsp; 505654 |
| 2.000%, 10/01/53 (144A) (DKK) | 698666 | &nbsp;&nbsp; 91845 |
| 2.500%, 10/01/47 (DKK) | 820 | &nbsp;&nbsp; 120 |
| Realkredit Danmark AS |  |  |
| 1.500%, 10/01/53 (DKK) | 3995832 | &nbsp;&nbsp; 504603 |
| 2.000%, 10/01/53 (DKK) | 563001 | &nbsp;&nbsp; 66487 |
| 2.500%, 04/01/47 (DKK) | 7689 | &nbsp;&nbsp; 1120 |
|  |  | &nbsp;&nbsp; 2850297 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 7400000 | &nbsp;&nbsp; 7818064 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| VMware LLC |  |  |
| 3.900%, 08/21/27 | 300000 | &nbsp;&nbsp; 300112 |
| Total Corporate Bonds & Notes <br>(Cost $13,344,913) <br>|  | &nbsp;&nbsp; 13149210 |

---

*See accompanying notes to financial statements.*

**BHFTI-379**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Convertible Preferred Stocks—0.1%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Wells Fargo & Co.- Series L, 7.500% <br>(Cost $900,000)<br>| 900 | &nbsp;&nbsp; $1090800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** |
| **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** |
| JPMorgan Securities LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.930%, due <br> on 01/02/26, with a maturity value of $26,705,830; <br> collateralized by U.S. Treasury Note at 4.125%, maturing <br> at 10/31/26, with a market value of $27,050,767<br>| 26700000 | &nbsp;&nbsp; 26700000 |
| Total Short-Term Investments <br>(Cost $26,700,000) <br>|  | &nbsp;&nbsp; 26700000 |
| Total Investments—131.7% <br>(Cost $2,028,623,270) <br>|  | &nbsp;&nbsp; 1890023954 |
| Other assets and liabilities (net)—(31.7)%  |  | &nbsp;&nbsp; (455039816)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1434984138 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was pledged as collateral against open OTC derivative contracts. As of December 31, 2025, the market value of securities pledged was $2,433,203. 

(b) All or a portion of the security was pledged as collateral against open secured borrowing 

---

| | |
|:---|:---|
|  | transactions. As of December 31, 2025, the market value of securities pledged was <br> $406,551.<br>|
| (c) | Principal amount of security is adjusted for inflation. |
| (d) | All or a portion of this security has been transferred in a secured borrowing transaction. |
| (e) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was <br> $10,237,595.<br>|
| (f) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $5,657,666.<br>|
| (g) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (h) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (i) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $116,115,862, which is 8.1% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3633704792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37315310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 <br>,612787915<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134126835 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3098658436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3107597136 |

---

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the Master Securities Forward Transaction Agreement ("MSFTA") and net of the related collateral pledged or received by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for** <br>**Secured** <br>**Borrowings**<br>| **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**<sup>(a)</sup> <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(b)</sup> <br>| **Net** <br>**Amount**<sup>(c)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $(1641909100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1630097990 | &nbsp;&nbsp;&nbsp;&nbsp; $406551 | &nbsp;&nbsp;&nbsp;&nbsp; $(11404559)<br>|
| BNP Paribas S.A | &nbsp;&nbsp; (12016792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11810719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (206073)<br>|
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; (10022457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9903654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118803)<br>|
| Total | &nbsp;&nbsp; $(1663948349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1651812363 | &nbsp;&nbsp;&nbsp;&nbsp; $406551 | &nbsp;&nbsp;&nbsp;&nbsp; $(11729435)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of borrowings as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

*See accompanying notes to financial statements.*

**BHFTI-380**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1663948349)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1663948349)<br>|
| Total Borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1663948349)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1663948349)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(1663948349)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 1559000 | UBSA | 01/14/26 | USD | 1045933 | &nbsp;&nbsp; $(5464)<br>|
| BRL | &nbsp;&nbsp; 94020270 | GSBU | 03/03/26 | USD | 17045009 | &nbsp;&nbsp; (110566)<br>|
| CHF | &nbsp;&nbsp; 71724 | GSBU | 01/14/26 | USD | 89462 | &nbsp;&nbsp; 1166 |
| CNH | &nbsp;&nbsp; 6008975 | BBP | 01/05/26 | USD | 860000 | &nbsp;&nbsp; 1403 |
| CNH | &nbsp;&nbsp; 1223330 | BNP | 01/05/26 | USD | 175000 | &nbsp;&nbsp; 368 |
| CNH | &nbsp;&nbsp; 7698000 | BNP | 01/21/26 | USD | 1093093 | &nbsp;&nbsp; 11473 |
| CNH | &nbsp;&nbsp; 6024000 | CBNA | 01/21/26 | USD | 863403 | &nbsp;&nbsp; 965 |
| CNH | &nbsp;&nbsp; 8421000 | CBNA | 01/21/26 | USD | 1205709 | &nbsp;&nbsp; 2599 |
| CNH | &nbsp;&nbsp; 9474000 | GSBU | 01/21/26 | USD | 1343954 | &nbsp;&nbsp; 15447 |
| CNH | &nbsp;&nbsp; 1188572 | JPMC | 01/05/26 | USD | 170000 | &nbsp;&nbsp; 385 |
| CNH | &nbsp;&nbsp; 6263000 | JPMC | 01/21/26 | USD | 891914 | &nbsp;&nbsp; 6748 |
| CNH | &nbsp;&nbsp; 6249000 | JPMC | 01/21/26 | USD | 889233 | &nbsp;&nbsp; 7421 |
| CNH | &nbsp;&nbsp; 9699003 | WBC | 01/06/26 | USD | 1390000 | &nbsp;&nbsp; 379 |
| DKK | &nbsp;&nbsp; 4815000 | BBP | 01/14/26 | USD | 756308 | &nbsp;&nbsp; 1688 |
| EUR | &nbsp;&nbsp; 753000 | BOA | 01/14/26 | USD | 888868 | &nbsp;&nbsp; (3565)<br>|
| GBP | &nbsp;&nbsp; 6095318 | SG | 01/14/26 | USD | 7982703 | &nbsp;&nbsp; 233412 |
| ILS | &nbsp;&nbsp; 545000 | BNP | 01/15/26 | USD | 170363 | &nbsp;&nbsp; 765 |
| ILS | &nbsp;&nbsp; 3765766 | DBAG | 01/15/26 | USD | 1180343 | &nbsp;&nbsp; 2091 |
| INR | &nbsp;&nbsp; 18703772 | BNP | 01/30/26 | USD | 206594 | &nbsp;&nbsp; 1084 |
| INR | &nbsp;&nbsp; 5855818 | BNP | 02/02/26 | USD | 65000 | &nbsp;&nbsp; 6 |
| INR | &nbsp;&nbsp; 188221913 | CBNA | 01/30/26 | USD | 2116327 | &nbsp;&nbsp; (26396)<br>|
| INR | &nbsp;&nbsp; 174014128 | CBNA | 01/30/26 | USD | 1953459 | &nbsp;&nbsp; (21284)<br>|
| INR | &nbsp;&nbsp; 175988470 | CBNA | 01/30/26 | USD | 1975279 | &nbsp;&nbsp; (21182)<br>|
| INR | &nbsp;&nbsp; 129696333 | CBNA | 01/30/26 | USD | 1456215 | &nbsp;&nbsp; (16125)<br>|
| INR | &nbsp;&nbsp; 90378586 | CBNA | 01/30/26 | USD | 1013747 | &nbsp;&nbsp; (10224)<br>|
| INR | &nbsp;&nbsp; 52913667 | CBNA | 01/30/26 | USD | 593825 | &nbsp;&nbsp; (6295)<br>|
| INR | &nbsp;&nbsp; 30506346 | CBNA | 01/30/26 | USD | 335917 | &nbsp;&nbsp; 2811 |
| INR | &nbsp;&nbsp; 219388384 | CBNA | 01/30/26 | USD | 2428582 | &nbsp;&nbsp; 7408 |
| INR | &nbsp;&nbsp; 179257354 | DBAG | 01/30/26 | USD | 2014286 | &nbsp;&nbsp; (23893)<br>|
| INR | &nbsp;&nbsp; 142390585 | DBAG | 01/30/26 | USD | 1597489 | &nbsp;&nbsp; (16448)<br>|
| INR | &nbsp;&nbsp; 29807580 | GSBU | 01/30/26 | USD | 330000 | &nbsp;&nbsp; 970 |
| INR | &nbsp;&nbsp; 20796019 | GSBU | 01/30/26 | USD | 229481 | &nbsp;&nbsp; 1429 |
| INR | &nbsp;&nbsp; 28824640 | GSBU | 02/02/26 | USD | 320000 | &nbsp;&nbsp; (16)<br>|
| INR | &nbsp;&nbsp; 47772610 | GSBU | 02/02/26 | USD | 530000 | &nbsp;&nbsp; 326 |
| INR | &nbsp;&nbsp; 129114497 | JPMC | 01/30/26 | USD | 1449845 | &nbsp;&nbsp; (16216)<br>|
| INR | &nbsp;&nbsp; 6309310 | JPMC | 02/02/26 | USD | 70000 | &nbsp;&nbsp; 40 |
| JPY | &nbsp;&nbsp; 216300000 | BOA | 01/14/26 | USD | 1399649 | &nbsp;&nbsp; (17757)<br>|
| KRW | &nbsp;&nbsp; 1747158847 | DBAG | 01/08/26 | USD | 1189393 | &nbsp;&nbsp; 23557 |
| KRW | &nbsp;&nbsp; 2861978008 | DBAG | 01/08/26 | USD | 1947547 | &nbsp;&nbsp; 39357 |
| KRW | &nbsp;&nbsp; 214412372 | JPMC | 01/08/26 | USD | 149427 | &nbsp;&nbsp; (573)<br>|
| MXN | &nbsp;&nbsp; 25609000 | BOA | 02/23/26 | USD | 1381323 | &nbsp;&nbsp; 34014 |
| MXN | &nbsp;&nbsp; 38336000 | BOA | 02/24/26 | USD | 2073065 | &nbsp;&nbsp; 45445 |

---

*See accompanying notes to financial statements.*

**BHFTI-381**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| MXN | &nbsp;&nbsp; 28713000 | BOA | 03/09/26 | USD | 1566068 | &nbsp;&nbsp; $18593 |
| MXN | &nbsp;&nbsp; 32094000 | BBP | 03/18/26 | USD | 1733139 | &nbsp;&nbsp; 36510 |
| MXN | &nbsp;&nbsp; 109673907 | DBAG | 01/29/26 | USD | 5905591 | &nbsp;&nbsp; 170851 |
| MXN | &nbsp;&nbsp; 15133000 | GSBU | 03/02/26 | USD | 815764 | &nbsp;&nbsp; 20009 |
| MXN | &nbsp;&nbsp; 16080000 | GSBU | 04/10/26 | USD | 872405 | &nbsp;&nbsp; 12169 |
| MXN | &nbsp;&nbsp; 12764000 | GSBU | 04/13/26 | USD | 690733 | &nbsp;&nbsp; 11203 |
| MXN | &nbsp;&nbsp; 21474000 | GSBU | 04/15/26 | USD | 1165130 | &nbsp;&nbsp; 15552 |
| MXN | &nbsp;&nbsp; 8584746 | JPMC | 02/27/26 | USD | 462443 | &nbsp;&nbsp; 11822 |
| MXN | &nbsp;&nbsp; 5856468 | JPMC | 04/09/26 | USD | 318148 | &nbsp;&nbsp; 4055 |
| MXN | &nbsp;&nbsp; 2656 | SG | 03/18/26 | USD | 142 | &nbsp;&nbsp; 5 |
| MXN | &nbsp;&nbsp; 8505980 | UBSA | 02/27/26 | USD | 458363 | &nbsp;&nbsp; 11551 |
| PLN | &nbsp;&nbsp; 622881 | BOA | 01/16/26 | USD | 169991 | &nbsp;&nbsp; 3504 |
| PLN | &nbsp;&nbsp; 1492000 | BOA | 01/16/26 | USD | 409785 | &nbsp;&nbsp; 5791 |
| PLN | &nbsp;&nbsp; 1713000 | BOA | 01/16/26 | USD | 467621 | &nbsp;&nbsp; 9512 |
| PLN | &nbsp;&nbsp; 11720087 | BBP | 01/23/26 | USD | 3217108 | &nbsp;&nbsp; 47184 |
| PLN | &nbsp;&nbsp; 1060000 | BNP | 01/16/26 | USD | 294511 | &nbsp;&nbsp; 737 |
| PLN | &nbsp;&nbsp; 3621177 | BNP | 01/16/26 | USD | 1005804 | &nbsp;&nbsp; 2825 |
| PLN | &nbsp;&nbsp; 1165960 | BNP | 01/16/26 | USD | 318977 | &nbsp;&nbsp; 5785 |
| PLN | &nbsp;&nbsp; 1060988 | BNP | 01/16/26 | USD | 288163 | &nbsp;&nbsp; 7360 |
| PLN | &nbsp;&nbsp; 754000 | CBNA | 01/16/26 | USD | 209844 | &nbsp;&nbsp; 173 |
| PLN | &nbsp;&nbsp; 1499000 | GSBU | 01/16/26 | USD | 410539 | &nbsp;&nbsp; 6987 |
| PLN | &nbsp;&nbsp; 2022303 | GSBU | 01/16/26 | USD | 552268 | &nbsp;&nbsp; 11017 |
| PLN | &nbsp;&nbsp; 8885033 | GSBU | 01/23/26 | USD | 2431817 | &nbsp;&nbsp; 42853 |
| PLN | &nbsp;&nbsp; 636959 | JPMC | 01/16/26 | USD | 173342 | &nbsp;&nbsp; 4074 |
| PLN | &nbsp;&nbsp; 6473754 | JPMC | 01/23/26 | USD | 1753032 | &nbsp;&nbsp; 50046 |
| PLN | &nbsp;&nbsp; 3622740 | UBSA | 01/22/26 | USD | 1009205 | &nbsp;&nbsp; (188)<br>|
| PLN | &nbsp;&nbsp; 6094767 | UBSA | 01/23/26 | USD | 1663251 | &nbsp;&nbsp; 34271 |
| SGD | &nbsp;&nbsp; 24251 | GSBU | 01/14/26 | USD | 18761 | &nbsp;&nbsp; 117 |
| THB | &nbsp;&nbsp; 12165 | CBNA | 01/21/26 | USD | 376 | &nbsp;&nbsp; 10 |
| THB | &nbsp;&nbsp; 2841 | GSBU | 01/21/26 | USD | 89 | &nbsp;&nbsp; 1 |
| THB | &nbsp;&nbsp; 8297883 | GSBU | 01/21/26 | USD | 260605 | &nbsp;&nbsp; 3023 |
| THB | &nbsp;&nbsp; 11278383 | GSBU | 01/21/26 | USD | 348258 | &nbsp;&nbsp; 10062 |
| TRY | &nbsp;&nbsp; 332045700 | BNP | 01/14/26 | USD | 7368314 | &nbsp;&nbsp; 315002 |
| TWD | &nbsp;&nbsp; 35858031 | BNP | 01/20/26 | USD | 1140000 | &nbsp;&nbsp; 2430 |
| TWD | &nbsp;&nbsp; 18068373 | BNP | 01/20/26 | USD | 570959 | &nbsp;&nbsp; 4696 |
| TWD | &nbsp;&nbsp; 37026299 | BNP | 01/20/26 | USD | 1169041 | &nbsp;&nbsp; 10610 |
| TWD | &nbsp;&nbsp; 19679238 | BNP | 01/22/26 | USD | 630516 | &nbsp;&nbsp; (3457)<br>|
| TWD | &nbsp;&nbsp; 27039321 | BNP | 01/30/26 | USD | 860000 | &nbsp;&nbsp; 2034 |
| TWD | &nbsp;&nbsp; 26958835 | BNP | 02/02/26 | USD | 860000 | &nbsp;&nbsp; (362)<br>|
| TWD | &nbsp;&nbsp; 5479454 | BNP | 02/02/26 | USD | 175000 | &nbsp;&nbsp; (276)<br>|
| TWD | &nbsp;&nbsp; 5329279 | BNP | 02/02/26 | USD | 170000 | &nbsp;&nbsp; (65)<br>|
| TWD | &nbsp;&nbsp; 43658976 | BNP | 02/05/26 | USD | 1390000 | &nbsp;&nbsp; 2431 |
| TWD | &nbsp;&nbsp; 40724242 | CBNA | 01/22/26 | USD | 1304428 | &nbsp;&nbsp; (6791)<br>|
| TWD | &nbsp;&nbsp; 25241220 | GSBU | 01/12/26 | USD | 810000 | &nbsp;&nbsp; (6242)<br>|
| TWD | &nbsp;&nbsp; 18236940 | GSBU | 01/20/26 | USD | 580000 | &nbsp;&nbsp; 1026 |
| ZAR | &nbsp;&nbsp; 9506813 | BOA | 01/26/26 | USD | 570305 | &nbsp;&nbsp; 2945 |
| ZAR | &nbsp;&nbsp; 1262902 | BBP | 01/26/26 | USD | 72907 | &nbsp;&nbsp; 3245 |
| ZAR | &nbsp;&nbsp; 13400217 | BNP | 01/26/26 | USD | 805810 | &nbsp;&nbsp; 2208 |
| ZAR | &nbsp;&nbsp; 9079510 | BNP | 01/26/26 | USD | 542564 | &nbsp;&nbsp; 4920 |
| ZAR | &nbsp;&nbsp; 3605000 | CBNA | 01/26/26 | USD | 212009 | &nbsp;&nbsp; 5368 |
| ZAR | &nbsp;&nbsp; 8908154 | CBNA | 01/26/26 | USD | 530699 | &nbsp;&nbsp; 6453 |
| ZAR | &nbsp;&nbsp; 9059630 | DBAG | 01/22/26 | USD | 538882 | &nbsp;&nbsp; 7566 |
| ZAR | &nbsp;&nbsp; 2250584 | DBAG | 01/26/26 | USD | 129165 | &nbsp;&nbsp; 6543 |
| ZAR | &nbsp;&nbsp; 1160446 | GSBU | 01/26/26 | USD | 67310 | &nbsp;&nbsp; 2664 |
| ZAR | &nbsp;&nbsp; 1986311 | JPMC | 01/26/26 | USD | 115750 | &nbsp;&nbsp; 4023 |
| ZAR | &nbsp;&nbsp; 2204589 | UBSA | 01/26/26 | USD | 126761 | &nbsp;&nbsp; 6173 |

---

*See accompanying notes to financial statements.*

**BHFTI-382**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 9600211 | BNP | 01/14/26 | USD | 6240272 | &nbsp;&nbsp; $(166866)<br>|
| AUD | &nbsp;&nbsp; 8827789 | JPMC | 01/14/26 | USD | 5768801 | &nbsp;&nbsp; (122825)<br>|
| BRL | &nbsp;&nbsp; 4105494 | GSBU | 02/03/26 | USD | 745139 | &nbsp;&nbsp; 1575 |
| BRL | &nbsp;&nbsp; 97409 | GSBU | 03/03/26 | USD | 17706 | &nbsp;&nbsp; 161 |
| CAD | &nbsp;&nbsp; 25986755 | CBNA | 01/14/26 | USD | 18462403 | &nbsp;&nbsp; (481245)<br>|
| CAD | &nbsp;&nbsp; 29488 | CBNA | 01/14/26 | USD | 20962 | &nbsp;&nbsp; (534)<br>|
| CHF | &nbsp;&nbsp; 206000 | BOA | 01/14/26 | USD | 258966 | &nbsp;&nbsp; (1328)<br>|
| CHF | &nbsp;&nbsp; 207000 | BOA | 01/14/26 | USD | 260954 | &nbsp;&nbsp; (604)<br>|
| CHF | &nbsp;&nbsp; 297426 | BNP | 01/14/26 | USD | 370938 | &nbsp;&nbsp; (4879)<br>|
| CHF | &nbsp;&nbsp; 260000 | BNP | 01/14/26 | USD | 330163 | &nbsp;&nbsp; 1637 |
| CHF | &nbsp;&nbsp; 1261000 | JPMC | 01/14/26 | USD | 1576485 | &nbsp;&nbsp; (16867)<br>|
| CHF | &nbsp;&nbsp; 295766 | UBSA | 01/14/26 | USD | 368390 | &nbsp;&nbsp; (5328)<br>|
| CNH | &nbsp;&nbsp; 20222999 | BNP | 01/21/26 | USD | 2869752 | &nbsp;&nbsp; (31995)<br>|
| CNH | &nbsp;&nbsp; 13968816 | GSBU | 01/21/26 | USD | 1985307 | &nbsp;&nbsp; (19042)<br>|
| CNH | &nbsp;&nbsp; 29102731 | JPMC | 01/21/26 | USD | 4130449 | &nbsp;&nbsp; (45428)<br>|
| CNH | &nbsp;&nbsp; 29064718 | JPMC | 01/21/26 | USD | 4128687 | &nbsp;&nbsp; (41736)<br>|
| DKK | &nbsp;&nbsp; 21980340 | BBP | 01/14/26 | USD | 3410928 | &nbsp;&nbsp; (49305)<br>|
| EUR | &nbsp;&nbsp; 18486000 | GSBU | 01/14/26 | USD | 21605917 | &nbsp;&nbsp; (128097)<br>|
| EUR | &nbsp;&nbsp; 41221539 | SG | 01/14/26 | USD | 47724649 | &nbsp;&nbsp; (739568)<br>|
| GBP | &nbsp;&nbsp; 561000 | BNP | 01/14/26 | USD | 758656 | &nbsp;&nbsp; 2462 |
| GBP | &nbsp;&nbsp; 597000 | JPMC | 01/14/26 | USD | 802092 | &nbsp;&nbsp; (2627)<br>|
| IDR | &nbsp;&nbsp; 4929820046 | BNP | 01/22/26 | USD | 294724 | &nbsp;&nbsp; (869)<br>|
| ILS | &nbsp;&nbsp; 2565807 | BOA | 02/19/26 | USD | 805338 | &nbsp;&nbsp; (390)<br>|
| ILS | &nbsp;&nbsp; 1019373 | BBP | 02/19/26 | USD | 316429 | &nbsp;&nbsp; (3680)<br>|
| ILS | &nbsp;&nbsp; 1570000 | BNP | 01/15/26 | USD | 486985 | &nbsp;&nbsp; (5988)<br>|
| ILS | &nbsp;&nbsp; 1854268 | BNP | 01/15/26 | USD | 584103 | &nbsp;&nbsp; 1871 |
| ILS | &nbsp;&nbsp; 2385242 | CBNA | 01/15/26 | USD | 729026 | &nbsp;&nbsp; (19929)<br>|
| ILS | &nbsp;&nbsp; 997000 | CBNA | 01/15/26 | USD | 310674 | &nbsp;&nbsp; (2380)<br>|
| ILS | &nbsp;&nbsp; 1705500 | DBAG | 01/22/26 | USD | 530194 | &nbsp;&nbsp; (5320)<br>|
| ILS | &nbsp;&nbsp; 3764810 | DBAG | 02/19/26 | USD | 1180343 | &nbsp;&nbsp; (1902)<br>|
| ILS | &nbsp;&nbsp; 1310663 | GSBU | 01/15/26 | USD | 405665 | &nbsp;&nbsp; (5877)<br>|
| ILS | &nbsp;&nbsp; 3706418 | GSBU | 02/19/26 | USD | 1150353 | &nbsp;&nbsp; (13555)<br>|
| ILS | &nbsp;&nbsp; 3170331 | JPMC | 01/15/26 | USD | 973958 | &nbsp;&nbsp; (21512)<br>|
| ILS | &nbsp;&nbsp; 2364126 | JPMC | 01/15/26 | USD | 721320 | &nbsp;&nbsp; (21005)<br>|
| ILS | &nbsp;&nbsp; 2120985 | JPMC | 01/15/26 | USD | 649957 | &nbsp;&nbsp; (16023)<br>|
| ILS | &nbsp;&nbsp; 2139709 | JPMC | 01/15/26 | USD | 656476 | &nbsp;&nbsp; (15383)<br>|
| ILS | &nbsp;&nbsp; 2139329 | JPMC | 01/15/26 | USD | 665022 | &nbsp;&nbsp; (6718)<br>|
| INR | &nbsp;&nbsp; 5447868 | BOA | 01/20/26 | USD | 60000 | &nbsp;&nbsp; (536)<br>|
| INR | &nbsp;&nbsp; 17102090 | GSBU | 01/08/26 | USD | 190000 | &nbsp;&nbsp; (224)<br>|
| INR | &nbsp;&nbsp; 45986700 | GSBU | 01/12/26 | USD | 510000 | &nbsp;&nbsp; (1308)<br>|
| INR | &nbsp;&nbsp; 3652720 | GSBU | 01/20/26 | USD | 40000 | &nbsp;&nbsp; (589)<br>|
| INR | &nbsp;&nbsp; 1826660 | GSBU | 01/20/26 | USD | 20000 | &nbsp;&nbsp; (298)<br>|
| INR | &nbsp;&nbsp; 61012166 | JPMC | 01/30/26 | USD | 685345 | &nbsp;&nbsp; 7893 |
| JPY | &nbsp;&nbsp; 141400000 | BOA | 01/14/26 | USD | 909258 | &nbsp;&nbsp; 5885 |
| JPY | &nbsp;&nbsp; 267800000 | BNP | 01/14/26 | USD | 1733081 | &nbsp;&nbsp; 22167 |
| JPY | &nbsp;&nbsp; 42100000 | JPMC | 01/14/26 | USD | 269602 | &nbsp;&nbsp; 634 |
| JPY | &nbsp;&nbsp; 139000000 | JPMC | 01/14/26 | USD | 896052 | &nbsp;&nbsp; 8012 |
| JPY | &nbsp;&nbsp; 2065836283 | MSIP | 01/14/26 | USD | 13267953 | &nbsp;&nbsp; 69787 |
| JPY | &nbsp;&nbsp; 3044975383 | SG | 01/14/26 | USD | 19469289 | &nbsp;&nbsp; 15622 |
| KRW | &nbsp;&nbsp; 253722054 | BOA | 01/08/26 | USD | 173490 | &nbsp;&nbsp; (2654)<br>|
| KRW | &nbsp;&nbsp; 355045296 | BOA | 01/08/26 | USD | 244931 | &nbsp;&nbsp; (1556)<br>|
| KRW | &nbsp;&nbsp; 82479981 | BOA | 01/08/26 | USD | 56524 | &nbsp;&nbsp; (737)<br>|
| KRW | &nbsp;&nbsp; 1596714739 | DBAG | 01/08/26 | USD | 1090749 | &nbsp;&nbsp; (17756)<br>|
| KRW | &nbsp;&nbsp; 214131001 | JPMC | 02/13/26 | USD | 149427 | &nbsp;&nbsp; 570 |
| KRW | &nbsp;&nbsp; 2535467615 | SG | 01/08/26 | USD | 1733027 | &nbsp;&nbsp; (27199)<br>|
| MXN | &nbsp;&nbsp; 509371 | JPMC | 01/30/26 | USD | 27387 | &nbsp;&nbsp; (832)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-383**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| NOK | &nbsp;&nbsp; 4602128 | BNP | 01/14/26 | USD | 452778 | &nbsp;&nbsp; $(3830)<br>|
| NOK | &nbsp;&nbsp; 3355477 | MSIP | 01/14/26 | USD | 329744 | &nbsp;&nbsp; (3176)<br>|
| NZD | &nbsp;&nbsp; 3305295 | BNP | 01/14/26 | USD | 1878161 | &nbsp;&nbsp; (25478)<br>|
| NZD | &nbsp;&nbsp; 1331000 | BNP | 01/14/26 | USD | 768562 | &nbsp;&nbsp; 1990 |
| NZD | &nbsp;&nbsp; 1330000 | BNP | 01/14/26 | USD | 768689 | &nbsp;&nbsp; 2693 |
| NZD | &nbsp;&nbsp; 3085291 | CBNA | 01/14/26 | USD | 1771832 | &nbsp;&nbsp; (5099)<br>|
| NZD | &nbsp;&nbsp; 1057000 | CBNA | 01/14/26 | USD | 611757 | &nbsp;&nbsp; 2992 |
| NZD | &nbsp;&nbsp; 934000 | GSBU | 01/14/26 | USD | 541094 | &nbsp;&nbsp; 3170 |
| NZD | &nbsp;&nbsp; 1001000 | JPMC | 01/14/26 | USD | 581766 | &nbsp;&nbsp; 5254 |
| PLN | &nbsp;&nbsp; 2593469 | BOA | 01/16/26 | USD | 709185 | &nbsp;&nbsp; (13190)<br>|
| PLN | &nbsp;&nbsp; 3395815 | BNP | 01/16/26 | USD | 930794 | &nbsp;&nbsp; (15063)<br>|
| PLN | &nbsp;&nbsp; 2592686 | CBNA | 01/16/26 | USD | 710208 | &nbsp;&nbsp; (11949)<br>|
| PLN | &nbsp;&nbsp; 16765 | CBNA | 01/16/26 | USD | 4571 | &nbsp;&nbsp; (99)<br>|
| PLN | &nbsp;&nbsp; 5107676 | JPMC | 01/16/26 | USD | 1391112 | &nbsp;&nbsp; (31560)<br>|
| PLN | &nbsp;&nbsp; 1090000 | JPMC | 01/16/26 | USD | 299958 | &nbsp;&nbsp; (3647)<br>|
| SGD | &nbsp;&nbsp; 22534538 | SG | 01/14/26 | USD | 17394270 | &nbsp;&nbsp; (147825)<br>|
| THB | &nbsp;&nbsp; 8754789 | BOA | 01/21/26 | USD | 270335 | &nbsp;&nbsp; (7810)<br>|
| TWD | &nbsp;&nbsp; 60514613 | BOA | 01/22/26 | USD | 1984411 | &nbsp;&nbsp; 56173 |
| TWD | &nbsp;&nbsp; 21616585 | BNP | 01/22/26 | USD | 711540 | &nbsp;&nbsp; 22749 |
| TWD | &nbsp;&nbsp; 21664439 | BNP | 01/22/26 | USD | 715116 | &nbsp;&nbsp; 24800 |
| TWD | &nbsp;&nbsp; 29804575 | BNP | 01/22/26 | USD | 976175 | &nbsp;&nbsp; 26482 |
| TWD | &nbsp;&nbsp; 25607442 | BNP | 01/22/26 | USD | 844155 | &nbsp;&nbsp; 28199 |
| TWD | &nbsp;&nbsp; 43297444 | BNP | 01/22/26 | USD | 1430233 | &nbsp;&nbsp; 50603 |
| TWD | &nbsp;&nbsp; 27076080 | BNP | 03/18/26 | USD | 871847 | &nbsp;&nbsp; 6019 |
| TWD | &nbsp;&nbsp; 27545575 | CBNA | 01/22/26 | USD | 913103 | &nbsp;&nbsp; 35391 |
| TWD | &nbsp;&nbsp; 47008902 | CBNA | 01/22/26 | USD | 1534734 | &nbsp;&nbsp; 36842 |
| TWD | &nbsp;&nbsp; 44487692 | CBNA | 01/22/26 | USD | 1458852 | &nbsp;&nbsp; 41296 |
| TWD | &nbsp;&nbsp; 44479648 | CBNA | 01/22/26 | USD | 1463753 | &nbsp;&nbsp; 46453 |
| TWD | &nbsp;&nbsp; 62040393 | CBNA | 01/22/26 | USD | 2047335 | &nbsp;&nbsp; 70480 |
| TWD | &nbsp;&nbsp; 29428206 | CBNA | 03/18/26 | USD | 945485 | &nbsp;&nbsp; 4441 |
| TWD | &nbsp;&nbsp; 5955550 | GSBU | 01/08/26 | USD | 190000 | &nbsp;&nbsp; 414 |
| ZAR | &nbsp;&nbsp; 9077101 | BNP | 01/22/26 | USD | 542564 | &nbsp;&nbsp; (4937)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(644079)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Euro-BTP Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 189 | EUR | 22714020 | &nbsp;&nbsp; $(101709)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 3 | EUR | 330360 | &nbsp;&nbsp; (6208)<br>|
| Euro-Schatz Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 347 | EUR | 37056130 | &nbsp;&nbsp; (60550)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 1373 | USD | 157916453 | &nbsp;&nbsp; (880213)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 945 | USD | 111510000 | &nbsp;&nbsp; (1935640)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-Bobl Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (10)<br>| EUR | (1161600)<br>| &nbsp;&nbsp; 10495 |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (101)<br>| EUR | (12884570)<br>| &nbsp;&nbsp; 208390 |
| Euro-OAT Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (427)<br>| EUR | (51491930)<br>| &nbsp;&nbsp; 617710 |
| Japanese Government 10 Year Bond Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; (9)<br>| JPY | (1191690000)<br>| &nbsp;&nbsp; 51250 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (1782)<br>| USD | (205988062)<br>| &nbsp;&nbsp; 1667985 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (1529)<br>| USD | (319238476)<br>| &nbsp;&nbsp; (184061)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (382)<br>| USD | (41754391)<br>| &nbsp;&nbsp; 97166 |

---

*See accompanying notes to financial statements.*

**BHFTI-384**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (211)<br>| USD | (23724312)<br>| &nbsp;&nbsp; $193807 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(321578)<br>|

---

**Written Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 2 Yr. IRS | 2.350% | 6M EURIBOR | Receive | 01/07/27 | GSBU | (20500000)<br>| EUR | (20500000)<br>| $(186049)<br>| $(69362)<br>| $116687 |
| Call - OTC - 2 Yr. IRS | 2.440% | 6M EURIBOR | Receive | 01/25/27 | BBP | (5400000)<br>| EUR | (5400000)<br>| (48032)<br>| (21978)<br>| 26054 |
| Call - OTC - 2 Yr. IRS | 2.500% | 6M EURIBOR | Receive | 01/14/27 | GSBU | (33900000)<br>| EUR | (33900000)<br>| (310822)<br>| (165879)<br>| 144943 |
| Put - OTC - 2 Yr. IRS | 2.350% | 6M EURIBOR | Pay | 01/07/27 | GSBU | (20500000)<br>| EUR | (20500000)<br>| (186049)<br>| (135406)<br>| 50643 |
| Put - OTC - 2 Yr. IRS | 2.440% | 6M EURIBOR | Pay | 01/25/27 | BBP | (5400000)<br>| EUR | (5400000)<br>| (48033)<br>| (29911)<br>| 18122 |
| Put - OTC - 2 Yr. IRS | 2.500% | 6M EURIBOR | Pay | 01/14/27 | GSBU | (33900000)<br>| EUR | (33900000)<br>| (310822)<br>| (165293)<br>| 145529 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1089807)<br>| $(587829)<br>| $501978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Capped Options** | **Initial** <br>**Index**<br>| **Exercise Index** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number** <br> **of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Cap - CPALEMU Index | 100.152 | Maximum of [(Final Index/Initial <br> Index - 1) - 3.000%] or 0 | 06/22/35 | GSBU | (8700000)<br>| EUR | (8700000)<br>| $(382245)<br>| $(69354)<br>| $312891 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M CPURNSA | Maturity | 1.760<br> %<br>| Maturity | 11/04/29 | USD | 24500000 | $(4211428)<br>| $(17107)<br>| $(4194321)<br>|
| Pay | 12M CPURNSA | Maturity | 1.954<br> %<br>| Maturity | 06/03/29 | USD | 8650000 | (1313895)<br>|  | (1313895)<br>|
| Pay | 12M CPURNSA | Maturity | 1.998<br> %<br>| Maturity | 07/25/29 | USD | 21500000 | (3117370)<br>| 3600 | (3120970)<br>|
| Pay | 12M CPURNSA | Maturity | 2.335<br> %<br>| Maturity | 02/05/28 | USD | 13090000 | (1454101)<br>| 28402 | (1482503)<br>|
| Pay | 12M CPURNSA | Maturity | 2.370<br> %<br>| Maturity | 06/06/28 | USD | 6400000 | (673588)<br>| (1137)<br>| (672451)<br>|
| Pay | 12M CPURNSA | Maturity | 2.700<br> %<br>| Maturity | 01/14/26 | USD | 12700000 | (24896)<br>|  | (24896)<br>|
| Pay | 12M CPURNSA | Maturity | 2.820<br> %<br>| Maturity | 02/05/26 | USD | 5600000 | 4886 |  | 4886 |
| Pay | 12M CPURNSA | Maturity | 2.842<br> %<br>| Maturity | 02/13/26 | USD | 5900000 | 6749 |  | 6749 |
| Pay | 12M CPURNSA | Maturity | 3.043<br> %<br>| Maturity | 02/21/26 | USD | 7600000 | 24242 |  | 24242 |
| Pay | 12M CPURNSA | Maturity | 3.300<br> %<br>| Maturity | 06/04/26 | USD | 7300000 | 40485 |  | 40485 |
| Pay | 12M CPURNSA | Maturity | 3.323<br> %<br>| Maturity | 04/23/26 | USD | 6200000 | 50038 |  | 50038 |
| Pay | 12M CPURNSA | Maturity | 3.434<br> %<br>| Maturity | 08/27/26 | USD | 14900000 | 97868 |  | 97868 |
| Pay | 12M CPURNSA | Maturity | 3.435<br> %<br>| Maturity | 08/01/26 | USD | 14900000 | 88048 |  | 88048 |
| Pay | 12M FRCPXT | Maturity | 1.410<br> %<br>| Maturity | 11/15/39 | EUR | 600000 | (88045)<br>|  | (88045)<br>|
| Pay | 12M FRCPXT | Maturity | 1.910<br> %<br>| Maturity | 01/15/38 | EUR | 350000 | (6008)<br>| 2830 | (8838)<br>|
| Pay | 12M HICP | Maturity | 1.380<br> %<br>| Maturity | 03/15/31 | EUR | 7040000 | (1474658)<br>| (65195)<br>| (1409463)<br>|
| Pay | 12M HICP | Maturity | 2.421<br> %<br>| Maturity | 05/15/52 | EUR | 650000 | 11827 |  | 11827 |
| Pay | 12M HICP | Maturity | 2.488<br> %<br>| Maturity | 05/15/37 | EUR | 60000 | 734 | 121 | 613 |
| Pay | 12M HICP | Maturity | 2.550<br> %<br>| Maturity | 04/15/52 | EUR | 400000 | 21288 | 512 | 20776 |
| Pay | 12M HICP | Maturity | 2.580<br> %<br>| Maturity | 03/15/52 | EUR | 1000000 | 53518 | 717 | 52801 |
| Pay | 12M HICP | Maturity | 2.590<br> %<br>| Maturity | 03/15/52 | EUR | 1400000 | 79483 | (36516)<br>| 115999 |
| Pay | 12M HICP | Maturity | 2.590<br> %<br>| Maturity | 12/15/52 | EUR | 2300000 | 265985 |  | 265985 |
| Pay | 12M HICP | Maturity | 2.682<br> %<br>| Maturity | 10/15/53 | EUR | 1100000 | 169473 |  | 169473 |
| Pay | 12M HICP | Maturity | 2.700<br> %<br>| Maturity | 04/15/53 | EUR | 3100000 | 492478 | 20720 | 471758 |
| Pay | 12M HICP | Maturity | 2.736<br> %<br>| Maturity | 10/15/53 | EUR | 1600000 | 274265 | 14422 | 259843 |
| Pay | 12M HICP | Maturity | 2.763<br> %<br>| Maturity | 09/15/53 | EUR | 800000 | 144338 | 5914 | 138424 |

---

*See accompanying notes to financial statements.*

**BHFTI-385**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 12M SONIA | Annually | 3.750<br> %<br>| Annually | 03/18/31 | GBP | 25300000 | $131242 | $109548 | $21694 |
| Pay | 12M SONIA | Annually | 3.750<br> %<br>| Annually | 09/17/30 | GBP | 54900000 | 348637 | (251316)<br>| 599953 |
| Pay | 12M UKRPI | Maturity | 3.466<br> %<br>| Maturity | 09/15/34 | GBP | 3000000 | 138742 |  | 138742 |
| Pay | 12M UKRPI | Maturity | 3.500<br> %<br>| Maturity | 08/15/34 | GBP | 7200000 | 365201 | 40811 | 324390 |
| Pay | 3M SOFR | Semi-Annually | 2.340<br> %<br>| Semi-Annually | 11/21/28 | USD | 65930000 | (2312794)<br>|  | (2312794)<br>|
| Pay | 6M EURIBOR | Annually | 2.750<br> %<br>| Annually | 03/18/36 | EUR | 70970000 | (1482878)<br>| (74504)<br>| (1408374)<br>|
| Pay | 6M EURIBOR | Annually | 2.879<br> %<br>| Annually | 08/15/32 | EUR | 21800000 | 278062 |  | 278062 |
| Receive | 12M CPURNSA | Maturity | 1.798<br> %<br>| Maturity | 08/25/27 | USD | 9300000 | 1608607 |  | 1608607 |
| Receive | 12M CPURNSA | Maturity | 1.890<br> %<br>| Maturity | 08/27/27 | USD | 12300000 | 2039542 |  | 2039542 |
| Receive | 12M CPURNSA | Maturity | 2.311<br> %<br>| Maturity | 02/24/31 | USD | 21200000 | 2523999 | 9782 | 2514217 |
| Receive | 12M CPURNSA | Maturity | 2.314<br> %<br>| Maturity | 02/26/26 | USD | 10200000 | 1252476 |  | 1252476 |
| Receive | 12M CPURNSA | Maturity | 2.419<br> %<br>| Maturity | 03/05/26 | USD | 13000000 | 1519534 |  | 1519534 |
| Receive | 12M CPURNSA | Maturity | 2.573<br> %<br>| Maturity | 08/26/28 | USD | 1900000 | 144297 |  | 144297 |
| Receive | 12M CPURNSA | Maturity | 2.645<br> %<br>| Maturity | 09/10/28 | USD | 2400000 | 161989 |  | 161989 |
| Receive | 12M CPURNSA | Maturity | 2.703<br> %<br>| Maturity | 05/25/26 | USD | 7090000 | 687817 |  | 687817 |
| Receive | 12M CPURNSA | Maturity | 2.768<br> %<br>| Maturity | 05/13/26 | USD | 11300000 | 1071825 |  | 1071825 |
| Receive | 12M CPURNSA | Maturity | 2.813<br> %<br>| Maturity | 05/14/26 | USD | 4600000 | 424263 |  | 424263 |
| Receive | 12M HICP | Maturity | 1.636<br> %<br>| Maturity | 06/15/27 | EUR | 18000000 | 35752 |  | 35752 |
| Receive | 12M HICP | Maturity | 2.034<br> %<br>| Maturity | 09/15/34 | EUR | 6700000 | (101509)<br>| (19088)<br>| (82421)<br>|
| Receive | 12M HICP | Maturity | 2.049<br> %<br>| Maturity | 08/15/34 | EUR | 9900000 | (169359)<br>| (3756)<br>| (165603)<br>|
| Receive | 12M HICP | Maturity | 3.000<br> %<br>| Maturity | 05/15/27 | EUR | 2000000 | 33871 | 1000 | 32871 |
| Receive | 12M HICP | Maturity | 3.130<br> %<br>| Maturity | 05/15/27 | EUR | 1400000 | 11965 |  | 11965 |
| Receive | 12M SOFR | Annually | 2.865<br> %<br>| Annually | 02/13/54 | USD | 25800000 | 5645336 | 478721 | 5166615 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/34 | USD | 4750000 | 158533 | 198701 | (40168)<br>|
| Receive | 12M SOFR | Annually | 3.290<br> %<br>| Annually | 05/31/30 | USD | 28788000 | 126454 | 18600 | 107854 |
| Receive | 12M SOFR | Annually | 3.375<br> %<br>| Annually | 05/31/30 | USD | 37792700 | 42419 | 36670 | 5749 |
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 06/20/54 | USD | 9700000 | 1088447 | 245221 | 843226 |
| Receive | 12M SOFR | Annually | 3.640<br> %<br>| Annually | 08/15/35 | USD | 400000 | 4359 | 800 | 3559 |
| Receive | 12M SOFR | Annually | 3.700<br> %<br>| Annually | 08/15/35 | USD | 400000 | 2471 | (352)<br>| 2823 |
| Receive | 12M SOFR | Annually | 3.715<br> %<br>| Annually | 08/15/35 | USD | 756000 | 3779 | 1896 | 1883 |
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 05/15/32 | USD | 29367000 | (310643)<br>| (27790)<br>| (282853)<br>|
| Receive | 12M SOFR | Annually | 4.010<br> %<br>| Annually | 11/15/53 | USD | 15300000 | 439385 | 213752 | 225633 |
| Receive | 12M SOFR | Annually | 4.075<br> %<br>| Annually | 11/15/53 | USD | 13891100 | 251352 | 103247 | 148105 |
| Receive | 12M TONA | Annually | 0.500<br> %<br>| Annually | 12/15/31 | JPY | 1469000000 | 570981 | 4481 | 566500 |
| Receive | 12M TONA | Annually | 0.550<br> %<br>| Annually | 09/14/28 | JPY | 1420000000 | 172828 | (9132)<br>| 181960 |
| Receive | 12M UKRPI | Maturity | 3.365<br> %<br>| Maturity | 09/15/27 | GBP | 6300000 | (85745)<br>|  | (85745)<br>|
| Receive | 3M SOFR | Semi-Annually | 2.237<br> %<br>| Semi-Annually | 11/21/53 | USD | 13560000 | 4987069 |  | 4987069 |
| Receive | 6M EURIBOR | Annually | 0.190<br> %<br>| Annually | 11/04/52 | EUR | 6700000 | 4414753 |  | 4414753 |
| Receive | 6M EURIBOR | Annually | 0.195<br> %<br>| Annually | 11/04/52 | EUR | 7000000 | 4604899 |  | 4604899 |
| Receive | 6M EURIBOR | Annually | 0.197<br> %<br>| Annually | 11/08/52 | EUR | 12200000 | 8022000 |  | 8022000 |
| Receive | 6M EURIBOR | Annually | 1.830<br> %<br>| Annually | 09/17/27 | EUR | 18700000 | 147055 |  | 147055 |
| Receive | 6M EURIBOR | Annually | 3.000<br> %<br>| Annually | 03/18/56 | EUR | 10560000 | 616885 | (136941)<br>| 753826 |
| Receive | 6M TONA | Semi-Annually | 0.300<br> %<br>| Semi-Annually | 03/20/28 | JPY | 426780000 | 56337 | (1313)<br>| 57650 |
| Receive | 6M TONA | Semi-Annually | 0.300<br> %<br>| Semi-Annually | 09/20/27 | JPY | 788000000 | 71821 | (3228)<br>| 75049 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $29203772 | $893093 | $28310679 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 20000000 | $(52748)<br>| $— | $(52748)<br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 30000000 | (242404)<br>|  | (242404)<br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 50000000 | (381309)<br>|  | (381309)<br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 60000000 | (204547)<br>|  | (204547)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-386**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC Total Return Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Counterparty**  | **Underlying Reference**<br> **Instrument** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <sup>(1)</sup><br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 40000000 | $(168842)<br>| $— | $(168842)<br>|
| Pay | SOFR | Maturity | 01/15/26 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 20000000 | (52631)<br>|  | (52631)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1102481)<br>| $— | $(1102481)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $1995463 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $2639542 |
| Interest Rate |  |  | OTC swap contracts at market value | &nbsp;&nbsp; 1102481 |
|  | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 45004019 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 16693340 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 2846803 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 3168381 |
|  |  |  | Written options at value | &nbsp;&nbsp; 657183 |
| Total |  | &nbsp;&nbsp; $49846285 |  | &nbsp;&nbsp; $24260927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $181862 | &nbsp;&nbsp;&nbsp;&nbsp; $(50127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(70000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61735 |
| Barclays Bank PLC | &nbsp;&nbsp; 90030 | &nbsp;&nbsp;&nbsp;&nbsp; (90030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 566406 | &nbsp;&nbsp;&nbsp;&nbsp; (264065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42341 |
| Citibank NA | &nbsp;&nbsp; 263682 | &nbsp;&nbsp;&nbsp;&nbsp; (263682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 249965 | &nbsp;&nbsp;&nbsp;&nbsp; (65319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184646 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 161341 | &nbsp;&nbsp;&nbsp;&nbsp; (161341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 110977 | &nbsp;&nbsp;&nbsp;&nbsp; (110977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 69787 | &nbsp;&nbsp;&nbsp;&nbsp; (3176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale Paris | &nbsp;&nbsp; 249039 | &nbsp;&nbsp;&nbsp;&nbsp; (249039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 51995 | &nbsp;&nbsp;&nbsp;&nbsp; (10980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41015 |
| Westpac Banking Corp. | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp; $1995463 | &nbsp;&nbsp;&nbsp;&nbsp; $(1268736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(396611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330116 |

---

*See accompanying notes to financial statements.*

**BHFTI-387**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $50127 | &nbsp;&nbsp;&nbsp;&nbsp; $(50127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 104874 | &nbsp;&nbsp;&nbsp;&nbsp; (90030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14844 |
| BNP Paribas SA | &nbsp;&nbsp; 264065 | &nbsp;&nbsp;&nbsp;&nbsp; (264065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 629532 | &nbsp;&nbsp;&nbsp;&nbsp; (263682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (287205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78645 |
| Deutsche Bank AG | &nbsp;&nbsp; 65319 | &nbsp;&nbsp;&nbsp;&nbsp; (65319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 891108 | &nbsp;&nbsp;&nbsp;&nbsp; (161341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 729767 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 362952 | &nbsp;&nbsp;&nbsp;&nbsp; (110977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 3176 | &nbsp;&nbsp;&nbsp;&nbsp; (3176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 1102481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (972045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130436 |
| Societe Generale Paris | &nbsp;&nbsp; 914592 | &nbsp;&nbsp;&nbsp;&nbsp; (249039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (665553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 10980 | &nbsp;&nbsp;&nbsp;&nbsp; (10980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4399206 | &nbsp;&nbsp;&nbsp;&nbsp; $(1268736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2176778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $953692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8072190)<br>| &nbsp;&nbsp;&nbsp; $(8072190)<br>|
| Futures contracts | &nbsp;&nbsp; (3504520)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3504520)<br>|
| Swap contracts | &nbsp;&nbsp; 4788883 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4788883 |
| Written options | &nbsp;&nbsp; 685857 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 685857 |
|  | &nbsp;&nbsp; $1970220 | &nbsp;&nbsp;&nbsp; $(8072190)<br>| &nbsp;&nbsp;&nbsp; $(6101970)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5296162)<br>| &nbsp;&nbsp;&nbsp; $(5296162)<br>|
| Futures contracts | &nbsp;&nbsp; (2526733)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2526733)<br>|
| Swap contracts | &nbsp;&nbsp; 19131903 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19131903 |
| Written options | &nbsp;&nbsp; 95477 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95477 |
|  | &nbsp;&nbsp; $16700647 | &nbsp;&nbsp;&nbsp; $(5296162)<br>| &nbsp;&nbsp;&nbsp; $11404485 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $591899954 |
| Futures contracts long | &nbsp;&nbsp; 478568708 |
| Futures contracts short | &nbsp;&nbsp; (882237344)<br>|
| Swap contracts | &nbsp;&nbsp; 1287296583 |
| Written options | &nbsp;&nbsp; (186068484)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-388**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1389358132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1389358132 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 267234391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267234391 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 101232896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101232896 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 71098142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71098142 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20160383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20160383 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 13149210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13149210 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 1090800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1090800 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 26700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26700000 |
| Total Investments | &nbsp;&nbsp; $1090800 | &nbsp;&nbsp; $1888933154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1890023954 |
| Secured Borrowings (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1663948349)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1663948349)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1995463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1995463 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2639542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2639542)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(644079)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(644079)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $2846803 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2846803 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (3168381)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3168381)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(321578)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(321578)<br>|
| Total Written Options at Value\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(657183)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(657183)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45004019 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45004019 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (16693340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (16693340)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28310679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28310679 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1102481)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1102481)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-389**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1890023954 |
| Cash | &nbsp;&nbsp; 4995969 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 3307064 |
| Cash collateral for centrally cleared swaps | &nbsp;&nbsp; 1090000 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1995463 |
| Unrealized appreciation on unfunded commitments (c) | &nbsp;&nbsp; 301053 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1390131328 |
| TBA securities sold | &nbsp;&nbsp; 249633938 |
| Premiums on written options | &nbsp;&nbsp; 1375987 |
| Fund shares sold | &nbsp;&nbsp; 207787 |
| Principal paydowns | &nbsp;&nbsp; 299 |
| Interest | &nbsp;&nbsp; 6916211 |
| Deferred dollar roll income | &nbsp;&nbsp; 717651 |
| Variation margin on futures contracts | &nbsp;&nbsp; 366155 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1594396 |
| Prepaid expenses | &nbsp;&nbsp; 5233 |
| Total Assets | &nbsp;&nbsp; 3552662488 |
| **Liabilities** |  |
| Written options at value (d) | &nbsp;&nbsp; 657183 |
| Secured borrowings | &nbsp;&nbsp; 1663948349 |
| OTC swap contracts at market value | &nbsp;&nbsp; 1102481 |
| Cash collateral (e) | &nbsp;&nbsp; 1817000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 2639542 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5620488 |
| TBA securities purchased | &nbsp;&nbsp; 439780054 |
| Fund shares redeemed | &nbsp;&nbsp; 586023 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 590756 |
| Distribution and service fees | &nbsp;&nbsp; 159983 |
| Deferred trustees' fees | &nbsp;&nbsp; 250956 |
| Other expenses | &nbsp;&nbsp; 525535 |
| Total Liabilities | &nbsp;&nbsp; 2117678350 |
| Commitments and contingent liabilities (c) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $1434984138 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1602949443 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (167965305)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1434984138 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $679005397 |
| Class B | &nbsp;&nbsp; 740922402 |
| Class E | &nbsp;&nbsp; 15056339 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 65920498 |
| Class B | &nbsp;&nbsp; 72791801 |
| Class E | &nbsp;&nbsp; 1473401 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.30 |
| Class B | 10.18 |
| Class E | 10.22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $2,028,623,270.

(b) Identified cost of cash denominated in foreign currencies was $8,202,239.

(c) See Note 8 of the Notes to Financial Statements.

(d) Premiums received on written options were $1,472,052.

(e) Includes collateral of $1,210,000 for OTC derivative contracts and $607,000 for TBA securities. 

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $67500 |
| Interest (a) | &nbsp;&nbsp; 78883354 |
| Total investment income | &nbsp;&nbsp; 78950854 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7233469 |
| Administration fees | &nbsp;&nbsp; 89456 |
| Custodian and accounting fees | &nbsp;&nbsp; 160796 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1902884 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 22985 |
| Interest expense | &nbsp;&nbsp; 8808465 |
| Audit and tax services | &nbsp;&nbsp; 149412 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 72767 |
| Insurance | &nbsp;&nbsp; 13103 |
| Miscellaneous | &nbsp;&nbsp; 26713 |
| Total expenses | &nbsp;&nbsp; 18590635 |
| Less management fee waiver | &nbsp;&nbsp; (131020)<br>|
| Net expenses | &nbsp;&nbsp; 18459615 |
| **Net Investment Income** | &nbsp;&nbsp; 60491239 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (9563465)<br>|
| Futures contracts | &nbsp;&nbsp; (3504520)<br>|
| Written options | &nbsp;&nbsp; 685857 |
| Swap contracts | &nbsp;&nbsp; 4788883 |
| Foreign currency transactions | &nbsp;&nbsp; (7607698)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (8072190)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (23273133)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 63986538 |
| Unfunded commitments | &nbsp;&nbsp; 301053 |
| Futures contracts | &nbsp;&nbsp; (2526733)<br>|
| Written options | &nbsp;&nbsp; 95477 |
| Swap contracts | &nbsp;&nbsp; 19131903 |
| Foreign currency transactions | &nbsp;&nbsp; (673867)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (5296162)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 75018209 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 51745076 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $112236315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $412.

*See accompanying notes to financial statements.*

**BHFTI-390**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $60491239 | &nbsp;&nbsp; $62988214 |
| Net realized gain (loss) | &nbsp;&nbsp; (23273133)<br>| &nbsp;&nbsp; (3644700)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 75018209 | &nbsp;&nbsp; (20996512)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 112236315 | &nbsp;&nbsp; 38347002 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (14021075)<br>| &nbsp;&nbsp; 0 |
| Class B | &nbsp;&nbsp; (13142741)<br>| &nbsp;&nbsp; 0 |
| Class E | &nbsp;&nbsp; (291407)<br>| &nbsp;&nbsp; 0 |
| **Total distributions** | &nbsp;&nbsp; (27455223)<br>| &nbsp;&nbsp; 0 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (157203676)<br>| &nbsp;&nbsp; (208415868)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (72422584)<br>| &nbsp;&nbsp; (170068866)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1507406722 | &nbsp;&nbsp; 1677475588 |
| End of period | &nbsp;&nbsp; $1434984138 | &nbsp;&nbsp; $1507406722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2256130 | &nbsp;&nbsp; $22757420 | &nbsp;&nbsp; 1890582 | &nbsp;&nbsp; $18105259 |
| Reinvestments | &nbsp;&nbsp; 1417702 | &nbsp;&nbsp; 14021075 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (11084946)<br>| &nbsp;&nbsp; (111896809)<br>| &nbsp;&nbsp; (16698403)<br>| &nbsp;&nbsp; (161343342)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7411114)<br>| &nbsp;&nbsp; $(75118314)<br>| &nbsp;&nbsp; (14807821)<br>| &nbsp;&nbsp; $(143238083)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3376676 | &nbsp;&nbsp; $33650112 | &nbsp;&nbsp; 4646463 | &nbsp;&nbsp; $44222266 |
| Reinvestments | &nbsp;&nbsp; 1343839 | &nbsp;&nbsp; 13142741 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (12854273)<br>| &nbsp;&nbsp; (128486298)<br>| &nbsp;&nbsp; (11051391)<br>| &nbsp;&nbsp; (106180439)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (8133758)<br>| &nbsp;&nbsp; $(81693445)<br>| &nbsp;&nbsp; (6404928)<br>| &nbsp;&nbsp; $(61958173)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 341543 | &nbsp;&nbsp; $3424290 | &nbsp;&nbsp; 86893 | &nbsp;&nbsp; $832558 |
| Reinvestments | &nbsp;&nbsp; 29705 | &nbsp;&nbsp; 291407 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (407136)<br>| &nbsp;&nbsp; (4107614)<br>| &nbsp;&nbsp; (423671)<br>| &nbsp;&nbsp; (4052170)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (35888)<br>| &nbsp;&nbsp; $(391917)<br>| &nbsp;&nbsp; (336778)<br>| &nbsp;&nbsp; $(3219612)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(157203676)<br>|  | &nbsp;&nbsp; $(208415868)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-391**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.85 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Total income (loss) from investment operations | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.10)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $11.35 |
| **Total Return (%)** (c) | 7.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp; (11.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.61 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net ratio of expenses to average net assets (%) (d) (e) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net ratio of expenses to average net assets excluding interest expense (%) (d) (e) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Ratio of net investment income (loss) to average net assets (%) | 4.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 204 <br>(f)<br>| &nbsp;&nbsp; 228 <br>(f)<br>| &nbsp;&nbsp; 120 <br>(f)<br>| &nbsp;&nbsp; 65 <br>(f)<br>| &nbsp;&nbsp; 129 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $679.0 | &nbsp;&nbsp; $714.1 | &nbsp;&nbsp; $837.7 | &nbsp;&nbsp; $940.2 | &nbsp;&nbsp; $1258.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.75 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Total income (loss) from investment operations | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.08)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.25 |
| **Total Return (%)** (c) | 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (11.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.42 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (d) (e) | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets excluding interest expense (%) (d) (e) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 3.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 204 <br>(f)<br>| &nbsp;&nbsp; 228 <br>(f)<br>| &nbsp;&nbsp; 120 <br>(f)<br>| &nbsp;&nbsp; 65 <br>(f)<br>| &nbsp;&nbsp; 129 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $740.9 | &nbsp;&nbsp; $778.8 | &nbsp;&nbsp; $822.3 | &nbsp;&nbsp; $853.3 | &nbsp;&nbsp; $1111.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-392**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $10.78 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Total income (loss) from investment operations | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.09)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.28 |
| **Total Return (%)** (c) | 7.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (11.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (d) (e) | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net ratio of expenses to average net assets excluding interest expense (%) (d) (e) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 204 <br>(f)<br>| &nbsp;&nbsp; 228 <br>(f)<br>| &nbsp;&nbsp; 120 <br>(f)<br>| &nbsp;&nbsp; 65 <br>(f)<br>| &nbsp;&nbsp; 129 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.1 | &nbsp;&nbsp; $14.6 | &nbsp;&nbsp; $17.4 | &nbsp;&nbsp; $20.1 | &nbsp;&nbsp; $24.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 35%, 23%, 28%, 23%, and 36% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-393**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—44.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 2.3%** | **Agency Collateralized Mortgage Obligations — 2.3%** | **Agency Collateralized Mortgage Obligations — 2.3%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.500%, 01/15/42 | 6671675 | &nbsp;&nbsp; $6326770 |
| 4.288%, SOFR30A + 0.304%, 10/15/43 (a) | 3018175 | &nbsp;&nbsp; 2956390 |
| 4.348%, SOFR30A + 0.364%, 07/15/34 (a) | 1539 | &nbsp;&nbsp; 1536 |
| 5.174%, SOFR30A + 1.300%, 05/25/54 (a) | 4542343 | &nbsp;&nbsp; 4556045 |
| Federal Home Loan Mortgage Corp. Structured Pass-<br> Through Certificates<br>|  |  |
| 5.229%, 12M MTA + 1.200%, 10/25/44 (a) | 220844 | &nbsp;&nbsp; 203694 |
| 5.229%, 12M MTA + 1.200%, 02/25/45 (a) | 20098 | &nbsp;&nbsp; 19593 |
| 5.429%, 12M MTA + 1.400%, 07/25/44 (a) | 1056414 | &nbsp;&nbsp; 1028187 |
| Federal National Mortgage Association REMICS |  |  |
| 4.369%, SOFR30A + 0.494%, 11/25/42 (a) | 1063934 | &nbsp;&nbsp; 1057185 |
| 4.451%, SOFR30A + 0.514%, 09/18/31 (a) | 3112 | &nbsp;&nbsp; 3110 |
| 4.889%, SOFR30A + 1.014%, 04/25/32 (a) | 1863 | &nbsp;&nbsp; 1870 |
| 6.309%, 05/25/35 (a) | 110001 | &nbsp;&nbsp; 112687 |
| Government National Mortgage Association REMICS |  |  |
| 4.418%, SOFR30A + 0.500%, 01/20/72 (a) | 3857931 | &nbsp;&nbsp; 3822772 |
| 4.454%, 1M TSFR + 0.454%, 12/20/62 (a) | 17330 | &nbsp;&nbsp; 17296 |
| 4.714%, 1M TSFR + 0.714%, 08/20/65 (a) | 568590 | &nbsp;&nbsp; 568931 |
| 4.714%, 1M TSFR + 0.714%, 10/20/65 (a) | 844126 | &nbsp;&nbsp; 845467 |
| 4.718%, SOFR30A + 0.800%, 01/20/73 (a) | 7025260 | &nbsp;&nbsp; 7049989 |
| 4.764%, 1M TSFR + 0.764%, 06/20/66 (a) | 191319 | &nbsp;&nbsp; 191770 |
| 4.798%, SOFR30A + 0.880%, 03/20/73 (a) | 7573391 | &nbsp;&nbsp; 7608676 |
| 4.818%, SOFR30A + 0.900%, 01/20/73 (a) | 12105750 | &nbsp;&nbsp; 12181378 |
| 4.818%, SOFR30A + 0.900%, 12/20/73 (a) | 15587241 | &nbsp;&nbsp; 15722635 |
| 4.938%, SOFR30A + 1.020%, 12/20/72 (a) | 4918507 | &nbsp;&nbsp; 4982551 |
| 4.964%, 1M TSFR + 0.964%, 09/20/66 (a) | 1533644 | &nbsp;&nbsp; 1540763 |
| 5.114%, 1M TSFR + 1.114%, 12/20/65 (a) | 4526704 | &nbsp;&nbsp; 4552390 |
| 5.114%, 1M TSFR + 1.114%, 01/20/67 (a) | 2007961 | &nbsp;&nbsp; 2021424 |
| 5.577%, 12M TSFR + 1.515%, 09/20/67 (a) | 2982977 | &nbsp;&nbsp; 3023721 |
| 7.058%, 09/20/66 (a) | 1749717 | &nbsp;&nbsp; 1788082 |
|  |  | &nbsp;&nbsp; 82184912 |
| **Agency Mortgage-Backed Securities — 42.0%** | **Agency Mortgage-Backed Securities — 42.0%** | **Agency Mortgage-Backed Securities — 42.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 12/01/32 | 4696285 | &nbsp;&nbsp; 4560557 |
| 3.500%, 12/01/26 | 1406 | &nbsp;&nbsp; 1401 |
| 3.500%, 05/01/32 | 48875 | &nbsp;&nbsp; 48408 |
| 3.500%, 07/01/33 | 121220 | &nbsp;&nbsp; 119839 |
| 3.500%, 08/01/33 | 3748 | &nbsp;&nbsp; 3705 |
| 3.500%, 09/01/33 | 156076 | &nbsp;&nbsp; 154252 |
| 3.500%, 11/01/33 | 334948 | &nbsp;&nbsp; 331021 |
| 3.500%, 01/01/34 | 35429 | &nbsp;&nbsp; 34999 |
| 3.500%, 02/01/34 | 59330 | &nbsp;&nbsp; 58597 |
| 3.500%, 04/01/34 | 615592 | &nbsp;&nbsp; 607181 |
| 3.500%, 05/01/34 | 242721 | &nbsp;&nbsp; 239623 |
| 3.500%, 10/01/34 | 53172 | &nbsp;&nbsp; 52358 |
| 3.500%, 11/01/34 | 21943 | &nbsp;&nbsp; 21482 |
| 3.500%, 03/01/35 | 92596 | &nbsp;&nbsp; 90479 |
| 4.000%, 06/01/30 | 8141 | &nbsp;&nbsp; 8134 |
| 4.000%, 09/01/30 | 54028 | &nbsp;&nbsp; 53966 |
| 4.000%, 10/01/30 | 2874 | &nbsp;&nbsp; 2868 |
| 4.000%, 11/01/33 | 3799 | &nbsp;&nbsp; 3793 |
| 4.000%, 12/01/40 | 124193 | &nbsp;&nbsp; 122123 |
| 4.000%, 10/01/52 | 2160738 | &nbsp;&nbsp; 2053844 |
| 4.500%, 04/01/34 | 4109 | &nbsp;&nbsp; 4120 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 06/01/35 | 12831 | &nbsp;&nbsp; $12959 |
| 4.500%, 04/01/41 | 20394 | &nbsp;&nbsp; 20518 |
| 5.000%, 10/01/52 | 293961 | &nbsp;&nbsp; 296812 |
| 5.000%, 05/01/53 | 5554069 | &nbsp;&nbsp; 5554566 |
| 5.000%, 06/01/53 | 6545848 | &nbsp;&nbsp; 6621947 |
| 5.000%, 09/01/53 | 684850 | &nbsp;&nbsp; 690037 |
| 5.000%, 08/01/54 | 270535 | &nbsp;&nbsp; 269864 |
| 5.500%, 01/01/33 | 258 | &nbsp;&nbsp; 268 |
| 5.500%, 05/01/33 | 393 | &nbsp;&nbsp; 399 |
| 5.500%, 08/01/33 | 375 | &nbsp;&nbsp; 384 |
| 5.500%, 10/01/33 | 1046 | &nbsp;&nbsp; 1062 |
| 5.500%, 01/01/34 | 461 | &nbsp;&nbsp; 468 |
| 5.500%, 09/01/34 | 7747 | &nbsp;&nbsp; 7863 |
| 5.500%, 01/01/35 | 6811 | &nbsp;&nbsp; 7008 |
| 5.500%, 07/01/35 | 382 | &nbsp;&nbsp; 392 |
| 5.500%, 10/01/35 | 7255 | &nbsp;&nbsp; 7531 |
| 5.500%, 11/01/35 | 17671 | &nbsp;&nbsp; 18197 |
| 5.500%, 12/01/35 | 9866 | &nbsp;&nbsp; 10326 |
| 5.500%, 01/01/36 | 9253 | &nbsp;&nbsp; 9685 |
| 5.500%, 04/01/36 | 4718 | &nbsp;&nbsp; 4916 |
| 5.500%, 06/01/36 | 352098 | &nbsp;&nbsp; 367946 |
| 5.500%, 07/01/36 | 7438 | &nbsp;&nbsp; 7786 |
| 5.500%, 08/01/36 | 10385 | &nbsp;&nbsp; 10681 |
| 5.500%, 10/01/36 | 1351 | &nbsp;&nbsp; 1388 |
| 5.500%, 12/01/36 | 52959 | &nbsp;&nbsp; 55434 |
| 5.500%, 02/01/37 | 5519 | &nbsp;&nbsp; 5744 |
| 5.500%, 03/01/37 | 3699 | &nbsp;&nbsp; 3872 |
| 5.500%, 04/01/37 | 20970 | &nbsp;&nbsp; 21645 |
| 5.500%, 06/01/37 | 22772 | &nbsp;&nbsp; 23614 |
| 5.500%, 07/01/37 | 44323 | &nbsp;&nbsp; 46395 |
| 5.500%, 08/01/37 | 17797 | &nbsp;&nbsp; 18629 |
| 5.500%, 09/01/37 | 2984 | &nbsp;&nbsp; 3124 |
| 5.500%, 10/01/37 | 2300 | &nbsp;&nbsp; 2406 |
| 5.500%, 11/01/37 | 54384 | &nbsp;&nbsp; 56926 |
| 5.500%, 12/01/37 | 3912 | &nbsp;&nbsp; 4062 |
| 5.500%, 01/01/38 | 18813 | &nbsp;&nbsp; 19667 |
| 5.500%, 02/01/38 | 47322 | &nbsp;&nbsp; 49476 |
| 5.500%, 03/01/38 | 23291 | &nbsp;&nbsp; 24223 |
| 5.500%, 04/01/38 | 35508 | &nbsp;&nbsp; 37090 |
| 5.500%, 05/01/38 | 30510 | &nbsp;&nbsp; 31740 |
| 5.500%, 06/01/38 | 78074 | &nbsp;&nbsp; 81439 |
| 5.500%, 07/01/38 | 95311 | &nbsp;&nbsp; 99609 |
| 5.500%, 08/01/38 | 244721 | &nbsp;&nbsp; 256031 |
| 5.500%, 09/01/38 | 65542 | &nbsp;&nbsp; 68371 |
| 5.500%, 10/01/38 | 1973223 | &nbsp;&nbsp; 2058189 |
| 5.500%, 11/01/38 | 669483 | &nbsp;&nbsp; 698927 |
| 5.500%, 12/01/38 | 4450 | &nbsp;&nbsp; 4607 |
| 5.500%, 01/01/39 | 164959 | &nbsp;&nbsp; 172484 |
| 5.500%, 02/01/39 | 42803 | &nbsp;&nbsp; 44410 |
| 5.500%, 03/01/39 | 17729 | &nbsp;&nbsp; 18520 |
| 5.500%, 06/01/39 | 622019 | &nbsp;&nbsp; 649015 |
| 5.500%, 09/01/39 | 8548 | &nbsp;&nbsp; 8885 |
| 5.500%, 02/01/40 | 18399 | &nbsp;&nbsp; 19192 |
| 5.500%, 03/01/40 | 3046 | &nbsp;&nbsp; 3178 |
| 5.500%, 05/01/40 | 637 | &nbsp;&nbsp; 665 |

---

*See accompanying notes to financial statements.*

**BHFTI-394**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.500%, 08/01/40 | 20646 | &nbsp;&nbsp; $21479 |
| 5.500%, 02/01/54 | 28933 | &nbsp;&nbsp; 29375 |
| 5.500%, 03/01/54 | 1875718 | &nbsp;&nbsp; 1903512 |
| 5.892%, 1Y H15 + 2.250%, 11/01/34 (a) | 10614 | &nbsp;&nbsp; 10971 |
| 6.000%, 10/01/53 | 8569186 | &nbsp;&nbsp; 8824651 |
| 6.000%, 11/01/53 | 761063 | &nbsp;&nbsp; 782598 |
| 6.000%, 12/01/53 | 14070549 | &nbsp;&nbsp; 14477841 |
| 6.000%, 01/01/54 | 2254885 | &nbsp;&nbsp; 2319668 |
| 6.000%, 02/01/54 | 2872697 | &nbsp;&nbsp; 2952244 |
| 6.000%, 07/01/54 | 16833518 | &nbsp;&nbsp; 17285127 |
| 6.000%, 08/01/54 | 2965986 | &nbsp;&nbsp; 3045461 |
| 6.034%, 1Y H15 + 2.250%, 11/01/31 (a) | 3113 | &nbsp;&nbsp; 3176 |
| 6.090%, 1Y RFUCCT + 1.345%, 09/01/35 (a) | 31231 | &nbsp;&nbsp; 32110 |
| 6.106%, 1Y H15 + 2.107%, 10/01/34 (a) | 6552 | &nbsp;&nbsp; 6751 |
| 6.272%, 1Y H15 + 2.108%, 02/01/35 (a) | 12036 | &nbsp;&nbsp; 12491 |
| 6.275%, 1Y RFUCCT + 1.900%, 11/01/34 (a) | 1793 | &nbsp;&nbsp; 1839 |
| 6.277%, 1Y H15 + 2.182%, 09/01/35 (a) | 27157 | &nbsp;&nbsp; 27955 |
| 6.353%, 1Y H15 + 2.250%, 06/01/35 (a) | 98588 | &nbsp;&nbsp; 102701 |
| 6.417%, 1Y H15 + 2.250%, 08/01/35 (a) | 42887 | &nbsp;&nbsp; 44687 |
| 6.454%, 1Y RFUCCT + 1.892%, 11/01/34 (a) | 6124 | &nbsp;&nbsp; 6324 |
| 6.498%, 1Y H15 + 2.250%, 01/01/35 (a) | 20570 | &nbsp;&nbsp; 21419 |
| 6.500%, 1Y H15 + 2.250%, 02/01/35 (a) | 8249 | &nbsp;&nbsp; 8601 |
| 6.516%, 1Y H15 + 2.436%, 01/01/29 (a) | 8255 | &nbsp;&nbsp; 8307 |
| 6.540%, 1Y RFUCCT + 1.625%, 02/01/35 (a) | 8195 | &nbsp;&nbsp; 8471 |
| 6.552%, 1Y RFUCCT + 1.677%, 01/01/35 (a) | 4098 | &nbsp;&nbsp; 4192 |
| 6.574%, 1Y RFUCCT + 1.621%, 02/01/35 (a) | 2557 | &nbsp;&nbsp; 2623 |
| 6.650%, 1Y RFUCCT + 1.900%, 11/01/34 (a) | 2063 | &nbsp;&nbsp; 2124 |
| 6.656%, 1Y RFUCCT + 1.678%, 02/01/35 (a) | 4675 | &nbsp;&nbsp; 4787 |
| 6.711%, 1Y RFUCCT + 1.961%, 08/01/32 (a) | 21963 | &nbsp;&nbsp; 22536 |
| 6.871%, 1Y RFUCCT + 1.901%, 02/01/35 (a) | 5251 | &nbsp;&nbsp; 5436 |
| Federal National Mortgage Association |  |  |
| 3.000%, 09/01/28 | 36834 | &nbsp;&nbsp; 36349 |
| 3.000%, 06/01/30 | 1972211 | &nbsp;&nbsp; 1941972 |
| 3.000%, 08/01/49 | 1797672 | &nbsp;&nbsp; 1593832 |
| 3.500%, 10/01/26 | 4751 | &nbsp;&nbsp; 4728 |
| 3.500%, 12/01/26 | 15299 | &nbsp;&nbsp; 15223 |
| 3.500%, 04/01/27 | 464 | &nbsp;&nbsp; 462 |
| 3.500%, 12/01/28 | 82789 | &nbsp;&nbsp; 81999 |
| 3.500%, 03/01/29 | 56828 | &nbsp;&nbsp; 56468 |
| 3.500%, 07/01/29 | 12483 | &nbsp;&nbsp; 12371 |
| 3.500%, 12/01/31 | 16117 | &nbsp;&nbsp; 15960 |
| 3.500%, 05/01/32 | 103441 | &nbsp;&nbsp; 102453 |
| 3.500%, 06/01/32 | 172481 | &nbsp;&nbsp; 170810 |
| 3.500%, 05/01/33 | 97225 | &nbsp;&nbsp; 95920 |
| 3.500%, 06/01/33 | 122655 | &nbsp;&nbsp; 121261 |
| 3.500%, 08/01/33 | 76721 | &nbsp;&nbsp; 75830 |
| 3.500%, 09/01/33 | 361939 | &nbsp;&nbsp; 355876 |
| 3.500%, 10/01/33 | 183895 | &nbsp;&nbsp; 180956 |
| 3.500%, 05/01/34 | 3285354 | &nbsp;&nbsp; 3243021 |
| 3.500%, 07/01/34 | 163544 | &nbsp;&nbsp; 160712 |
| 3.500%, 09/01/34 | 387257 | &nbsp;&nbsp; 381618 |
| 3.500%, 02/01/35 | 23006 | &nbsp;&nbsp; 22495 |
| 3.500%, 03/01/35 | 49132 | &nbsp;&nbsp; 48527 |
| 3.500%, 05/01/35 | 1498030 | &nbsp;&nbsp; 1475657 |
| 3.500%, 04/01/40 | 144250 | &nbsp;&nbsp; 138469 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 05/01/40 | 3086117 | &nbsp;&nbsp; $2953323 |
| 4.000%, 02/01/26 | 141 | &nbsp;&nbsp; 141 |
| 4.000%, 03/01/26 | 94 | &nbsp;&nbsp; 93 |
| 4.000%, 06/01/26 | 610 | &nbsp;&nbsp; 608 |
| 4.000%, 04/01/29 | 4561 | &nbsp;&nbsp; 4547 |
| 4.000%, 05/01/29 | 13029 | &nbsp;&nbsp; 12990 |
| 4.000%, 03/01/30 | 9300 | &nbsp;&nbsp; 9293 |
| 4.000%, 05/01/30 | 16125 | &nbsp;&nbsp; 16076 |
| 4.000%, 08/01/30 | 13570 | &nbsp;&nbsp; 13532 |
| 4.000%, 09/01/30 | 13232 | &nbsp;&nbsp; 13195 |
| 4.000%, 10/01/30 | 413 | &nbsp;&nbsp; 412 |
| 4.000%, 11/01/30 | 47873 | &nbsp;&nbsp; 47734 |
| 4.000%, 12/01/30 | 7189 | &nbsp;&nbsp; 7170 |
| 4.000%, 06/01/31 | 943 | &nbsp;&nbsp; 940 |
| 4.000%, 09/01/31 | 26603 | &nbsp;&nbsp; 26511 |
| 4.000%, 11/01/33 | 22167 | &nbsp;&nbsp; 22188 |
| 4.000%, 05/01/34 | 34928 | &nbsp;&nbsp; 34181 |
| 4.000%, 05/01/35 | 14939 | &nbsp;&nbsp; 14511 |
| 4.000%, 01/01/41 | 21856 | &nbsp;&nbsp; 21382 |
| 4.000%, 12/01/43 | 135127 | &nbsp;&nbsp; 132014 |
| 4.000%, 06/01/52 | 369165 | &nbsp;&nbsp; 354755 |
| 4.000%, 10/01/52 | 1328741 | &nbsp;&nbsp; 1279727 |
| 4.300%, 11/01/29 | 1300000 | &nbsp;&nbsp; 1315750 |
| 4.500%, 04/01/26 | 83 | &nbsp;&nbsp; 83 |
| 4.500%, 01/01/27 | 12 | &nbsp;&nbsp; 12 |
| 4.500%, 04/01/31 | 4626 | &nbsp;&nbsp; 4661 |
| 4.500%, 04/01/39 | 9367 | &nbsp;&nbsp; 9448 |
| 4.500%, 05/01/39 | 17179 | &nbsp;&nbsp; 17327 |
| 4.500%, 12/01/39 | 3006 | &nbsp;&nbsp; 3029 |
| 4.500%, 05/01/40 | 6795 | &nbsp;&nbsp; 6847 |
| 4.500%, 09/01/40 | 7494 | &nbsp;&nbsp; 7547 |
| 4.500%, 12/01/40 | 27837 | &nbsp;&nbsp; 27993 |
| 4.500%, 07/01/41 | 5479 | &nbsp;&nbsp; 5436 |
| 4.500%, 09/01/41 | 140246 | &nbsp;&nbsp; 139564 |
| 4.500%, 03/01/42 | 18056 | &nbsp;&nbsp; 18097 |
| 4.500%, 07/01/42 | 84320 | &nbsp;&nbsp; 83800 |
| 4.500%, 05/01/53 | 4569011 | &nbsp;&nbsp; 4494080 |
| 4.855%, ECOFC + 1.934%, 12/01/36 (a) | 6508 | &nbsp;&nbsp; 6591 |
| 5.000%, 04/01/33 | 7199 | &nbsp;&nbsp; 7181 |
| 5.000%, 07/01/33 | 20341 | &nbsp;&nbsp; 20491 |
| 5.000%, 08/01/33 | 409 | &nbsp;&nbsp; 412 |
| 5.000%, 09/01/33 | 377 | &nbsp;&nbsp; 383 |
| 5.000%, 10/01/33 | 4091 | &nbsp;&nbsp; 4156 |
| 5.000%, 11/01/33 | 108 | &nbsp;&nbsp; 109 |
| 5.000%, 01/01/34 | 8711 | &nbsp;&nbsp; 8852 |
| 5.000%, 04/01/34 | 25667 | &nbsp;&nbsp; 26048 |
| 5.000%, 06/01/34 | 469 | &nbsp;&nbsp; 477 |
| 5.000%, 12/01/34 | 10316 | &nbsp;&nbsp; 10567 |
| 5.000%, 01/01/35 | 6661 | &nbsp;&nbsp; 6829 |
| 5.000%, 04/01/35 | 11 | &nbsp;&nbsp; 12 |
| 5.000%, 07/01/35 | 13695 | &nbsp;&nbsp; 13795 |
| 5.000%, 01/01/38 | 32237 | &nbsp;&nbsp; 33189 |
| 5.000%, 04/01/39 | 5877 | &nbsp;&nbsp; 6044 |
| 5.000%, 10/01/39 | 801 | &nbsp;&nbsp; 818 |
| 5.000%, 11/01/39 | 4746 | &nbsp;&nbsp; 4880 |

---

*See accompanying notes to financial statements.*

**BHFTI-395**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 06/01/40 | 9111 | &nbsp;&nbsp; $9355 |
| 5.000%, 11/01/42 | 32148 | &nbsp;&nbsp; 33010 |
| 5.000%, 04/01/53 | 45589392 | &nbsp;&nbsp; 45645466 |
| 5.000%, 06/01/53 | 736760 | &nbsp;&nbsp; 741758 |
| 5.000%, 07/01/53 | 8438267 | &nbsp;&nbsp; 8481966 |
| 5.277%, 12M MTA + 1.200%, 08/01/41 (a) | 27783 | &nbsp;&nbsp; 27790 |
| 5.277%, 12M MTA + 1.200%, 07/01/42 (a) | 46876 | &nbsp;&nbsp; 46641 |
| 5.277%, 12M MTA + 1.200%, 08/01/42 (a) | 71872 | &nbsp;&nbsp; 72099 |
| 5.277%, 12M MTA + 1.200%, 10/01/44 (a) | 63233 | &nbsp;&nbsp; 63505 |
| 5.327%, 12M MTA + 1.250%, 09/01/41 (a) | 149722 | &nbsp;&nbsp; 150545 |
| 5.500%, 06/01/33 | 10581 | &nbsp;&nbsp; 10752 |
| 5.500%, 07/01/33 | 2458 | &nbsp;&nbsp; 2522 |
| 5.500%, 09/01/33 | 53491 | &nbsp;&nbsp; 54233 |
| 5.500%, 11/01/33 | 72801 | &nbsp;&nbsp; 73812 |
| 5.500%, 12/01/33 | 336 | &nbsp;&nbsp; 341 |
| 5.500%, 04/01/34 | 470 | &nbsp;&nbsp; 482 |
| 5.500%, 07/01/34 | 2291 | &nbsp;&nbsp; 2325 |
| 5.500%, 08/01/34 | 66286 | &nbsp;&nbsp; 68688 |
| 5.500%, 09/01/34 | 951 | &nbsp;&nbsp; 979 |
| 5.500%, 11/01/34 | 70179 | &nbsp;&nbsp; 72245 |
| 5.500%, 12/01/34 | 167721 | &nbsp;&nbsp; 173120 |
| 5.500%, 01/01/35 | 62409 | &nbsp;&nbsp; 64286 |
| 5.500%, 02/01/35 | 79932 | &nbsp;&nbsp; 83352 |
| 5.500%, 03/01/35 | 162839 | &nbsp;&nbsp; 170077 |
| 5.500%, 04/01/35 | 9368 | &nbsp;&nbsp; 9622 |
| 5.500%, 05/01/35 | 29287 | &nbsp;&nbsp; 30594 |
| 5.500%, 06/01/35 | 45474 | &nbsp;&nbsp; 47423 |
| 5.500%, 08/01/35 | 37056 | &nbsp;&nbsp; 38700 |
| 5.500%, 09/01/35 | 469201 | &nbsp;&nbsp; 490348 |
| 5.500%, 10/01/35 | 48696 | &nbsp;&nbsp; 50905 |
| 5.500%, 12/01/35 | 245422 | &nbsp;&nbsp; 255848 |
| 5.500%, 01/01/36 | 60495 | &nbsp;&nbsp; 63247 |
| 5.500%, 03/01/36 | 52236 | &nbsp;&nbsp; 54614 |
| 5.500%, 05/01/36 | 422 | &nbsp;&nbsp; 441 |
| 5.500%, 07/01/36 | 222438 | &nbsp;&nbsp; 232004 |
| 5.500%, 09/01/36 | 26763 | &nbsp;&nbsp; 27556 |
| 5.500%, 11/01/36 | 16184 | &nbsp;&nbsp; 16922 |
| 5.500%, 12/01/36 | 1052 | &nbsp;&nbsp; 1084 |
| 5.500%, 02/01/37 | 288 | &nbsp;&nbsp; 300 |
| 5.500%, 05/01/37 | 6784 | &nbsp;&nbsp; 7055 |
| 5.500%, 08/01/37 | 207387 | &nbsp;&nbsp; 216825 |
| 5.500%, 01/01/38 | 1802 | &nbsp;&nbsp; 1879 |
| 5.500%, 02/01/38 | 64681 | &nbsp;&nbsp; 67610 |
| 5.500%, 03/01/38 | 313281 | &nbsp;&nbsp; 326701 |
| 5.500%, 05/01/38 | 457060 | &nbsp;&nbsp; 477187 |
| 5.500%, 06/01/38 | 17052 | &nbsp;&nbsp; 17773 |
| 5.500%, 09/01/38 | 13098 | &nbsp;&nbsp; 13422 |
| 5.500%, 10/01/38 | 138444 | &nbsp;&nbsp; 144746 |
| 5.500%, 11/01/38 | 39437 | &nbsp;&nbsp; 41151 |
| 5.500%, 01/01/39 | 12303 | &nbsp;&nbsp; 12834 |
| 5.500%, 07/01/39 | 5078 | &nbsp;&nbsp; 5226 |
| 5.500%, 11/01/39 | 507856 | &nbsp;&nbsp; 529145 |
| 5.500%, 02/01/40 | 115655 | &nbsp;&nbsp; 120507 |
| 5.500%, 06/01/40 | 43308 | &nbsp;&nbsp; 44357 |
| 5.500%, 09/01/40 | 72605 | &nbsp;&nbsp; 75960 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 07/01/41 | 866765 | &nbsp;&nbsp; $903094 |
| 5.500%, 02/01/49 | 40552 | &nbsp;&nbsp; 41944 |
| 5.500%, 07/01/53 | 857632 | &nbsp;&nbsp; 872348 |
| 5.500%, 08/01/53 | 2664156 | &nbsp;&nbsp; 2711402 |
| 5.500%, 09/01/53 | 414734 | &nbsp;&nbsp; 421660 |
| 5.500%, 10/01/53 | 430627 | &nbsp;&nbsp; 437987 |
| 5.500%, 02/01/54 | 1972102 | &nbsp;&nbsp; 2001776 |
| 5.525%, 1Y H15 + 1.900%, 02/01/31 (a) | 61417 | &nbsp;&nbsp; 62147 |
| 5.591%, ECOFC + 1.739%, 09/01/34 (a) | 1696 | &nbsp;&nbsp; 1685 |
| 5.710%, 1Y RFUCCT + 1.335%, 12/01/34 (a) | 49649 | &nbsp;&nbsp; 50517 |
| 5.788%, 6M RFUCCT + 1.538%, 01/01/36 (a) | 4257 | &nbsp;&nbsp; 4337 |
| 5.802%, 12M MTA + 1.717%, 11/01/35 (a) | 46000 | &nbsp;&nbsp; 46765 |
| 5.850%, 1Y RFUCCT + 1.350%, 11/01/34 (a) | 1528 | &nbsp;&nbsp; 1555 |
| 5.936%, 1Y RFUCCT + 1.261%, 12/01/34 (a) | 211326 | &nbsp;&nbsp; 215442 |
| 5.951%, 6M RFUCCT + 1.412%, 06/01/33 (a) | 3805 | &nbsp;&nbsp; 3868 |
| 5.985%, 6M RFUCCT + 1.519%, 01/01/35 (a) | 18954 | &nbsp;&nbsp; 19696 |
| 5.998%, 6M RFUCCT + 1.373%, 09/01/35 (a) | 69354 | &nbsp;&nbsp; 70345 |
| 6.000%, 12/01/28 | 3743 | &nbsp;&nbsp; 3840 |
| 6.000%, 01/01/29 | 1112 | &nbsp;&nbsp; 1140 |
| 6.000%, 02/01/29 | 6 | &nbsp;&nbsp; 6 |
| 6.000%, 04/01/29 | 334 | &nbsp;&nbsp; 342 |
| 6.000%, 06/01/29 | 416 | &nbsp;&nbsp; 427 |
| 6.000%, 11/01/32 | 25517 | &nbsp;&nbsp; 26187 |
| 6.000%, 12/01/32 | 19061 | &nbsp;&nbsp; 19555 |
| 6.000%, 03/01/33 | 3215 | &nbsp;&nbsp; 3328 |
| 6.000%, 05/01/33 | 3137 | &nbsp;&nbsp; 3247 |
| 6.000%, 07/01/33 | 3236 | &nbsp;&nbsp; 3350 |
| 6.000%, 01/01/34 | 262 | &nbsp;&nbsp; 269 |
| 6.000%, 11/01/34 | 2088 | &nbsp;&nbsp; 2142 |
| 6.000%, 04/01/35 | 154858 | &nbsp;&nbsp; 160738 |
| 6.000%, 05/01/35 | 4109 | &nbsp;&nbsp; 4320 |
| 6.000%, 06/01/35 | 136 | &nbsp;&nbsp; 140 |
| 6.000%, 07/01/35 | 10427 | &nbsp;&nbsp; 10812 |
| 6.000%, 09/01/35 | 1666 | &nbsp;&nbsp; 1756 |
| 6.000%, 11/01/35 | 100412 | &nbsp;&nbsp; 104817 |
| 6.000%, 12/01/35 | 6844 | &nbsp;&nbsp; 7110 |
| 6.000%, 04/01/36 | 801 | &nbsp;&nbsp; 830 |
| 6.000%, 05/01/36 | 20368 | &nbsp;&nbsp; 21441 |
| 6.000%, 06/01/36 | 1028 | &nbsp;&nbsp; 1074 |
| 6.000%, 07/01/36 | 3379 | &nbsp;&nbsp; 3516 |
| 6.000%, 08/01/36 | 386668 | &nbsp;&nbsp; 408936 |
| 6.000%, 09/01/36 | 51090 | &nbsp;&nbsp; 53797 |
| 6.000%, 10/01/36 | 3107 | &nbsp;&nbsp; 3246 |
| 6.000%, 11/01/36 | 6874 | &nbsp;&nbsp; 7204 |
| 6.000%, 01/01/37 | 49486 | &nbsp;&nbsp; 51922 |
| 6.000%, 02/01/37 | 103710 | &nbsp;&nbsp; 109682 |
| 6.000%, 04/01/37 | 26251 | &nbsp;&nbsp; 27528 |
| 6.000%, 05/01/37 | 10881 | &nbsp;&nbsp; 11163 |
| 6.000%, 07/01/37 | 6916 | &nbsp;&nbsp; 7315 |
| 6.000%, 08/01/37 | 7071 | &nbsp;&nbsp; 7479 |
| 6.000%, 11/01/37 | 11883 | &nbsp;&nbsp; 12543 |
| 6.000%, 02/01/38 | 114647 | &nbsp;&nbsp; 121258 |
| 6.000%, 03/01/38 | 2164 | &nbsp;&nbsp; 2275 |
| 6.000%, 08/01/38 | 3076 | &nbsp;&nbsp; 3212 |
| 6.000%, 09/01/38 | 234396 | &nbsp;&nbsp; 247917 |

---

*See accompanying notes to financial statements.*

**BHFTI-396**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.000%, 10/01/38 | 16945 | &nbsp;&nbsp; $17923 |
| 6.000%, 01/01/39 | 17696 | &nbsp;&nbsp; 18716 |
| 6.000%, 04/01/39 | 109244 | &nbsp;&nbsp; 115546 |
| 6.000%, 07/01/39 | 21742 | &nbsp;&nbsp; 22928 |
| 6.000%, 08/01/39 | 110849 | &nbsp;&nbsp; 116416 |
| 6.000%, 05/01/49 | 810184 | &nbsp;&nbsp; 849222 |
| 6.000%, 11/01/53 | 9433472 | &nbsp;&nbsp; 9689930 |
| 6.047%, 1Y H15 + 2.095%, 10/01/35 (a) | 37478 | &nbsp;&nbsp; 38560 |
| 6.159%, 1Y H15 + 2.215%, 09/01/31 (a) | 6957 | &nbsp;&nbsp; 7045 |
| 6.197%, 1Y H15 + 2.012%, 07/01/33 (a) | 1414 | &nbsp;&nbsp; 1442 |
| 6.206%, 1Y RFUCCT + 1.595%, 10/01/34 (a) | 3519 | &nbsp;&nbsp; 3612 |
| 6.209%, 1Y H15 + 2.144%, 11/01/35 (a) | 61334 | &nbsp;&nbsp; 63483 |
| 6.210%, 1Y RFUCCT + 1.670%, 11/01/34 (a) | 9297 | &nbsp;&nbsp; 9655 |
| 6.223%, 1Y H15 + 2.223%, 08/01/35 (a) | 35681 | &nbsp;&nbsp; 36860 |
| 6.250%, 1Y H15 + 2.193%, 02/01/35 (a) | 12246 | &nbsp;&nbsp; 12760 |
| 6.269%, 1Y H15 + 2.069%, 10/01/28 (a) | 19828 | &nbsp;&nbsp; 20000 |
| 6.300%, 1Y RFUCCT + 1.607%, 12/01/34 (a) | 3633 | &nbsp;&nbsp; 3723 |
| 6.335%, 1Y RFUCCT + 1.362%, 03/01/35 (a) | 6962 | &nbsp;&nbsp; 7109 |
| 6.346%, 1Y H15 + 2.360%, 11/01/34 (a) | 240991 | &nbsp;&nbsp; 252423 |
| 6.355%, 6M RFUCCT + 1.605%, 08/01/36 (a) | 12431 | &nbsp;&nbsp; 12696 |
| 6.370%, 1Y RFUCCT + 1.630%, 01/01/35 (a) | 3625 | &nbsp;&nbsp; 3718 |
| 6.410%, 1Y RFUCCT + 1.660%, 05/01/34 (a) | 166629 | &nbsp;&nbsp; 170047 |
| 6.417%, 1Y H15 + 2.301%, 04/01/34 (a) | 829 | &nbsp;&nbsp; 856 |
| 6.477%, 1Y RFUCCT + 1.750%, 08/01/35 (a) | 79945 | &nbsp;&nbsp; 82768 |
| 6.491%, 1Y RFUCCT + 1.652%, 01/01/35 (a) | 6671 | &nbsp;&nbsp; 6902 |
| 6.493%, 1Y RFUCCT + 1.618%, 03/01/33 (a) | 1048 | &nbsp;&nbsp; 1071 |
| 6.504%, 1Y RFUCCT + 1.652%, 09/01/32 (a) | 27899 | &nbsp;&nbsp; 28586 |
| 6.505%, 1Y RFUCCT + 1.555%, 01/01/35 (a) | 5365 | &nbsp;&nbsp; 5538 |
| 6.522%, 1Y RFUCCT + 1.538%, 01/01/35 (a) | 10678 | &nbsp;&nbsp; 11027 |
| 6.560%, 1Y RFUCCT + 1.810%, 09/01/34 (a) | 98420 | &nbsp;&nbsp; 101663 |
| 6.563%, 1Y H15 + 2.313%, 05/01/35 (a) | 42805 | &nbsp;&nbsp; 44418 |
| 6.582%, 1Y RFUCCT + 1.620%, 02/01/35 (a) | 3655 | &nbsp;&nbsp; 3783 |
| 6.613%, 1Y RFUCCT + 1.627%, 05/01/35 (a) | 8231 | &nbsp;&nbsp; 8550 |
| 6.810%, 1Y RFUCCT + 1.810%, 04/01/35 (a) | 13966 | &nbsp;&nbsp; 14484 |
| Federal National Mortgage Association-ACES |  |  |
| 2.242%, 01/25/31 (a) (b) | 20541476 | &nbsp;&nbsp; 1041613 |
| Government National Mortgage Association |  |  |
| 3.000%, 11/15/49 | 1516307 | &nbsp;&nbsp; 1363168 |
| 3.500%, 05/20/52 | 526821 | &nbsp;&nbsp; 485240 |
| 3.500%, 06/20/52 | 319361 | &nbsp;&nbsp; 293662 |
| 3.500%, 09/20/52 | 172069 | &nbsp;&nbsp; 158913 |
| 3.500%, 11/20/52 | 145090 | &nbsp;&nbsp; 133033 |
| 3.500%, 10/20/54 | 6886006 | &nbsp;&nbsp; 6272934 |
| 3.500%, 11/20/54 | 11019277 | &nbsp;&nbsp; 10040366 |
| 3.500%, 02/20/55 | 1976333 | &nbsp;&nbsp; 1800162 |
| 3.500%, 06/20/55 | 7915938 | &nbsp;&nbsp; 7207436 |
| 3.500%, 07/20/55 | 10198611 | &nbsp;&nbsp; 9285795 |
| 4.000%, 03/15/52 | 7884974 | &nbsp;&nbsp; 7501104 |
| 4.000%, 08/20/55 | 99392 | &nbsp;&nbsp; 93930 |
| 4.500%, 12/20/49 | 8579 | &nbsp;&nbsp; 8493 |
| 4.750%, 1Y H15 + 1.500%, 11/20/27 (a) | 1328 | &nbsp;&nbsp; 1330 |
| 4.750%, 1Y H15 + 1.500%, 10/20/29 (a) | 722 | &nbsp;&nbsp; 722 |
| 4.750%, 1Y H15 + 1.500%, 11/20/30 (a) | 1791 | &nbsp;&nbsp; 1798 |
| 5.000%, 10/15/33 | 1876 | &nbsp;&nbsp; 1875 |
| 5.000%, 12/15/33 | 5518 | &nbsp;&nbsp; 5636 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 5.000%, 05/15/34 | 1580 | &nbsp;&nbsp; $1621 |
| 5.000%, 07/15/34 | 349 | &nbsp;&nbsp; 348 |
| 5.000%, 11/15/35 | 833 | &nbsp;&nbsp; 849 |
| 5.000%, 03/15/36 | 529 | &nbsp;&nbsp; 544 |
| 5.000%, 10/15/38 | 139619 | &nbsp;&nbsp; 143622 |
| 5.000%, 02/15/39 | 23755 | &nbsp;&nbsp; 24413 |
| 5.000%, 03/15/39 | 37395 | &nbsp;&nbsp; 38467 |
| 5.000%, 04/15/39 | 196744 | &nbsp;&nbsp; 202312 |
| 5.000%, 05/15/39 | 704195 | &nbsp;&nbsp; 724052 |
| 5.000%, 06/15/39 | 213290 | &nbsp;&nbsp; 219255 |
| 5.000%, 09/15/39 | 116884 | &nbsp;&nbsp; 121763 |
| 5.000%, 05/15/40 | 7717 | &nbsp;&nbsp; 7930 |
| 5.000%, 09/15/40 | 78846 | &nbsp;&nbsp; 81069 |
| 5.000%, 12/15/40 | 6058 | &nbsp;&nbsp; 6230 |
| 5.000%, 09/15/47 | 16832 | &nbsp;&nbsp; 16876 |
| 5.000%, 03/15/48 | 1194848 | &nbsp;&nbsp; 1193828 |
| 5.000%, 04/15/48 | 1284756 | &nbsp;&nbsp; 1283687 |
| 5.000%, 01/15/49 | 1697455 | &nbsp;&nbsp; 1729936 |
| 5.000%, 05/15/49 | 276301 | &nbsp;&nbsp; 279061 |
| 5.000%, 06/20/49 | 40345 | &nbsp;&nbsp; 40994 |
| 5.000%, 07/20/49 | 90013 | &nbsp;&nbsp; 91656 |
| 5.000%, 06/15/50 | 252631 | &nbsp;&nbsp; 254353 |
| 5.000%, 04/15/52 | 6143019 | &nbsp;&nbsp; 6137946 |
| 5.250%, 1Y H15 + 2.000%, 10/20/31 (a) | 2655 | &nbsp;&nbsp; 2708 |
| 5.375%, 1Y H15 + 1.500%, 08/20/27 (a) | 2245 | &nbsp;&nbsp; 2249 |
| 5.375%, 1Y H15 + 1.500%, 09/20/27 (a) | 12933 | &nbsp;&nbsp; 13054 |
| 5.375%, 1Y H15 + 1.500%, 07/20/29 (a) | 1107 | &nbsp;&nbsp; 1111 |
| 5.375%, 1Y H15 + 1.500%, 08/20/29 (a) | 1206 | &nbsp;&nbsp; 1211 |
| 5.375%, 1Y H15 + 1.500%, 09/20/29 (a) | 2167 | &nbsp;&nbsp; 2179 |
| 5.375%, 1Y H15 + 1.500%, 08/20/31 (a) | 369 | &nbsp;&nbsp; 370 |
| 5.375%, 1Y H15 + 1.500%, 09/20/33 (a) | 10612 | &nbsp;&nbsp; 10777 |
| 5.500%, 1Y H15 + 1.500%, 11/20/26 (a) | 469 | &nbsp;&nbsp; 469 |
| 5.500%, 1Y H15 + 1.500%, 10/20/30 (a) | 494 | &nbsp;&nbsp; 497 |
| 5.625%, 1Y H15 + 1.500%, 02/20/26 (a) | 26 | &nbsp;&nbsp; 26 |
| 5.625%, 1Y H15 + 1.500%, 05/20/26 (a) | 67 | &nbsp;&nbsp; 67 |
| 5.625%, 1Y H15 + 1.500%, 01/20/27 (a) | 164 | &nbsp;&nbsp; 164 |
| 5.625%, 1Y H15 + 1.500%, 06/20/27 (a) | 367 | &nbsp;&nbsp; 368 |
| 5.625%, 1Y H15 + 1.500%, 02/20/28 (a) | 781 | &nbsp;&nbsp; 782 |
| 5.625%, 1Y H15 + 1.500%, 03/20/28 (a) | 1214 | &nbsp;&nbsp; 1212 |
| 5.625%, 1Y H15 + 1.500%, 05/20/28 (a) | 584 | &nbsp;&nbsp; 587 |
| 5.625%, 1Y H15 + 1.500%, 05/20/29 (a) | 939 | &nbsp;&nbsp; 940 |
| 5.625%, 1Y H15 + 1.500%, 01/20/30 (a) | 4211 | &nbsp;&nbsp; 4224 |
| 5.625%, 1Y H15 + 1.500%, 04/20/30 (a) | 1898 | &nbsp;&nbsp; 1906 |
| 5.625%, 1Y H15 + 1.500%, 05/20/30 (a) | 3978 | &nbsp;&nbsp; 3995 |
| 5.625%, 1Y H15 + 1.500%, 06/20/30 (a) | 1236 | &nbsp;&nbsp; 1235 |
| 5.625%, 1Y H15 + 1.500%, 04/20/31 (a) | 2015 | &nbsp;&nbsp; 2016 |
| 5.625%, 1Y H15 + 1.500%, 03/20/32 (a) | 80 | &nbsp;&nbsp; 81 |
| 5.625%, 1Y H15 + 1.500%, 04/20/32 (a) | 1350 | &nbsp;&nbsp; 1352 |
| 5.625%, 1Y H15 + 1.500%, 05/20/32 (a) | 2890 | &nbsp;&nbsp; 2890 |
| 5.625%, 1Y H15 + 1.500%, 03/20/33 (a) | 796 | &nbsp;&nbsp; 808 |
| Government National Mortgage Association, TBA |  |  |
| 2.000%, TBA (c) | 8600000 | &nbsp;&nbsp; 7120161 |
| 4.000%, TBA (c) | 39200000 | &nbsp;&nbsp; 37024094 |
| 4.500%, TBA (c) | 33100000 | &nbsp;&nbsp; 32222762 |
| 5.000%, TBA (c) | 48240000 | &nbsp;&nbsp; 48106071 |

---

*See accompanying notes to financial statements.*

**BHFTI-397**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association, TBA |  |  |
| 6.000%, TBA (c) | 51300000 | &nbsp;&nbsp; $52246666 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.000%, TBA (c) | 374100000 | &nbsp;&nbsp; 330790638 |
| 3.500%, TBA (c) | 31300000 | &nbsp;&nbsp; 28836348 |
| 4.000%, TBA (c) | 63900000 | &nbsp;&nbsp; 60569384 |
| 4.500%, TBA (c) | 92800000 | &nbsp;&nbsp; 90555055 |
| 5.000%, TBA (c) | 35740000 | &nbsp;&nbsp; 35617380 |
| 5.500%, TBA (c) | 401100000 | &nbsp;&nbsp; 406332386 |
| 6.000%, TBA (c) | 113100000 | &nbsp;&nbsp; 116075324 |
|  |  | &nbsp;&nbsp; 1485074375 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $1,564,100,778) <br>|  | &nbsp;&nbsp; 1567259287 |
| **Corporate Bonds & Notes—40.7%** | **Corporate Bonds & Notes—40.7%** | **Corporate Bonds & Notes—40.7%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| Boeing Co. |  |  |
| 2.750%, 02/01/26 | 12000000 | &nbsp;&nbsp; 11985884 |
| 6.259%, 05/01/27 | 2600000 | &nbsp;&nbsp; 2667642 |
| 6.298%, 05/01/29 | 300000 | &nbsp;&nbsp; 318435 |
| Spirit AeroSystems, Inc. |  |  |
| 4.600%, 06/15/28 | 1600000 | &nbsp;&nbsp; 1601856 |
|  |  | &nbsp;&nbsp; 16573817 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| BAT International Finance PLC |  |  |
| 5.931%, 02/02/29 | 8300000 | &nbsp;&nbsp; 8709427 |
| Imperial Brands Finance PLC |  |  |
| 3.875%, 07/26/29 (144A) | 12800000 | &nbsp;&nbsp; 12547991 |
|  |  | &nbsp;&nbsp; 21257418 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 834080 | &nbsp;&nbsp; 797103 |
| American Airlines Pass-Through Trust |  |  |
| 3.600%, 03/22/29 | 824872 | &nbsp;&nbsp; 816843 |
| 3.700%, 04/01/28 | 2063916 | &nbsp;&nbsp; 2055784 |
| British Airways Pass-Through Trust |  |  |
| 4.125%, 03/20/33 (144A) † | 910656 | &nbsp;&nbsp; 882703 |
| United Airlines Pass-Through Trust |  |  |
| 2.875%, 04/07/30 | 3011069 | &nbsp;&nbsp; 2902785 |
| 3.450%, 01/07/30 | 1675838 | &nbsp;&nbsp; 1633478 |
| 5.875%, 04/15/29 | 4352747 | &nbsp;&nbsp; 4463096 |
|  |  | &nbsp;&nbsp; 13551792 |
| **Auto Manufacturers — 3.6%** | **Auto Manufacturers — 3.6%** | **Auto Manufacturers — 3.6%** |
| American Honda Finance Corp. |  |  |
| 4.544%, SOFR + 0.730%, 08/13/27 (a) | 6100000 | &nbsp;&nbsp; 6112657 |
| BMW U.S. Capital LLC |  |  |
| 4.750%, 03/21/28 (144A) | 7300000 | &nbsp;&nbsp; 7405584 |
| Daimler Truck Finance North America LLC |  |  |
| 4.685%, SOFR + 0.960%, 09/25/27 (144A) (a) | 8100000 | &nbsp;&nbsp; 8123399 |
| 5.000%, 01/15/27 (144A) | 3200000 | &nbsp;&nbsp; 3230701 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** |
| Ford Motor Credit Co. LLC |  |  |
| 2.900%, 02/16/28 | 2685000 | &nbsp;&nbsp; $2585364 |
| 3.815%, 11/02/27 | 1632000 | &nbsp;&nbsp; 1606810 |
| 4.125%, 08/17/27 | 4700000 | &nbsp;&nbsp; 4660946 |
| 5.800%, 03/05/27 | 6900000 | &nbsp;&nbsp; 6985942 |
| 5.800%, 03/08/29 | 200000 | &nbsp;&nbsp; 204349 |
| 5.918%, 03/20/28 | 900000 | &nbsp;&nbsp; 920878 |
| 7.350%, 11/04/27 | 3190000 | &nbsp;&nbsp; 3329332 |
| General Motors Financial Co., Inc. |  |  |
| 5.050%, 04/04/28 | 5740000 | &nbsp;&nbsp; 5845800 |
| Hyundai Capital America |  |  |
| 2.100%, 09/15/28 (144A) | 13500000 | &nbsp;&nbsp; 12758922 |
| 5.300%, 01/08/29 (144A) | 4500000 | &nbsp;&nbsp; 4616381 |
| 5.500%, 03/30/26 (144A) | 5900000 | &nbsp;&nbsp; 5919035 |
| 5.650%, 06/26/26 (144A) | 2000000 | &nbsp;&nbsp; 2014375 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.900%, 11/15/27 (144A) | 7300000 | &nbsp;&nbsp; 7433093 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.850%, 09/16/26 (144A) | 13500000 | &nbsp;&nbsp; 13172769 |
| Nissan Motor Co. Ltd. |  |  |
| 4.345%, 09/17/27 (144A) | 5600000 | &nbsp;&nbsp; 5523137 |
| 4.810%, 09/17/30 (144A) | 14700000 | &nbsp;&nbsp; 13854761 |
| Volkswagen Bank GmbH |  |  |
| 2.500%, 07/31/26 (EUR) | 2000000 | &nbsp;&nbsp; 2350824 |
| Volkswagen Group of America Finance LLC |  |  |
| 4.450%, 09/11/27 (144A) | 3600000 | &nbsp;&nbsp; 3610404 |
| 5.050%, 03/27/28 (144A) | 5000000 | &nbsp;&nbsp; 5075368 |
|  |  | &nbsp;&nbsp; 127340831 |
| **Banks — 12.8%** | **Banks — 12.8%** | **Banks — 12.8%** |
| AIB Group PLC |  |  |
| 6.608%, SOFR + 2.330%, 09/13/29 (144A) (a) | 6700000 | &nbsp;&nbsp; 7115166 |
| Banco Espirito Santo SA |  |  |
| 2.625%, 05/08/17 (EUR) (d) | 1700000 | &nbsp;&nbsp; 439525 |
| 4.750%, 01/15/18 (EUR) (d) | 3100000 | &nbsp;&nbsp; 801486 |
| Banco Santander SA |  |  |
| 5.552%, 1Y H15 + 1.250%, 03/14/28 (a) | 7800000 | &nbsp;&nbsp; 7930445 |
| 5.565%, 01/17/30 | 2200000 | &nbsp;&nbsp; 2291298 |
| 6.607%, 11/07/28 | 3800000 | &nbsp;&nbsp; 4053535 |
| Bank of America Corp. |  |  |
| 3.705%, 3M TSFR + 1.774%, 04/24/28 (a) | 5700000 | &nbsp;&nbsp; 5674135 |
| 5.080%, SOFR + 1.290%, 01/20/27 (a) | 1900000 | &nbsp;&nbsp; 1900918 |
| 5.202%, SOFR + 1.630%, 04/25/29 (a) | 6000000 | &nbsp;&nbsp; 6153647 |
| 5.819%, SOFR + 1.570%, 09/15/29 (a) | 9700000 | &nbsp;&nbsp; 10117913 |
| Bank of America NA |  |  |
| 4.824%, SOFR + 1.020%, 08/18/26 (a) | 7100000 | &nbsp;&nbsp; 7130695 |
| Bank of Montreal |  |  |
| 4.689%, 06/28/28 (144A) | 8950000 | &nbsp;&nbsp; 9142354 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.896%, 07/13/26 (144A) | 5900000 | &nbsp;&nbsp; 5958735 |
| Barclays PLC |  |  |
| 4.972%, 05/16/29 | 2000000 | &nbsp;&nbsp; 2033165 |
| BNP Paribas SA |  |  |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (a) | 9200000 | &nbsp;&nbsp; 9517035 |
| BPCE SA |  |  |
| 5.281%, 05/30/29 (144A) | 2000000 | &nbsp;&nbsp; 2060185 |

---

*See accompanying notes to financial statements.*

**BHFTI-398**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| BPCE SA |  |  |
| 6.612%, SOFR + 1.980%, 10/19/27 (144A) (a) | 1900000 | &nbsp;&nbsp; $1935775 |
| 6.714%, SOFR + 2.270%, 10/19/29 (144A) (a) | 7500000 | &nbsp;&nbsp; 7956200 |
| CaixaBank SA |  |  |
| 6.684%, SOFR + 2.080%, 09/13/27 (144A) (a) | 6300000 | &nbsp;&nbsp; 6409136 |
| Citibank NA |  |  |
| 5.488%, 12/04/26 | 7400000 | &nbsp;&nbsp; 7497729 |
| Citigroup, Inc. |  |  |
| 3.070%, SOFR + 1.280%, 02/24/28 (a) | 8100000 | &nbsp;&nbsp; 8007259 |
| Credit Agricole SA |  |  |
| 1.247%, SOFR + 0.892%, 01/26/27 (144A) (a) | 4000000 | &nbsp;&nbsp; 3991605 |
| 4.938%, SOFR + 1.210%, 09/11/28 (144A) (a) | 2600000 | &nbsp;&nbsp; 2613755 |
| 6.316%, SOFR + 1.860%, 10/03/29 (144A) (a) | 4100000 | &nbsp;&nbsp; 4321130 |
| Danske Bank AS |  |  |
| 4.298%, 1Y H15 + 1.750%, 04/01/28 (144A) (a) | 12000000 | &nbsp;&nbsp; 12026633 |
| Deutsche Bank AG |  |  |
| 5.706%, SOFR + 1.594%, 02/08/28 (a) | 4700000 | &nbsp;&nbsp; 4773763 |
| 6.819%, SOFR + 2.510%, 11/20/29 (a) | 8600000 | &nbsp;&nbsp; 9170112 |
| Goldman Sachs Bank USA |  |  |
| 4.539%, SOFR + 0.750%, 05/21/27 (a) | 5050000 | &nbsp;&nbsp; 5057100 |
| Goldman Sachs Group, Inc. |  |  |
| 3.691%, 3M TSFR + 1.772%, 06/05/28 (a) | 6500000 | &nbsp;&nbsp; 6465418 |
| 5.049%, SOFR + 1.210%, 07/23/30 (a) | 500000 | &nbsp;&nbsp; 512307 |
| 5.871%, 3M TSFR + 2.012%, 10/28/27 (a) | 7500000 | &nbsp;&nbsp; 7593364 |
| 6.484%, SOFR + 1.770%, 10/24/29 (a) | 5600000 | &nbsp;&nbsp; 5938723 |
| HSBC Holdings PLC |  |  |
| 4.619%, SOFR + 1.190%, 11/06/31 (a) | 9300000 | &nbsp;&nbsp; 9328678 |
| 5.130%, SOFR + 1.290%, 03/03/31 (a) | 2400000 | &nbsp;&nbsp; 2459628 |
| 5.391%, SOFR + 1.570%, 08/14/27 (a) | 6700000 | &nbsp;&nbsp; 6741674 |
| 7.390%, SOFR + 3.350%, 11/03/28 (a) | 5900000 | &nbsp;&nbsp; 6237253 |
| ING Groep NV |  |  |
| 3.950%, 03/29/27 | 1100000 | &nbsp;&nbsp; 1099392 |
| 4.625%, 01/06/26 (144A) | 6800000 | &nbsp;&nbsp; 6800396 |
| 4.858%, SOFR + 1.010%, 03/25/29 (a) | 9200000 | &nbsp;&nbsp; 9337638 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, SOFR + 0.885%, 04/22/27 (a) | 13300000 | &nbsp;&nbsp; 13200247 |
| 3.960%, 3M TSFR + 1.507%, 01/29/27 (a) | 3200000 | &nbsp;&nbsp; 3199431 |
| 4.323%, SOFR + 1.560%, 04/26/28 (a) | 500000 | &nbsp;&nbsp; 502035 |
| 4.843%, SOFR + 0.930%, 07/22/28 (a) | 3400000 | &nbsp;&nbsp; 3421698 |
| 5.108%, SOFR + 1.200%, 01/23/28 (a) | 2100000 | &nbsp;&nbsp; 2115159 |
| 5.299%, SOFR + 1.450%, 07/24/29 (a) | 7900000 | &nbsp;&nbsp; 8141349 |
| 6.070%, SOFR + 1.330%, 10/22/27 (a) | 7500000 | &nbsp;&nbsp; 7617915 |
| JPMorgan Chase Bank NA |  |  |
| 4.740%, SOFR + 1.000%, 12/08/26 (a) | 7700000 | &nbsp;&nbsp; 7761627 |
| Lloyds Bank PLC |  |  |
| Zero Coupon, 04/02/32 (e) | 2200000 | &nbsp;&nbsp; 1647846 |
| Lloyds Banking Group PLC |  |  |
| 5.462%, 1Y H15 + 1.375%, 01/05/28 (a) | 5900000 | &nbsp;&nbsp; 5979291 |
| 5.985%, 1Y H15 + 1.480%, 08/07/27 (a) | 3500000 | &nbsp;&nbsp; 3538576 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.640%, 1Y H15 + 0.670%, 10/13/27 (a) | 10500000 | &nbsp;&nbsp; 10305859 |
| Mizuho Financial Group, Inc. |  |  |
| 2.201%, 3M TSFR + 1.772%, 07/10/31 (a) | 2400000 | &nbsp;&nbsp; 2184220 |
| Morgan Stanley |  |  |
| 4.210%, SOFR + 1.610%, 04/20/28 (a) | 5400000 | &nbsp;&nbsp; 5412386 |
| 5.123%, SOFR + 1.730%, 02/01/29 (a) | 4700000 | &nbsp;&nbsp; 4797916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Morgan Stanley |  |  |
| 5.173%, SOFR + 1.450%, 01/16/30 (a) | 3400000 | &nbsp;&nbsp; $3490326 |
| 5.449%, SOFR + 1.630%, 07/20/29 (a) | 7900000 | &nbsp;&nbsp; 8152397 |
| 6.407%, SOFR + 1.830%, 11/01/29 (a) | 4900000 | &nbsp;&nbsp; 5193552 |
| Morgan Stanley Bank NA |  |  |
| 4.968%, SOFR + 0.930%, 07/14/28 (a) | 6700000 | &nbsp;&nbsp; 6793425 |
| 5.026%, SOFR + 1.080%, 01/14/28 (a) | 7900000 | &nbsp;&nbsp; 7953059 |
| 5.504%, SOFR + 0.865%, 05/26/28 (a) | 7800000 | &nbsp;&nbsp; 7955617 |
| NatWest Markets PLC |  |  |
| 4.789%, 03/21/28 (144A) | 10000000 | &nbsp;&nbsp; 10161427 |
| 5.022%, 03/21/30 (144A) | 5500000 | &nbsp;&nbsp; 5642863 |
| Royal Bank of Canada |  |  |
| 4.851%, 12/14/26 (144A) | 1300000 | &nbsp;&nbsp; 1312874 |
| 4.875%, 01/19/27 | 6900000 | &nbsp;&nbsp; 6971401 |
| Santander U.K. Group Holdings PLC |  |  |
| 4.858%, SOFR + 1.554%, 09/11/30 (a) | 5675000 | &nbsp;&nbsp; 5742785 |
| Societe Generale SA |  |  |
| 6.447%, 1Y H15 + 2.300%, 01/12/27 (144A) (a) | 5000000 | &nbsp;&nbsp; 5002740 |
| Standard Chartered PLC |  |  |
| 6.301%, 1Y H15 + 2.450%, 01/09/29 (144A) (a) | 5500000 | &nbsp;&nbsp; 5715518 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 1.902%, 09/17/28 | 9800000 | &nbsp;&nbsp; 9255783 |
| 5.177%, SOFR + 1.170%, 07/09/29 (a) | 1800000 | &nbsp;&nbsp; 1819715 |
| 5.316%, 07/09/29 | 5900000 | &nbsp;&nbsp; 6108578 |
| 5.464%, 01/13/26 | 2900000 | &nbsp;&nbsp; 2901244 |
| Toronto-Dominion Bank |  |  |
| 4.109%, 10/13/28 | 3600000 | &nbsp;&nbsp; 3608764 |
| 4.701%, 06/05/27 (144A) | 1100000 | &nbsp;&nbsp; 1103704 |
| UBS Group AG |  |  |
| 4.125%, 04/15/26 (144A) | 10200000 | &nbsp;&nbsp; 10204345 |
| 5.711%, 1Y H15 + 1.550%, 01/12/27 (144A) (a) | 4000000 | &nbsp;&nbsp; 4001512 |
| 6.246%, 1Y H15 + 1.800%, 09/22/29 (144A) (a) | 5800000 | &nbsp;&nbsp; 6105445 |
| Wells Fargo & Co. |  |  |
| 1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR) (a) | 2600000 | &nbsp;&nbsp; 2931358 |
| 2.393%, SOFR + 2.100%, 06/02/28 (a) | 5400000 | &nbsp;&nbsp; 5276307 |
| 5.574%, SOFR + 1.740%, 07/25/29 (a) | 7900000 | &nbsp;&nbsp; 8183427 |
| Wells Fargo Bank NA |  |  |
| 4.798%, SOFR + 1.070%, 12/11/26 (a) | 7300000 | &nbsp;&nbsp; 7350391 |
| 5.450%, 08/07/26 | 4700000 | &nbsp;&nbsp; 4739054 |
|  |  | &nbsp;&nbsp; 452098071 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) | 3437000 | &nbsp;&nbsp; 3101213 |
| Syensqo Finance America LLC |  |  |
| 5.650%, 06/04/29 (144A) | 1900000 | &nbsp;&nbsp; 1966595 |
|  |  | &nbsp;&nbsp; 5067808 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| Global Payments, Inc. |  |  |
| 4.500%, 11/15/28 | 6000000 | &nbsp;&nbsp; 6011411 |
| 5.200%, 11/15/32 | 1200000 | &nbsp;&nbsp; 1200562 |
| Quanta Services, Inc. |  |  |
| 4.300%, 08/09/28 | 7500000 | &nbsp;&nbsp; 7539730 |
|  |  | &nbsp;&nbsp; 14751703 |

---

*See accompanying notes to financial statements.*

**BHFTI-399**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Dell International LLC/EMC Corp. |  |  |
| 4.150%, 02/15/29 | 4800000 | &nbsp;&nbsp; $4794797 |
| Gartner, Inc. |  |  |
| 4.950%, 03/20/31 | 7200000 | &nbsp;&nbsp; 7233334 |
|  |  | &nbsp;&nbsp; 12028131 |
| **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 7450000 | &nbsp;&nbsp; 7348740 |
| 6.100%, 01/15/27 | 4900000 | &nbsp;&nbsp; 4992640 |
| Air Lease Corp. |  |  |
| 5.300%, 06/25/26 | 5000000 | &nbsp;&nbsp; 5025010 |
| Ally Financial, Inc. |  |  |
| 5.548%, SOFR + 1.780%, 07/31/33 (a) | 1700000 | &nbsp;&nbsp; 1712445 |
| 6.848%, SOFR + 2.820%, 01/03/30 (a) | 7000000 | &nbsp;&nbsp; 7426994 |
| American Express Co. |  |  |
| 5.645%, SOFR + 0.750%, 04/23/27 (a) | 7700000 | &nbsp;&nbsp; 7736850 |
| Aviation Capital Group LLC |  |  |
| 5.375%, 07/15/29 (144A) | 3200000 | &nbsp;&nbsp; 3275761 |
| 6.750%, 10/25/28 (144A) | 1900000 | &nbsp;&nbsp; 2015588 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.750%, 03/01/29 (144A) | 7900000 | &nbsp;&nbsp; 8168845 |
| 6.375%, 05/04/28 (144A) | 6300000 | &nbsp;&nbsp; 6564421 |
| BGC Group, Inc. |  |  |
| 8.000%, 05/25/28 | 4000000 | &nbsp;&nbsp; 4272246 |
| Blue Owl Finance LLC |  |  |
| 3.125%, 06/10/31 | 8000000 | &nbsp;&nbsp; 7249929 |
| Cantor Fitzgerald LP |  |  |
| 7.200%, 12/12/28 (144A) | 3300000 | &nbsp;&nbsp; 3505458 |
| Capital One Financial Corp. |  |  |
| 4.927%, SOFR + 2.057%, 05/10/28 (a) | 10775000 | &nbsp;&nbsp; 10901877 |
| CI Financial Corp. |  |  |
| 4.625%, 12/12/31 (144A) (EUR) | 5300000 | &nbsp;&nbsp; 6268298 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 8600000 | &nbsp;&nbsp; 8759874 |
| Intercontinental Exchange, Inc. |  |  |
| 3.950%, 12/01/28 | 2800000 | &nbsp;&nbsp; 2806692 |
| 4.200%, 03/15/31 | 2000000 | &nbsp;&nbsp; 2001580 |
| Nomura Holdings, Inc. |  |  |
| 2.172%, 07/14/28 | 500000 | &nbsp;&nbsp; 475872 |
| 2.679%, 07/16/30 | 9600000 | &nbsp;&nbsp; 8874340 |
| 5.035%, SOFR + 1.250%, 07/02/27 (a) | 2900000 | &nbsp;&nbsp; 2922909 |
| 5.709%, 01/09/26 | 5100000 | &nbsp;&nbsp; 5101491 |
| 5.842%, 01/18/28 | 4700000 | &nbsp;&nbsp; 4850395 |
|  |  | &nbsp;&nbsp; 122258255 |
| **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 4.375%, 10/09/31 (144A) | 7000000 | &nbsp;&nbsp; 6991131 |
| Alliant Energy Finance LLC |  |  |
| 5.950%, 03/30/29 (144A) | 3800000 | &nbsp;&nbsp; 3971838 |
| Ameren Corp. |  |  |
| 5.000%, 01/15/29 | 7200000 | &nbsp;&nbsp; 7360588 |
| American Electric Power Co., Inc. |  |  |
| 5.200%, 01/15/29 | 1700000 | &nbsp;&nbsp; 1752185 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Consumers Securitization Funding LLC |  |  |
| 5.210%, 09/01/31 | 7700000 | &nbsp;&nbsp; $7937733 |
| DTE Energy Co. |  |  |
| 5.100%, 03/01/29 | 3000000 | &nbsp;&nbsp; 3074236 |
| Duke Energy Progress LLC |  |  |
| 2.000%, 08/15/31 | 2600000 | &nbsp;&nbsp; 2307481 |
| Edison International |  |  |
| 5.750%, 06/15/27 | 5519000 | &nbsp;&nbsp; 5617044 |
| 6.250%, 03/15/30 | 6200000 | &nbsp;&nbsp; 6480851 |
| Enel Finance International NV |  |  |
| 5.125%, 06/26/29 (144A) | 7800000 | &nbsp;&nbsp; 7998940 |
| Eversource Energy |  |  |
| 5.950%, 02/01/29 | 5700000 | &nbsp;&nbsp; 5954583 |
| FirstEnergy Corp. |  |  |
| 3.900%, 07/15/27 | 1300000 | &nbsp;&nbsp; 1294813 |
| Florida Power & Light Co. |  |  |
| 4.400%, 05/15/28 | 4400000 | &nbsp;&nbsp; 4454796 |
| 4.450%, 05/15/26 | 6900000 | &nbsp;&nbsp; 6910723 |
| Georgia Power Co. |  |  |
| 4.650%, 05/16/28 | 5200000 | &nbsp;&nbsp; 5281395 |
| Jersey Central Power & Light Co. |  |  |
| 4.150%, 01/15/29 (144A) | 3600000 | &nbsp;&nbsp; 3593895 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 4.800%, 03/15/28 | 3600000 | &nbsp;&nbsp; 3665621 |
| Pacific Gas & Electric Co. |  |  |
| 3.150%, 01/01/26 | 10900000 | &nbsp;&nbsp; 10900000 |
| 3.300%, 12/01/27 | 1600000 | &nbsp;&nbsp; 1574942 |
| 4.550%, 07/01/30 | 5000000 | &nbsp;&nbsp; 4978519 |
| 5.000%, 06/04/28 | 5100000 | &nbsp;&nbsp; 5187427 |
| 5.450%, 06/15/27 | 5000000 | &nbsp;&nbsp; 5083167 |
| 5.550%, 05/15/29 | 5700000 | &nbsp;&nbsp; 5881098 |
| PacifiCorp |  |  |
| 5.450%, 02/15/34 | 7900000 | &nbsp;&nbsp; 8014758 |
| Pinnacle West Capital Corp. |  |  |
| 4.900%, 05/15/28 | 3000000 | &nbsp;&nbsp; 3053867 |
| 5.150%, 05/15/30 | 1000000 | &nbsp;&nbsp; 1030413 |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 <br> Subsidiaries<br>|  |  |
| 4.500%, 07/14/28 (144A) | 13100000 | &nbsp;&nbsp; 12568191 |
| Southern California Edison Co. |  |  |
| 4.125%, 03/01/48 | 800000 | &nbsp;&nbsp; 607189 |
| 4.650%, 10/01/43 | 400000 | &nbsp;&nbsp; 340083 |
| 5.250%, 03/15/30 | 6300000 | &nbsp;&nbsp; 6461202 |
| 5.850%, 11/01/27 | 3000000 | &nbsp;&nbsp; 3082576 |
| WEC Energy Group, Inc. |  |  |
| 1.375%, 10/15/27 | 4525000 | &nbsp;&nbsp; 4325111 |
|  |  | &nbsp;&nbsp; 157736396 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Flex Ltd. |  |  |
| 4.875%, 06/15/29 | 8160000 | &nbsp;&nbsp; 8271906 |
| Honeywell International, Inc. |  |  |
| 4.125%, 11/02/34 (EUR) | 1760000 | &nbsp;&nbsp; 2121550 |
|  |  | &nbsp;&nbsp; 10393456 |

---

*See accompanying notes to financial statements.*

**BHFTI-400**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services, Inc. |  |  |
| 4.875%, 04/01/29 | 3800000 | &nbsp;&nbsp; $3894351 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| Conagra Brands, Inc. |  |  |
| 4.850%, 11/01/28 | 5000000 | &nbsp;&nbsp; 5058182 |
| Mars, Inc. |  |  |
| 4.800%, 03/01/30 (144A) | 7400000 | &nbsp;&nbsp; 7562524 |
| Mondelez International, Inc. |  |  |
| 4.625%, 07/03/31 (CAD) | 10700000 | &nbsp;&nbsp; 8073158 |
|  |  | &nbsp;&nbsp; 20693864 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| National Fuel Gas Co. |  |  |
| 5.500%, 10/01/26 | 6400000 | &nbsp;&nbsp; 6463605 |
| Southern California Gas Co. |  |  |
| 2.950%, 04/15/27 | 12500000 | &nbsp;&nbsp; 12364407 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.750%, 01/15/36 (144A) | 2900000 | &nbsp;&nbsp; 2970442 |
|  |  | &nbsp;&nbsp; 21798454 |
| **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** |
| Centene Corp. |  |  |
| 3.000%, 10/15/30 | 5900000 | &nbsp;&nbsp; 5277774 |
| 4.250%, 12/15/27 | 2300000 | &nbsp;&nbsp; 2286458 |
| Cigna Group |  |  |
| 4.500%, 09/15/30 | 5800000 | &nbsp;&nbsp; 5839828 |
| CommonSpirit Health |  |  |
| 4.352%, 09/01/30 | 2750000 | &nbsp;&nbsp; 2738083 |
| 4.975%, 09/01/35 | 2750000 | &nbsp;&nbsp; 2717646 |
| Fresenius Medical Care U.S. Finance III, Inc. |  |  |
| 1.875%, 12/01/26 (144A) | 12100000 | &nbsp;&nbsp; 11826399 |
| HCA, Inc. |  |  |
| 3.125%, 03/15/27 | 7300000 | &nbsp;&nbsp; 7223551 |
| 3.375%, 03/15/29 | 5200000 | &nbsp;&nbsp; 5065992 |
|  |  | &nbsp;&nbsp; 42975731 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Athene Global Funding |  |  |
| 5.339%, 01/15/27 (144A) | 7800000 | &nbsp;&nbsp; 7894936 |
| Corebridge Global Funding |  |  |
| 5.750%, 07/02/26 (144A) | 2600000 | &nbsp;&nbsp; 2623049 |
| Essent Group Ltd. |  |  |
| 6.250%, 07/01/29 | 2900000 | &nbsp;&nbsp; 3026979 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 4100000 | &nbsp;&nbsp; 4271300 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.650%, 03/15/30 | 2900000 | &nbsp;&nbsp; 2958137 |
| MassMutual Global Funding II |  |  |
| 4.955%, SOFR + 0.980%, 07/10/26 (144A) (a) | 3800000 | &nbsp;&nbsp; 3815274 |
| 5.050%, 12/07/27 (144A) | 7900000 | &nbsp;&nbsp; 8064370 |
| New York Life Global Funding |  |  |
| 4.526%, SOFR + 0.580%, 01/16/26 (144A) (a) | 7800000 | &nbsp;&nbsp; 7801295 |
| Pacific Life Global Funding II |  |  |
| 5.500%, 07/18/28 (144A) | 5500000 | &nbsp;&nbsp; 5701241 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| RGA Global Funding |  |  |
| 5.448%, 05/24/29 (144A) | 6000000 | &nbsp;&nbsp; $6207868 |
|  |  | &nbsp;&nbsp; 52364449 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 40200000 | &nbsp;&nbsp; 42471104 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Abu Dhabi Developmental Holding Co. PJSC |  |  |
| 4.375%, 10/02/31 (144A) | 5300000 | &nbsp;&nbsp; 5272346 |
| ARES Capital Corp. |  |  |
| 5.100%, 01/15/31 | 3600000 | &nbsp;&nbsp; 3555750 |
| Credit Opportunity Partners JV, LLC |  |  |
| 6.740%, 03/20/30 (f) (g) | 1500000 | &nbsp;&nbsp; 1527938 |
| FS KKR Capital Corp. |  |  |
| 6.875%, 08/15/29 | 7400000 | &nbsp;&nbsp; 7459811 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.150%, 01/15/31 | 4500000 | &nbsp;&nbsp; 4625587 |
|  |  | &nbsp;&nbsp; 22441432 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Choice Hotels International, Inc. |  |  |
| 3.700%, 12/01/29 | 2500000 | &nbsp;&nbsp; 2431925 |
| Las Vegas Sands Corp. |  |  |
| 6.000%, 08/15/29 | 7800000 | &nbsp;&nbsp; 8141377 |
|  |  | &nbsp;&nbsp; 10573302 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.500%, 06/01/41 | 13300000 | &nbsp;&nbsp; 9460142 |
| Fox Corp. |  |  |
| 4.709%, 01/25/29 | 4500000 | &nbsp;&nbsp; 4557575 |
| Paramount Global |  |  |
| 2.900%, 01/15/27 | 300000 | &nbsp;&nbsp; 295122 |
|  |  | &nbsp;&nbsp; 14312839 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Adnoc Murban Rsc Ltd. |  |  |
| 4.250%, 09/11/29 (144A) | 3900000 | &nbsp;&nbsp; 3921658 |
| Harbour Energy PLC |  |  |
| 6.327%, 04/01/35 (144A) | 3700000 | &nbsp;&nbsp; 3746650 |
| Petroleos Mexicanos |  |  |
| 10.000%, 02/07/33 | 3000000 | &nbsp;&nbsp; 3474870 |
|  |  | &nbsp;&nbsp; 11143178 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| AbbVie, Inc. |  |  |
| 3.200%, 05/14/26 | 1300000 | &nbsp;&nbsp; 1297092 |
| Bayer U.S. Finance LLC |  |  |
| 6.125%, 11/21/26 (144A) | 3900000 | &nbsp;&nbsp; 3955583 |
| 6.250%, 01/21/29 (144A) | 7900000 | &nbsp;&nbsp; 8304484 |
| 6.375%, 11/21/30 (144A) | 6900000 | &nbsp;&nbsp; 7376966 |
| CVS Health Corp. |  |  |
| 3.750%, 04/01/30 | 3900000 | &nbsp;&nbsp; 3808184 |

---

*See accompanying notes to financial statements.*

**BHFTI-401**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| CVS Pass-Through Trust |  |  |
| 6.943%, 01/10/30 | 345817 | &nbsp;&nbsp; $358847 |
|  |  | &nbsp;&nbsp; 25101156 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.125%, 06/30/27 | 9000000 | &nbsp;&nbsp; 9087034 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.927%, 08/15/30 (144A) | 3000000 | &nbsp;&nbsp; 3173569 |
| Enbridge, Inc. |  |  |
| 5.900%, 11/15/26 | 2700000 | &nbsp;&nbsp; 2739038 |
| Energy Transfer LP |  |  |
| 6.050%, 12/01/26 | 3800000 | &nbsp;&nbsp; 3860975 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.853%, 02/23/36 (144A) | 6700000 | &nbsp;&nbsp; 7000281 |
| ONEOK, Inc. |  |  |
| 5.375%, 06/01/29 | 1900000 | &nbsp;&nbsp; 1957861 |
| Venture Global LNG, Inc. |  |  |
| 9.875%, 02/01/32 (144A) | 3800000 | &nbsp;&nbsp; 3925675 |
| Western Midstream Operating LP |  |  |
| 6.350%, 01/15/29 | 1000000 | &nbsp;&nbsp; 1052339 |
|  |  | &nbsp;&nbsp; 32796772 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Logicor Financing SARL |  |  |
| 1.625%, 07/15/27 (EUR) | 4500000 | &nbsp;&nbsp; 5211299 |
| Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| 3.875%, 03/20/27 (144A) | 1700000 | &nbsp;&nbsp; 1696985 |
|  |  | &nbsp;&nbsp; 6908284 |
| **Real Estate Investment Trusts — 3.2%** | **Real Estate Investment Trusts — 3.2%** | **Real Estate Investment Trusts — 3.2%** |
| American Homes 4 Rent LP |  |  |
| 4.250%, 02/15/28 | 1900000 | &nbsp;&nbsp; 1903773 |
| American Tower Corp. |  |  |
| 5.800%, 11/15/28 | 1200000 | &nbsp;&nbsp; 1252715 |
| Boston Properties LP |  |  |
| 2.450%, 10/01/33 | 1811000 | &nbsp;&nbsp; 1498055 |
| Brixmor Operating Partnership LP |  |  |
| 4.125%, 06/15/26 | 5500000 | &nbsp;&nbsp; 5496616 |
| Crown Castle, Inc. |  |  |
| 2.900%, 03/15/27 | 12500000 | &nbsp;&nbsp; 12319935 |
| EPR Properties |  |  |
| 3.750%, 08/15/29 | 2500000 | &nbsp;&nbsp; 2421934 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 4.600%, 11/15/30 | 4700000 | &nbsp;&nbsp; 4714165 |
| Extra Space Storage LP |  |  |
| 2.400%, 10/15/31 | 3500000 | &nbsp;&nbsp; 3110146 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 10800000 | &nbsp;&nbsp; 10688462 |
| Hudson Pacific Properties LP |  |  |
| 4.650%, 04/01/29 | 2400000 | &nbsp;&nbsp; 2218476 |
| Kilroy Realty LP |  |  |
| 2.650%, 11/15/33 | 13100000 | &nbsp;&nbsp; 10747773 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.750%, 01/15/28 | 8900000 | &nbsp;&nbsp; 8969700 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Piedmont Operating Partnership LP |  |  |
| 3.150%, 08/15/30 | 12900000 | &nbsp;&nbsp; $11841475 |
| SBA Tower Trust |  |  |
| 2.328%, 07/15/52 (144A) | 13000000 | &nbsp;&nbsp; 12491660 |
| Starwood Property Trust, Inc. |  |  |
| 4.375%, 01/15/27 (144A) | 13300000 | &nbsp;&nbsp; 13217367 |
| Sun Communities Operating LP |  |  |
| 2.700%, 07/15/31 | 3200000 | &nbsp;&nbsp; 2907930 |
| UDR, Inc. |  |  |
| 3.500%, 07/01/27 | 1000000 | &nbsp;&nbsp; 991461 |
| Welltower OP LLC |  |  |
| 4.250%, 04/01/26 | 1102000 | &nbsp;&nbsp; 1102040 |
| Weyerhaeuser Co. |  |  |
| 4.750%, 05/15/26 | 4000000 | &nbsp;&nbsp; 4008156 |
|  |  | &nbsp;&nbsp; 111901839 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| CK Hutchison International 23 Ltd. |  |  |
| 4.750%, 04/21/28 (144A) | 2700000 | &nbsp;&nbsp; 2741652 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| Nationwide Building Society |  |  |
| 4.000%, 1Y UKG + 3.750%, 09/03/27 (GBP) (a) | 500000 | &nbsp;&nbsp; 674300 |
| 6.557%, SOFR + 1.910%, 10/18/27 (144A) (a) | 7500000 | &nbsp;&nbsp; 7640925 |
|  |  | &nbsp;&nbsp; 8315225 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom, Inc. |  |  |
| 4.300%, 11/15/32 | 2400000 | &nbsp;&nbsp; 2367406 |
| **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.043%, 08/16/28 | 13800000 | &nbsp;&nbsp; 13069896 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Oracle Corp. |  |  |
| 3.600%, 04/01/40 | 1400000 | &nbsp;&nbsp; 1038293 |
| 3.600%, 04/01/50 | 5600000 | &nbsp;&nbsp; 3488300 |
| 4.450%, 09/26/30 | 9100000 | &nbsp;&nbsp; 8902858 |
| VMware LLC |  |  |
| 1.400%, 08/15/26 | 13500000 | &nbsp;&nbsp; 13300531 |
|  |  | &nbsp;&nbsp; 26729982 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| NTT Finance Corp. |  |  |
| 4.567%, 07/16/27 (144A) | 300000 | &nbsp;&nbsp; 302531 |
| 4.620%, 07/16/28 (144A) | 300000 | &nbsp;&nbsp; 303990 |
| 4.876%, 07/16/30 (144A) | 500000 | &nbsp;&nbsp; 509206 |
| 5.289%, SOFR + 1.310%, 07/16/30 (144A) (a) | 800000 | &nbsp;&nbsp; 812099 |
| T-Mobile USA, Inc. |  |  |
| 4.200%, 10/01/29 | 6700000 | &nbsp;&nbsp; 6710356 |
| Verizon Communications, Inc. |  |  |
| 5.000%, 01/15/36 | 3600000 | &nbsp;&nbsp; 3569439 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 5.625%, 04/15/32 (144A) (EUR) | 1800000 | &nbsp;&nbsp; 2126852 |

---

*See accompanying notes to financial statements.*

**BHFTI-402**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Vmed O2 U.K. Financing I PLC |  |  |
| 7.750%, 04/15/32 (144A) | 1500000 | &nbsp;&nbsp; $1563150 |
|  |  | &nbsp;&nbsp; 15897623 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.750%, 10/10/27 (144A) (GBP) | 30066 | &nbsp;&nbsp; 46605 |
| Total Corporate Bonds & Notes <br>(Cost $1,444,983,171) <br>|  | &nbsp;&nbsp; 1441602822 |
| **U.S. Treasury & Government Agencies—21.7%** | **U.S. Treasury & Government Agencies—21.7%** | **U.S. Treasury & Government Agencies—21.7%** |
| **U.S. Treasury — 21.7%** | **U.S. Treasury — 21.7%** | **U.S. Treasury — 21.7%** |
| U.S. Treasury Bonds |  |  |
| 1.375%, 08/15/50 | 34100000 | &nbsp;&nbsp; 16766277 |
| 1.625%, 11/15/50 (h) | 6700000 | &nbsp;&nbsp; 3517500 |
| 1.875%, 02/15/51 | 27500000 | &nbsp;&nbsp; 15367773 |
| 1.875%, 11/15/51 | 2400000 | &nbsp;&nbsp; 1326563 |
| 2.000%, 02/15/50 (h) | 6400000 | &nbsp;&nbsp; 3751500 |
| 2.000%, 08/15/51 | 19300000 | &nbsp;&nbsp; 11056035 |
| 2.250%, 08/15/49 | 29239400 | &nbsp;&nbsp; 18337444 |
| 2.375%, 11/15/49 | 16970000 | &nbsp;&nbsp; 10899911 |
| 2.375%, 05/15/51 | 19070400 | &nbsp;&nbsp; 12018077 |
| 2.750%, 08/15/42 | 39000000 | &nbsp;&nbsp; 30104648 |
| 2.750%, 11/15/42 (i) (j) | 2800000 | &nbsp;&nbsp; 2151625 |
| 2.750%, 08/15/47 (h) | 3200000 | &nbsp;&nbsp; 2286250 |
| 2.875%, 05/15/43 | 83700000 | &nbsp;&nbsp; 64975394 |
| 2.875%, 08/15/45 (h) | 3100000 | &nbsp;&nbsp; 2325242 |
| 2.875%, 05/15/49 | 29900000 | &nbsp;&nbsp; 21449746 |
| 3.000%, 02/15/48 (h) | 9900000 | &nbsp;&nbsp; 7366992 |
| 3.000%, 08/15/48 (h) | 3000000 | &nbsp;&nbsp; 2221289 |
| 3.000%, 02/15/49 | 20000000 | &nbsp;&nbsp; 14732812 |
| 3.125%, 08/15/44 | 112000000 | &nbsp;&nbsp; 88646251 |
| 3.125%, 05/15/48 (h) | 3400000 | &nbsp;&nbsp; 2582273 |
| 3.250%, 05/15/42 | 10500000 | &nbsp;&nbsp; 8756836 |
| 3.375%, 05/15/44 | 12200000 | &nbsp;&nbsp; 10068813 |
| 3.375%, 11/15/48 (j) | 6500000 | &nbsp;&nbsp; 5142871 |
| 3.875%, 02/15/43 | 14400000 | &nbsp;&nbsp; 12954375 |
| 4.000%, 11/15/42 | 9232000 | &nbsp;&nbsp; 8461705 |
| 4.250%, 05/15/39 | 9600000 | &nbsp;&nbsp; 9404250 |
| 4.250%, 08/15/54 | 11300000 | &nbsp;&nbsp; 10216789 |
| 4.375%, 11/15/39 | 57100000 | &nbsp;&nbsp; 56330488 |
| 4.375%, 05/15/41 | 1167000 | &nbsp;&nbsp; 1137096 |
| 4.375%, 08/15/43 | 8833000 | &nbsp;&nbsp; 8437240 |
| 4.500%, 08/15/39 | 15100000 | &nbsp;&nbsp; 15125953 |
| 4.500%, 11/15/54 (h) | 5100000 | &nbsp;&nbsp; 4810336 |
| 4.625%, 02/15/40 | 12800000 | &nbsp;&nbsp; 12939000 |
| 4.625%, 05/15/44 (h) (i) | 900000 | &nbsp;&nbsp; 883617 |
| 4.625%, 05/15/54 | 17000000 | &nbsp;&nbsp; 16372461 |
| 4.875%, 08/15/45 (k) | 27856000 | &nbsp;&nbsp; 28125855 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.125%, 02/15/51 (l) | 30012720 | &nbsp;&nbsp; 16201561 |
| 0.125%, 02/15/52 (l) | 3976538 | &nbsp;&nbsp; 2101144 |
| 0.250%, 02/15/50 (l) | 11777241 | &nbsp;&nbsp; 6775633 |
| 0.625%, 02/15/43 (l) | 1699320 | &nbsp;&nbsp; 1264061 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.750%, 02/15/45 (l) | 24748719 | &nbsp;&nbsp; $18036298 |
| 0.875%, 02/15/47 (l) | 7283250 | &nbsp;&nbsp; 5249068 |
| 1.000%, 02/15/46 (l) | 2610733 | &nbsp;&nbsp; 1967382 |
| 1.000%, 02/15/49 (l) | 2846470 | &nbsp;&nbsp; 2046899 |
| 1.375%, 02/15/44 (l) | 7264296 | &nbsp;&nbsp; 6079890 |
| 1.500%, 02/15/53 (l) | 4600218 | &nbsp;&nbsp; 3585489 |
| 2.125%, 02/15/54 (l) | 13048455 | &nbsp;&nbsp; 11719890 |
| 2.375%, 02/15/55 (l) | 2579450 | &nbsp;&nbsp; 2446848 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.250%, 04/15/28 (h) (j) (l) | 25290752 | &nbsp;&nbsp; 25187372 |
| U.S. Treasury Notes |  |  |
| 3.625%, 08/31/30 (i) (k) (m) (n) | 57960000 | &nbsp;&nbsp; 57753970 |
| 3.625%, 09/30/30 (i) | 53270000 | &nbsp;&nbsp; 53063995 |
| 3.875%, 08/31/32 (j) | 1150000 | &nbsp;&nbsp; 1146990 |
| 4.250%, 08/15/35 (i) | 238000 | &nbsp;&nbsp; 239711 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 08/15/40 | 4100000 | &nbsp;&nbsp; 2030299 |
| Zero Coupon, 05/15/41 | 1000000 | &nbsp;&nbsp; 474187 |
| Zero Coupon, 08/15/41 | 1600000 | &nbsp;&nbsp; 747266 |
| Zero Coupon, 11/15/41 | 300000 | &nbsp;&nbsp; 137832 |
| Zero Coupon, 02/15/42 | 21300000 | &nbsp;&nbsp; 9640499 |
| Total U.S. Treasury & Government Agencies <br>(Cost $901,007,164) <br>|  | &nbsp;&nbsp; 768947571 |
| **Non-Agency Mortgage-Backed Securities—11.0%** | **Non-Agency Mortgage-Backed Securities—11.0%** | **Non-Agency Mortgage-Backed Securities—11.0%** |
| **Collateralized Mortgage Obligations — 5.6%** | **Collateralized Mortgage Obligations — 5.6%** | **Collateralized Mortgage Obligations — 5.6%** |
| Adjustable Rate Mortgage Trust |  |  |
| 4.768%, 11/25/35 (a) | 101481 | &nbsp;&nbsp; 70953 |
| American Home Mortgage Investment Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 12/25/46 (a) | 8246159 | &nbsp;&nbsp; 7073972 |
| Banc of America Alternative Loan Trust |  |  |
| 13.015%, -4x 1M TSFR + 27.942%, 11/25/46 (a) | 295453 | &nbsp;&nbsp; 321654 |
| Banc of America Funding Trust |  |  |
| 4.787%, 01/20/47 (a) | 37748 | &nbsp;&nbsp; 32646 |
| 5.301%, 05/25/35 (a) | 133150 | &nbsp;&nbsp; 125048 |
| 5.798%, 02/20/36 (a) | 303527 | &nbsp;&nbsp; 289749 |
| Banc of America Mortgage Trust |  |  |
| 6.000%, 05/25/37 | 3565386 | &nbsp;&nbsp; 2835928 |
| Bayview MSR Opportunity Master Fund Trust |  |  |
| 3.000%, 11/25/51 (144A) (a) | 9945079 | &nbsp;&nbsp; 8684460 |
| BCAP LLC Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 05/25/47 (a) | 2752469 | &nbsp;&nbsp; 2680986 |
| 5.250%, 02/26/36 (144A) (a) | 1842491 | &nbsp;&nbsp; 690917 |
| Bear Stearns ALT-A Trust |  |  |
| 4.397%, 11/25/36 (a) | 1341978 | &nbsp;&nbsp; 734746 |
| 4.474%, 11/25/36 (a) | 1201096 | &nbsp;&nbsp; 600281 |
| 4.714%, 05/25/36 (a) | 962845 | &nbsp;&nbsp; 452744 |
| 4.791%, 09/25/35 (a) | 313155 | &nbsp;&nbsp; 166451 |
| 5.406%, 05/25/35 (a) | 190411 | &nbsp;&nbsp; 182505 |
| Bear Stearns ARM Trust |  |  |
| 5.978%, 10/25/35 (a) | 349330 | &nbsp;&nbsp; 348626 |
| Bear Stearns Structured Products, Inc. Trust |  |  |
| 3.944%, 12/26/46 (a) | 249517 | &nbsp;&nbsp; 195905 |
| 5.000%, 01/26/36 (a) | 237216 | &nbsp;&nbsp; 165207 |

---

*See accompanying notes to financial statements.*

**BHFTI-403**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Chase Home Lending Mortgage Trust |  |  |
| 3.250%, 09/25/63 (144A) (a) | 6148394 | &nbsp;&nbsp; $5544814 |
| Chase Mortgage Finance Trust |  |  |
| 4.381%, 12/25/35 (a) | 65052 | &nbsp;&nbsp; 61584 |
| 4.461%, 09/25/36 (a) | 645255 | &nbsp;&nbsp; 547558 |
| 4.613%, 03/25/37 (a) | 384533 | &nbsp;&nbsp; 365479 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates |  |  |
| 4.096%, 1M TSFR + 0.364%, 08/25/35 (144A) (a) | 5736 | &nbsp;&nbsp; 5612 |
| CHL Mortgage Pass-Through Trust |  |  |
| 4.103%, 09/20/36 (a) | 976682 | &nbsp;&nbsp; 866788 |
| 4.246%, 1M TSFR + 0.514%, 04/25/46 (a) | 898683 | &nbsp;&nbsp; 847993 |
| 4.486%, 1M TSFR + 0.754%, 03/25/35 (a) | 173408 | &nbsp;&nbsp; 168360 |
| 5.750%, 06/25/37 | 873925 | &nbsp;&nbsp; 389161 |
| Citicorp Mortgage Securities Trust |  |  |
| 6.000%, 05/25/37 | 643447 | &nbsp;&nbsp; 564158 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.093%, 10/25/46 (a) | 376713 | &nbsp;&nbsp; 334082 |
| 5.750%, 1Y H15 + 2.100%, 09/25/35 (a) | 155048 | &nbsp;&nbsp; 158032 |
| 6.190%, 1Y H15 + 2.150%, 09/25/35 (a) | 24490 | &nbsp;&nbsp; 24475 |
| 6.480%, 1Y H15 + 2.400%, 10/25/35 (a) | 322626 | &nbsp;&nbsp; 330036 |
| CitiMortgage Alternative Loan Trust |  |  |
| 4.496%, 1M TSFR + 0.764%, 10/25/36 (a) | 2992561 | &nbsp;&nbsp; 2366367 |
| Countrywide Alternative Loan Trust |  |  |
| 1.154%, -1x 1M TSFR + 4.886%, 05/25/35 (a) (b) | 331553 | &nbsp;&nbsp; 18674 |
| 4.366%, 1M TSFR + 0.634%, 06/25/46 (a) | 3542537 | &nbsp;&nbsp; 3179473 |
| 5.500%, 02/25/36 | 1233426 | &nbsp;&nbsp; 822204 |
| 5.509%, 12M MTA + 1.480%, 01/25/36 (a) | 278183 | &nbsp;&nbsp; 268091 |
| 6.000%, 03/25/35 | 5758097 | &nbsp;&nbsp; 4525160 |
| 6.000%, 1M TSFR + 6.000%, 08/25/36 (a) | 1285871 | &nbsp;&nbsp; 1231578 |
| 6.000%, 02/25/37 | 7331068 | &nbsp;&nbsp; 2710518 |
| 6.000%, 04/25/37 | 2526887 | &nbsp;&nbsp; 1106741 |
| 6.000%, 07/25/37 | 3787045 | &nbsp;&nbsp; 1933539 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 4.869%, 03/25/32 (144A) (a) | 16065 | &nbsp;&nbsp; 15578 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| 6.000%, 11/25/35 | 752492 | &nbsp;&nbsp; 551247 |
| CSMC Trust |  |  |
| 3.467%, 10/27/36 (144A) (a) | 6062125 | &nbsp;&nbsp; 5603424 |
| DSLA Mortgage Loan Trust |  |  |
| 5.015%, 07/19/44 (a) | 119119 | &nbsp;&nbsp; 113161 |
| First Horizon Mortgage Pass-Through Trust |  |  |
| 5.998%, 08/25/35 (a) | 46244 | &nbsp;&nbsp; 30507 |
| GreenPoint MTA Trust |  |  |
| 4.286%, 1M TSFR + 0.554%, 06/25/45 (a) | 10937 | &nbsp;&nbsp; 9858 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 2.500%, 06/25/52 (144A) (a) | 9770666 | &nbsp;&nbsp; 8164886 |
| GS Mortgage-Backed Securities Trust |  |  |
| 2.500%, 01/25/52 (144A) (a) | 10397039 | &nbsp;&nbsp; 8688837 |
| 3.000%, 08/26/52 (144A) (a) | 11932178 | &nbsp;&nbsp; 10412221 |
| GSR Mortgage Loan Trust |  |  |
| 4.151%, 04/25/36 (a) | 723718 | &nbsp;&nbsp; 426343 |
| 4.521%, 01/25/36 (a) | 957928 | &nbsp;&nbsp; 902650 |
| 4.951%, 09/25/35 (a) | 4466 | &nbsp;&nbsp; 4277 |
| 6.000%, 03/25/32 | 32 | &nbsp;&nbsp; 33 |
| HarborView Mortgage Loan Trust |  |  |
| 4.286%, 1M TSFR + 0.554%, 05/19/35 (a) | 248319 | &nbsp;&nbsp; 242044 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| IndyMac ARM Trust |  |  |
| 5.653%, 01/25/32 (a) | 522 | &nbsp;&nbsp; $506 |
| 5.717%, 01/25/32 (a) | 165 | &nbsp;&nbsp; 161 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 4.086%, 1M TSFR + 0.354%, 07/25/36 (a) | 1703454 | &nbsp;&nbsp; 1700364 |
| 4.266%, 1M TSFR + 0.534%, 05/25/46 (a) | 2485117 | &nbsp;&nbsp; 2303198 |
| JP Morgan Alternative Loan Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 05/25/36 (a) | 632870 | &nbsp;&nbsp; 532766 |
| JP Morgan Mortgage Trust |  |  |
| 3.000%, 03/25/52 (144A) (a) | 10140268 | &nbsp;&nbsp; 8880005 |
| 4.167%, 12/26/37 (144A) (a) | 3651432 | &nbsp;&nbsp; 3088745 |
| 5.750%, 01/25/36 | 181951 | &nbsp;&nbsp; 79125 |
| Lehman Mortgage Trust |  |  |
| 4.446%, 1M TSFR + 0.714%, 08/25/36 (a) | 2563987 | &nbsp;&nbsp; 1759656 |
| Lehman XS Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 03/25/47 (a) | 8132332 | &nbsp;&nbsp; 7136751 |
| MASTR Alternative Loan Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 03/25/36 (a) | 605996 | &nbsp;&nbsp; 50821 |
| 6.500%, 02/25/35 | 1708953 | &nbsp;&nbsp; 1776627 |
| MASTR Asset Securitization Trust |  |  |
| 6.000%, 06/25/36 | 146462 | &nbsp;&nbsp; 77984 |
| MetLife Securitization Trust |  |  |
| 3.750%, 03/25/57 (144A) (a) | 2569002 | &nbsp;&nbsp; 2515462 |
| Mill City Mortgage Loan Trust |  |  |
| 3.250%, 08/25/59 (144A) (a) | 8400000 | &nbsp;&nbsp; 7623821 |
| Morgan Stanley Re-REMICS Trust |  |  |
| 3.199%, 03/26/37 (144A) (e) | 937335 | &nbsp;&nbsp; 984321 |
| MortgageIT Mortgage Loan Trust |  |  |
| 4.306%, 1M TSFR + 0.574%, 04/25/36 (a) | 1043149 | &nbsp;&nbsp; 1005759 |
| New Residential Mortgage Loan Trust |  |  |
| 6.864%, 10/25/63 (144A) (e) | 4533620 | &nbsp;&nbsp; 4584077 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 5.476%, 05/25/35 (e) | 487020 | &nbsp;&nbsp; 232266 |
| OBX Trust |  |  |
| 4.496%, 1M TSFR + 0.764%, 06/25/57 (144A) (a) | 3037338 | &nbsp;&nbsp; 2977938 |
| 6.120%, 11/25/62 (144A) (a) | 4900303 | &nbsp;&nbsp; 4885015 |
| PRKCM Trust |  |  |
| 5.335%, 08/25/57 (144A) (a) | 4819112 | &nbsp;&nbsp; 4814805 |
| PRPM Trust |  |  |
| 6.250%, 08/25/68 (144A) (e) | 3677881 | &nbsp;&nbsp; 3695348 |
| RBSSP Resecuritization Trust |  |  |
| 4.309%, 1M TSFR + 0.354%, 06/27/36 (144A) (a) | 1676159 | &nbsp;&nbsp; 1677446 |
| Reperforming Loan Trust REMICS |  |  |
| 4.186%, 1M TSFR + 0.454%, 06/25/35 (144A) (a) | 292668 | &nbsp;&nbsp; 284444 |
| Residential Asset Securitization Trust |  |  |
| 6.000%, 06/25/36 | 2862259 | &nbsp;&nbsp; 1038717 |
| Sequoia Mortgage Trust |  |  |
| 4.486%, 1M TSFR + 0.754%, 04/19/27 (a) | 28998 | &nbsp;&nbsp; 28746 |
| 4.548%, 1M TSFR + 0.814%, 07/20/33 (a) | 31132 | &nbsp;&nbsp; 31262 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 3.892%, 01/25/35 (a) | 68390 | &nbsp;&nbsp; 67840 |
| 4.473%, 08/25/35 (a) | 32335 | &nbsp;&nbsp; 27922 |
| 4.545%, 10/25/36 (a) | 4952262 | &nbsp;&nbsp; 1952703 |
| 5.119%, 04/25/35 (a) | 947095 | &nbsp;&nbsp; 872998 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.346%, 1M TSFR + 0.614%, 07/19/35 (a) | 102864 | &nbsp;&nbsp; 101532 |

---

*See accompanying notes to financial statements.*

**BHFTI-404**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Towd Point Mortgage Funding - Granite 6 PLC |  |  |
| 4.856%, SONIA + 0.925%, 07/20/53 (144A) (GBP) (a) | 5175351 | &nbsp;&nbsp; $6982382 |
| Towd Point Mortgage Trust |  |  |
| 3.750%, 07/25/62 (144A) (a) | 4354489 | &nbsp;&nbsp; 4183723 |
| UWM Mortgage Trust |  |  |
| 2.500%, 11/25/51 (144A) (a) | 18460657 | &nbsp;&nbsp; 15701728 |
| 2.500%, 12/25/51 (144A) (a) | 10195007 | &nbsp;&nbsp; 8513626 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.028%, 06/25/37 (a) | 2562961 | &nbsp;&nbsp; 2254958 |
| 4.346%, 1M TSFR + 0.614%, 02/25/45 (a) | 2990453 | &nbsp;&nbsp; 2899598 |
| 5.429%, 12M MTA + 1.400%, 06/25/42 (a) | 16647 | &nbsp;&nbsp; 15745 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| 6.389%, 09/25/33 (a) | 34766 | &nbsp;&nbsp; 34150 |
|  |  | &nbsp;&nbsp; 196563362 |
| **Commercial Mortgage-Backed Securities — 5.4%** | **Commercial Mortgage-Backed Securities — 5.4%** | **Commercial Mortgage-Backed Securities — 5.4%** |
| 1211 Avenue of the Americas Trust |  |  |
| 3.901%, 08/10/35 (144A) | 12100000 | &nbsp;&nbsp; 11676499 |
| 225 Liberty Street Trust |  |  |
| 3.597%, 02/10/36 (144A) | 11600000 | &nbsp;&nbsp; 11366413 |
| Arbor Multifamily Mortgage Securities Trust |  |  |
| 2.756%, 05/15/53 (144A) | 7500000 | &nbsp;&nbsp; 7049202 |
| AREIT Trust |  |  |
| 5.187%, SOFR30A + 1.250%, 01/20/37 (144A) (a) | 5801226 | &nbsp;&nbsp; 5790630 |
| 5.978%, 1M TSFR + 2.242%, 06/17/39 (144A) (a) | 6790565 | &nbsp;&nbsp; 6797586 |
| Benchmark Mortgage Trust |  |  |
| 2.955%, 01/15/55 (a) | 12646000 | &nbsp;&nbsp; 12134539 |
| 3.458%, 03/15/55 | 13000000 | &nbsp;&nbsp; 12107118 |
| 4.016%, 03/15/52 | 13000000 | &nbsp;&nbsp; 12797281 |
| 4.443%, 05/15/55 (a) | 11000000 | &nbsp;&nbsp; 10778722 |
| COMM Mortgage Trust |  |  |
| 3.545%, 02/10/36 (144A) | 6000000 | &nbsp;&nbsp; 5964475 |
| DBGS Mortgage Trust |  |  |
| 3.843%, 04/10/37 (144A) | 12550000 | &nbsp;&nbsp; 11891153 |
| DC Office Trust |  |  |
| 2.965%, 09/15/45 (144A) | 1000000 | &nbsp;&nbsp; 907333 |
| DOLP Trust |  |  |
| 2.956%, 05/10/41 (144A) | 13200000 | &nbsp;&nbsp; 11855490 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.856%, 05/10/34 (144A) | 7552013 | &nbsp;&nbsp; 6623004 |
| GS Mortgage Securities Trust |  |  |
| 3.278%, 11/10/49 (a) | 137635 | &nbsp;&nbsp; 137392 |
| 3.602%, 10/10/49 (144A) (a) | 13346000 | &nbsp;&nbsp; 12493189 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 5.248%, 1M TSFR + 1.497%, 12/15/31 (144A) (a) | 3431009 | &nbsp;&nbsp; 3422062 |
| 7.236%, 10/05/40 (144A) | 5800000 | &nbsp;&nbsp; 6108023 |
| Manhattan West Mortgage Trust |  |  |
| 2.130%, 09/10/39 (144A) | 12300000 | &nbsp;&nbsp; 11834339 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 2.952%, 11/15/49 | 46745 | &nbsp;&nbsp; 46670 |
| Morgan Stanley Capital I Trust |  |  |
| 2.428%, 04/05/42 (144A) (a) | 7500000 | &nbsp;&nbsp; 6647001 |
| 3.127%, 11/15/52 | 800000 | &nbsp;&nbsp; 762521 |
| NYO Commercial Mortgage Trust |  |  |
| 4.961%, 1M TSFR + 1.209%, 11/15/38 (144A) (a) | 14000000 | &nbsp;&nbsp; 13975265 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Ready Capital Mortgage Financing LLC |  |  |
| 5.046%, 1M TSFR + 1.314%, 11/25/36 (144A) (a) | 1070837 | &nbsp;&nbsp; $1070752 |
| SG Commercial Mortgage Securities Trust |  |  |
| 2.632%, 03/15/37 (144A) | 7100000 | &nbsp;&nbsp; 6798338 |
|  |  | &nbsp;&nbsp; 191034997 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $424,558,486) <br>|  | &nbsp;&nbsp; 387598359 |
| **Foreign Government—8.9%** | **Foreign Government—8.9%** | **Foreign Government—8.9%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Korea Development Bank |  |  |
| 4.642%, SOFR + 0.700%, 10/23/26 (a) | 1700000 | &nbsp;&nbsp; 1704117 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| CPPIB Capital, Inc. |  |  |
| 4.300%, 06/02/34 (CAD) | 1900000 | &nbsp;&nbsp; 1445332 |
| **Regional Government — 0.6%** | **Regional Government — 0.6%** | **Regional Government — 0.6%** |
| New South Wales Treasury Corp. |  |  |
| 1.750%, 03/20/34 (AUD) | 5700000 | &nbsp;&nbsp; 2945470 |
| 4.750%, 02/20/37 (AUD) | 1100000 | &nbsp;&nbsp; 689695 |
| Province of Ontario |  |  |
| 3.800%, 12/02/34 (CAD) | 945000 | &nbsp;&nbsp; 691322 |
| Province of Quebec |  |  |
| 4.450%, 09/01/34 (CAD) | 12700000 | &nbsp;&nbsp; 9722433 |
| Queensland Treasury Corp. |  |  |
| 1.500%, 08/20/32 (144A) (AUD) | 5600000 | &nbsp;&nbsp; 3015402 |
| 4.500%, 08/22/35 (144A) (AUD) | 1400000 | &nbsp;&nbsp; 874327 |
| Treasury Corp. of Victoria |  |  |
| 2.250%, 09/15/33 (AUD) | 2700000 | &nbsp;&nbsp; 1473189 |
|  |  | &nbsp;&nbsp; 19411838 |
| **Sovereign — 8.2%** | **Sovereign — 8.2%** | **Sovereign — 8.2%** |
| Australia Government Bonds |  |  |
| 2.750%, 06/21/35 (AUD) | 14300000 | &nbsp;&nbsp; 8109826 |
| Brazil Government International Bonds |  |  |
| 6.125%, 03/15/34 | 7800000 | &nbsp;&nbsp; 7873296 |
| Brazil Letras do Tesouro Nacional |  |  |
| Zero Coupon, 04/01/26 (BRL) | 36500000 | &nbsp;&nbsp; 6442908 |
| Canada Government Bonds |  |  |
| 3.000%, 06/01/34 (CAD) | 10000000 | &nbsp;&nbsp; 7120323 |
| 3.250%, 12/01/34 (CAD) | 5105000 | &nbsp;&nbsp; 3691162 |
| Chile Government International Bonds |  |  |
| 4.340%, 03/07/42 | 12500000 | &nbsp;&nbsp; 11105000 |
| European Union |  |  |
| 2.875%, 10/05/29 (EUR) | 15200000 | &nbsp;&nbsp; 18110532 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 1.300%, 05/15/28 (144A) (EUR) (l) | 26885969 | &nbsp;&nbsp; 31880379 |
| Ivory Coast Government International Bonds |  |  |
| 5.875%, 10/17/31 (144A) (EUR) | 4900000 | &nbsp;&nbsp; 5797727 |
| Japan Bank for International Cooperation |  |  |
| 2.875%, 07/21/27 | 11200000 | &nbsp;&nbsp; 11056477 |
| Japan Government Forty Year Bonds |  |  |
| 2.200%, 03/20/64 (JPY) | 724000000 | &nbsp;&nbsp; 3361442 |

---

*See accompanying notes to financial statements.*

**BHFTI-405**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

**Asset-Backed Securities—7.8%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Japan Government Thirty Year Bonds |  |  |
| 2.300%, 12/20/54 (JPY) | 1270000000 | &nbsp;&nbsp; $6510372 |
| 2.400%, 03/20/55 (JPY) | 1394800000 | &nbsp;&nbsp; 7313528 |
| 2.800%, 06/20/55 (JPY) | 980000000 | &nbsp;&nbsp; 5600152 |
| 3.200%, 09/20/55 (JPY) | 420000000 | &nbsp;&nbsp; 2600546 |
| Japan Government Twenty Year Bonds |  |  |
| 2.000%, 12/20/44 (JPY) | 1670000000 | &nbsp;&nbsp; 9276368 |
| 2.400%, 03/20/45 (JPY) | 923600000 | &nbsp;&nbsp; 5457931 |
| Kuwait International Government Bonds |  |  |
| 4.016%, 10/09/28 (144A) | 2000000 | &nbsp;&nbsp; 2002490 |
| 4.136%, 10/09/30 (144A) | 2000000 | &nbsp;&nbsp; 1999159 |
| 4.652%, 10/09/35 (144A) | 1500000 | &nbsp;&nbsp; 1497929 |
| Mexico Government International Bonds |  |  |
| 3.500%, 09/19/29 (EUR) | 2600000 | &nbsp;&nbsp; 3046941 |
| 4.500%, 03/19/34 (EUR) | 2600000 | &nbsp;&nbsp; 3047431 |
| 5.125%, 03/19/38 (EUR) | 1000000 | &nbsp;&nbsp; 1168627 |
| 6.000%, 05/07/36 | 2400000 | &nbsp;&nbsp; 2431200 |
| Peru Government International Bonds |  |  |
| 5.400%, 08/12/34 (PEN) | 14400000 | &nbsp;&nbsp; 4266596 |
| 6.150%, 08/12/32 (144A) (PEN) | 66510000 | &nbsp;&nbsp; 21341466 |
| 6.950%, 08/12/31 (PEN) | 7920000 | &nbsp;&nbsp; 2618401 |
| 6.950%, 08/12/31 (144A) (PEN) | 1680000 | &nbsp;&nbsp; 555418 |
| Qatar Government International Bonds |  |  |
| 5.103%, 04/23/48 | 1500000 | &nbsp;&nbsp; 1479862 |
| Republic of Poland Government International Bonds |  |  |
| 5.125%, 09/18/34 | 3900000 | &nbsp;&nbsp; 3994244 |
| Republic of South Africa Government Bonds |  |  |
| 6.250%, 03/31/36 (ZAR) | 17000000 | &nbsp;&nbsp; 871447 |
| 7.000%, 02/28/31 (ZAR) | 95400000 | &nbsp;&nbsp; 5623245 |
| 8.500%, 01/31/37 (ZAR) | 63800000 | &nbsp;&nbsp; 3815539 |
| 8.750%, 01/31/44 (ZAR) | 4040000 | &nbsp;&nbsp; 233358 |
| 8.750%, 02/28/48 (ZAR) | 16900000 | &nbsp;&nbsp; 981005 |
| 8.875%, 02/28/35 (ZAR) | 357520000 | &nbsp;&nbsp; 22462989 |
| 9.000%, 01/31/40 (ZAR) | 14340000 | &nbsp;&nbsp; 867204 |
| Republic of South Africa Government International Bonds |  |  |
| 7.100%, 11/19/36 (144A) | 3000000 | &nbsp;&nbsp; 3221520 |
| Romania Government International Bonds |  |  |
| 5.250%, 03/10/30 (144A) (EUR) | 2600000 | &nbsp;&nbsp; 3198652 |
| 5.375%, 03/22/31 (144A) (EUR) | 3050000 | &nbsp;&nbsp; 3729143 |
| 5.375%, 06/07/33 (144A) (EUR) | 600000 | &nbsp;&nbsp; 712835 |
| 5.625%, 05/30/37 (144A) (EUR) | 4100000 | &nbsp;&nbsp; 4695273 |
| Saudi Government International Bonds |  |  |
| 4.750%, 01/18/28 (144A) | 6000000 | &nbsp;&nbsp; 6077311 |
| 4.750%, 01/16/30 (144A) | 7800000 | &nbsp;&nbsp; 7951008 |
| 5.000%, 01/18/53 (144A) | 6000000 | &nbsp;&nbsp; 5342508 |
| U.K. Gilts |  |  |
| 4.375%, 07/31/54 (GBP) | 17254000 | &nbsp;&nbsp; 20389070 |
|  |  | &nbsp;&nbsp; 290929840 |
| Total Foreign Government <br>(Cost $307,324,089) <br>|  | &nbsp;&nbsp; 313491127 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** |
| Citizens Auto Receivables Trust |  |  |
| 5.840%, 01/18/28 (144A) | 2222786 | &nbsp;&nbsp; $2236091 |
| Ford Credit Auto Lease Trust |  |  |
| 5.050%, 06/15/27 | 1400000 | &nbsp;&nbsp; 1405932 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 5.020%, 03/15/27 (144A) | 765008 | &nbsp;&nbsp; 766635 |
| Toyota Auto Loan Extended Note Trust |  |  |
| 4.930%, 06/25/36 (144A) | 3900000 | &nbsp;&nbsp; 3990183 |
|  |  | &nbsp;&nbsp; 8398841 |
| **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** |
| ABFC Trust |  |  |
| 4.546%, 1M TSFR + 0.814%, 06/25/34 (a) | 761501 | &nbsp;&nbsp; 764022 |
| 4.671%, 1M TSFR + 0.939%, 07/25/35 (a) | 3773039 | &nbsp;&nbsp; 3627974 |
| Accredited Mortgage Loan Trust |  |  |
| 4.136%, 1M TSFR + 0.404%, 07/25/34 (a) | 1744169 | &nbsp;&nbsp; 1717119 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.146%, 1M TSFR + 0.414%, 04/25/36 (a) | 998403 | &nbsp;&nbsp; 978434 |
| 4.146%, 1M TSFR + 0.414%, 07/25/36 (a) | 7477637 | &nbsp;&nbsp; 2499672 |
| Asset-Backed Securities Corp. Home Equity Loan Trust |  |  |
| 3.926%, 1M TSFR + 0.194%, 05/25/37 (a) | 16119 | &nbsp;&nbsp; 11634 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 4.851%, 1M TSFR + 1.119%, 06/25/35 (a) | 698467 | &nbsp;&nbsp; 689798 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 4.646%, 1M TSFR + 0.914%, 10/27/32 (a) | 239 | &nbsp;&nbsp; 239 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.166%, 1M TSFR + 0.434%, 12/25/36 (144A) (a) | 4999901 | &nbsp;&nbsp; 2816204 |
| HSI Asset Securitization Corp. Trust |  |  |
| 4.186%, 1M TSFR + 0.454%, 12/25/36 (a) | 8002155 | &nbsp;&nbsp; 1842926 |
| IXIS Real Estate Capital Trust |  |  |
| 4.791%, 1M TSFR + 1.059%, 02/25/35 (a) | 668490 | &nbsp;&nbsp; 685801 |
| MASTR Asset-Backed Securities Trust |  |  |
| 3.946%, 1M TSFR + 0.214%, 08/25/36 (a) | 4455325 | &nbsp;&nbsp; 1494719 |
| 4.166%, 1M TSFR + 0.434%, 08/25/36 (a) | 2884649 | &nbsp;&nbsp; 972699 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.346%, 1M TSFR + 0.614%, 07/25/37 (a) | 8145793 | &nbsp;&nbsp; 1667108 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 3.906%, 1M TSFR + 0.234%, 05/25/37 (a) | 78448 | &nbsp;&nbsp; 71857 |
| NovaStar Mortgage Funding Trust |  |  |
| 4.046%, 1M TSFR + 0.314%, 09/25/37 (a) | 1724438 | &nbsp;&nbsp; 1706341 |
| Option One Mortgage Accept Corp. Asset Back Certificates |  |  |
| 4.486%, 1M TSFR + 0.754%, 08/25/33 (a) | 5745 | &nbsp;&nbsp; 6037 |
| Option One Mortgage Loan Trust |  |  |
| 4.126%, 1M TSFR + 0.394%, 01/25/37 (a) | 3540277 | &nbsp;&nbsp; 2311567 |
| Renaissance Home Equity Loan Trust |  |  |
| 3.383%, 1M TSFR + 0.994%, 08/25/33 (a) | 49047 | &nbsp;&nbsp; 45126 |
| Residential Asset Securities Corporation Trust |  |  |
| 4.426%, 1M TSFR + 0.694%, 06/25/33 (a) | 395438 | &nbsp;&nbsp; 389995 |
|  |  | &nbsp;&nbsp; 24299272 |
| **Asset-Backed - Other — 6.6%** | **Asset-Backed - Other — 6.6%** | **Asset-Backed - Other — 6.6%** |
| Arbour CLO DAC |  |  |
| 3.394%, 3M EURIBOR + 1.330%, 05/15/38 (144A) <br> (EUR) (a)<br>| 5500000 | &nbsp;&nbsp; 6466980 |

---

*See accompanying notes to financial statements.*

**BHFTI-406**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| ARES European CLO X DAC |  |  |
| 2.789%, 3M EURIBOR + 0.780%, 10/15/31 (144A) <br> (EUR) (a)<br>| 3839070 | &nbsp;&nbsp; $4507587 |
| Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 4.606%, 1M TSFR + 0.874%, 02/25/36 (a) | 3268719 | &nbsp;&nbsp; 2689700 |
| Capital Four U.S. CLO II Ltd. |  |  |
| 5.784%, 3M TSFR + 1.900%, 01/20/37 (144A) (a) | 8200000 | &nbsp;&nbsp; 8202632 |
| Carlyle U.S. CLO Ltd. |  |  |
| 4.938%, 3M TSFR + 1.080%, 01/25/35 (144A) (a) | 4150000 | &nbsp;&nbsp; 4153046 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.126%, 1M TSFR + 0.394%, 02/25/37 (a) | 1175702 | &nbsp;&nbsp; 1129710 |
| 4.126%, 1M TSFR + 0.254%, 07/25/37 (a) | 4418084 | &nbsp;&nbsp; 4091497 |
| 4.126%, 1M TSFR + 0.394%, 04/25/47 (a) | 1126622 | &nbsp;&nbsp; 1105345 |
| 4.242%, 10/25/46 (a) | 368095 | &nbsp;&nbsp; 385429 |
| 4.286%, 1M TSFR + 0.554%, 09/25/37 (a) | 1401861 | &nbsp;&nbsp; 1493770 |
| 4.357%, 10/25/32 (a) (f) (g) | 377 | &nbsp;&nbsp; 0 |
| Dewolf Park CLO Ltd. |  |  |
| 5.086%, 3M TSFR + 1.182%, 10/15/30 (144A) (a) | 589858 | &nbsp;&nbsp; 589689 |
| Dryden 54 Senior Loan Fund |  |  |
| 5.034%, 3M TSFR + 1.150%, 10/19/29 (144A) (a) | 1345055 | &nbsp;&nbsp; 1344659 |
| First Franklin Mortgage Loan Trust |  |  |
| 4.126%, 1M TSFR + 0.394%, 12/25/36 (a) | 4104500 | &nbsp;&nbsp; 1654688 |
| 4.156%, 1M TSFR + 0.424%, 10/25/36 (a) | 16185831 | &nbsp;&nbsp; 13612593 |
| 4.776%, 1M TSFR + 1.044%, 10/25/34 (a) | 1825726 | &nbsp;&nbsp; 1808362 |
| 5.271%, 1M TSFR + 1.539%, 10/25/34 (a) | 1051488 | &nbsp;&nbsp; 1063402 |
| GoodLeap Sustainable Home Solutions Trust |  |  |
| 4.000%, 04/20/49 (144A) | 8714376 | &nbsp;&nbsp; 7757273 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.120%, 03/25/60 (144A) | 3055774 | &nbsp;&nbsp; 3069557 |
| GSAMP Trust |  |  |
| 4.016%, 1M TSFR + 0.284%, 12/25/36 (a) | 2056188 | &nbsp;&nbsp; 1014061 |
| 5.166%, 1M TSFR + 1.434%, 12/25/34 (a) | 3195056 | &nbsp;&nbsp; 2929713 |
| Harvest CLO XXV DAC |  |  |
| 2.960%, 3M EURIBOR + 0.950%, 10/21/34 (144A) <br> (EUR) (a)<br>| 9060000 | &nbsp;&nbsp; 10621269 |
| Henley CLO VII DAC |  |  |
| 3.055%, 3M EURIBOR + 0.990%, 04/25/34 (144A) <br> (EUR) (a)<br>| 6079557 | &nbsp;&nbsp; 7150789 |
| Home Equity Loan Trust |  |  |
| 4.076%, 1M TSFR + 0.344%, 04/25/37 (a) | 3334398 | &nbsp;&nbsp; 3268067 |
| Home Equity Mortgage Loan Asset-Backed Trust |  |  |
| 4.066%, 1M TSFR + 0.334%, 04/25/37 (a) | 1767280 | &nbsp;&nbsp; 1391318 |
| ICG U.S. CLO Ltd. |  |  |
| 5.034%, 3M TSFR + 1.150%, 10/20/34 (144A) (a) | 2600000 | &nbsp;&nbsp; 2600000 |
| KKR CLO 16 Ltd. |  |  |
| 4.988%, 3M TSFR + 1.140%, 10/20/34 (144A) (a) | 9900000 | &nbsp;&nbsp; 9904851 |
| KKR CLO 41 Ltd. |  |  |
| 5.235%, 3M TSFR + 1.330%, 04/15/35 (144A) (a) | 6000000 | &nbsp;&nbsp; 5999940 |
| KREF Ltd. |  |  |
| 5.181%, 1M TSFR + 1.450%, 02/17/39 (144A) (a) | 6001455 | &nbsp;&nbsp; 6001659 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.166%, 1M TSFR + 0.434%, 05/25/36 (a) | 26514957 | &nbsp;&nbsp; 7647651 |
| 4.366%, 1M TSFR + 0.634%, 08/25/45 (a) | 358819 | &nbsp;&nbsp; 356507 |
| 4.626%, 1M TSFR + 0.894%, 08/25/35 (a) | 4599617 | &nbsp;&nbsp; 4561161 |
| Merrill Lynch First Franklin Mortgage Loan Trust |  |  |
| 6.346%, 1M TSFR + 2.614%, 10/25/37 (a) | 8088545 | &nbsp;&nbsp; 7094991 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| MF1 LLC |  |  |
| 6.366%, 1M TSFR + 2.635%, 09/17/37 (144A) (a) | 2613409 | &nbsp;&nbsp; $2614619 |
| MMAF Equipment Finance LLC |  |  |
| 5.200%, 09/13/27 (144A) | 2279057 | &nbsp;&nbsp; 2285056 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 4.096%, 1M TSFR + 0.364%, 07/25/36 (a) | 2166199 | &nbsp;&nbsp; 1961101 |
| 4.146%, 1M TSFR + 0.414%, 06/25/36 (a) | 134483 | &nbsp;&nbsp; 119223 |
| 4.466%, 1M TSFR + 0.734%, 12/25/35 (a) | 446763 | &nbsp;&nbsp; 441509 |
| Park Place Securities, Inc. |  |  |
| 4.581%, 1M TSFR + 0.849%, 09/25/35 (a) | 2643003 | &nbsp;&nbsp; 2608810 |
| Park Place Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 4.896%, 1M TSFR + 1.164%, 10/25/34 (a) | 1315540 | &nbsp;&nbsp; 1305678 |
| 5.646%, 1M TSFR + 1.914%, 12/25/34 (a) | 1769283 | &nbsp;&nbsp; 1753652 |
| Romark CLO - IV Ltd. |  |  |
| 5.067%, 3M TSFR + 1.140%, 07/10/34 (144A) (a) | 6200000 | &nbsp;&nbsp; 6195852 |
| Romark Credit Funding III Ltd. |  |  |
| 5.539%, 09/15/42 (144A) | 5700000 | &nbsp;&nbsp; 5718810 |
| Saxon Asset Securities Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 09/25/47 (a) | 1406037 | &nbsp;&nbsp; 1326383 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.346%, 1M TSFR + 0.614%, 03/25/36 (a) | 12448749 | &nbsp;&nbsp; 7858445 |
| 4.346%, 1M TSFR + 0.614%, 05/25/36 (a) | 5854876 | &nbsp;&nbsp; 3142102 |
| Soundview Home Loan Trust |  |  |
| 4.066%, 1M TSFR + 0.334%, 02/25/37 (a) | 1947245 | &nbsp;&nbsp; 511667 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| 4.386%, 1M TSFR + 0.384%, 04/25/37 (a) | 2227084 | &nbsp;&nbsp; 1649710 |
| Starwood Ltd. |  |  |
| 5.334%, SOFR30A + 1.350%, 11/15/38 (144A) (a) | 4713515 | &nbsp;&nbsp; 4697938 |
| Structured Asset Investment Loan Trust |  |  |
| 4.476%, 1M TSFR + 0.744%, 11/25/35 (a) | 2444647 | &nbsp;&nbsp; 2412667 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 5.646%, 1M TSFR + 1.914%, 08/25/37 (a) | 14818 | &nbsp;&nbsp; 14863 |
| Sunrun Demeter Issuer LLC |  |  |
| 2.270%, 01/30/57 (144A) | 10676036 | &nbsp;&nbsp; 9733170 |
| Symphony CLO XXXII Ltd. |  |  |
| 5.196%, 3M TSFR + 1.150%, 10/23/35 (144A) (a) | 9900000 | &nbsp;&nbsp; 9893862 |
| THL Credit Wind River CLO Ltd. |  |  |
| 5.105%, 3M TSFR + 1.200%, 04/15/35 (144A) (a) | 11350000 | &nbsp;&nbsp; 11359545 |
| Toro European CLO 7 DAC |  |  |
| 2.874%, 3M EURIBOR + 0.810%, 02/15/34 (144A) <br> (EUR) (a)<br>| 12071598 | &nbsp;&nbsp; 14151175 |
| U.S. Small Business Administration |  |  |
| 6.220%, 12/01/28 | 186949 | &nbsp;&nbsp; 191688 |
| Venture XXVII CLO Ltd. |  |  |
| 5.196%, 3M TSFR + 1.312%, 07/20/30 (144A) (a) | 293932 | &nbsp;&nbsp; 293878 |
| Vibrant CLO XII Ltd. |  |  |
| 5.034%, 3M TSFR + 1.150%, 04/20/34 (144A) (a) | 5000000 | &nbsp;&nbsp; 4997550 |
|  |  | &nbsp;&nbsp; 232906849 |
| **Asset-Backed - Student Loan — 0.3%** | **Asset-Backed - Student Loan — 0.3%** | **Asset-Backed - Student Loan — 0.3%** |
| Nelnet Student Loan Trust |  |  |
| 4.670%, 06/22/65 (144A) | 4491569 | &nbsp;&nbsp; 4473480 |
| 5.268%, SOFR30A + 1.350%, 06/22/65 (144A) (a) | 3631481 | &nbsp;&nbsp; 3656842 |
| 6.118%, SOFR30A + 2.200%, 02/20/41 (144A) (a) | 1762693 | &nbsp;&nbsp; 1800153 |

---

*See accompanying notes to financial statements.*

**BHFTI-407**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** |
| Nelnet Student Loan Trust |  |  |
| 6.640%, 02/20/41 (144A) | 1855466 | &nbsp;&nbsp; $1931556 |
|  |  | &nbsp;&nbsp; 11862031 |
| Total Asset-Backed Securities <br>(Cost $283,809,769) <br>|  | &nbsp;&nbsp; 277466993 |
| **Municipals—1.1%** | **Municipals—1.1%** | **Municipals—1.1%** |
| Empire State Development Corp. |  |  |
| 1.346%, 03/15/26 | 8100000 | &nbsp;&nbsp; 8060271 |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority<br>|  |  |
| 5.048%, 12/01/34 | 5900000 | &nbsp;&nbsp; 6103722 |
| Sales Tax Securitization Corp. |  |  |
| 3.007%, 01/01/33 | 10100000 | &nbsp;&nbsp; 9222266 |
| 3.057%, 01/01/34 | 2000000 | &nbsp;&nbsp; 1798362 |
| State of Illinois, General Obligation Unlimited |  |  |
| 6.725%, 04/01/35 | 4400000 | &nbsp;&nbsp; 4661090 |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 | 5900000 | &nbsp;&nbsp; 6017116 |
| Tobacco Settlement Finance Authority |  |  |
| 1.820%, 06/01/26 | 2250000 | &nbsp;&nbsp; 2229725 |
| Total Municipals <br>(Cost $38,841,020) <br>|  | &nbsp;&nbsp; 38092552 |
| **Floating Rate Loans (o)—0.2%** | **Floating Rate Loans (o)—0.2%** | **Floating Rate Loans (o)—0.2%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Stepstone Group MidCo 2 GmbH |  |  |
| USD Term Loan B, 8.199% - 8.247%, 3M TSFR + <br> 4.500%, 6M TSFR + 4.500%, 12/19/31 (p)<br>| 849346 | &nbsp;&nbsp; 798385 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Castlelake LP |  |  |
| First Lien Term Loan, 2.950%, 05/12/31 (g) | 5099330 | &nbsp;&nbsp; 4872716 |
| Total Floating Rate Loans <br>(Cost $5,936,603) <br>|  | &nbsp;&nbsp; 5671101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.870%, due <br> on 01/02/26, with a maturity value of $18,303,935; <br> collateralized by U.S. Treasury Bill at 0.000%, maturing <br> at 10/29/26, with a market value of $18,676,527<br>| 18300000 | &nbsp;&nbsp; 18300000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due <br> on 01/02/26, with a maturity value of $5,363,427; <br> collateralized by U.S. Treasury Note at 3.875%, <br> maturing 05/31/27, with a market value of <br> $5,469,941<br>| 5362682 | &nbsp;&nbsp; $5362682 |
| Total Short-Term Investments <br>(Cost $23,662,682) <br>|  | &nbsp;&nbsp; 23662682 |
| Total Purchased Options—0.0% (q) <br>(Cost $318,871) <br>|  | &nbsp;&nbsp; 265225 |
| Total Investments—136.4% <br>(Cost $4,994,542,633) <br>|  | &nbsp;&nbsp; 4824057719 |
| Other assets and liabilities (net)—(36.4)%  |  | &nbsp;&nbsp; (1286357262)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3537700457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $882,703, which is 0.0% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | Interest only security. |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was <br> $45,903,212.<br>|
| (i) | All or a portion of the security was pledged as collateral against open OTC derivative <br> contracts. As of December 31, 2025, the market value of securities pledged was $4,369,665.<br>|
| (j) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $9,111,407.<br>|
| (k) | All or a portion of the security was pledged as collateral against open reverse repurchase <br> agreements. As of December 31, 2025, the market value of securities pledged was to <br> $76,571,275.<br>|
| (l) | Principal amount of security is adjusted for inflation. |
| (m) | All or a portion of the security was pledged as collateral against TBA securities. As of  |

---

*See accompanying notes to financial statements.*

**BHFTI-408**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | December 31, 2025, the market value of securities pledged was $260,072. |
| (n) | All or a portion of this security has been transferred in a secured borrowing transaction. |
| (o) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br>|

---

---

| | |
|:---|:---|
|  | major United States banks. Base lending rates may be subject to a floor, or a minimum rate. |
| (p) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (q) | For a breakout of open positions, see details shown in the Purchased Options table <br> that follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $1,069,920,971, which is 30.2% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| British Airways Pass-Through Trust, 4.125%, 03/20/33 | 10/01/19 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 910656 | &nbsp;&nbsp; $943127 | &nbsp;&nbsp; $882703 |

---

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Settlement** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal Amount** | **Principal Amount** | **Net Closing** <br>**Amount**<br>|
| Deutsche Bank Securities, Inc. | 3.910<br> %<br>| &nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (77626380)<br>| &nbsp;&nbsp; $(77626380)<br>|

---

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a Master Repurchase Agreement ("MRA") on a net basis as of December 31, 2025 :

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Reverse** <br>**Repurchase** <br>**Agreements** <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(a)</sup> <br>| **Net** <br>**Amount** <sup>(b)</sup> <br>|
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; $(77626380)<br>| &nbsp;&nbsp; $76571275 | &nbsp;&nbsp; $(1055105)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral with a value of $76,571,275 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net amount represents the net amount payable due to the counterparty in the event of default.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25236954841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $624813379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25 <br>,460154256<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $825363138 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24704232658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24996617824 |

---

*See accompanying notes to financial statements.*

**BHFTI-409**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the Master Securities Forward Transaction Agreement ("MSFTA") and net of the related collateral pledged or received by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for** <br>**Secured** <br>**Borrowings**<br>| **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**<sup>(a)</sup> <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(b)</sup> <br>| **Net** <br>**Amount**<sup>(c)</sup> <br>|
| Goldman Sachs & Co. | &nbsp;&nbsp; $(52300409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51516223 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(784186)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of borrowings as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Reverse Repurchase Agreement |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(77626380)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(77626380)<br>|
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52300409)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52300409)<br>|
| Total Borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(129926789)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(129926789)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(129926789)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| BRL | &nbsp;&nbsp; 239348255 | GSBU | 02/03/26 | USD | 43653986 | &nbsp;&nbsp; $(304560)<br>|
| CNH | &nbsp;&nbsp; 8873719 | BBP | 01/05/26 | USD | 1270000 | &nbsp;&nbsp; 2072 |
| CNH | &nbsp;&nbsp; 1782567 | BNP | 01/05/26 | USD | 255000 | &nbsp;&nbsp; 536 |
| CNH | &nbsp;&nbsp; 11299000 | BNP | 01/21/26 | USD | 1604425 | &nbsp;&nbsp; 16840 |
| CNH | &nbsp;&nbsp; 8965000 | CBNA | 01/21/26 | USD | 1284929 | &nbsp;&nbsp; 1436 |
| CNH | &nbsp;&nbsp; 12474000 | CBNA | 01/21/26 | USD | 1786013 | &nbsp;&nbsp; 3849 |
| CNH | &nbsp;&nbsp; 13999000 | GSBU | 01/21/26 | USD | 1985857 | &nbsp;&nbsp; 22824 |
| CNH | &nbsp;&nbsp; 1817816 | JPMC | 01/05/26 | USD | 260000 | &nbsp;&nbsp; 589 |
| CNH | &nbsp;&nbsp; 9289000 | JPMC | 01/21/26 | USD | 1322846 | &nbsp;&nbsp; 10009 |
| CNH | &nbsp;&nbsp; 9194000 | JPMC | 01/21/26 | USD | 1308306 | &nbsp;&nbsp; 10918 |
| CNH | &nbsp;&nbsp; 14374062 | WBC | 01/06/26 | USD | 2060000 | &nbsp;&nbsp; 561 |
| CNY | &nbsp;&nbsp; 945809 | JPMC | 01/16/26 | USD | 134338 | &nbsp;&nbsp; 1078 |
| EUR | &nbsp;&nbsp; 916000 | CBNA | 01/14/26 | USD | 1075787 | &nbsp;&nbsp; 1155 |
| IDR | &nbsp;&nbsp; 9094150910 | BNP | 01/22/26 | USD | 543684 | &nbsp;&nbsp; 1603 |
| ILS | &nbsp;&nbsp; 801000 | BNP | 01/15/26 | USD | 250387 | &nbsp;&nbsp; 1124 |
| ILS | &nbsp;&nbsp; 5720170 | DBAG | 01/15/26 | USD | 1792932 | &nbsp;&nbsp; 3176 |
| INR | &nbsp;&nbsp; 27610331 | BNP | 01/30/26 | USD | 304972 | &nbsp;&nbsp; 1601 |
| INR | &nbsp;&nbsp; 8558503 | BNP | 02/02/26 | USD | 95000 | &nbsp;&nbsp; 8 |
| INR | &nbsp;&nbsp; 289082100 | CBNA | 01/30/26 | USD | 3250378 | &nbsp;&nbsp; (40540)<br>|
| INR | &nbsp;&nbsp; 267261023 | CBNA | 01/30/26 | USD | 3000236 | &nbsp;&nbsp; (32689)<br>|
| INR | &nbsp;&nbsp; 270293295 | CBNA | 01/30/26 | USD | 3033748 | &nbsp;&nbsp; (32532)<br>|
| INR | &nbsp;&nbsp; 199195110 | CBNA | 01/30/26 | USD | 2236539 | &nbsp;&nbsp; (24766)<br>|
| INR | &nbsp;&nbsp; 138808725 | CBNA | 01/30/26 | USD | 1556972 | &nbsp;&nbsp; (15702)<br>|
| INR | &nbsp;&nbsp; 81267890 | CBNA | 01/30/26 | USD | 912031 | &nbsp;&nbsp; (9669)<br>|
| INR | &nbsp;&nbsp; 43067782 | CBNA | 01/30/26 | USD | 474236 | &nbsp;&nbsp; 3969 |

---

*See accompanying notes to financial statements.*

**BHFTI-410**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| INR | &nbsp;&nbsp; 323882384 | CBNA | 01/30/26 | USD | 3585308 | &nbsp;&nbsp; $10937 |
| INR | &nbsp;&nbsp; 275313817 | DBAG | 01/30/26 | USD | 3093657 | &nbsp;&nbsp; (36696)<br>|
| INR | &nbsp;&nbsp; 217560852 | DBAG | 01/30/26 | USD | 2440829 | &nbsp;&nbsp; (25131)<br>|
| INR | &nbsp;&nbsp; 43356480 | GSBU | 01/30/26 | USD | 480000 | &nbsp;&nbsp; 1411 |
| INR | &nbsp;&nbsp; 30700992 | GSBU | 01/30/26 | USD | 338781 | &nbsp;&nbsp; 2109 |
| INR | &nbsp;&nbsp; 43236960 | GSBU | 02/02/26 | USD | 480000 | &nbsp;&nbsp; (24)<br>|
| INR | &nbsp;&nbsp; 70306860 | GSBU | 02/02/26 | USD | 780000 | &nbsp;&nbsp; 480 |
| INR | &nbsp;&nbsp; 198301529 | JPMC | 01/30/26 | USD | 2226756 | &nbsp;&nbsp; (24905)<br>|
| INR | &nbsp;&nbsp; 9013300 | JPMC | 02/02/26 | USD | 100000 | &nbsp;&nbsp; 57 |
| JPY | &nbsp;&nbsp; 370000000 | BOA | 01/14/26 | USD | 2394221 | &nbsp;&nbsp; (30374)<br>|
| KRW | &nbsp;&nbsp; 2573582773 | DBAG | 01/08/26 | USD | 1751988 | &nbsp;&nbsp; 34699 |
| KRW | &nbsp;&nbsp; 4215721153 | DBAG | 01/08/26 | USD | 2868755 | &nbsp;&nbsp; 57973 |
| KRW | &nbsp;&nbsp; 1540598809 | JPMC | 01/08/26 | USD | 1073663 | &nbsp;&nbsp; (4116)<br>|
| MXN | &nbsp;&nbsp; 56680000 | BOA | 02/24/26 | USD | 3065039 | &nbsp;&nbsp; 67191 |
| MXN | &nbsp;&nbsp; 42410000 | BOA | 03/09/26 | USD | 2313132 | &nbsp;&nbsp; 27463 |
| MXN | &nbsp;&nbsp; 37862000 | BBP | 02/23/26 | USD | 2042085 | &nbsp;&nbsp; 50440 |
| MXN | &nbsp;&nbsp; 47315000 | BBP | 03/18/26 | USD | 2555102 | &nbsp;&nbsp; 53825 |
| MXN | &nbsp;&nbsp; 22438000 | GSBU | 03/02/26 | USD | 1209550 | &nbsp;&nbsp; 29668 |
| MXN | &nbsp;&nbsp; 23782000 | GSBU | 04/10/26 | USD | 1290269 | &nbsp;&nbsp; 17998 |
| MXN | &nbsp;&nbsp; 18781000 | GSBU | 04/13/26 | USD | 1016348 | &nbsp;&nbsp; 16485 |
| MXN | &nbsp;&nbsp; 31665000 | GSBU | 04/15/26 | USD | 1718070 | &nbsp;&nbsp; 22932 |
| MXN | &nbsp;&nbsp; 424993418 | JPMC | 01/30/26 | USD | 22850337 | &nbsp;&nbsp; 693961 |
| MXN | &nbsp;&nbsp; 12729118 | JPMC | 02/27/26 | USD | 685692 | &nbsp;&nbsp; 17529 |
| MXN | &nbsp;&nbsp; 8661424 | JPMC | 04/09/26 | USD | 470525 | &nbsp;&nbsp; 5997 |
| MXN | &nbsp;&nbsp; 6028 | SG | 03/18/26 | USD | 322 | &nbsp;&nbsp; 11 |
| MXN | &nbsp;&nbsp; 12612320 | UBSA | 02/27/26 | USD | 679642 | &nbsp;&nbsp; 17127 |
| MYR | &nbsp;&nbsp; 583272 | BBP | 01/22/26 | USD | 142352 | &nbsp;&nbsp; 1450 |
| MYR | &nbsp;&nbsp; 726098 | BBP | 01/22/26 | USD | 176580 | &nbsp;&nbsp; 2434 |
| MYR | &nbsp;&nbsp; 126291 | GSBU | 01/22/26 | USD | 30780 | &nbsp;&nbsp; 356 |
| NZD | &nbsp;&nbsp; 13699000 | CBNA | 01/14/26 | USD | 7928530 | &nbsp;&nbsp; (38778)<br>|
| NZD | &nbsp;&nbsp; 4416000 | CBNA | 01/14/26 | USD | 2542967 | &nbsp;&nbsp; 368 |
| NZD | &nbsp;&nbsp; 3266943 | CBNA | 01/14/26 | USD | 1876152 | &nbsp;&nbsp; 5400 |
| NZD | &nbsp;&nbsp; 4084000 | MSIP | 01/14/26 | USD | 2334537 | &nbsp;&nbsp; 17587 |
| PLN | &nbsp;&nbsp; 2220000 | BOA | 01/16/26 | USD | 609733 | &nbsp;&nbsp; 8617 |
| PLN | &nbsp;&nbsp; 2551000 | BOA | 01/16/26 | USD | 696381 | &nbsp;&nbsp; 14165 |
| PLN | &nbsp;&nbsp; 5228007 | BOA | 01/16/26 | USD | 1426780 | &nbsp;&nbsp; 29409 |
| PLN | &nbsp;&nbsp; 16126136 | BBP | 01/23/26 | USD | 4426548 | &nbsp;&nbsp; 64922 |
| PLN | &nbsp;&nbsp; 1563000 | BNP | 01/16/26 | USD | 434265 | &nbsp;&nbsp; 1087 |
| PLN | &nbsp;&nbsp; 5306656 | BNP | 01/16/26 | USD | 1473956 | &nbsp;&nbsp; 4139 |
| PLN | &nbsp;&nbsp; 1713413 | BNP | 01/16/26 | USD | 468746 | &nbsp;&nbsp; 8501 |
| PLN | &nbsp;&nbsp; 8905129 | BNP | 01/16/26 | USD | 2418623 | &nbsp;&nbsp; 61777 |
| PLN | &nbsp;&nbsp; 1114000 | CBNA | 01/16/26 | USD | 310034 | &nbsp;&nbsp; 255 |
| PLN | &nbsp;&nbsp; 2230000 | GSBU | 01/16/26 | USD | 610741 | &nbsp;&nbsp; 10395 |
| PLN | &nbsp;&nbsp; 2982399 | GSBU | 01/16/26 | USD | 814459 | &nbsp;&nbsp; 16247 |
| PLN | &nbsp;&nbsp; 12225278 | GSBU | 01/23/26 | USD | 3346036 | &nbsp;&nbsp; 58963 |
| PLN | &nbsp;&nbsp; 5346168 | JPMC | 01/16/26 | USD | 1454906 | &nbsp;&nbsp; 34195 |
| PLN | &nbsp;&nbsp; 8907498 | JPMC | 01/23/26 | USD | 2412067 | &nbsp;&nbsp; 68860 |
| PLN | &nbsp;&nbsp; 5380306 | UBSA | 01/22/26 | USD | 1498820 | &nbsp;&nbsp; (279)<br>|
| PLN | &nbsp;&nbsp; 8386035 | UBSA | 01/23/26 | USD | 2288534 | &nbsp;&nbsp; 47154 |
| SGD | &nbsp;&nbsp; 57044 | GSBU | 01/14/26 | USD | 44131 | &nbsp;&nbsp; 275 |
| THB | &nbsp;&nbsp; 17572 | CBNA | 01/21/26 | USD | 544 | &nbsp;&nbsp; 15 |
| THB | &nbsp;&nbsp; 4539 | GSBU | 01/21/26 | USD | 142 | &nbsp;&nbsp; 2 |
| THB | &nbsp;&nbsp; 13258482 | GSBU | 01/21/26 | USD | 416399 | &nbsp;&nbsp; 4830 |
| THB | &nbsp;&nbsp; 18832085 | GSBU | 01/21/26 | USD | 581505 | &nbsp;&nbsp; 16802 |
| TRY | &nbsp;&nbsp; 342255459 | BBP | 01/09/26 | USD | 7621598 | &nbsp;&nbsp; 328218 |
| TRY | &nbsp;&nbsp; 1476703 | BBP | 01/13/26 | USD | 32746 | &nbsp;&nbsp; 1450 |
| TRY | &nbsp;&nbsp; 22639845 | BBP | 01/15/26 | USD | 501674 | &nbsp;&nbsp; 21791 |
| TRY | &nbsp;&nbsp; 10881458 | BBP | 01/16/26 | USD | 240959 | &nbsp;&nbsp; 10441 |
| TRY | &nbsp;&nbsp; 2998581 | BBP | 01/22/26 | USD | 66099 | &nbsp;&nbsp; 2859 |

---

*See accompanying notes to financial statements.*

**BHFTI-411**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| TRY | &nbsp;&nbsp; 3161890 | BBP | 01/23/26 | USD | 70099 | &nbsp;&nbsp; $2558 |
| TRY | &nbsp;&nbsp; 248400880 | BBP | 01/27/26 | USD | 5501376 | &nbsp;&nbsp; 189146 |
| TRY | &nbsp;&nbsp; 16273372 | BBP | 02/02/26 | USD | 360214 | &nbsp;&nbsp; 10879 |
| TRY | &nbsp;&nbsp; 588209915 | BBP | 02/03/26 | USD | 13014357 | &nbsp;&nbsp; 388763 |
| TRY | &nbsp;&nbsp; 52489280 | BBP | 02/09/26 | USD | 1156177 | &nbsp;&nbsp; 34442 |
| TRY | &nbsp;&nbsp; 99350604 | BBP | 02/20/26 | USD | 2176498 | &nbsp;&nbsp; 58577 |
| TRY | &nbsp;&nbsp; 37131307 | BBP | 02/24/26 | USD | 812110 | &nbsp;&nbsp; 20740 |
| TRY | &nbsp;&nbsp; 22883227 | BBP | 02/25/26 | USD | 500508 | &nbsp;&nbsp; 12378 |
| TRY | &nbsp;&nbsp; 54196956 | BBP | 02/26/26 | USD | 1187358 | &nbsp;&nbsp; 26466 |
| TRY | &nbsp;&nbsp; 82241932 | BBP | 03/04/26 | USD | 1807594 | &nbsp;&nbsp; 26165 |
| TRY | &nbsp;&nbsp; 6296534 | BBP | 03/11/26 | USD | 137932 | &nbsp;&nbsp; 1741 |
| TRY | &nbsp;&nbsp; 23912954 | BBP | 03/12/26 | USD | 523111 | &nbsp;&nbsp; 6949 |
| TRY | &nbsp;&nbsp; 49051402 | BBP | 03/16/26 | USD | 1071927 | &nbsp;&nbsp; 12173 |
| TRY | &nbsp;&nbsp; 3218372 | BBP | 03/26/26 | USD | 69948 | &nbsp;&nbsp; 666 |
| TRY | &nbsp;&nbsp; 23645105 | GSBU | 03/06/26 | USD | 519987 | &nbsp;&nbsp; 6453 |
| TRY | &nbsp;&nbsp; 11018617 | JPMC | 01/28/26 | USD | 244209 | &nbsp;&nbsp; 8019 |
| TWD | &nbsp;&nbsp; 52843414 | BNP | 01/20/26 | USD | 1680000 | &nbsp;&nbsp; 3581 |
| TWD | &nbsp;&nbsp; 26687194 | BNP | 01/20/26 | USD | 843313 | &nbsp;&nbsp; 6936 |
| TWD | &nbsp;&nbsp; 54688270 | BNP | 01/20/26 | USD | 1726687 | &nbsp;&nbsp; 15671 |
| TWD | &nbsp;&nbsp; 49130385 | BNP | 01/22/26 | USD | 1574122 | &nbsp;&nbsp; (8631)<br>|
| TWD | &nbsp;&nbsp; 40244571 | BNP | 01/30/26 | USD | 1280000 | &nbsp;&nbsp; 3028 |
| TWD | &nbsp;&nbsp; 39811303 | BNP | 02/02/26 | USD | 1270000 | &nbsp;&nbsp; (535)<br>|
| TWD | &nbsp;&nbsp; 7984347 | BNP | 02/02/26 | USD | 255000 | &nbsp;&nbsp; (403)<br>|
| TWD | &nbsp;&nbsp; 8150662 | BNP | 02/02/26 | USD | 260000 | &nbsp;&nbsp; (99)<br>|
| TWD | &nbsp;&nbsp; 64703230 | BNP | 02/05/26 | USD | 2060000 | &nbsp;&nbsp; 3603 |
| TWD | &nbsp;&nbsp; 60146572 | CBNA | 01/22/26 | USD | 1926540 | &nbsp;&nbsp; (10029)<br>|
| TWD | &nbsp;&nbsp; 37082780 | GSBU | 01/12/26 | USD | 1190000 | &nbsp;&nbsp; (9170)<br>|
| TWD | &nbsp;&nbsp; 26726550 | GSBU | 01/20/26 | USD | 850000 | &nbsp;&nbsp; 1503 |
| ZAR | &nbsp;&nbsp; 14176863 | BOA | 01/26/26 | USD | 850457 | &nbsp;&nbsp; 4392 |
| ZAR | &nbsp;&nbsp; 19642366 | BNP | 01/26/26 | USD | 1181176 | &nbsp;&nbsp; 3237 |
| ZAR | &nbsp;&nbsp; 13115739 | BNP | 01/26/26 | USD | 783757 | &nbsp;&nbsp; 7107 |
| ZAR | &nbsp;&nbsp; 5281000 | CBNA | 01/26/26 | USD | 310574 | &nbsp;&nbsp; 7864 |
| ZAR | &nbsp;&nbsp; 13192922 | CBNA | 01/26/26 | USD | 785962 | &nbsp;&nbsp; 9557 |
| ZAR | &nbsp;&nbsp; 13087022 | DBAG | 01/22/26 | USD | 778438 | &nbsp;&nbsp; 10929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 26914300 | BNP | 01/14/26 | USD | 17494672 | &nbsp;&nbsp; (467810)<br>|
| AUD | &nbsp;&nbsp; 8931000 | BNP | 01/14/26 | USD | 5885155 | &nbsp;&nbsp; (75354)<br>|
| AUD | &nbsp;&nbsp; 37282803 | JPMC | 01/14/26 | USD | 24363641 | &nbsp;&nbsp; (518732)<br>|
| AUD | &nbsp;&nbsp; 1363000 | JPMC | 01/14/26 | USD | 900713 | &nbsp;&nbsp; (8947)<br>|
| AUD | &nbsp;&nbsp; 10772000 | MSIP | 01/14/26 | USD | 7148591 | &nbsp;&nbsp; (40593)<br>|
| BRL | &nbsp;&nbsp; 1200000 | BNP | 04/02/26 | USD | 207408 | &nbsp;&nbsp; (7082)<br>|
| BRL | &nbsp;&nbsp; 1900000 | BNP | 04/02/26 | USD | 332980 | &nbsp;&nbsp; (6629)<br>|
| BRL | &nbsp;&nbsp; 1200000 | BNP | 04/02/26 | USD | 209552 | &nbsp;&nbsp; (4938)<br>|
| BRL | &nbsp;&nbsp; 1700000 | BNP | 04/02/26 | USD | 301900 | &nbsp;&nbsp; (1961)<br>|
| BRL | &nbsp;&nbsp; 249473 | GSBU | 03/03/26 | USD | 45347 | &nbsp;&nbsp; 413 |
| BRL | &nbsp;&nbsp; 4700000 | GSBU | 04/02/26 | USD | 812404 | &nbsp;&nbsp; (27683)<br>|
| BRL | &nbsp;&nbsp; 4700000 | GSBU | 04/02/26 | USD | 815070 | &nbsp;&nbsp; (25016)<br>|
| BRL | &nbsp;&nbsp; 3500000 | GSBU | 04/02/26 | USD | 612177 | &nbsp;&nbsp; (13419)<br>|
| BRL | &nbsp;&nbsp; 1400000 | GSBU | 04/02/26 | USD | 251130 | &nbsp;&nbsp; 892 |
| BRL | &nbsp;&nbsp; 6100000 | GSBU | 04/02/26 | USD | 1096215 | &nbsp;&nbsp; 5890 |
| BRL | &nbsp;&nbsp; 10100000 | GSBU | 04/02/26 | USD | 1817626 | &nbsp;&nbsp; 12333 |
| CAD | &nbsp;&nbsp; 79066368 | CBNA | 01/14/26 | USD | 56173044 | &nbsp;&nbsp; (1464219)<br>|
| CAD | &nbsp;&nbsp; 89719 | CBNA | 01/14/26 | USD | 63779 | &nbsp;&nbsp; (1624)<br>|
| CHF | &nbsp;&nbsp; 302000 | BOA | 01/14/26 | USD | 379649 | &nbsp;&nbsp; (1947)<br>|
| CHF | &nbsp;&nbsp; 310000 | BOA | 01/14/26 | USD | 390801 | &nbsp;&nbsp; (904)<br>|
| CHF | &nbsp;&nbsp; 443674 | BNP | 01/14/26 | USD | 553331 | &nbsp;&nbsp; (7278)<br>|
| CHF | &nbsp;&nbsp; 387000 | BNP | 01/14/26 | USD | 491435 | &nbsp;&nbsp; 2436 |

---

*See accompanying notes to financial statements.*

**BHFTI-412**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| CHF | &nbsp;&nbsp; 2094951 | GSBU | 01/14/26 | USD | 2613061 | &nbsp;&nbsp; $(34042)<br>|
| CHF | &nbsp;&nbsp; 1863000 | JPMC | 01/14/26 | USD | 2329098 | &nbsp;&nbsp; (24920)<br>|
| CHF | &nbsp;&nbsp; 439933 | JPMC | 01/14/26 | USD | 549485 | &nbsp;&nbsp; (6399)<br>|
| CNH | &nbsp;&nbsp; 38992811 | BNP | 01/21/26 | USD | 5533289 | &nbsp;&nbsp; (61691)<br>|
| CNH | &nbsp;&nbsp; 26933841 | GSBU | 01/21/26 | USD | 3827952 | &nbsp;&nbsp; (36716)<br>|
| CNH | &nbsp;&nbsp; 56114182 | JPMC | 01/21/26 | USD | 7964090 | &nbsp;&nbsp; (87592)<br>|
| CNH | &nbsp;&nbsp; 56040891 | JPMC | 01/21/26 | USD | 7960693 | &nbsp;&nbsp; (80472)<br>|
| DKK | &nbsp;&nbsp; 7125000 | JPMC | 01/14/26 | USD | 1111988 | &nbsp;&nbsp; (9658)<br>|
| EUR | &nbsp;&nbsp; 5016000 | BOA | 01/14/26 | USD | 5885389 | &nbsp;&nbsp; (11929)<br>|
| EUR | &nbsp;&nbsp; 1211000 | BBP | 01/14/26 | USD | 1405258 | &nbsp;&nbsp; (18517)<br>|
| EUR | &nbsp;&nbsp; 127930448 | SG | 01/14/26 | USD | 148112755 | &nbsp;&nbsp; (2295237)<br>|
| GBP | &nbsp;&nbsp; 458000 | CBNA | 01/14/26 | USD | 605822 | &nbsp;&nbsp; (11534)<br>|
| GBP | &nbsp;&nbsp; 1022000 | JPMC | 01/14/26 | USD | 1373096 | &nbsp;&nbsp; (4497)<br>|
| GBP | &nbsp;&nbsp; 22850000 | SG | 01/14/26 | USD | 30109719 | &nbsp;&nbsp; (690680)<br>|
| ILS | &nbsp;&nbsp; 3760461 | BOA | 02/19/26 | USD | 1180308 | &nbsp;&nbsp; (571)<br>|
| ILS | &nbsp;&nbsp; 1502696 | BBP | 02/19/26 | USD | 466460 | &nbsp;&nbsp; (5424)<br>|
| ILS | &nbsp;&nbsp; 2322000 | BNP | 01/15/26 | USD | 720241 | &nbsp;&nbsp; (8857)<br>|
| ILS | &nbsp;&nbsp; 2717764 | BNP | 01/15/26 | USD | 856108 | &nbsp;&nbsp; 2742 |
| ILS | &nbsp;&nbsp; 3495920 | CBNA | 01/15/26 | USD | 1068494 | &nbsp;&nbsp; (29210)<br>|
| ILS | &nbsp;&nbsp; 1480000 | CBNA | 01/15/26 | USD | 461181 | &nbsp;&nbsp; (3532)<br>|
| ILS | &nbsp;&nbsp; 2514141 | DBAG | 01/22/26 | USD | 781579 | &nbsp;&nbsp; (7843)<br>|
| ILS | &nbsp;&nbsp; 5718718 | DBAG | 02/19/26 | USD | 1792932 | &nbsp;&nbsp; (2889)<br>|
| ILS | &nbsp;&nbsp; 2207357 | GSBU | 01/15/26 | USD | 683202 | &nbsp;&nbsp; (9898)<br>|
| ILS | &nbsp;&nbsp; 5447142 | GSBU | 02/19/26 | USD | 1690618 | &nbsp;&nbsp; (19921)<br>|
| ILS | &nbsp;&nbsp; 4674587 | JPMC | 01/15/26 | USD | 1436081 | &nbsp;&nbsp; (31719)<br>|
| ILS | &nbsp;&nbsp; 3511795 | JPMC | 01/15/26 | USD | 1071486 | &nbsp;&nbsp; (31202)<br>|
| ILS | &nbsp;&nbsp; 3603603 | JPMC | 01/15/26 | USD | 1105608 | &nbsp;&nbsp; (25907)<br>|
| ILS | &nbsp;&nbsp; 3142979 | JPMC | 01/15/26 | USD | 963138 | &nbsp;&nbsp; (23744)<br>|
| ILS | &nbsp;&nbsp; 3176599 | JPMC | 01/15/26 | USD | 987463 | &nbsp;&nbsp; (9975)<br>|
| INR | &nbsp;&nbsp; 8171802 | BOA | 01/20/26 | USD | 90000 | &nbsp;&nbsp; (804)<br>|
| INR | &nbsp;&nbsp; 24302970 | GSBU | 01/08/26 | USD | 270000 | &nbsp;&nbsp; (318)<br>|
| INR | &nbsp;&nbsp; 68529200 | GSBU | 01/12/26 | USD | 760000 | &nbsp;&nbsp; (1949)<br>|
| INR | &nbsp;&nbsp; 5479080 | GSBU | 01/20/26 | USD | 60000 | &nbsp;&nbsp; (883)<br>|
| INR | &nbsp;&nbsp; 2739990 | GSBU | 01/20/26 | USD | 30000 | &nbsp;&nbsp; (447)<br>|
| INR | &nbsp;&nbsp; 89307663 | JPMC | 01/30/26 | USD | 1003186 | &nbsp;&nbsp; 11554 |
| JPY | &nbsp;&nbsp; 209700000 | BOA | 01/14/26 | USD | 1348454 | &nbsp;&nbsp; 8728 |
| JPY | &nbsp;&nbsp; 64700000 | BBP | 01/14/26 | USD | 419596 | &nbsp;&nbsp; 6242 |
| JPY | &nbsp;&nbsp; 99300000 | BBP | 01/14/26 | USD | 641313 | &nbsp;&nbsp; 6907 |
| JPY | &nbsp;&nbsp; 158200000 | BNP | 01/14/26 | USD | 1007129 | &nbsp;&nbsp; (3576)<br>|
| JPY | &nbsp;&nbsp; 555800000 | BNP | 01/14/26 | USD | 3596887 | &nbsp;&nbsp; 46005 |
| JPY | &nbsp;&nbsp; 264700000 | JPMC | 01/14/26 | USD | 1706367 | &nbsp;&nbsp; 15258 |
| JPY | &nbsp;&nbsp; 2009195742 | MSIP | 01/14/26 | USD | 12904176 | &nbsp;&nbsp; 67874 |
| JPY | &nbsp;&nbsp; 3179958425 | SG | 01/14/26 | USD | 20332358 | &nbsp;&nbsp; 16314 |
| KRW | &nbsp;&nbsp; 380583088 | BOA | 01/08/26 | USD | 260235 | &nbsp;&nbsp; (3982)<br>|
| KRW | &nbsp;&nbsp; 539672635 | BOA | 01/08/26 | USD | 372298 | &nbsp;&nbsp; (2365)<br>|
| KRW | &nbsp;&nbsp; 144988367 | BOA | 01/08/26 | USD | 99362 | &nbsp;&nbsp; (1295)<br>|
| KRW | &nbsp;&nbsp; 2806802380 | DBAG | 01/08/26 | USD | 1917385 | &nbsp;&nbsp; (31213)<br>|
| KRW | &nbsp;&nbsp; 1538577102 | JPMC | 02/13/26 | USD | 1073663 | &nbsp;&nbsp; 4092 |
| KRW | &nbsp;&nbsp; 4456997333 | SG | 01/08/26 | USD | 3046419 | &nbsp;&nbsp; (47812)<br>|
| MXN | &nbsp;&nbsp; 2213869 | SG | 03/18/26 | USD | 118133 | &nbsp;&nbsp; (3939)<br>|
| NOK | &nbsp;&nbsp; 5200779 | CBNA | 01/14/26 | USD | 509742 | &nbsp;&nbsp; (6263)<br>|
| NZD | &nbsp;&nbsp; 6851467 | BNP | 01/14/26 | USD | 3893195 | &nbsp;&nbsp; (52814)<br>|
| NZD | &nbsp;&nbsp; 1972000 | BNP | 01/14/26 | USD | 1138696 | &nbsp;&nbsp; 2949 |
| NZD | &nbsp;&nbsp; 1931000 | BNP | 01/14/26 | USD | 1116044 | &nbsp;&nbsp; 3911 |
| NZD | &nbsp;&nbsp; 1368000 | GSBU | 01/14/26 | USD | 792523 | &nbsp;&nbsp; 4642 |
| NZD | &nbsp;&nbsp; 1465000 | JPMC | 01/14/26 | USD | 851436 | &nbsp;&nbsp; 7690 |
| PEN | &nbsp;&nbsp; 14176248 | CBNA | 04/10/26 | USD | 4088673 | &nbsp;&nbsp; (113460)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-413**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| PEN | &nbsp;&nbsp; 24571722 | CBNA | 05/26/26 | USD | 6890942 | &nbsp;&nbsp; $(380640)<br>|
| PEN | &nbsp;&nbsp; 14916445 | CBNA | 07/24/26 | USD | 4351990 | &nbsp;&nbsp; (51994)<br>|
| PEN | &nbsp;&nbsp; 21882000 | DBAG | 01/26/26 | USD | 6110242 | &nbsp;&nbsp; (394868)<br>|
| PEN | &nbsp;&nbsp; 6096326 | GSBU | 03/18/26 | USD | 1793354 | &nbsp;&nbsp; (15528)<br>|
| PLN | &nbsp;&nbsp; 3834696 | BOA | 01/16/26 | USD | 1048599 | &nbsp;&nbsp; (19502)<br>|
| PLN | &nbsp;&nbsp; 5014098 | BNP | 01/16/26 | USD | 1374366 | &nbsp;&nbsp; (22242)<br>|
| PLN | &nbsp;&nbsp; 3834015 | CBNA | 01/16/26 | USD | 1050242 | &nbsp;&nbsp; (17670)<br>|
| PLN | &nbsp;&nbsp; 24715 | CBNA | 01/16/26 | USD | 6738 | &nbsp;&nbsp; (146)<br>|
| PLN | &nbsp;&nbsp; 7569969 | JPMC | 01/16/26 | USD | 2061735 | &nbsp;&nbsp; (46775)<br>|
| PLN | &nbsp;&nbsp; 1599000 | JPMC | 01/16/26 | USD | 440030 | &nbsp;&nbsp; (5350)<br>|
| PLN | &nbsp;&nbsp; 4131 | MSIP | 01/16/26 | USD | 1153 | &nbsp;&nbsp; 2 |
| SEK | &nbsp;&nbsp; 1950000 | CBNA | 01/14/26 | USD | 207180 | &nbsp;&nbsp; (4726)<br>|
| SGD | &nbsp;&nbsp; 53007518 | SG | 01/14/26 | USD | 40916174 | &nbsp;&nbsp; (347726)<br>|
| THB | &nbsp;&nbsp; 12645806 | BOA | 01/21/26 | USD | 390483 | &nbsp;&nbsp; (11281)<br>|
| TRY | &nbsp;&nbsp; 1463797 | JPMC | 01/28/26 | USD | 32558 | &nbsp;&nbsp; (950)<br>|
| TWD | &nbsp;&nbsp; 71182740 | BOA | 01/22/26 | USD | 2334243 | &nbsp;&nbsp; 66076 |
| TWD | &nbsp;&nbsp; 25427392 | BNP | 01/22/26 | USD | 836978 | &nbsp;&nbsp; 26759 |
| TWD | &nbsp;&nbsp; 25483669 | BNP | 01/22/26 | USD | 841184 | &nbsp;&nbsp; 29172 |
| TWD | &nbsp;&nbsp; 35058827 | BNP | 01/22/26 | USD | 1148265 | &nbsp;&nbsp; 31150 |
| TWD | &nbsp;&nbsp; 30121806 | BNP | 01/22/26 | USD | 992972 | &nbsp;&nbsp; 33171 |
| TWD | &nbsp;&nbsp; 50930357 | BNP | 01/22/26 | USD | 1682369 | &nbsp;&nbsp; 59524 |
| TWD | &nbsp;&nbsp; 218251004 | BNP | 01/22/26 | USD | 7183326 | &nbsp;&nbsp; 228975 |
| TWD | &nbsp;&nbsp; 30202395 | BNP | 03/18/26 | USD | 972514 | &nbsp;&nbsp; 6714 |
| TWD | &nbsp;&nbsp; 23307794 | CBNA | 01/22/26 | USD | 772626 | &nbsp;&nbsp; 29946 |
| TWD | &nbsp;&nbsp; 55296136 | CBNA | 01/22/26 | USD | 1805293 | &nbsp;&nbsp; 43337 |
| TWD | &nbsp;&nbsp; 52330457 | CBNA | 01/22/26 | USD | 1716034 | &nbsp;&nbsp; 48576 |
| TWD | &nbsp;&nbsp; 52320995 | CBNA | 01/22/26 | USD | 1721799 | &nbsp;&nbsp; 54643 |
| TWD | &nbsp;&nbsp; 72571772 | CBNA | 01/22/26 | USD | 2393686 | &nbsp;&nbsp; 81259 |
| TWD | &nbsp;&nbsp; 72977533 | CBNA | 01/22/26 | USD | 2408261 | &nbsp;&nbsp; 82905 |
| TWD | &nbsp;&nbsp; 32826106 | CBNA | 03/18/26 | USD | 1054654 | &nbsp;&nbsp; 4954 |
| TWD | &nbsp;&nbsp; 8776600 | GSBU | 01/08/26 | USD | 280000 | &nbsp;&nbsp; 610 |
| ZAR | &nbsp;&nbsp; 45946472 | BBP | 01/26/26 | USD | 2652477 | &nbsp;&nbsp; (118044)<br>|
| ZAR | &nbsp;&nbsp; 13112259 | BNP | 01/22/26 | USD | 783757 | &nbsp;&nbsp; (7132)<br>|
| ZAR | &nbsp;&nbsp; 81880411 | DBAG | 01/26/26 | USD | 4699262 | &nbsp;&nbsp; (238036)<br>|
| ZAR | &nbsp;&nbsp; 42219406 | GSBU | 01/26/26 | USD | 2448876 | &nbsp;&nbsp; (96907)<br>|
| ZAR | &nbsp;&nbsp; 72264526 | JPMC | 01/26/26 | USD | 4211121 | &nbsp;&nbsp; (146349)<br>|
| ZAR | &nbsp;&nbsp; 80207320 | UBSA | 01/26/26 | USD | 4611816 | &nbsp;&nbsp; (224596)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(5337149)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 360 | AUD | 39414261 | &nbsp;&nbsp; $48736 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 229 | CAD | 27688390 | &nbsp;&nbsp; (236518)<br>|
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 256 | GBP | 23390720 | &nbsp;&nbsp; 257893 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 238 | USD | 49691797 | &nbsp;&nbsp; 9325 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 3045 | USD | 332832775 | &nbsp;&nbsp; (354203)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 4044 | USD | 454697250 | &nbsp;&nbsp; (1222386)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 65 | USD | 7670000 | &nbsp;&nbsp; (95564)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-414**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (59)<br>| EUR | (7526630)<br>| &nbsp;&nbsp; $121649 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (752)<br>| USD | (86491750)<br>| &nbsp;&nbsp; 386190 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1084878)<br>|

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| KRW Call/USD Put | KRW | 1410.000 | 02/27/26 | BOA | 23812000 | USD | 23812000 | $169755 | $134227 | $(35528)<br>|
| KRW Call/USD Put | KRW | 1412.000 | 02/24/26 | BNP | 382000 | USD | 382000 | 2530 | 2135 | (395)<br>|
| KRW Call/USD Put | KRW | 1412.000 | 02/24/26 | BBP | 3998000 | USD | 3998000 | 27067 | 22341 | (4726)<br>|
| KRW Call/USD Put | KRW | 1413.000 | 02/27/26 | BOA | 11629000 | USD | 11629000 | 78438 | 71716 | (6722)<br>|
| KRW Call/USD Put | KRW | 1415.000 | 02/19/26 | BOA | 6069000 | USD | 6069000 | 41081 | 34806 | (6275)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $318871 | $265225 | $(53646)<br>|

---

**Written Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| KRW Call/USD Put | KRW | 1372.000 | 02/24/26 | BBP | (3998000)<br>| USD | (3998000)<br>| $(8916)<br>| $(5873)<br>| $3043 |
| KRW Call/USD Put | KRW | 1372.000 | 02/24/26 | BNP | (382000)<br>| USD | (382000)<br>| (837)<br>| (561)<br>| 276 |
| KRW Call/USD Put | KRW | 1375.000 | 02/19/26 | BOA | (6069000)<br>| USD | (6069000)<br>| (13922)<br>| (8806)<br>| 5116 |
| KRW Call/USD Put | KRW | 1375.000 | 02/27/26 | BOA | (23812000)<br>| USD | (23812000)<br>| (67030)<br>| (43647)<br>| 23383 |
| KRW Call/USD Put | KRW | 1375.000 | 02/27/26 | BOA | (11629000)<br>| USD | (11629000)<br>| (26921)<br>| (21316)<br>| 5605 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(117626)<br>| $(80203)<br>| $37423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 10 Yr. IRS | 3.548% | 12M SOFR | Receive | 01/02/26 | GSBU | (2500000)<br>| USD | (2500000)<br>| $(6100)<br>| $— | $6100 |
| Call - OTC - 10 Yr. IRS | 3.551% | 12M SOFR | Receive | 01/05/26 | BNP | (2500000)<br>| USD | (2500000)<br>| (5844)<br>| (3)<br>| 5841 |
| Call - OTC - 10 Yr. IRS | 3.578% | 12M SOFR | Receive | 01/12/26 | GSBU | (2400000)<br>| USD | (2400000)<br>| (5280)<br>| (295)<br>| 4985 |
| Call - OTC - 10 Yr. IRS | 3.622% | 12M SOFR | Receive | 01/29/26 | BNP | (2400000)<br>| USD | (2400000)<br>| (5130)<br>| (3158)<br>| 1972 |
| Call - OTC - 10 Yr. IRS | 3.625% | 12M SOFR | Receive | 01/08/26 | MSCS | (2500000)<br>| USD | (2500000)<br>| (6375)<br>| (258)<br>| 6117 |
| Call - OTC - 10 Yr. IRS | 3.625% | 12M SOFR | Receive | 01/08/26 | BNP | (2200000)<br>| USD | (2200000)<br>| (5610)<br>| (227)<br>| 5383 |
| Call - OTC - 10 Yr. IRS | 3.639% | 12M SOFR | Receive | 01/12/26 | MSCS | (2400000)<br>| USD | (2400000)<br>| (5670)<br>| (883)<br>| 4787 |
| Call - OTC - 10 Yr. IRS | 3.648% | 12M SOFR | Receive | 01/15/26 | GSBU | (2400000)<br>| USD | (2400000)<br>| (6486)<br>| (1502)<br>| 4984 |
| Put - OTC - 10 Yr. IRS | 3.831% | 12M SOFR | Pay | 01/05/26 | BNP | (2500000)<br>| USD | (2500000)<br>| (5844)<br>| (3480)<br>| 2364 |
| Put - OTC - 10 Yr. IRS | 3.848% | 12M SOFR | Pay | 01/02/26 | GSBU | (2500000)<br>| USD | (2500000)<br>| (6100)<br>| (800)<br>| 5300 |
| Put - OTC - 10 Yr. IRS | 3.878% | 12M SOFR | Pay | 01/12/26 | GSBU | (2400000)<br>| USD | (2400000)<br>| (5280)<br>| (3436)<br>| 1844 |
| Put - OTC - 10 Yr. IRS | 3.882% | 12M SOFR | Pay | 01/29/26 | BNP | (2400000)<br>| USD | (2400000)<br>| (5130)<br>| (7828)<br>| (2698)<br>|
| Put - OTC - 10 Yr. IRS | 3.919% | 12M SOFR | Pay | 01/12/26 | MSCS | (2400000)<br>| USD | (2400000)<br>| (5670)<br>| (1782)<br>| 3888 |
| Put - OTC - 10 Yr. IRS | 3.925% | 12M SOFR | Pay | 01/08/26 | MSCS | (2500000)<br>| USD | (2500000)<br>| (6375)<br>| (825)<br>| 5550 |
| Put - OTC - 10 Yr. IRS | 3.925% | 12M SOFR | Pay | 01/08/26 | BNP | (2200000)<br>| USD | (2200000)<br>| (5610)<br>| (726)<br>| 4884 |
| Put - OTC - 10 Yr. IRS | 3.928% | 12M SOFR | Pay | 01/15/26 | GSBU | (2400000)<br>| USD | (2400000)<br>| (6487)<br>| (2217)<br>| 4270 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(92991)<br>| $(27420)<br>| $65571 |

---

*See accompanying notes to financial statements.*

**BHFTI-415**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Written Options — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options on Exchange-Traded Futures Contracts** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - Euro-Bund Futures | EUR | 130.500 | 01/23/26 | (22)<br>| EUR | (22000)<br>| $(11918)<br>| $(1034)<br>| $10884 |
| Call - U.S. Treasury Note 10 Year Futures | USD | 113.500 | 01/23/26 | (203)<br>| USD | (203000)<br>| (42376)<br>| (22203)<br>| 20173 |
| Put - Euro-Bund Futures | EUR | 127.500 | 01/23/26 | (22)<br>| EUR | (22000)<br>| (11158)<br>| (15513)<br>| (4355)<br>|
| Put - U.S. Treasury Note 10 Year Futures | USD | 111.500 | 01/23/26 | (124)<br>| USD | (124000)<br>| (24399)<br>| (15500)<br>| 8899 |
| Put - U.S. Treasury Note 10 Year Futures | USD | 112.000 | 01/23/26 | (79)<br>| USD | (79000)<br>| (13484)<br>| (20984)<br>| (7500)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(103335)<br>| $(75234)<br>| $28101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Options on Securities** | **Counterparty** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Number** <br> **of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - Uniform Mortgage-Backed Securities, 4.000%, TBA | GSC | USD | 97.375 | 01/07/26 | (2500000)<br>| USD | (2500000)<br>| $(6933)<br>| $— | $6933 |
| Call - Uniform Mortgage-Backed Securities, 4.000%, TBA | GSC | USD | 97.375 | 01/07/26 | (2500000)<br>| USD | (2500000)<br>| (6836)<br>|  | 6836 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(13769)<br>| $— | $13769 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 1-Day CDI | Maturity | 11.496<br> %<br>| Maturity | 01/04/27 | BRL | 22200000 | $(152339)<br>| $— | $(152339)<br>|
| Pay | 1-Day CDI | Maturity | 11.528<br> %<br>| Maturity | 01/04/27 | BRL | 23900000 | (161349)<br>|  | (161349)<br>|
| Pay | 1-Day CDI | Maturity | 11.548<br> %<br>| Maturity | 01/04/27 | BRL | 190300000 | (1265909)<br>|  | (1265909)<br>|
| Pay | 1-Day CDI | Maturity | 13.291<br> %<br>| Maturity | 01/02/29 | BRL | 71500000 | (67477)<br>| (886)<br>| (66591)<br>|
| Pay | 1-Day CDI | Maturity | 13.320<br> %<br>| Maturity | 01/02/29 | BRL | 7500000 | (5665)<br>|  | (5665)<br>|
| Pay | 1-Day CDI | Maturity | 13.354<br> %<br>| Maturity | 01/02/29 | BRL | 10300000 | (3363)<br>|  | (3363)<br>|
| Pay | 1-Day CDI | Maturity | 13.400<br> %<br>| Maturity | 01/02/29 | BRL | 95500000 | 11595 | (2303)<br>| 13898 |
| Pay | 1-Day CDI | Maturity | 13.926<br> %<br>| Maturity | 01/04/27 | BRL | 13400000 | (11317)<br>|  | (11317)<br>|
| Pay | 1-Day CDI | Maturity | 13.927<br> %<br>| Maturity | 01/04/27 | BRL | 129800000 | (109018)<br>| 1167 | (110185)<br>|
| Pay | 1-Day CDI | Maturity | 14.009<br> %<br>| Maturity | 01/04/27 | BRL | 8600000 | (4106)<br>|  | (4106)<br>|
| Pay | 3M NZDBB | Semi-Annually | 3.750<br> %<br>| Semi-Annually | 06/15/27 | NZD | 41800000 | 348412 | (197664)<br>| 546076 |
| Pay | 3M NZDBB | Semi-Annually | 4.250<br> %<br>| Semi-Annually | 12/21/27 | NZD | 2900000 | 42676 | 787 | 41889 |
| Pay | 6M BBSW | Semi-Annually | 4.000<br> %<br>| Semi-Annually | 03/19/35 | AUD | 13400000 | (489329)<br>| (13437)<br>| (475892)<br>|
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 03/20/34 | AUD | 11800000 | (91561)<br>| (265631)<br>| 174070 |
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 09/18/34 | AUD | 21100000 | (200797)<br>| 84159 | (284956)<br>|
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 09/20/33 | AUD | 22600000 | (138051)<br>| (213659)<br>| 75608 |
| Pay | 6M EURIBOR | Annually | 0.650<br> %<br>| Annually | 04/12/27 | EUR | 27000000 | (609553)<br>|  | (609553)<br>|
| Pay | 6M EURIBOR | Annually | 1.000<br> %<br>| Annually | 05/13/27 | EUR | 23700000 | (445177)<br>|  | (445177)<br>|
| Pay | 6M EURIBOR | Annually | 1.000<br> %<br>| Annually | 05/18/27 | EUR | 9200000 | (175293)<br>| (109095)<br>| (66198)<br>|
| Pay | 6M EURIBOR | Annually | 2.460<br> %<br>| Annually | 03/13/35 | EUR | 1800000 | (71446)<br>|  | (71446)<br>|
| Pay | 6M EURIBOR | Annually | 2.610<br> %<br>| Annually | 03/24/35 | EUR | 1200000 | (30748)<br>|  | (30748)<br>|
| Pay | 6M EURIBOR | Annually | 2.750<br> %<br>| Annually | 03/18/36 | EUR | 35600000 | (743842)<br>| 417 | (744259)<br>|
| Receive | 12M ESTR | Annually | 2.050<br> %<br>| Annually | 10/05/29 | EUR | 3000000 | 19440 |  | 19440 |
| Receive | 12M ESTR | Annually | 2.056<br> %<br>| Annually | 10/05/29 | EUR | 4300000 | 26708 |  | 26708 |
| Receive | 12M SOFR | Annually | 1.750<br> %<br>| Annually | 06/15/32 | USD | 57000000 | 5943284 | 5674775 | 268509 |
| Receive | 12M SOFR | Annually | 1.750<br> %<br>| Annually | 12/21/52 | USD | 62900000 | 24893844 | 10558805 | 14335039 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/30 | USD | 45500000 | 340876 | 580823 | (239947)<br>|
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/55 | USD | 25400000 | 3987346 | 2326254 | 1661092 |
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 06/20/54 | USD | 63100000 | 7163994 | 1694630 | 5469364 |
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 12/18/54 | USD | 2810000 | 319893 | 69065 | 250828 |
| Receive | 12M SOFR | Annually | 3.551<br> %<br>| Annually | 09/17/35 | USD | 2500000 | 47915 |  | 47915 |
| Receive | 12M SOFR | Annually | 3.585<br> %<br>| Annually | 10/31/30 | USD | 58300000 | (337595)<br>|  | (337595)<br>|
| Receive | 12M SOFR | Annually | 3.640<br> %<br>| Annually | 08/15/35 | USD | 4400000 | 47948 | 8794 | 39154 |

---

*See accompanying notes to financial statements.*

**BHFTI-416**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Receive | 12M SOFR | Annually | 3.655<br> %<br>| Annually | 05/31/28 | USD | 63500000 | $(496139)<br>| $— | $(496139)<br>|
| Receive | 12M SOFR | Annually | 3.667<br> %<br>| Annually | 05/31/28 | USD | 23000000 | (185849)<br>|  | (185849)<br>|
| Receive | 12M SOFR | Annually | 3.694<br> %<br>| Annually | 04/30/31 | USD | 27750000 | (290372)<br>|  | (290372)<br>|
| Receive | 12M SOFR | Annually | 3.700<br> %<br>| Annually | 08/15/35 | USD | 4200000 | 25948 | (3695)<br>| 29643 |
| Receive | 12M SOFR | Annually | 3.715<br> %<br>| Annually | 08/15/35 | USD | 7270000 | 36338 | 18503 | 17835 |
| Receive | 12M SOFR | Annually | 3.717<br> %<br>| Annually | 08/15/33 | USD | 20800000 | (88725)<br>|  | (88725)<br>|
| Receive | 12M SOFR | Annually | 3.722<br> %<br>| Annually | 10/31/30 | USD | 3200000 | (37950)<br>|  | (37950)<br>|
| Receive | 12M SOFR | Annually | 3.727<br> %<br>| Annually | 10/31/30 | USD | 7300000 | (88175)<br>|  | (88175)<br>|
| Receive | 12M SOFR | Annually | 3.732<br> %<br>| Annually | 10/31/30 | USD | 5400000 | (66406)<br>|  | (66406)<br>|
| Receive | 12M SOFR | Annually | 3.739<br> %<br>| Annually | 10/31/30 | USD | 8000000 | (101001)<br>|  | (101001)<br>|
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 05/15/32 | USD | 67167000 | (710490)<br>| (68924)<br>| (641566)<br>|
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 12/18/29 | USD | 60700000 | (794102)<br>| (891597)<br>| 97495 |
| Receive | 12M SOFR | Annually | 3.753<br> %<br>| Annually | 08/15/33 | USD | 11300000 | (75295)<br>|  | (75295)<br>|
| Receive | 12M SOFR | Annually | 3.763<br> %<br>| Annually | 08/15/33 | USD | 13400000 | (98331)<br>|  | (98331)<br>|
| Receive | 12M SOFR | Annually | 3.899<br> %<br>| Annually | 03/11/35 | USD | 580000 | (6614)<br>|  | (6614)<br>|
| Receive | 12M SOFR | Annually | 3.930<br> %<br>| Annually | 03/24/35 | USD | 5700000 | (77882)<br>|  | (77882)<br>|
| Receive | 12M SOFR | Annually | 4.095<br> %<br>| Annually | 02/18/35 | USD | 4430000 | (119014)<br>|  | (119014)<br>|
| Receive | 12M SONIA | Annually | 4.500<br> %<br>| Annually | 03/18/56 | GBP | 3600000 | (28072)<br>| (70445)<br>| 42373 |
| Receive | 12M TONA | Annually | 1.250<br> %<br>| Annually | 06/18/32 | JPY | 7670000000 | 1083225 | (1310302)<br>| 2393527 |
| Receive | 1-Day CDI | Maturity | 13.000<br> %<br>| Maturity | 01/02/29 | BRL | 31700000 | 40323 |  | 40323 |
| Receive | 1-Day CDI | Maturity | 13.017<br> %<br>| Maturity | 01/02/29 | BRL | 130500000 | 158635 |  | 158635 |
| Receive | 6M CORRA | Semi-Annually | 2.740<br> %<br>| Semi-Annually | 06/01/34 | CAD | 2800000 | 48368 |  | 48368 |
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/33 | CAD | 3900000 | (2454)<br>| 12403 | (14857)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/34 | CAD | 2000000 | 6407 | 676 | 5731 |
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/34 | CAD | 3300000 | 10571 | (3159)<br>| 13730 |
| Receive | 6M CORRA | Semi-Annually | 3.500<br> %<br>| Semi-Annually | 06/01/32 | CAD | 43550000 | (1094518)<br>| (288606)<br>| (805912)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.750<br> %<br>| Semi-Annually | 12/20/33 | CAD | 1200000 | (44832)<br>|  | (44832)<br>|
| Receive | 6M EURIBOR | Annually | 2.350<br> %<br>| Annually | 04/29/30 | EUR | 100000 | 761 |  | 761 |
| Receive | 6M EURIBOR | Annually | 3.000<br> %<br>| Annually | 03/18/56 | EUR | 26560000 | 1551560 | (378864)<br>| 1930424 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $36635911 | $17212991 | $19422920 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.IG.45.V1 | 1.000% | Quarterly | 12/20/30 | 0.500% | USD | 2500000 | $56663 | $52890 | $3773 |

---

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| AES Corp. | 5.000<br> %<br>| Quarterly | 12/20/28 | 0.648<br> %<br>| USD | 3800000 | $466848 | $269936 | $196912 |
| AT&T, Inc. | 1.000<br> %<br>| Quarterly | 06/20/28 | 0.414<br> %<br>| USD | 21100000 | 301456 | (60926)<br>| 362382 |
| Boeing Co. | 1.000<br> %<br>| Quarterly | 12/20/27 | 0.356<br> %<br>| USD | 3400000 | 41919 | (56837)<br>| 98756 |
| Boeing Co. | 1.000<br> %<br>| Quarterly | 12/20/29 | 0.532<br> %<br>| USD | 400000 | 6928 | (5567)<br>| 12495 |
| Boeing Co. | 1.000<br> %<br>| Quarterly | 12/20/30 | 0.651<br> %<br>| USD | 14600000 | 230300 | 213040 | 17260 |
| Deutsche Bank AG | 1.000<br> %<br>| Quarterly | 12/20/30 | 0.722<br> %<br>| EUR | 13000000 | 198028 | 127977 | 70051 |
| General Electric Co. | 1.000<br> %<br>| Quarterly | 06/20/26 | 0.051<br> %<br>| USD | 4700000 | 20915 | 4654 | 16261 |
| Oracle Corp. | 1.000<br> %<br>| Quarterly | 06/20/30 | 1.367<br> %<br>| USD | 3200000 | (46435)<br>| 65620 | (112055)<br>|
| T-Mobile USA, Inc. | 5.000<br> %<br>| Quarterly | 06/20/28 | 0.255<br> %<br>| USD | 7000000 | 793597 | 595832 | 197765 |
| Verizon Communications, Inc. | 1.000<br> %<br>| Quarterly | 12/20/27 | 0.343<br> %<br>| USD | 500000 | 6312 | (3393)<br>| 9705 |
| Verizon Communications, Inc. | 1.000<br> %<br>| Quarterly | 06/20/28 | 0.392<br> %<br>| USD | 4900000 | 71942 | 1862 | 70080 |

---

*See accompanying notes to financial statements.*

**BHFTI-417**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues—Sell Protection (a) — (Continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal**<br> **Receive Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Implied**<br> **Credit Spread** <sup>(b)</sup><br>| **Notional**<br> **Amount** <sup>(c)</sup> | **Notional**<br> **Amount** <sup>(c)</sup> | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Verizon Communications, Inc. | 1.000<br> %<br>| Quarterly | 12/20/28 | 0.425<br> %<br>| USD | 1200000 | $19544 | $(1686)<br>| $21230 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2111354 | $1150512 | $960842 |

---

**OTC Credit Default Swap Contracts on Corporate and Sovereign Issues—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Colombia Government International Bond | 1.000% | Quarterly | 12/20/26 | BBP | 0.897<br> %<br>| USD | 2400000 | $2363 | $(21964)<br>| $24327 |
| Colombia Government International Bond | 1.000% | Quarterly | 12/20/26 | CBNA | 0.897<br> %<br>| USD | 1700000 | 1674 | (16564)<br>| 18238 |
| Colombia Government International Bond | 1.000% | Quarterly | 12/20/26 | JPMC | 0.897<br> %<br>| USD | 3200000 | 3151 | (16089)<br>| 19240 |
| Colombia Government International Bond | 1.000% | Quarterly | 06/20/27 | BNP | 1.075<br> %<br>| USD | 2400000 | (2592)<br>| (32215)<br>| 29623 |
| Colombia Government International Bond | 1.000% | Quarterly | 06/20/27 | CBNA | 1.075<br> %<br>| USD | 400000 | (432)<br>| (4058)<br>| 3626 |
| Colombia Government International Bond | 1.000% | Quarterly | 06/20/27 | GSI | 1.076<br> %<br>| USD | 3200000 | (3457)<br>| (33123)<br>| 29666 |
| Colombia Government International Bond | 1.000% | Quarterly | 06/20/27 | JPMC | 1.075<br> %<br>| USD | 1300000 | (1404)<br>| (14082)<br>| 12678 |
| Colombia Government International Bond | 1.000% | Quarterly | 12/20/27 | BNP | 1.164<br> %<br>| USD | 500000 | (1552)<br>| (16859)<br>| 15307 |
| Colombia Government International Bond | 1.000% | Quarterly | 12/20/27 | GSI | 1.164<br> %<br>| USD | 1400000 | (4346)<br>| (47196)<br>| 42850 |
| Petroleos Mexicanos (d) | 4.850% | Monthly | 07/06/26 | DBAG | 0.000<br> %<br>| USD | 988320 | 5174 |  | 5174 |
| Republic of South Africa | 1.000% | Quarterly | 12/20/26 | CBNA | 0.266<br> %<br>| USD | 3100000 | 21862 | (29541)<br>| 51403 |
| Republic of South Africa | 1.000% | Quarterly | 12/20/26 | MSCS | 0.266<br> %<br>| USD | 31300000 | 220735 | (297138)<br>| 517873 |
| SoftBank Group Corp. | 1.000% | Quarterly | 06/20/26 | GSI | 1.706<br> %<br>| USD | 2100000 | (6907)<br>| (6666)<br>| (241)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $234269 | $(535495)<br>| $769764 |

---

**OTC Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ITRX.EUR.XOVER.42.V3 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/29 | JPMC | 0.339<br> %<br>| EUR | 7344679 | $1471191 | $1204736 | $266455 |
| ITRX.EUR.XOVER.44.V1 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/30 | BOA | 0.585<br> %<br>| EUR | 7100000 | 1660610 | 1536483 | 124127 |
| ITRX.EUR.XOVER.44.V1 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/30 | BNP | 0.585<br> %<br>| EUR | 16190000 | 3786660 | 3590029 | 196631 |
| ITRX.EUR.XOVER.44.V1 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/30 | CBNA | 0.585<br> %<br>| EUR | 9400000 | 2198555 | 2070096 | 128459 |
| ITRX.EUR.XOVER.44.V1 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/30 | JPMC | 0.585<br> %<br>| EUR | 16090000 | 3763271 | 3559140 | 204131 |
| ITRX.EUR.XOVER.44.V1 (35-<br> 100% Tranche)<br>| 5.000% | Quarterly | 12/20/30 | MSCS | 0.585<br> %<br>| EUR | 2000000 | 467778 | 444448 | 23330 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $13348065 | $12404932 | $943133 |

---

*See accompanying notes to financial statements.*

**BHFTI-418**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Receive | 12M SOFR | Monthly | 09/23/26 | JPMC | iShares iBoxx $ IG Corporate Bond ETF | USD | 132228000 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $13603024 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $20690 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 1076670 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 112055 |
| Foreign Exchange | Investments at market value (d) <br>| &nbsp;&nbsp; 265225 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 3992773 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 9329922 |
|  |  |  | Written options at value | &nbsp;&nbsp; 80203 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 27748435 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 8325515 |
|  | Unrealized appreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 823793 | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 1908671 |
|  |  |  | Written options at value (f) <br>| &nbsp;&nbsp; 102654 |
| Total |  | &nbsp;&nbsp; $47509920 |  | &nbsp;&nbsp; $19879710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $498,614.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes exchange traded written options with a value of $75,234 that are not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $2127400 | &nbsp;&nbsp;&nbsp;&nbsp; $(158723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1930000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38677 |
| Barclays Bank PLC | &nbsp;&nbsp; 1369398 | &nbsp;&nbsp;&nbsp;&nbsp; (147858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (920000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301540 |
| BNP Paribas SA | &nbsp;&nbsp; 4402682 | &nbsp;&nbsp;&nbsp;&nbsp; (757159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45523 |

---

*See accompanying notes to financial statements.*

**BHFTI-419**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Received†**<br>| **Net**<br> **Amount\***<br>|
| Citibank NA | &nbsp;&nbsp; $2612516 | &nbsp;&nbsp;&nbsp;&nbsp; $(2290155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(270272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52089 |
| Deutsche Bank AG | &nbsp;&nbsp; 111951 | &nbsp;&nbsp;&nbsp;&nbsp; (111951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 254513 | &nbsp;&nbsp;&nbsp;&nbsp; (254513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 6127419 | &nbsp;&nbsp;&nbsp;&nbsp; (1093613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5033806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 85463 | &nbsp;&nbsp;&nbsp;&nbsp; (40593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14870 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 688513 | &nbsp;&nbsp;&nbsp;&nbsp; (3748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34765 |
| Societe Generale Paris | &nbsp;&nbsp; 16325 | &nbsp;&nbsp;&nbsp;&nbsp; (16325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 64281 | &nbsp;&nbsp;&nbsp;&nbsp; (64281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Westpac Banking Corp. | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp; $17861022 | &nbsp;&nbsp;&nbsp;&nbsp; $(4938919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12434078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $488025 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $158723 | &nbsp;&nbsp;&nbsp;&nbsp; $(158723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 147858 | &nbsp;&nbsp;&nbsp;&nbsp; (147858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 757159 | &nbsp;&nbsp;&nbsp;&nbsp; (757159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 2290155 | &nbsp;&nbsp;&nbsp;&nbsp; (2290155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 736676 | &nbsp;&nbsp;&nbsp;&nbsp; (111951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (522689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102036 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 604731 | &nbsp;&nbsp;&nbsp;&nbsp; (254513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (350218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 14710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14710 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 1093613 | &nbsp;&nbsp;&nbsp;&nbsp; (1093613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 40593 | &nbsp;&nbsp;&nbsp;&nbsp; (40593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 3748 | &nbsp;&nbsp;&nbsp;&nbsp; (3748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale Paris | &nbsp;&nbsp; 3385394 | &nbsp;&nbsp;&nbsp;&nbsp; (16325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3369069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 224875 | &nbsp;&nbsp;&nbsp;&nbsp; (64281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160594 |
|  | &nbsp;&nbsp; $9458235 | &nbsp;&nbsp;&nbsp;&nbsp; $(4938919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4241976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $277340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(2156664)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(773685)<br>| &nbsp;&nbsp;&nbsp; $(2930349)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3878603)<br>| &nbsp;&nbsp;&nbsp; (3878603)<br>|
| Futures contracts | &nbsp;&nbsp; 18459451 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18459451 |
| Swap contracts | &nbsp;&nbsp; 9778061 | &nbsp;&nbsp;&nbsp; (1939734)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7838327 |
| Written options | &nbsp;&nbsp; 5342133 | &nbsp;&nbsp;&nbsp; 64062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5406195 |
|  | &nbsp;&nbsp; $31422981 | &nbsp;&nbsp;&nbsp; $(1875672)<br>| &nbsp;&nbsp;&nbsp; $(4652288)<br>| &nbsp;&nbsp;&nbsp; $24895021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $449161 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7676)<br>| &nbsp;&nbsp;&nbsp; $441485 |
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13981749)<br>| &nbsp;&nbsp;&nbsp; (13981749)<br>|
| Futures contracts | &nbsp;&nbsp; 2047077 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2047077 |
| Swap contracts | &nbsp;&nbsp; (1639365)<br>| &nbsp;&nbsp;&nbsp; 268740 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1370625)<br>|
| Written options | &nbsp;&nbsp; (99614)<br>| &nbsp;&nbsp;&nbsp; 13769 | &nbsp;&nbsp;&nbsp; 37423 | &nbsp;&nbsp;&nbsp; (48422)<br>|
|  | &nbsp;&nbsp; $757259 | &nbsp;&nbsp;&nbsp; $282509 | &nbsp;&nbsp;&nbsp; $(13952002)<br>| &nbsp;&nbsp;&nbsp; $(12912234)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-420**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $1460612416 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1470207888 |
| Futures contracts long | &nbsp;&nbsp; 894338488 |
| Futures contracts short | &nbsp;&nbsp; (106441608)<br>|
| Swap contracts | &nbsp;&nbsp; 1451065951 |
| Written options | &nbsp;&nbsp; (194223397)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1567259287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1567259287 |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 16573817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16573817 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 21257418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21257418 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 13551792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13551792 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 127340831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127340831 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 452098071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 452098071 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 5067808 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5067808 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 14751703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14751703 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 12028131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12028131 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 122258255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 122258255 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 157736396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157736396 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 10393456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10393456 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 3894351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3894351 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 20693864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20693864 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 21798454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21798454 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 42975731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42975731 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 52364449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52364449 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 42471104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42471104 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 20913494 | &nbsp;&nbsp; 1527938 | &nbsp;&nbsp; 22441432 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 10573302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10573302 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 14312839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14312839 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 11143178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11143178 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 25101156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25101156 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 32796772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32796772 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 6908284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6908284 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 111901839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111901839 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 2741652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2741652 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 8315225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8315225 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 2367406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2367406 |
| Shipbuilding | &nbsp;&nbsp; — | &nbsp;&nbsp; 13069896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13069896 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 26729982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26729982 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 15897623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15897623 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 46605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46605 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1440074884 | &nbsp;&nbsp; 1527938 | &nbsp;&nbsp; 1441602822 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 768947571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 768947571 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 387598359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 387598359 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 313491127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 313491127 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 277466993 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 277466993 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 38092552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38092552 |
| Floating Rate Loans |  |  |  |  |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 798385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 798385 |

---

*See accompanying notes to financial statements.*

**BHFTI-421**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4872716 | &nbsp;&nbsp; $4872716 |
| Total Floating Rate Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 798385 | &nbsp;&nbsp; 4872716 | &nbsp;&nbsp; 5671101 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 23662682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23662682 |
| Total Purchased Options at Value\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 265225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265225 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4817657065 | &nbsp;&nbsp; $6400654 | &nbsp;&nbsp; $4824057719 |
| Reverse Repurchase Agreements (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77626380)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77626380)<br>|
| Secured Borrowings (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(52300409)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(52300409)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3992773 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3992773 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (9329922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9329922)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5337149)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5337149)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $823793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $823793 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (1908671)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1908671)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(1084878)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1084878)<br>|
| Written Options |  |  |  |  |
| Foreign Currency Options at Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80203)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80203)<br>|
| Interest Rate Swaptions at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; (27420)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27420)<br>|
| Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp; (75234)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (75234)<br>|
| OTC Options on Securities at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Written Options at Value | &nbsp;&nbsp; $(75234)<br>| &nbsp;&nbsp; $(107623)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(182857)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28825105 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28825105 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8437570)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8437570)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20387535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20387535 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13597850 | &nbsp;&nbsp; $5174 | &nbsp;&nbsp; $13603024 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (20690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20690)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13577160 | &nbsp;&nbsp; $5174 | &nbsp;&nbsp; $13582334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

During the year ended December 31, 2025, a transfer into Level 3 in the amount of $550,504 was due to the determination that available vendor quotes were unreliable which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.*

**BHFTI-422**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $4824057719 |
| Cash | &nbsp;&nbsp; 1406877 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 4642454 |
| Cash collateral (c) | &nbsp;&nbsp; 2449000 |
| OTC swap contracts at market value (d) | &nbsp;&nbsp; 13603024 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3992773 |
| Unrealized appreciation on unfunded commitments (e) | &nbsp;&nbsp; 842408 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 53490869 |
| TBA securities sold | &nbsp;&nbsp; 1234067933 |
| Premiums on written options | &nbsp;&nbsp; 23076 |
| Fund shares sold | &nbsp;&nbsp; 649192 |
| Interest | &nbsp;&nbsp; 32674651 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 498614 |
| Deferred dollar roll income | &nbsp;&nbsp; 2985 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1015123 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 3777807 |
| Prepaid expenses | &nbsp;&nbsp; 12620 |
| Total Assets | &nbsp;&nbsp; 6177207125 |
| **Liabilities** |  |
| Due to Broker | &nbsp;&nbsp; 67809 |
| Written options at value (f) | &nbsp;&nbsp; 182857 |
| Secured borrowings | &nbsp;&nbsp; 52300409 |
| Reverse repurchase agreements | &nbsp;&nbsp; 77626380 |
| OTC swap contracts at market value (g) | &nbsp;&nbsp; 20690 |
| Cash collateral (h) | &nbsp;&nbsp; 20545272 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 9329922 |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 2474812686 |
| Fund shares redeemed | &nbsp;&nbsp; 1410426 |
| Interest on reverse repurchase agreements | &nbsp;&nbsp; 117273 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1365656 |
| Distribution and service fees | &nbsp;&nbsp; 406073 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 1070260 |
| Total Liabilities | &nbsp;&nbsp; 2639506668 |
| Commitments and contingent liabilities (e) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $3537700457 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $4090381266 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (552680809)<br>|
| **Net Assets**  | &nbsp;&nbsp; $3537700457 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1626025079 |
| Class B | &nbsp;&nbsp; 1895794449 |
| Class E | &nbsp;&nbsp; 15880929 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 160053088 |
| Class B | &nbsp;&nbsp; 190890554 |
| Class E | &nbsp;&nbsp; 1575849 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.16 |
| Class B | 9.93 |
| Class E | 10.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $4,994,542,633.

(b) Identified cost of cash denominated in foreign currencies was $4,640,881.

(c) Includes collateral of $2,297,000 for futures contracts and $152,000 for centrally cleared swap contracts. 

(d) Net premium paid on OTC swap contracts was $12,023,636.

(e) See Note 8 of the Notes to Financial Statements.

(f) Premiums received on written options were $327,721.

(g) Net premium received on OTC swap contracts was $154,199.

(h) Includes collateral of $14,302,272 for OTC derivatives contracts and $6,243,000 for TBA securities. 

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $167628059 |
| Total investment income | &nbsp;&nbsp; 167628059 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 17333681 |
| Administration fees | &nbsp;&nbsp; 160258 |
| Custodian and accounting fees | &nbsp;&nbsp; 426555 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 4814524 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 24803 |
| Interest expense | &nbsp;&nbsp; 3012742 |
| Audit and tax services | &nbsp;&nbsp; 139065 |
| Legal | &nbsp;&nbsp; 48573 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 140805 |
| Insurance | &nbsp;&nbsp; 31667 |
| Miscellaneous | &nbsp;&nbsp; 38461 |
| Total expenses | &nbsp;&nbsp; 26233226 |
| Less management fee waiver | &nbsp;&nbsp; (1078963)<br>|
| Net expenses | &nbsp;&nbsp; 25154263 |
| **Net Investment Income** | &nbsp;&nbsp; 142473796 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (13247065)<br>|
| Purchased options | &nbsp;&nbsp; (2930349)<br>|
| Futures contracts | &nbsp;&nbsp; 18459451 |
| Written options | &nbsp;&nbsp; 5406195 |
| Swap contracts | &nbsp;&nbsp; 7838327 |
| Foreign currency transactions | &nbsp;&nbsp; 984366 |
| Forward foreign currency transactions | &nbsp;&nbsp; (3878603)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 12632322 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 168833987 |
| Unfunded commitments | &nbsp;&nbsp; 869400 |
| Purchased options | &nbsp;&nbsp; 441485 |
| Futures contracts | &nbsp;&nbsp; 2047077 |
| Written options | &nbsp;&nbsp; (48422)<br>|
| Swap contracts | &nbsp;&nbsp; (1370625)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (407729)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (13981749)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 156383424 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 169015746 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $311489542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $32,753.

*See accompanying notes to financial statements.*

**BHFTI-423**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $142473796 | &nbsp;&nbsp; $166579423 |
| Net realized gain (loss) | &nbsp;&nbsp; 12632322 | &nbsp;&nbsp; (63324703)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 156383424 | &nbsp;&nbsp; (756891)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 311489542 | &nbsp;&nbsp; 102497829 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (95200617)<br>| &nbsp;&nbsp; (56680185)<br>|
| Class B | &nbsp;&nbsp; (106749248)<br>| &nbsp;&nbsp; (58200005)<br>|
| Class E | &nbsp;&nbsp; (925350)<br>| &nbsp;&nbsp; (552552)<br>|
| **Total distributions** | &nbsp;&nbsp; (202875215)<br>| &nbsp;&nbsp; (115432742)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (231239742)<br>| &nbsp;&nbsp; (271000232)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (122625415)<br>| &nbsp;&nbsp; (283935145)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3660325872 | &nbsp;&nbsp; 3944261017 |
| End of period | &nbsp;&nbsp; $3537700457 | &nbsp;&nbsp; $3660325872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3529397 | &nbsp;&nbsp; $35481366 | &nbsp;&nbsp; 1610505 | &nbsp;&nbsp; $15918731 |
| Reinvestments | &nbsp;&nbsp; 9906412 | &nbsp;&nbsp; 95200617 | &nbsp;&nbsp; 5861446 | &nbsp;&nbsp; 56680185 |
| Redemptions | &nbsp;&nbsp; (22851838)<br>| &nbsp;&nbsp; (229645475)<br>| &nbsp;&nbsp; (28071171)<br>| &nbsp;&nbsp; (278325309)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9416029)<br>| &nbsp;&nbsp; $(98963492)<br>| &nbsp;&nbsp; (20599220)<br>| &nbsp;&nbsp; $(205726393)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 7475701 | &nbsp;&nbsp; $72227613 | &nbsp;&nbsp; 10757520 | &nbsp;&nbsp; $104132282 |
| Reinvestments | &nbsp;&nbsp; 11356303 | &nbsp;&nbsp; 106749248 | &nbsp;&nbsp; 6145724 | &nbsp;&nbsp; 58200005 |
| Redemptions | &nbsp;&nbsp; (31394731)<br>| &nbsp;&nbsp; (309048089)<br>| &nbsp;&nbsp; (23201898)<br>| &nbsp;&nbsp; (225452946)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (12562727)<br>| &nbsp;&nbsp; $(130071228)<br>| &nbsp;&nbsp; (6298654)<br>| &nbsp;&nbsp; $(63120659)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 44488 | &nbsp;&nbsp; $435710 | &nbsp;&nbsp; 98429 | &nbsp;&nbsp; $967729 |
| Reinvestments | &nbsp;&nbsp; 96997 | &nbsp;&nbsp; 925350 | &nbsp;&nbsp; 57558 | &nbsp;&nbsp; 552552 |
| Redemptions | &nbsp;&nbsp; (358422)<br>| &nbsp;&nbsp; (3566082)<br>| &nbsp;&nbsp; (374329)<br>| &nbsp;&nbsp; (3673461)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (216937)<br>| &nbsp;&nbsp; $(2205022)<br>| &nbsp;&nbsp; (218342)<br>| &nbsp;&nbsp; $(2153180)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(231239742)<br>|  | &nbsp;&nbsp; $(271000232)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-424**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $12.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total income (loss) from investment operations | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>|
| Total distributions | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $11.63 |
| **Total Return (%)** (b) | 9.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp; (14.34)<br>| &nbsp;&nbsp; (1.13)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Ratio of net investment income (loss) to average net assets (%) | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 522 <br>(e)<br>| &nbsp;&nbsp; 603 <br>(e)<br>| &nbsp;&nbsp; 524 <br>(e)<br>| &nbsp;&nbsp; 423 <br>(e)<br>| &nbsp;&nbsp; 326 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1626.0 | &nbsp;&nbsp; $1674.9 | &nbsp;&nbsp; $1886.1 | &nbsp;&nbsp; $1857.1 | &nbsp;&nbsp; $2488.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $12.29 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.45 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total income (loss) from investment operations | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>|
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $11.39 |
| **Total Return (%)** (b) | 8.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; (1.39)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | 3.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 522 <br>(e)<br>| &nbsp;&nbsp; 603 <br>(e)<br>| &nbsp;&nbsp; 524 <br>(e)<br>| &nbsp;&nbsp; 423 <br>(e)<br>| &nbsp;&nbsp; 326 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1895.8 | &nbsp;&nbsp; $1967.8 | &nbsp;&nbsp; $2038.4 | &nbsp;&nbsp; $2038.5 | &nbsp;&nbsp; $2738.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTI-425**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $12.42 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total income (loss) from investment operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>|
| Total distributions | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $11.52 |
| **Total Return (%)** (b) | 8.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp; (14.45)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Ratio of net investment income (loss) to average net assets (%) | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 522 <br>(e)<br>| &nbsp;&nbsp; 603 <br>(e)<br>| &nbsp;&nbsp; 524 <br>(e)<br>| &nbsp;&nbsp; 423 <br>(e)<br>| &nbsp;&nbsp; 326 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.9 | &nbsp;&nbsp; $17.6 | &nbsp;&nbsp; $19.8 | &nbsp;&nbsp; $19.4 | &nbsp;&nbsp; $77.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 33%, 30%, 24%, 23%, and 28% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-426**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—55.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| Airbus SE | 2040 | &nbsp;&nbsp; $473185 |
| ATI, Inc. (a) | 1968 | &nbsp;&nbsp; 225848 |
| Axon Enterprise, Inc. (a) | 318 | &nbsp;&nbsp; 180602 |
| BAE Systems PLC | 5417 | &nbsp;&nbsp; 124531 |
| Boeing Co. (a) | 1058 | &nbsp;&nbsp; 229713 |
| Carpenter Technology Corp.  | 255 | &nbsp;&nbsp; 80284 |
| Curtiss-Wright Corp.  | 262 | &nbsp;&nbsp; 144433 |
| General Dynamics Corp.  | 569 | &nbsp;&nbsp; 191559 |
| General Electric Co.  | 7336 | &nbsp;&nbsp; 2259708 |
| HEICO Corp. (b) | 745 | &nbsp;&nbsp; 241074 |
| Howmet Aerospace, Inc.  | 5928 | &nbsp;&nbsp; 1215359 |
| Kongsberg Gruppen ASA | 2364 | &nbsp;&nbsp; 60605 |
| L3Harris Technologies, Inc.  | 290 | &nbsp;&nbsp; 85135 |
| Lockheed Martin Corp.  | 248 | &nbsp;&nbsp; 119950 |
| Northrop Grumman Corp.  | 161 | &nbsp;&nbsp; 91804 |
| Rheinmetall AG | 144 | &nbsp;&nbsp; 264053 |
| Rocket Lab Corp. (a) | 931 | &nbsp;&nbsp; 64947 |
| Rolls-Royce Holdings PLC | 34401 | &nbsp;&nbsp; 534700 |
| RTX Corp.  | 9261 | &nbsp;&nbsp; 1698467 |
| Saab AB - Class B | 2048 | &nbsp;&nbsp; 119124 |
| Safran SA | 1264 | &nbsp;&nbsp; 439848 |
| TransDigm Group, Inc. (b) | 369 | &nbsp;&nbsp; 490715 |
|  |  | &nbsp;&nbsp; 9335644 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| CH Robinson Worldwide, Inc.  | 653 | &nbsp;&nbsp; 104976 |
| Deutsche Post AG | 1726 | &nbsp;&nbsp; 94537 |
| DSV AS (b) | 609 | &nbsp;&nbsp; 153252 |
| FedEx Corp.  | 1010 | &nbsp;&nbsp; 291749 |
| United Parcel Service, Inc. - Class B | 856 | &nbsp;&nbsp; 84907 |
|  |  | &nbsp;&nbsp; 729421 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Bridgestone Corp.  | 1600 | &nbsp;&nbsp; 35990 |
| Niterra Co. Ltd.  | 1600 | &nbsp;&nbsp; 70468 |
| Sumitomo Electric Industries Ltd.  | 4300 | &nbsp;&nbsp; 174103 |
|  |  | &nbsp;&nbsp; 280561 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| Ferrari NV | 556 | &nbsp;&nbsp; 207018 |
| Ford Motor Co.  | 7411 | &nbsp;&nbsp; 97232 |
| General Motors Co.  | 3607 | &nbsp;&nbsp; 293321 |
| Honda Motor Co. Ltd.  | 9300 | &nbsp;&nbsp; 91037 |
| Mercedes-Benz Group AG | 1450 | &nbsp;&nbsp; 102325 |
| Rivian Automotive, Inc. - Class A (a) | 3100 | &nbsp;&nbsp; 61101 |
| Stellantis NV | 5340 | &nbsp;&nbsp; 58954 |
| Suzuki Motor Corp.  | 3100 | &nbsp;&nbsp; 46041 |
| Tesla, Inc. (a) | 8899 | &nbsp;&nbsp; 4002058 |
| Toyota Motor Corp.  | 32300 | &nbsp;&nbsp; 690956 |
|  |  | &nbsp;&nbsp; 5650043 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| ABN AMRO Bank NV | 2720 | &nbsp;&nbsp; 94942 |
| ANZ Group Holdings Ltd.  | 7385 | &nbsp;&nbsp; 178698 |
| Banco Bilbao Vizcaya Argentaria SA | 20168 | &nbsp;&nbsp; 471732 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Banco Santander SA | 54106 | &nbsp;&nbsp; $634926 |
| Bank of America Corp.  | 23001 | &nbsp;&nbsp; 1265055 |
| Bank of Montreal (b) | 2719 | &nbsp;&nbsp; 353111 |
| Bank of Nova Scotia | 1914 | &nbsp;&nbsp; 141164 |
| Barclays PLC | 68812 | &nbsp;&nbsp; 436822 |
| BNP Paribas SA | 4193 | &nbsp;&nbsp; 396765 |
| BOC Hong Kong Holdings Ltd.  | 9500 | &nbsp;&nbsp; 48034 |
| BPER Banca SpA | 4266 | &nbsp;&nbsp; 57687 |
| CaixaBank SA | 18028 | &nbsp;&nbsp; 220162 |
| Canadian Imperial Bank of Commerce | 886 | &nbsp;&nbsp; 80321 |
| Citigroup, Inc.  | 6317 | &nbsp;&nbsp; 737131 |
| Citizens Financial Group, Inc.  | 2076 | &nbsp;&nbsp; 121259 |
| Commerzbank AG | 3143 | &nbsp;&nbsp; 133062 |
| Commonwealth Bank of Australia | 2807 | &nbsp;&nbsp; 300108 |
| Danske Bank AS | 2733 | &nbsp;&nbsp; 136336 |
| DBS Group Holdings Ltd.  | 13520 | &nbsp;&nbsp; 591694 |
| DNB Bank ASA | 1800 | &nbsp;&nbsp; 50128 |
| Erste Group Bank AG | 1273 | &nbsp;&nbsp; 153154 |
| Eurobank SA - Class A | 10509 | &nbsp;&nbsp; 42120 |
| Fifth Third Bancorp | 2047 | &nbsp;&nbsp; 95820 |
| HSBC Holdings PLC | 67547 | &nbsp;&nbsp; 1058895 |
| Huntington Bancshares, Inc.  | 4717 | &nbsp;&nbsp; 81840 |
| ING Groep NV | 14128 | &nbsp;&nbsp; 397155 |
| Intesa Sanpaolo SpA | 62233 | &nbsp;&nbsp; 431019 |
| Japan Post Bank Co. Ltd.  | 8800 | &nbsp;&nbsp; 123763 |
| JPMorgan Chase & Co.  | 13922 | &nbsp;&nbsp; 4485947 |
| KBC Group NV | 970 | &nbsp;&nbsp; 126084 |
| KeyCorp | 5081 | &nbsp;&nbsp; 104872 |
| Lloyds Banking Group PLC | 253782 | &nbsp;&nbsp; 334444 |
| M&T Bank Corp.  | 517 | &nbsp;&nbsp; 104165 |
| Mediobanca Banca di Credito Finanziario SpA | 3336 | &nbsp;&nbsp; 69329 |
| Mitsubishi UFJ Financial Group, Inc.  | 47100 | &nbsp;&nbsp; 747962 |
| Mizuho Financial Group, Inc.  | 12490 | &nbsp;&nbsp; 453533 |
| National Australia Bank Ltd.  | 5652 | &nbsp;&nbsp; 159167 |
| National Bank of Canada | 1589 | &nbsp;&nbsp; 199831 |
| NatWest Group PLC | 30505 | &nbsp;&nbsp; 266063 |
| Nordea Bank Abp | 8123 | &nbsp;&nbsp; 153353 |
| Oversea-Chinese Banking Corp. Ltd.  | 19000 | &nbsp;&nbsp; 291858 |
| PNC Financial Services Group, Inc.  | 1719 | &nbsp;&nbsp; 358807 |
| Popular, Inc.  | 319 | &nbsp;&nbsp; 39722 |
| Regions Financial Corp.  | 3395 | &nbsp;&nbsp; 92005 |
| Resona Holdings, Inc.  | 10400 | &nbsp;&nbsp; 98610 |
| Royal Bank of Canada | 5219 | &nbsp;&nbsp; 889726 |
| Societe Generale SA | 2820 | &nbsp;&nbsp; 227201 |
| Standard Chartered PLC | 11825 | &nbsp;&nbsp; 288779 |
| Sumitomo Mitsui Financial Group, Inc.  | 16600 | &nbsp;&nbsp; 534244 |
| Sumitomo Mitsui Trust Group, Inc.  | 3600 | &nbsp;&nbsp; 109390 |
| Toronto-Dominion Bank | 6381 | &nbsp;&nbsp; 601396 |
| Truist Financial Corp.  | 5911 | &nbsp;&nbsp; 290880 |
| U.S. Bancorp | 13165 | &nbsp;&nbsp; 702484 |
| UniCredit SpA | 6146 | &nbsp;&nbsp; 510215 |
| United Overseas Bank Ltd.  | 4300 | &nbsp;&nbsp; 117104 |
| Wells Fargo & Co.  | 11031 | &nbsp;&nbsp; 1028089 |
| Westpac Banking Corp.  | 7352 | &nbsp;&nbsp; 188788 |
|  |  | &nbsp;&nbsp; 22406951 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-427**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Anheuser-Busch InBev SA | 2159 | &nbsp;&nbsp; $138522 |
| Asahi Group Holdings Ltd.  | 3600 | &nbsp;&nbsp; 37659 |
| Carlsberg AS - Class B | 374 | &nbsp;&nbsp; 49028 |
| Coca-Cola Co.  | 28546 | &nbsp;&nbsp; 1995651 |
| Diageo PLC | 4843 | &nbsp;&nbsp; 104322 |
| Keurig Dr. Pepper, Inc.  | 2737 | &nbsp;&nbsp; 76663 |
| Kirin Holdings Co. Ltd.  | 4100 | &nbsp;&nbsp; 61667 |
| Monster Beverage Corp. (a) | 9104 | &nbsp;&nbsp; 698004 |
| PepsiCo, Inc.  | 4845 | &nbsp;&nbsp; 695354 |
| Pernod Ricard SA | 509 | &nbsp;&nbsp; 43575 |
|  |  | &nbsp;&nbsp; 3900445 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| AbbVie, Inc.  | 8344 | &nbsp;&nbsp; 1906521 |
| Alnylam Pharmaceuticals, Inc. (a) | 266 | &nbsp;&nbsp; 105775 |
| Amgen, Inc.  | 1692 | &nbsp;&nbsp; 553809 |
| Argenx SE (a) | 112 | &nbsp;&nbsp; 94265 |
| Biogen, Inc. (a) | 231 | &nbsp;&nbsp; 40654 |
| CSL Ltd.  | 779 | &nbsp;&nbsp; 89751 |
| Exelixis, Inc. (a) | 1655 | &nbsp;&nbsp; 72539 |
| Gilead Sciences, Inc.  | 3441 | &nbsp;&nbsp; 422348 |
| Incyte Corp. (a) | 303 | &nbsp;&nbsp; 29927 |
| Insmed, Inc. (a) | 308 | &nbsp;&nbsp; 53604 |
| Natera, Inc. (a) | 190 | &nbsp;&nbsp; 43527 |
| Regeneron Pharmaceuticals, Inc.  | 115 | &nbsp;&nbsp; 88765 |
| United Therapeutics Corp. (a) | 114 | &nbsp;&nbsp; 55546 |
| Vertex Pharmaceuticals, Inc. (a) | 797 | &nbsp;&nbsp; 361328 |
|  |  | &nbsp;&nbsp; 3918359 |
| **Broadline Retail — 1.9%** | **Broadline Retail — 1.9%** | **Broadline Retail — 1.9%** |
| Amazon.com, Inc. (a) | 40420 | &nbsp;&nbsp; 9329744 |
| Dollarama, Inc.  | 2273 | &nbsp;&nbsp; 339720 |
| eBay, Inc.  | 803 | &nbsp;&nbsp; 69941 |
| MercadoLibre, Inc. (a) | 222 | &nbsp;&nbsp; 447166 |
| Next PLC | 353 | &nbsp;&nbsp; 64947 |
| Prosus NV | 6645 | &nbsp;&nbsp; 410420 |
| Ryohin Keikaku Co. Ltd.  | 1000 | &nbsp;&nbsp; 17767 |
| Sea Ltd. (ADR) (a) | 2469 | &nbsp;&nbsp; 314970 |
| Wesfarmers Ltd.  | 2818 | &nbsp;&nbsp; 151899 |
|  |  | &nbsp;&nbsp; 11146574 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Allegion PLC | 601 | &nbsp;&nbsp; 95691 |
| Armstrong World Industries, Inc.  | 1172 | &nbsp;&nbsp; 223969 |
| Assa Abloy AB - Class B | 3608 | &nbsp;&nbsp; 139880 |
| Builders FirstSource, Inc. (a) | 314 | &nbsp;&nbsp; 32308 |
| Carrier Global Corp.  | 810 | &nbsp;&nbsp; 42800 |
| Cie de Saint-Gobain SA | 2665 | &nbsp;&nbsp; 270532 |
| Daikin Industries Ltd.  | 800 | &nbsp;&nbsp; 102699 |
| Johnson Controls International PLC | 3336 | &nbsp;&nbsp; 399486 |
| Trane Technologies PLC | 998 | &nbsp;&nbsp; 388422 |
|  |  | &nbsp;&nbsp; 1695787 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| 3i Group PLC | 1083 | &nbsp;&nbsp; 47118 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Ameriprise Financial, Inc.  | 415 | &nbsp;&nbsp; $203491 |
| Bank of New York Mellon Corp.  | 4415 | &nbsp;&nbsp; 512537 |
| Blackrock, Inc.  | 1094 | &nbsp;&nbsp; 1170952 |
| Blackstone, Inc.  | 2391 | &nbsp;&nbsp; 368549 |
| Brookfield Asset Management Ltd. - Class A | 1581 | &nbsp;&nbsp; 82819 |
| Brookfield Corp.  | 4708 | &nbsp;&nbsp; 216166 |
| Charles Schwab Corp.  | 5977 | &nbsp;&nbsp; 597162 |
| CME Group, Inc.  | 1224 | &nbsp;&nbsp; 334250 |
| Coinbase Global, Inc. - Class A (a) | 826 | &nbsp;&nbsp; 186792 |
| Deutsche Bank AG | 3791 | &nbsp;&nbsp; 147450 |
| Deutsche Boerse AG | 419 | &nbsp;&nbsp; 110055 |
| Euronext NV | 133 | &nbsp;&nbsp; 19962 |
| Futu Holdings Ltd. (ADR) (a) | 343 | &nbsp;&nbsp; 56324 |
| Goldman Sachs Group, Inc.  | 1063 | &nbsp;&nbsp; 934377 |
| Hong Kong Exchanges & Clearing Ltd.  | 5200 | &nbsp;&nbsp; 271700 |
| Intercontinental Exchange, Inc.  | 3960 | &nbsp;&nbsp; 641362 |
| KKR & Co., Inc.  | 1396 | &nbsp;&nbsp; 177962 |
| London Stock Exchange Group PLC | 1282 | &nbsp;&nbsp; 154371 |
| Macquarie Group Ltd.  | 1266 | &nbsp;&nbsp; 170383 |
| Moody's Corp.  | 1753 | &nbsp;&nbsp; 895520 |
| Morgan Stanley | 10412 | &nbsp;&nbsp; 1848442 |
| MSCI, Inc.  | 282 | &nbsp;&nbsp; 161792 |
| Nomura Holdings, Inc.  | 10200 | &nbsp;&nbsp; 84848 |
| Robinhood Markets, Inc. - Class A (a) | 2556 | &nbsp;&nbsp; 289084 |
| S&P Global, Inc.  | 2107 | &nbsp;&nbsp; 1101097 |
| SBI Holdings, Inc.  | 3200 | &nbsp;&nbsp; 69060 |
| Singapore Exchange Ltd.  | 4900 | &nbsp;&nbsp; 64387 |
| State Street Corp.  | 930 | &nbsp;&nbsp; 119979 |
| Stifel Financial Corp.  | 591 | &nbsp;&nbsp; 74005 |
| Swissquote Group Holding SA | 66 | &nbsp;&nbsp; 40066 |
| UBS Group AG | 12694 | &nbsp;&nbsp; 586806 |
|  |  | &nbsp;&nbsp; 11738868 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Liquide SA | 1797 | &nbsp;&nbsp; 338168 |
| Air Products & Chemicals, Inc.  | 355 | &nbsp;&nbsp; 87692 |
| BASF SE | 1872 | &nbsp;&nbsp; 97798 |
| Corteva, Inc.  | 3753 | &nbsp;&nbsp; 251564 |
| Dow, Inc.  | 1162 | &nbsp;&nbsp; 27168 |
| DuPont de Nemours, Inc.  | 1177 | &nbsp;&nbsp; 47315 |
| Ecolab, Inc.  | 2314 | &nbsp;&nbsp; 607471 |
| Givaudan SA | 22 | &nbsp;&nbsp; 87463 |
| International Flavors & Fragrances, Inc.  | 603 | &nbsp;&nbsp; 40636 |
| Linde PLC | 1538 | &nbsp;&nbsp; 655788 |
| Novonesis (Novozymes) - B Shares (b) | 1304 | &nbsp;&nbsp; 83508 |
| Sherwin-Williams Co.  | 1899 | &nbsp;&nbsp; 615333 |
| Shin-Etsu Chemical Co. Ltd.  | 2800 | &nbsp;&nbsp; 87075 |
| Sika AG | 340 | &nbsp;&nbsp; 69685 |
| Symrise AG | 468 | &nbsp;&nbsp; 37871 |
| Toray Industries, Inc.  | 7500 | &nbsp;&nbsp; 48880 |
|  |  | &nbsp;&nbsp; 3183415 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Brambles Ltd.  | 7133 | &nbsp;&nbsp; 109337 |
| Cintas Corp.  | 3570 | &nbsp;&nbsp; 671410 |
| Copart, Inc. (a) | 1184 | &nbsp;&nbsp; 46354 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-428**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| Japan Elevator Service Holdings Co. Ltd.  | 12000 | &nbsp;&nbsp; $133257 |
| Republic Services, Inc.  | 1272 | &nbsp;&nbsp; 269575 |
| Rollins, Inc.  | 3943 | &nbsp;&nbsp; 236659 |
| Veralto Corp.  | 904 | &nbsp;&nbsp; 90201 |
| Waste Connections, Inc.  | 2732 | &nbsp;&nbsp; 479102 |
| Waste Management, Inc.  | 1794 | &nbsp;&nbsp; 394160 |
|  |  | &nbsp;&nbsp; 2430055 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Accton Technology Corp.  | 1000 | &nbsp;&nbsp; 37455 |
| Arista Networks, Inc. (a) | 11576 | &nbsp;&nbsp; 1516803 |
| Ciena Corp. (a) | 772 | &nbsp;&nbsp; 180548 |
| Cisco Systems, Inc.  | 16013 | &nbsp;&nbsp; 1233481 |
| Motorola Solutions, Inc.  | 1170 | &nbsp;&nbsp; 448485 |
| Nokia OYJ | 6629 | &nbsp;&nbsp; 42936 |
| Telefonaktiebolaget LM Ericsson - B Shares | 7505 | &nbsp;&nbsp; 73265 |
|  |  | &nbsp;&nbsp; 3532973 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| ACS Actividades de Construccion y Servicios SA | 2441 | &nbsp;&nbsp; 242096 |
| Comfort Systems USA, Inc.  | 343 | &nbsp;&nbsp; 320119 |
| Eiffage SA | 635 | &nbsp;&nbsp; 91076 |
| EMCOR Group, Inc.  | 255 | &nbsp;&nbsp; 156006 |
| HOCHTIEF AG | 662 | &nbsp;&nbsp; 262020 |
| MasTec, Inc. (a) | 655 | &nbsp;&nbsp; 142377 |
| Obayashi Corp.  | 7300 | &nbsp;&nbsp; 152487 |
| Quanta Services, Inc.  | 537 | &nbsp;&nbsp; 226646 |
| Stantec, Inc.  | 1347 | &nbsp;&nbsp; 127109 |
| Taisei Corp.  | 1300 | &nbsp;&nbsp; 123240 |
| Vinci SA | 2648 | &nbsp;&nbsp; 371851 |
|  |  | &nbsp;&nbsp; 2215027 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Amrize Ltd. (a) | 2289 | &nbsp;&nbsp; 124693 |
| CRH PLC (b) | 4682 | &nbsp;&nbsp; 584314 |
| Heidelberg Materials AG | 1047 | &nbsp;&nbsp; 274178 |
| Holcim AG | 3183 | &nbsp;&nbsp; 312040 |
| Martin Marietta Materials, Inc.  | 73 | &nbsp;&nbsp; 45454 |
| Vulcan Materials Co.  | 1720 | &nbsp;&nbsp; 490578 |
|  |  | &nbsp;&nbsp; 1831257 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co.  | 4667 | &nbsp;&nbsp; 1726557 |
| Capital One Financial Corp.  | 2537 | &nbsp;&nbsp; 614867 |
| SoFi Technologies, Inc. (a) | 1749 | &nbsp;&nbsp; 45789 |
| Synchrony Financial | 942 | &nbsp;&nbsp; 78591 |
|  |  | &nbsp;&nbsp; 2465804 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Aeon Co. Ltd.  | 3300 | &nbsp;&nbsp; 52159 |
| Carrefour SA | 3035 | &nbsp;&nbsp; 50625 |
| Coles Group Ltd.  | 3066 | &nbsp;&nbsp; 43869 |
| Costco Wholesale Corp.  | 1625 | &nbsp;&nbsp; 1401302 |
| Dollar General Corp.  | 3572 | &nbsp;&nbsp; 474254 |
| Dollar Tree, Inc. (a) | 366 | &nbsp;&nbsp; 45022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** |
| Koninklijke Ahold Delhaize NV | 10134 | &nbsp;&nbsp; $415624 |
| Kroger Co.  | 3021 | &nbsp;&nbsp; 188752 |
| Loblaw Cos. Ltd.  | 7233 | &nbsp;&nbsp; 326988 |
| Metro, Inc.  | 1374 | &nbsp;&nbsp; 98894 |
| Seven & i Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 91910 |
| Sysco Corp.  | 1416 | &nbsp;&nbsp; 104345 |
| Target Corp.  | 476 | &nbsp;&nbsp; 46529 |
| Tesco PLC | 9923 | &nbsp;&nbsp; 59080 |
| Walmart, Inc.  | 14634 | &nbsp;&nbsp; 1630374 |
| Woolworths Group Ltd.  | 3953 | &nbsp;&nbsp; 77420 |
|  |  | &nbsp;&nbsp; 5107147 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| International Paper Co. (b) | 1438 | &nbsp;&nbsp; 56643 |
| Packaging Corp. of America | 267 | &nbsp;&nbsp; 55063 |
| Smurfit WestRock PLC | 968 | &nbsp;&nbsp; 37433 |
|  |  | &nbsp;&nbsp; 149139 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Frontdoor, Inc. (a) | 716 | &nbsp;&nbsp; 41306 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| CapitaLand Integrated Commercial Trust | 93000 | &nbsp;&nbsp; 172504 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc.  | 25917 | &nbsp;&nbsp; 643778 |
| Cellnex Telecom SA (a) | 1327 | &nbsp;&nbsp; 42685 |
| Deutsche Telekom AG | 18158 | &nbsp;&nbsp; 588997 |
| Koninklijke KPN NV | 66196 | &nbsp;&nbsp; 309675 |
| NTT, Inc.  | 69200 | &nbsp;&nbsp; 69816 |
| Orange SA | 2771 | &nbsp;&nbsp; 46235 |
| Singapore Telecommunications Ltd.  | 73900 | &nbsp;&nbsp; 261831 |
| Telstra Group Ltd.  | 44459 | &nbsp;&nbsp; 144223 |
| Verizon Communications, Inc.  | 15052 | &nbsp;&nbsp; 613068 |
|  |  | &nbsp;&nbsp; 2720308 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| American Electric Power Co., Inc.  | 774 | &nbsp;&nbsp; 89250 |
| Constellation Energy Corp. (b) | 1284 | &nbsp;&nbsp; 453599 |
| Duke Energy Corp.  | 1896 | &nbsp;&nbsp; 222230 |
| Edison International | 1042 | &nbsp;&nbsp; 62541 |
| Endesa SA | 2604 | &nbsp;&nbsp; 93736 |
| Enel SpA | 12144 | &nbsp;&nbsp; 126530 |
| Entergy Corp.  | 500 | &nbsp;&nbsp; 46215 |
| Eversource Energy | 1077 | &nbsp;&nbsp; 72515 |
| Exelon Corp. (b) | 5819 | &nbsp;&nbsp; 253650 |
| Hydro One Ltd.  | 7711 | &nbsp;&nbsp; 306968 |
| Iberdrola SA | 35570 | &nbsp;&nbsp; 769917 |
| Kansai Electric Power Co., Inc.  | 3300 | &nbsp;&nbsp; 51780 |
| NextEra Energy, Inc.  | 15846 | &nbsp;&nbsp; 1272117 |
| NRG Energy, Inc.  | 1068 | &nbsp;&nbsp; 170068 |
| PG&E Corp.  | 2977 | &nbsp;&nbsp; 47840 |
| Southern Co.  | 3247 | &nbsp;&nbsp; 283138 |
| SSE PLC | 1862 | &nbsp;&nbsp; 54598 |
| Terna - Rete Elettrica Nazionale | 30524 | &nbsp;&nbsp; 324571 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-429**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** |
| Xcel Energy, Inc.  | 1038 | &nbsp;&nbsp; $76667 |
|  |  | &nbsp;&nbsp; 4777930 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| ABB Ltd.  | 8163 | &nbsp;&nbsp; 603420 |
| Acuity, Inc.  | 200 | &nbsp;&nbsp; 72008 |
| Eaton Corp. PLC | 1643 | &nbsp;&nbsp; 523312 |
| Emerson Electric Co. (b) | 5384 | &nbsp;&nbsp; 714564 |
| Fujikura Ltd.  | 2700 | &nbsp;&nbsp; 301549 |
| Furukawa Electric Co. Ltd.  | 1100 | &nbsp;&nbsp; 70483 |
| GE Vernova, Inc.  | 2758 | &nbsp;&nbsp; 1802546 |
| HD Hyundai Electric Co. Ltd.  | 375 | &nbsp;&nbsp; 201767 |
| Legrand SA | 955 | &nbsp;&nbsp; 141919 |
| Mitsubishi Electric Corp.  | 1800 | &nbsp;&nbsp; 52806 |
| Nexans SA | 365 | &nbsp;&nbsp; 53675 |
| NIDEC Corp.  | 3100 | &nbsp;&nbsp; 41980 |
| nVent Electric PLC | 1114 | &nbsp;&nbsp; 113595 |
| Prysmian SpA | 1514 | &nbsp;&nbsp; 150964 |
| Rockwell Automation, Inc.  | 536 | &nbsp;&nbsp; 208541 |
| Schneider Electric SE | 2389 | &nbsp;&nbsp; 654828 |
| Siemens Energy AG (a) | 3021 | &nbsp;&nbsp; 426951 |
| Vertiv Holdings Co. - Class A | 5289 | &nbsp;&nbsp; 856871 |
| Vestas Wind Systems AS | 1546 | &nbsp;&nbsp; 41740 |
|  |  | &nbsp;&nbsp; 7033519 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp. - Class A | 9438 | &nbsp;&nbsp; 1275451 |
| CDW Corp.  | 353 | &nbsp;&nbsp; 48079 |
| Celestica, Inc. (a) | 579 | &nbsp;&nbsp; 171272 |
| Coherent Corp. (a) | 418 | &nbsp;&nbsp; 77150 |
| Corning, Inc.  | 3594 | &nbsp;&nbsp; 314691 |
| Delta Electronics, Inc.  | 1000 | &nbsp;&nbsp; 30428 |
| Jabil, Inc.  | 541 | &nbsp;&nbsp; 123359 |
| Keyence Corp.  | 600 | &nbsp;&nbsp; 217383 |
| Keysight Technologies, Inc. (a) | 775 | &nbsp;&nbsp; 157472 |
| Murata Manufacturing Co. Ltd.  | 4500 | &nbsp;&nbsp; 93418 |
| TDK Corp.  | 2300 | &nbsp;&nbsp; 32542 |
| TE Connectivity PLC | 4114 | &nbsp;&nbsp; 935976 |
| Yokogawa Electric Corp.  | 4000 | &nbsp;&nbsp; 128285 |
| Zebra Technologies Corp. - Class A (a) | 183 | &nbsp;&nbsp; 44436 |
|  |  | &nbsp;&nbsp; 3649942 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co.  | 4259 | &nbsp;&nbsp; 193955 |
| Halliburton Co.  | 4020 | &nbsp;&nbsp; 113605 |
| SLB Ltd.  | 2524 | &nbsp;&nbsp; 96871 |
|  |  | &nbsp;&nbsp; 404431 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Capcom Co. Ltd.  | 2100 | &nbsp;&nbsp; 48858 |
| Electronic Arts, Inc. (b) | 547 | &nbsp;&nbsp; 111769 |
| Liberty Media Corp.-Liberty Formula One - Class C (a) | 810 | &nbsp;&nbsp; 79793 |
| Live Nation Entertainment, Inc. (a) (b) | 269 | &nbsp;&nbsp; 38333 |
| Netflix, Inc. (a) | 23554 | &nbsp;&nbsp; 2208423 |
| Nintendo Co. Ltd.  | 4400 | &nbsp;&nbsp; 297217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| ROBLOX Corp. - Class A (a) | 547 | &nbsp;&nbsp; $44323 |
| Spotify Technology SA (a) | 699 | &nbsp;&nbsp; 405916 |
| Take-Two Interactive Software, Inc. (a) | 487 | &nbsp;&nbsp; 124687 |
| Tencent Music Entertainment Group (ADR) | 3462 | &nbsp;&nbsp; 60689 |
| Walt Disney Co.  | 8746 | &nbsp;&nbsp; 995032 |
| Warner Bros Discovery, Inc. (a) | 3660 | &nbsp;&nbsp; 105481 |
|  |  | &nbsp;&nbsp; 4520521 |
| **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| Adyen NV (a) | 39 | &nbsp;&nbsp; 62575 |
| Affirm Holdings, Inc. (a) | 575 | &nbsp;&nbsp; 42797 |
| Berkshire Hathaway, Inc. - Class B (a) | 4268 | &nbsp;&nbsp; 2145310 |
| Block, Inc. (a) | 1251 | &nbsp;&nbsp; 81428 |
| Fidelity National Information Services, Inc.  | 1093 | &nbsp;&nbsp; 72641 |
| Fiserv, Inc. (a) | 1366 | &nbsp;&nbsp; 91754 |
| Global Payments, Inc.  | 481 | &nbsp;&nbsp; 37230 |
| Industrivarden AB - C Shares | 815 | &nbsp;&nbsp; 36551 |
| Investor AB - B Shares | 4419 | &nbsp;&nbsp; 157698 |
| Mastercard, Inc. - Class A | 3411 | &nbsp;&nbsp; 1947272 |
| ORIX Corp.  | 1800 | &nbsp;&nbsp; 52329 |
| PayPal Holdings, Inc.  | 3053 | &nbsp;&nbsp; 178234 |
| Poste Italiane SpA | 3820 | &nbsp;&nbsp; 96102 |
| Visa, Inc. - Class A | 9409 | &nbsp;&nbsp; 3299830 |
|  |  | &nbsp;&nbsp; 8301751 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Ajinomoto Co., Inc.  | 8200 | &nbsp;&nbsp; 173437 |
| Archer-Daniels-Midland Co.  | 1119 | &nbsp;&nbsp; 64331 |
| Danone SA | 1440 | &nbsp;&nbsp; 129930 |
| General Mills, Inc.  | 877 | &nbsp;&nbsp; 40781 |
| JDE Peet's NV | 930 | &nbsp;&nbsp; 34821 |
| Magnum Ice Cream Co. NV (a) | 728 | &nbsp;&nbsp; 11555 |
| Mondelez International, Inc. - Class A (b) | 4986 | &nbsp;&nbsp; 268396 |
| Nestle SA (b) | 8936 | &nbsp;&nbsp; 888180 |
|  |  | &nbsp;&nbsp; 1611431 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp.  | 1072 | &nbsp;&nbsp; 179699 |
| Hong Kong & China Gas Co. Ltd.  | 52857 | &nbsp;&nbsp; 47562 |
| Italgas SpA | 31502 | &nbsp;&nbsp; 352235 |
|  |  | &nbsp;&nbsp; 579496 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Canadian National Railway Co.  | 998 | &nbsp;&nbsp; 98706 |
| Canadian Pacific Kansas City Ltd. (b) | 2572 | &nbsp;&nbsp; 189356 |
| CSX Corp.  | 4087 | &nbsp;&nbsp; 148154 |
| Norfolk Southern Corp.  | 468 | &nbsp;&nbsp; 135121 |
| Old Dominion Freight Line, Inc.  | 301 | &nbsp;&nbsp; 47197 |
| Uber Technologies, Inc. (a) | 12440 | &nbsp;&nbsp; 1016472 |
| Union Pacific Corp. (b) | 2091 | &nbsp;&nbsp; 483690 |
| West Japan Railway Co.  | 2000 | &nbsp;&nbsp; 39993 |
|  |  | &nbsp;&nbsp; 2158689 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| Abbott Laboratories | 6301 | &nbsp;&nbsp; 789452 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-430**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Baxter International, Inc.  | 1354 | &nbsp;&nbsp; $25875 |
| Becton Dickinson & Co.  | 669 | &nbsp;&nbsp; 129833 |
| Boston Scientific Corp. (a) | 15250 | &nbsp;&nbsp; 1454088 |
| Cochlear Ltd.  | 229 | &nbsp;&nbsp; 39688 |
| Edwards Lifesciences Corp. (a) | 3048 | &nbsp;&nbsp; 259842 |
| EssilorLuxottica SA | 1274 | &nbsp;&nbsp; 402806 |
| GE HealthCare Technologies, Inc.  | 966 | &nbsp;&nbsp; 79231 |
| Hoya Corp.  | 1700 | &nbsp;&nbsp; 257497 |
| IDEXX Laboratories, Inc. (a) (b) | 946 | &nbsp;&nbsp; 639997 |
| Intuitive Surgical, Inc. (a) | 2116 | &nbsp;&nbsp; 1198418 |
| Koninklijke Philips NV | 2434 | &nbsp;&nbsp; 65876 |
| Medtronic PLC | 5514 | &nbsp;&nbsp; 529675 |
| ResMed, Inc. (b) | 1183 | &nbsp;&nbsp; 284949 |
| Stryker Corp.  | 2452 | &nbsp;&nbsp; 861804 |
| Sysmex Corp.  | 3000 | &nbsp;&nbsp; 29570 |
| Zimmer Biomet Holdings, Inc.  | 526 | &nbsp;&nbsp; 47298 |
|  |  | &nbsp;&nbsp; 7095899 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Cardinal Health, Inc.  | 2369 | &nbsp;&nbsp; 486829 |
| Cencora, Inc.  | 1259 | &nbsp;&nbsp; 425227 |
| Cigna Group | 755 | &nbsp;&nbsp; 207799 |
| CVS Health Corp.  | 4195 | &nbsp;&nbsp; 332915 |
| Elevance Health, Inc.  | 718 | &nbsp;&nbsp; 251695 |
| Fresenius Medical Care AG | 881 | &nbsp;&nbsp; 42209 |
| HCA Healthcare, Inc.  | 1485 | &nbsp;&nbsp; 693287 |
| Hims & Hers Health, Inc. (a) (b) | 1991 | &nbsp;&nbsp; 64648 |
| Humana, Inc.  | 204 | &nbsp;&nbsp; 52251 |
| McKesson Corp.  | 674 | &nbsp;&nbsp; 552875 |
| Quest Diagnostics, Inc.  | 992 | &nbsp;&nbsp; 172142 |
| UnitedHealth Group, Inc.  | 4210 | &nbsp;&nbsp; 1389763 |
|  |  | &nbsp;&nbsp; 4671640 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| CareTrust REIT, Inc. (b) | 4243 | &nbsp;&nbsp; 153427 |
| Omega Healthcare Investors, Inc.  | 4663 | &nbsp;&nbsp; 206757 |
| Sabra Health Care REIT, Inc.  | 8173 | &nbsp;&nbsp; 154797 |
| Ventas, Inc. (b) | 7675 | &nbsp;&nbsp; 593892 |
| Welltower, Inc.  | 3828 | &nbsp;&nbsp; 710515 |
|  |  | &nbsp;&nbsp; 1819388 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| Veeva Systems, Inc. - Class A (a) | 408 | &nbsp;&nbsp; 91078 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Accor SA | 893 | &nbsp;&nbsp; 50598 |
| Airbnb, Inc. - Class A (a) | 651 | &nbsp;&nbsp; 88354 |
| Amadeus IT Group SA | 1360 | &nbsp;&nbsp; 99754 |
| Aristocrat Leisure Ltd.  | 1543 | &nbsp;&nbsp; 59838 |
| Booking Holdings, Inc.  | 273 | &nbsp;&nbsp; 1462005 |
| Chipotle Mexican Grill, Inc. (a) | 3568 | &nbsp;&nbsp; 132016 |
| Compass Group PLC | 2891 | &nbsp;&nbsp; 91977 |
| Delivery Hero SE (a) | 1027 | &nbsp;&nbsp; 27420 |
| DoorDash, Inc. - Class A (a) | 1372 | &nbsp;&nbsp; 310730 |
| Evolution AB | 551 | &nbsp;&nbsp; 37499 |
| Expedia Group, Inc.  | 210 | &nbsp;&nbsp; 59495 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Flutter Entertainment PLC (a) | 370 | &nbsp;&nbsp; $80209 |
| Galaxy Entertainment Group Ltd.  | 9000 | &nbsp;&nbsp; 44143 |
| Hilton Worldwide Holdings, Inc.  | 1031 | &nbsp;&nbsp; 296155 |
| InterContinental Hotels Group PLC | 865 | &nbsp;&nbsp; 121167 |
| Marriott International, Inc. - Class A | 304 | &nbsp;&nbsp; 94313 |
| McDonald's Corp.  | 2340 | &nbsp;&nbsp; 715174 |
| Oriental Land Co. Ltd.  | 2400 | &nbsp;&nbsp; 44394 |
| Royal Caribbean Cruises Ltd. (b) | 1397 | &nbsp;&nbsp; 389651 |
| Starbucks Corp.  | 3104 | &nbsp;&nbsp; 261388 |
| Texas Roadhouse, Inc.  | 1833 | &nbsp;&nbsp; 304278 |
| Yum! Brands, Inc.  | 710 | &nbsp;&nbsp; 107409 |
|  |  | &nbsp;&nbsp; 4877967 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc.  | 1361 | &nbsp;&nbsp; 196025 |
| Garmin Ltd.  | 579 | &nbsp;&nbsp; 117450 |
| Lennar Corp. - Class A | 876 | &nbsp;&nbsp; 90053 |
| NVR, Inc. (a) (b) | 39 | &nbsp;&nbsp; 284418 |
| Panasonic Holdings Corp.  | 3100 | &nbsp;&nbsp; 40554 |
| PulteGroup, Inc.  | 640 | &nbsp;&nbsp; 75047 |
| SharkNinja, Inc. (a) | 655 | &nbsp;&nbsp; 73295 |
| Sony Group Corp.  | 21400 | &nbsp;&nbsp; 546987 |
| Sumitomo Forestry Co. Ltd.  | 3400 | &nbsp;&nbsp; 34718 |
|  |  | &nbsp;&nbsp; 1458547 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Clorox Co.  | 372 | &nbsp;&nbsp; 37509 |
| Colgate-Palmolive Co.  | 4538 | &nbsp;&nbsp; 358593 |
| Essity AB - Class B | 2798 | &nbsp;&nbsp; 80604 |
| Kimberly-Clark Corp.  | 1529 | &nbsp;&nbsp; 154261 |
| Procter & Gamble Co.  | 13893 | &nbsp;&nbsp; 1991006 |
| Reckitt Benckiser Group PLC | 3898 | &nbsp;&nbsp; 315586 |
|  |  | &nbsp;&nbsp; 2937559 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Meridian Energy Ltd.  | 17475 | &nbsp;&nbsp; 56289 |
| RWE AG | 1723 | &nbsp;&nbsp; 91682 |
| Vistra Corp.  | 848 | &nbsp;&nbsp; 136808 |
|  |  | &nbsp;&nbsp; 284779 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co.  | 1966 | &nbsp;&nbsp; 314756 |
| CK Hutchison Holdings Ltd.  | 7000 | &nbsp;&nbsp; 47691 |
| Hitachi Ltd.  | 22000 | &nbsp;&nbsp; 682520 |
| Honeywell International, Inc.  | 1087 | &nbsp;&nbsp; 212063 |
| Lifco AB - B Shares | 1253 | &nbsp;&nbsp; 47354 |
| Sekisui Chemical Co. Ltd.  | 2000 | &nbsp;&nbsp; 33554 |
| Siemens AG | 2887 | &nbsp;&nbsp; 810774 |
|  |  | &nbsp;&nbsp; 2148712 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Goodman Group | 2026 | &nbsp;&nbsp; 41653 |
| Prologis, Inc.  | 3324 | &nbsp;&nbsp; 424342 |
|  |  | &nbsp;&nbsp; 465995 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-431**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Aflac, Inc.  | 2051 | &nbsp;&nbsp; $226164 |
| AIA Group Ltd.  | 37800 | &nbsp;&nbsp; 388262 |
| Allianz SE | 1462 | &nbsp;&nbsp; 670573 |
| Allstate Corp.  | 560 | &nbsp;&nbsp; 116564 |
| American International Group, Inc.  | 1112 | &nbsp;&nbsp; 95132 |
| Aon PLC - Class A | 644 | &nbsp;&nbsp; 227255 |
| Arthur J Gallagher & Co.  | 365 | &nbsp;&nbsp; 94458 |
| ASR Nederland NV | 1487 | &nbsp;&nbsp; 105557 |
| Assurant, Inc.  | 348 | &nbsp;&nbsp; 83816 |
| AXA SA | 9209 | &nbsp;&nbsp; 442905 |
| Axis Capital Holdings Ltd.  | 607 | &nbsp;&nbsp; 65004 |
| Chubb Ltd.  | 3124 | &nbsp;&nbsp; 975063 |
| Dai-ichi Life Holdings, Inc.  | 15100 | &nbsp;&nbsp; 125363 |
| Fairfax Financial Holdings Ltd.  | 40 | &nbsp;&nbsp; 76234 |
| Generali | 5267 | &nbsp;&nbsp; 221087 |
| Globe Life, Inc.  | 560 | &nbsp;&nbsp; 78322 |
| Great-West Lifeco, Inc.  | 2119 | &nbsp;&nbsp; 104503 |
| Hannover Rueck SE | 481 | &nbsp;&nbsp; 150285 |
| Hartford Insurance Group, Inc.  | 1507 | &nbsp;&nbsp; 207665 |
| Manulife Financial Corp.  | 10130 | &nbsp;&nbsp; 367840 |
| Markel Group, Inc. (a) | 65 | &nbsp;&nbsp; 139727 |
| Marsh & McLennan Cos., Inc.  | 1678 | &nbsp;&nbsp; 311302 |
| MS&AD Insurance Group Holdings, Inc.  | 1600 | &nbsp;&nbsp; 37675 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 618 | &nbsp;&nbsp; 408114 |
| NN Group NV | 1564 | &nbsp;&nbsp; 120402 |
| Progressive Corp.  | 3583 | &nbsp;&nbsp; 815921 |
| Prudential Financial, Inc.  | 394 | &nbsp;&nbsp; 44475 |
| Prudential PLC | 4276 | &nbsp;&nbsp; 65975 |
| Sompo Holdings, Inc.  | 1100 | &nbsp;&nbsp; 37449 |
| Sun Life Financial, Inc.  | 1219 | &nbsp;&nbsp; 76095 |
| Swiss Re AG | 889 | &nbsp;&nbsp; 148244 |
| T&D Holdings, Inc.  | 3800 | &nbsp;&nbsp; 87567 |
| Tokio Marine Holdings, Inc.  | 5100 | &nbsp;&nbsp; 189342 |
| Travelers Cos., Inc.  | 282 | &nbsp;&nbsp; 81797 |
| W.R. Berkley Corp.  | 631 | &nbsp;&nbsp; 44246 |
| Willis Towers Watson PLC (b) | 326 | &nbsp;&nbsp; 107124 |
| Zurich Insurance Group AG | 758 | &nbsp;&nbsp; 575335 |
|  |  | &nbsp;&nbsp; 8112842 |
| **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** |
| Alphabet, Inc. - Class A | 27534 | &nbsp;&nbsp; 8618142 |
| Alphabet, Inc. - Class C | 22740 | &nbsp;&nbsp; 7135812 |
| Auto Trader Group PLC | 4046 | &nbsp;&nbsp; 31906 |
| Bilibili, Inc. (ADR) (a) (b) | 2513 | &nbsp;&nbsp; 61795 |
| Cargurus, Inc. (a) | 1189 | &nbsp;&nbsp; 45598 |
| LY Corp.  | 14300 | &nbsp;&nbsp; 38076 |
| Meta Platforms, Inc. - Class A | 10236 | &nbsp;&nbsp; 6756681 |
| Pinterest, Inc. - Class A (a) | 774 | &nbsp;&nbsp; 20039 |
| Reddit, Inc. - Class A (a) | 686 | &nbsp;&nbsp; 157691 |
| Snap, Inc. - Class A (a) | 3562 | &nbsp;&nbsp; 28745 |
| Tencent Holdings Ltd.  | 1600 | &nbsp;&nbsp; 122603 |
|  |  | &nbsp;&nbsp; 23017088 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Accenture PLC - Class A | 1705 | &nbsp;&nbsp; 457451 |
| Cloudflare, Inc. - Class A (a) | 1275 | &nbsp;&nbsp; 251366 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
| Cognizant Technology Solutions Corp. - Class A | 814 | &nbsp;&nbsp; $67562 |
| Fujitsu Ltd.  | 6300 | &nbsp;&nbsp; 172731 |
| Gartner, Inc. (a) | 147 | &nbsp;&nbsp; 37085 |
| International Business Machines Corp.  | 4086 | &nbsp;&nbsp; 1210314 |
| MongoDB, Inc. (a) | 69 | &nbsp;&nbsp; 28959 |
| NEC Corp.  | 4300 | &nbsp;&nbsp; 144992 |
| Obic Co. Ltd.  | 1300 | &nbsp;&nbsp; 40851 |
| Okta, Inc. (a) | 1100 | &nbsp;&nbsp; 95117 |
| Shopify, Inc. - Class A (a) | 6462 | &nbsp;&nbsp; 1040363 |
| Snowflake, Inc. - Class A (a) | 2903 | &nbsp;&nbsp; 636802 |
| Twilio, Inc. - Class A (a) | 428 | &nbsp;&nbsp; 60879 |
| VeriSign, Inc.  | 324 | &nbsp;&nbsp; 78716 |
|  |  | &nbsp;&nbsp; 4323188 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Shimano, Inc.  | 200 | &nbsp;&nbsp; 21116 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Agilent Technologies, Inc.  | 1236 | &nbsp;&nbsp; 168182 |
| Danaher Corp.  | 2180 | &nbsp;&nbsp; 499045 |
| Illumina, Inc. (a) (b) | 488 | &nbsp;&nbsp; 64006 |
| IQVIA Holdings, Inc. (a) | 321 | &nbsp;&nbsp; 72357 |
| Lonza Group AG (b) | 97 | &nbsp;&nbsp; 65626 |
| Mettler-Toledo International, Inc. (a) | 35 | &nbsp;&nbsp; 48797 |
| Thermo Fisher Scientific, Inc.  | 2282 | &nbsp;&nbsp; 1322305 |
| West Pharmaceutical Services, Inc.  | 256 | &nbsp;&nbsp; 70436 |
|  |  | &nbsp;&nbsp; 2310754 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Atlas Copco AB - A Shares | 8929 | &nbsp;&nbsp; 159970 |
| Caterpillar, Inc.  | 1644 | &nbsp;&nbsp; 941798 |
| Cummins, Inc.  | 568 | &nbsp;&nbsp; 289936 |
| Daimler Truck Holding AG | 1692 | &nbsp;&nbsp; 74193 |
| Deere & Co. (b) | 1399 | &nbsp;&nbsp; 651332 |
| Ebara Corp.  | 6500 | &nbsp;&nbsp; 153313 |
| ESCO Technologies, Inc.  | 322 | &nbsp;&nbsp; 62916 |
| FANUC Corp. (b) | 2500 | &nbsp;&nbsp; 97299 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 137 | &nbsp;&nbsp; 38728 |
| IHI Corp.  | 1600 | &nbsp;&nbsp; 28211 |
| Illinois Tool Works, Inc. (b) | 1473 | &nbsp;&nbsp; 362800 |
| IMI PLC | 1367 | &nbsp;&nbsp; 45574 |
| Komatsu Ltd.  | 9600 | &nbsp;&nbsp; 306883 |
| Konecranes OYJ | 1084 | &nbsp;&nbsp; 118931 |
| Mitsubishi Heavy Industries Ltd.  | 4000 | &nbsp;&nbsp; 97968 |
| Otis Worldwide Corp.  | 1596 | &nbsp;&nbsp; 139411 |
| Parker-Hannifin Corp.  | 1312 | &nbsp;&nbsp; 1153196 |
| Pentair PLC | 897 | &nbsp;&nbsp; 93414 |
| Techtronic Industries Co. Ltd.  | 5000 | &nbsp;&nbsp; 57444 |
| Toyota Industries Corp.  | 400 | &nbsp;&nbsp; 45421 |
| Volvo AB - B Shares | 5380 | &nbsp;&nbsp; 172450 |
| Wartsila OYJ Abp | 1566 | &nbsp;&nbsp; 55405 |
| Westinghouse Air Brake Technologies Corp.  | 230 | &nbsp;&nbsp; 49093 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 56200 | &nbsp;&nbsp; 152159 |
|  |  | &nbsp;&nbsp; 5347845 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-432**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Mitsui OSK Lines Ltd.  | 1600 | &nbsp;&nbsp; $48036 |
| Nippon Yusen KK | 1300 | &nbsp;&nbsp; 42090 |
|  |  | &nbsp;&nbsp; 90126 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Comcast Corp. - Class A | 5023 | &nbsp;&nbsp; 150138 |
| Fox Corp. - Class A | 759 | &nbsp;&nbsp; 55460 |
| Publicis Groupe SA | 490 | &nbsp;&nbsp; 50833 |
| Trade Desk, Inc. - Class A (a) | 1623 | &nbsp;&nbsp; 61609 |
|  |  | &nbsp;&nbsp; 318040 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| Agnico Eagle Mines Ltd.  | 1562 | &nbsp;&nbsp; 264887 |
| Alamos Gold, Inc. - Class A | 3070 | &nbsp;&nbsp; 118546 |
| Anglo American PLC | 3477 | &nbsp;&nbsp; 143285 |
| B2Gold Corp.  | 14170 | &nbsp;&nbsp; 63801 |
| Barrick Mining Corp.  | 2447 | &nbsp;&nbsp; 106594 |
| BHP Group Ltd.  | 15967 | &nbsp;&nbsp; 481821 |
| Boliden AB (a) | 1311 | &nbsp;&nbsp; 72551 |
| Evolution Mining Ltd.  | 5490 | &nbsp;&nbsp; 46187 |
| Franco-Nevada Corp.  | 1330 | &nbsp;&nbsp; 275690 |
| Freeport-McMoRan, Inc.  | 12644 | &nbsp;&nbsp; 642189 |
| Glencore PLC (a) | 11474 | &nbsp;&nbsp; 62416 |
| Gold Fields Ltd. (ADR) | 1997 | &nbsp;&nbsp; 87189 |
| Kinross Gold Corp.  | 5259 | &nbsp;&nbsp; 148128 |
| Mitsui Kinzoku Co. Ltd.  | 700 | &nbsp;&nbsp; 79076 |
| Newmont Corp.  | 4141 | &nbsp;&nbsp; 413479 |
| Nippon Steel Corp.  | 11000 | &nbsp;&nbsp; 44986 |
| Northern Star Resources Ltd.  | 3150 | &nbsp;&nbsp; 55876 |
| Nucor Corp. (b) | 1367 | &nbsp;&nbsp; 222971 |
| Rio Tinto Ltd.  | 893 | &nbsp;&nbsp; 87512 |
| Rio Tinto PLC | 4662 | &nbsp;&nbsp; 371957 |
| Steel Dynamics, Inc. (b) | 2595 | &nbsp;&nbsp; 439723 |
| Sumitomo Metal Mining Co. Ltd.  | 900 | &nbsp;&nbsp; 36188 |
|  |  | &nbsp;&nbsp; 4265052 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| CenterPoint Energy, Inc. (b) | 3000 | &nbsp;&nbsp; 115020 |
| Consolidated Edison, Inc.  | 1976 | &nbsp;&nbsp; 196256 |
| Dominion Energy, Inc.  | 1846 | &nbsp;&nbsp; 108157 |
| E.ON SE | 14230 | &nbsp;&nbsp; 269757 |
| Engie SA | 4894 | &nbsp;&nbsp; 128681 |
| National Grid PLC | 21686 | &nbsp;&nbsp; 334205 |
| NiSource, Inc.  | 818 | &nbsp;&nbsp; 34160 |
| Public Service Enterprise Group, Inc.  | 537 | &nbsp;&nbsp; 43121 |
| Sempra (b) | 2834 | &nbsp;&nbsp; 250214 |
| WEC Energy Group, Inc.  | 1371 | &nbsp;&nbsp; 144586 |
|  |  | &nbsp;&nbsp; 1624157 |
| **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| BP PLC | 42216 | &nbsp;&nbsp; 245063 |
| Cameco Corp.  | 2251 | &nbsp;&nbsp; 206117 |
| Canadian Natural Resources Ltd. (b) | 6208 | &nbsp;&nbsp; 210273 |
| Cenovus Energy, Inc.  | 3142 | &nbsp;&nbsp; 53155 |
| Chevron Corp.  | 6788 | &nbsp;&nbsp; 1034559 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| ConocoPhillips | 7874 | &nbsp;&nbsp; $737085 |
| Enbridge, Inc.  | 10791 | &nbsp;&nbsp; 516377 |
| Eni SpA | 11330 | &nbsp;&nbsp; 214909 |
| EOG Resources, Inc.  | 2920 | &nbsp;&nbsp; 306629 |
| Expand Energy Corp.  | 466 | &nbsp;&nbsp; 51428 |
| Exxon Mobil Corp.  | 13342 | &nbsp;&nbsp; 1605576 |
| Gaztransport Et Technigaz SA | 1454 | &nbsp;&nbsp; 266754 |
| Inpex Corp.  | 8400 | &nbsp;&nbsp; 166232 |
| Kinder Morgan, Inc.  | 5142 | &nbsp;&nbsp; 141354 |
| Marathon Petroleum Corp.  | 631 | &nbsp;&nbsp; 102620 |
| Occidental Petroleum Corp.  | 1154 | &nbsp;&nbsp; 47452 |
| OMV AG | 1559 | &nbsp;&nbsp; 86721 |
| ONEOK, Inc.  | 1159 | &nbsp;&nbsp; 85186 |
| Phillips 66 Co.  | 800 | &nbsp;&nbsp; 103232 |
| Repsol SA (b) | 8608 | &nbsp;&nbsp; 161223 |
| Santos Ltd.  | 8655 | &nbsp;&nbsp; 35499 |
| Shell PLC | 24841 | &nbsp;&nbsp; 913517 |
| Suncor Energy, Inc.  | 3508 | &nbsp;&nbsp; 155701 |
| Targa Resources Corp.  | 771 | &nbsp;&nbsp; 142249 |
| TC Energy Corp.  | 2292 | &nbsp;&nbsp; 126210 |
| Texas Pacific Land Corp.  | 96 | &nbsp;&nbsp; 27573 |
| TotalEnergies SE | 7772 | &nbsp;&nbsp; 506562 |
| Valero Energy Corp.  | 727 | &nbsp;&nbsp; 118348 |
| Williams Cos., Inc.  | 6833 | &nbsp;&nbsp; 410732 |
| Woodside Energy Group Ltd.  | 3882 | &nbsp;&nbsp; 60787 |
|  |  | &nbsp;&nbsp; 8839123 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| UPM-Kymmene OYJ (b) | 2368 | &nbsp;&nbsp; 68623 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Estee Lauder Cos., Inc. - Class A | 4108 | &nbsp;&nbsp; 430190 |
| Kenvue, Inc.  | 2155 | &nbsp;&nbsp; 37174 |
| L'Oreal SA | 796 | &nbsp;&nbsp; 341908 |
| Shiseido Co. Ltd.  | 100 | &nbsp;&nbsp; 1460 |
| Unilever PLC | 8179 | &nbsp;&nbsp; 534754 |
|  |  | &nbsp;&nbsp; 1345486 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Astellas Pharma, Inc.  | 14400 | &nbsp;&nbsp; 192399 |
| AstraZeneca PLC | 5248 | &nbsp;&nbsp; 966639 |
| Bayer AG | 1388 | &nbsp;&nbsp; 59874 |
| Bristol-Myers Squibb Co.  | 17649 | &nbsp;&nbsp; 951987 |
| Chugai Pharmaceutical Co. Ltd.  | 1500 | &nbsp;&nbsp; 78852 |
| Daiichi Sankyo Co. Ltd.  | 2800 | &nbsp;&nbsp; 59633 |
| Eli Lilly & Co.  | 3774 | &nbsp;&nbsp; 4055842 |
| GSK PLC | 16344 | &nbsp;&nbsp; 401663 |
| Haleon PLC | 10184 | &nbsp;&nbsp; 51533 |
| Johnson & Johnson | 8021 | &nbsp;&nbsp; 1659946 |
| Merck & Co., Inc.  | 8200 | &nbsp;&nbsp; 863132 |
| Novartis AG | 7348 | &nbsp;&nbsp; 1015040 |
| Novo Nordisk AS - Class B (b) | 10466 | &nbsp;&nbsp; 533481 |
| Orion OYJ - Class B | 2865 | &nbsp;&nbsp; 213940 |
| Pfizer, Inc.  | 18165 | &nbsp;&nbsp; 452309 |
| Recordati Industria Chimica e Farmaceutica SpA | 841 | &nbsp;&nbsp; 47904 |
| Roche Holding AG (b) | 2060 | &nbsp;&nbsp; 851332 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-433**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Sandoz Group AG | 1048 | &nbsp;&nbsp; $76380 |
| Sanofi SA | 2754 | &nbsp;&nbsp; 267187 |
| Takeda Pharmaceutical Co. Ltd.  | 5200 | &nbsp;&nbsp; 161548 |
| UCB SA | 193 | &nbsp;&nbsp; 53831 |
| Zoetis, Inc.  | 755 | &nbsp;&nbsp; 94994 |
|  |  | &nbsp;&nbsp; 13109446 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Automatic Data Processing, Inc.  | 1314 | &nbsp;&nbsp; 338000 |
| Experian PLC | 2431 | &nbsp;&nbsp; 109946 |
| Leidos Holdings, Inc.  | 1123 | &nbsp;&nbsp; 202589 |
| MEITEC Group Holdings, Inc.  | 2800 | &nbsp;&nbsp; 63399 |
| Paychex, Inc. (b) | 1043 | &nbsp;&nbsp; 117004 |
| Recruit Holdings Co. Ltd.  | 5700 | &nbsp;&nbsp; 325168 |
| RELX PLC | 5920 | &nbsp;&nbsp; 239454 |
| Verisk Analytics, Inc.  | 773 | &nbsp;&nbsp; 172912 |
|  |  | &nbsp;&nbsp; 1568472 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc. - Class A (a) | 3078 | &nbsp;&nbsp; 494912 |
| CK Asset Holdings Ltd.  | 10000 | &nbsp;&nbsp; 50371 |
| CoStar Group, Inc. (a) | 916 | &nbsp;&nbsp; 61592 |
| Jones Lang LaSalle, Inc. (a) | 215 | &nbsp;&nbsp; 72341 |
| Mitsubishi Estate Co. Ltd.  | 5000 | &nbsp;&nbsp; 121776 |
| Mitsui Fudosan Co. Ltd.  | 7100 | &nbsp;&nbsp; 80779 |
| Zillow Group, Inc. - Class C (a) | 523 | &nbsp;&nbsp; 35679 |
|  |  | &nbsp;&nbsp; 917450 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Realty Income Corp.  | 660 | &nbsp;&nbsp; 37204 |
| Simon Property Group, Inc.  | 2219 | &nbsp;&nbsp; 410759 |
|  |  | &nbsp;&nbsp; 447963 |
| **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
| Advanced Micro Devices, Inc. (a) | 10061 | &nbsp;&nbsp; 2154664 |
| Advantest Corp.  | 2700 | &nbsp;&nbsp; 340859 |
| Analog Devices, Inc.  | 1697 | &nbsp;&nbsp; 460226 |
| Applied Materials, Inc.  | 2445 | &nbsp;&nbsp; 628341 |
| ASM International NV | 86 | &nbsp;&nbsp; 51843 |
| ASML Holding NV | 1247 | &nbsp;&nbsp; 1332938 |
| Broadcom, Inc.  | 20944 | &nbsp;&nbsp; 7248718 |
| Credo Technology Group Holding Ltd. (a) | 1780 | &nbsp;&nbsp; 256124 |
| Disco Corp.  | 100 | &nbsp;&nbsp; 30839 |
| First Solar, Inc. (a) | 2064 | &nbsp;&nbsp; 539179 |
| Infineon Technologies AG | 2636 | &nbsp;&nbsp; 116798 |
| Intel Corp. (a) | 13589 | &nbsp;&nbsp; 501434 |
| KLA Corp.  | 853 | &nbsp;&nbsp; 1036463 |
| Lam Research Corp.  | 6394 | &nbsp;&nbsp; 1094525 |
| Lasertec Corp.  | 200 | &nbsp;&nbsp; 37957 |
| Marvell Technology, Inc.  | 3111 | &nbsp;&nbsp; 264373 |
| Microchip Technology, Inc.  | 932 | &nbsp;&nbsp; 59387 |
| Micron Technology, Inc.  | 3654 | &nbsp;&nbsp; 1042888 |
| Monolithic Power Systems, Inc.  | 162 | &nbsp;&nbsp; 146830 |
| NVIDIA Corp.  | 102880 | &nbsp;&nbsp; 19187120 |
| NXP Semiconductors NV | 846 | &nbsp;&nbsp; 183633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Qnity Electronics, Inc. - Class W/I | 588 | &nbsp;&nbsp; $48010 |
| QUALCOMM, Inc.  | 3211 | &nbsp;&nbsp; 549242 |
| Rambus, Inc. (a) | 517 | &nbsp;&nbsp; 47507 |
| Renesas Electronics Corp. (a) | 3800 | &nbsp;&nbsp; 52042 |
| STMicroelectronics NV | 1646 | &nbsp;&nbsp; 42658 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) (b) | 470 | &nbsp;&nbsp; 142828 |
| Teradyne, Inc.  | 226 | &nbsp;&nbsp; 43745 |
| Texas Instruments, Inc.  | 2708 | &nbsp;&nbsp; 469811 |
| Tokyo Electron Ltd.  | 1500 | &nbsp;&nbsp; 329426 |
|  |  | &nbsp;&nbsp; 38440408 |
| **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
| Adobe, Inc. (a) | 2241 | &nbsp;&nbsp; 784328 |
| AppLovin Corp. - Class A (a) | 748 | &nbsp;&nbsp; 504017 |
| Atlassian Corp. - Class A (a) | 377 | &nbsp;&nbsp; 61127 |
| Autodesk, Inc. (a) | 1250 | &nbsp;&nbsp; 370012 |
| Cadence Design Systems, Inc. (a) | 1714 | &nbsp;&nbsp; 535762 |
| Constellation Software, Inc.  | 108 | &nbsp;&nbsp; 259773 |
| Crowdstrike Holdings, Inc. - Class A (a) | 974 | &nbsp;&nbsp; 456572 |
| Datadog, Inc. - Class A (a) | 1133 | &nbsp;&nbsp; 154077 |
| Docusign, Inc. (a) | 309 | &nbsp;&nbsp; 21136 |
| Fair Isaac Corp. (a) | 59 | &nbsp;&nbsp; 99747 |
| Fortinet, Inc. (a) | 1559 | &nbsp;&nbsp; 123800 |
| HubSpot, Inc. (a) | 143 | &nbsp;&nbsp; 57386 |
| Intuit, Inc.  | 1821 | &nbsp;&nbsp; 1206267 |
| Microsoft Corp.  | 30453 | &nbsp;&nbsp; 14727680 |
| Nebius Group NV (a) (b) | 367 | &nbsp;&nbsp; 30720 |
| Oracle Corp.  | 8128 | &nbsp;&nbsp; 1584228 |
| Palantir Technologies, Inc. - Class A (a) | 7710 | &nbsp;&nbsp; 1370452 |
| Palo Alto Networks, Inc. (a) | 2559 | &nbsp;&nbsp; 471368 |
| Roper Technologies, Inc.  | 351 | &nbsp;&nbsp; 156241 |
| Sage Group PLC | 3057 | &nbsp;&nbsp; 44515 |
| Salesforce, Inc.  | 4846 | &nbsp;&nbsp; 1283754 |
| SAP SE | 3402 | &nbsp;&nbsp; 832396 |
| ServiceNow, Inc. (a) | 3725 | &nbsp;&nbsp; 570633 |
| Strategy, Inc. - Class A (a) (b) | 856 | &nbsp;&nbsp; 130069 |
| Synopsys, Inc. (a) | 625 | &nbsp;&nbsp; 293575 |
| WiseTech Global Ltd.  | 596 | &nbsp;&nbsp; 27012 |
| Workday, Inc. - Class A (a) | 398 | &nbsp;&nbsp; 85482 |
| Xero Ltd. (a) | 421 | &nbsp;&nbsp; 31832 |
| Zscaler, Inc. (a) | 601 | &nbsp;&nbsp; 135177 |
|  |  | &nbsp;&nbsp; 26409138 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp.  | 658 | &nbsp;&nbsp; 115525 |
| Crown Castle, Inc.  | 744 | &nbsp;&nbsp; 66119 |
| Digital Realty Trust, Inc.  | 1367 | &nbsp;&nbsp; 211489 |
| Equinix, Inc.  | 363 | &nbsp;&nbsp; 278116 |
| Gaming & Leisure Properties, Inc.  | 939 | &nbsp;&nbsp; 41964 |
| Iron Mountain, Inc.  | 490 | &nbsp;&nbsp; 40645 |
| Public Storage | 401 | &nbsp;&nbsp; 104059 |
| SBA Communications Corp.  | 290 | &nbsp;&nbsp; 56095 |
| Weyerhaeuser Co.  | 2195 | &nbsp;&nbsp; 52000 |
|  |  | &nbsp;&nbsp; 966012 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-434**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoNation, Inc. (a) | 208 | &nbsp;&nbsp; $42948 |
| AutoZone, Inc. (a) | 82 | &nbsp;&nbsp; 278103 |
| Carvana Co. (a) (b) | 920 | &nbsp;&nbsp; 388259 |
| Fast Retailing Co. Ltd.  | 300 | &nbsp;&nbsp; 108796 |
| Home Depot, Inc.  | 3443 | &nbsp;&nbsp; 1184736 |
| Industria de Diseno Textil SA (b) | 3713 | &nbsp;&nbsp; 244577 |
| Lowe's Cos., Inc.  | 1365 | &nbsp;&nbsp; 329183 |
| O'Reilly Automotive, Inc. (a) | 8935 | &nbsp;&nbsp; 814961 |
| Ross Stores, Inc.  | 698 | &nbsp;&nbsp; 125738 |
| Sanrio Co. Ltd.  | 2100 | &nbsp;&nbsp; 65884 |
| TJX Cos., Inc.  | 7789 | &nbsp;&nbsp; 1196468 |
| Ulta Beauty, Inc. (a) | 116 | &nbsp;&nbsp; 70181 |
| Williams-Sonoma, Inc.  | 227 | &nbsp;&nbsp; 40540 |
|  |  | &nbsp;&nbsp; 4890374 |
| **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** |
| Apple, Inc.  | 54991 | &nbsp;&nbsp; 14949853 |
| Dell Technologies, Inc. - Class C | 1143 | &nbsp;&nbsp; 143881 |
| Hewlett Packard Enterprise Co.  | 3509 | &nbsp;&nbsp; 84286 |
| HP, Inc.  | 2634 | &nbsp;&nbsp; 58686 |
| Logitech International SA | 438 | &nbsp;&nbsp; 44607 |
| Pure Storage, Inc. - Class A (a) | 2686 | &nbsp;&nbsp; 179989 |
| Seagate Technology Holdings PLC (b) | 739 | &nbsp;&nbsp; 203513 |
| Super Micro Computer, Inc. (a) | 1010 | &nbsp;&nbsp; 29563 |
| Western Digital Corp.  | 1324 | &nbsp;&nbsp; 228085 |
| Xiaomi Corp. - Class B (a) | 29600 | &nbsp;&nbsp; 149393 |
|  |  | &nbsp;&nbsp; 16071856 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Asics Corp.  | 3900 | &nbsp;&nbsp; 93954 |
| Cie Financiere Richemont SA - Class A | 1082 | &nbsp;&nbsp; 233513 |
| Gildan Activewear, Inc.  | 530 | &nbsp;&nbsp; 33127 |
| Hermes International SCA | 103 | &nbsp;&nbsp; 254482 |
| Kering SA | 164 | &nbsp;&nbsp; 57869 |
| Lululemon Athletica, Inc. (a) | 134 | &nbsp;&nbsp; 27847 |
| LVMH Moet Hennessy Louis Vuitton SE | 773 | &nbsp;&nbsp; 582765 |
| NIKE, Inc. - Class B | 3548 | &nbsp;&nbsp; 226043 |
| Tapestry, Inc.  | 5187 | &nbsp;&nbsp; 662743 |
|  |  | &nbsp;&nbsp; 2172343 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc.  | 2195 | &nbsp;&nbsp; 126564 |
| British American Tobacco PLC | 3102 | &nbsp;&nbsp; 175814 |
| Imperial Brands PLC | 1229 | &nbsp;&nbsp; 51669 |
| Japan Tobacco, Inc.  | 1600 | &nbsp;&nbsp; 57579 |
| Philip Morris International, Inc.  | 2101 | &nbsp;&nbsp; 337001 |
|  |  | &nbsp;&nbsp; 748627 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| AerCap Holdings NV | 363 | &nbsp;&nbsp; 52185 |
| Ashtead Group PLC | 1297 | &nbsp;&nbsp; 88488 |
| Fastenal Co.  | 12063 | &nbsp;&nbsp; 484088 |
| Ferguson Enterprises, Inc.  | 1174 | &nbsp;&nbsp; 260835 |
| ITOCHU Corp.  | 24000 | &nbsp;&nbsp; 302943 |
| Marubeni Corp.  | 2000 | &nbsp;&nbsp; 55654 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
| Mitsubishi Corp.  | 13400 | &nbsp;&nbsp; $307052 |
| Mitsui & Co. Ltd.  | 9500 | &nbsp;&nbsp; 280779 |
| Rexel SA | 1029 | &nbsp;&nbsp; 40447 |
| Sumitomo Corp.  | 8700 | &nbsp;&nbsp; 300888 |
| United Rentals, Inc.  | 253 | &nbsp;&nbsp; 204758 |
| WW Grainger, Inc.  | 94 | &nbsp;&nbsp; 94851 |
|  |  | &nbsp;&nbsp; 2472968 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Aena SME SA | 6714 | &nbsp;&nbsp; 187951 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Works Co., Inc. (b) | 312 | &nbsp;&nbsp; 40716 |
| United Utilities Group PLC | 5773 | &nbsp;&nbsp; 92870 |
|  |  | &nbsp;&nbsp; 133586 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| KDDI Corp.  | 17000 | &nbsp;&nbsp; 294072 |
| SoftBank Corp.  | 33700 | &nbsp;&nbsp; 46266 |
| SoftBank Group Corp.  | 12000 | &nbsp;&nbsp; 338307 |
| Tele2 AB - B Shares | 2598 | &nbsp;&nbsp; 43594 |
| T-Mobile U.S., Inc.  | 2976 | &nbsp;&nbsp; 604247 |
| Vodafone Group PLC | 153160 | &nbsp;&nbsp; 203506 |
|  |  | &nbsp;&nbsp; 1529992 |
| Total Common Stocks <br>(Cost $236,363,204) <br>|  | &nbsp;&nbsp; 323290888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—37.1%** | **Corporate Bonds & Notes—37.1%** | **Corporate Bonds & Notes—37.1%** |
| **Aerospace/Defense — 1.1%** | **Aerospace/Defense — 1.1%** | **Aerospace/Defense — 1.1%** |
| Boeing Co. |  |  |
| 3.250%, 02/01/35 | 2000000 | &nbsp;&nbsp; 1751170 |
| 5.805%, 05/01/50 (b) | 500000 | &nbsp;&nbsp; 491797 |
| Howmet Aerospace, Inc. |  |  |
| 4.550%, 11/15/32 (b) | 659000 | &nbsp;&nbsp; 661936 |
| 4.850%, 10/15/31 (b) | 1500000 | &nbsp;&nbsp; 1539094 |
| RTX Corp. |  |  |
| 1.900%, 09/01/31 (b) | 1000000 | &nbsp;&nbsp; 877834 |
| 6.400%, 03/15/54 (b) | 1000000 | &nbsp;&nbsp; 1100464 |
|  |  | &nbsp;&nbsp; 6422295 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT Capital Corp. |  |  |
| 4.390%, 08/15/37 | 1303000 | &nbsp;&nbsp; 1200272 |
| Philip Morris International, Inc. |  |  |
| 4.375%, 04/30/30 | 1076000 | &nbsp;&nbsp; 1082633 |
|  |  | &nbsp;&nbsp; 2282905 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| Tapestry, Inc. |  |  |
| 3.050%, 03/15/32 (b) | 600000 | &nbsp;&nbsp; 546799 |
| 5.500%, 03/11/35 (b) | 1235000 | &nbsp;&nbsp; 1262634 |
|  |  | &nbsp;&nbsp; 1809433 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-435**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| BMW U.S. Capital LLC |  |  |
| 5.200%, 08/11/35 (144A) (b) | 335000 | &nbsp;&nbsp; $338561 |
| 5.400%, 03/21/35 (144A) (b) | 738000 | &nbsp;&nbsp; 764075 |
| Daimler Truck Finance North America LLC |  |  |
| 5.625%, 01/13/35 (144A) (b) | 1056000 | &nbsp;&nbsp; 1093205 |
| Ford Motor Credit Co. LLC |  |  |
| 2.900%, 02/16/28 (b) | 1136000 | &nbsp;&nbsp; 1093845 |
| 4.000%, 11/13/30 (b) | 200000 | &nbsp;&nbsp; 188739 |
| General Motors Financial Co., Inc. |  |  |
| 2.700%, 06/10/31 (b) | 480000 | &nbsp;&nbsp; 434644 |
| 5.450%, 09/06/34 | 619000 | &nbsp;&nbsp; 627908 |
| 5.750%, 02/08/31 (b) | 647000 | &nbsp;&nbsp; 680518 |
| 5.950%, 04/04/34 | 2000000 | &nbsp;&nbsp; 2093153 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.450%, 03/18/35 (144A) (b) | 1075000 | &nbsp;&nbsp; 1117473 |
|  |  | &nbsp;&nbsp; 8432121 |
| **Banks — 9.9%** | **Banks — 9.9%** | **Banks — 9.9%** |
| Bank of America Corp. |  |  |
| 2.884%, 3M TSFR + 1.452%, 10/22/30 (c) | 1649000 | &nbsp;&nbsp; 1569190 |
| 2.972%, SOFR + 1.330%, 02/04/33 (b) (c) | 4836000 | &nbsp;&nbsp; 4422543 |
| 4.375%, 5Y H15 + 2.760%, 01/27/27 (c) | 1097000 | &nbsp;&nbsp; 1085120 |
| Barclays PLC |  |  |
| 2.667%, 1Y H15 + 1.200%, 03/10/32 (b) (c) | 1477000 | &nbsp;&nbsp; 1345257 |
| 5.335%, SOFR + 1.910%, 09/10/35 (b) (c) | 887000 | &nbsp;&nbsp; 901360 |
| BNP Paribas SA |  |  |
| 6.875%, 5Y H15 + 2.853%, 12/15/33 (144A) (c) | 440000 | &nbsp;&nbsp; 441888 |
| BOKF NA |  |  |
| 6.108%, 5Y H15 + 2.000%, 11/06/40 (b) (c) | 319000 | &nbsp;&nbsp; 325146 |
| BPCE SA |  |  |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (b) (c) | 571000 | &nbsp;&nbsp; 586115 |
| Citigroup, Inc. |  |  |
| 5.174%, SOFR + 1.488%, 09/11/36 (c) | 989000 | &nbsp;&nbsp; 998245 |
| 6.625%, 5Y H15 + 3.001%, 02/15/31 (c) | 682000 | &nbsp;&nbsp; 693097 |
| 6.875%, 5Y H15 + 2.890%, 08/15/30 (c) | 496000 | &nbsp;&nbsp; 515396 |
| Credit Agricole SA |  |  |
| 4.818%, SOFR + 1.360%, 09/25/33 (144A) (b) (c) | 1258000 | &nbsp;&nbsp; 1256355 |
| Deutsche Bank AG |  |  |
| 4.469%, SOFR + 1.100%, 12/10/31 (c) | 686000 | &nbsp;&nbsp; 683664 |
| ING Groep NV |  |  |
| 5.066%, SOFR + 1.230%, 03/25/31 (b) (c) | 1298000 | &nbsp;&nbsp; 1329905 |
| Intesa Sanpaolo SpA |  |  |
| 6.625%, 06/20/33 (144A) | 2344000 | &nbsp;&nbsp; 2579379 |
| JPMorgan Chase & Co. |  |  |
| 1.953%, SOFR + 1.065%, 02/04/32 (c) | 2080000 | &nbsp;&nbsp; 1854732 |
| 2.739%, 3M TSFR + 1.510%, 10/15/30 (c) | 6243000 | &nbsp;&nbsp; 5922398 |
| 3.650%, 5Y H15 + 2.850%, 06/01/26 (c) | 576000 | &nbsp;&nbsp; 572754 |
| KeyCorp |  |  |
| 2.550%, 10/01/29 (b) | 1417000 | &nbsp;&nbsp; 1337683 |
| Lloyds Banking Group PLC |  |  |
| 5.721%, 1Y H15 + 1.070%, 06/05/30 (b) (c) | 2413000 | &nbsp;&nbsp; 2528938 |
| M&T Bank Corp. |  |  |
| 5.053%, SOFR + 1.850%, 01/27/34 (c) | 673000 | &nbsp;&nbsp; 677287 |
| 5.400%, 5Y H15 + 1.430%, 07/30/35 (c) | 650000 | &nbsp;&nbsp; 656412 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (c) | 284000 | &nbsp;&nbsp; 292692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Morgan Stanley |  |  |
| 1.794%, SOFR + 1.034%, 02/13/32 (c) | 949000 | &nbsp;&nbsp; $833460 |
| 2.699%, SOFR + 1.143%, 01/22/31 (c) | 672000 | &nbsp;&nbsp; 630334 |
| 2.943%, SOFR + 1.290%, 01/21/33 (b) (c) | 4900000 | &nbsp;&nbsp; 4472196 |
| Morgan Stanley Private Bank NA |  |  |
| 4.465%, SOFR + 1.020%, 11/19/31 (c) | 680000 | &nbsp;&nbsp; 681780 |
| PNC Financial Services Group, Inc. |  |  |
| 6.200%, 5Y H15 + 3.238%, 09/15/27 (c) | 2070000 | &nbsp;&nbsp; 2104060 |
| Standard Chartered PLC |  |  |
| 5.400%, 1Y H15 + 1.200%, 08/12/36 (144A) (c) | 805000 | &nbsp;&nbsp; 820538 |
| Truist Financial Corp. |  |  |
| 1.950%, 06/05/30 (b) | 724000 | &nbsp;&nbsp; 657625 |
| 5.711%, SOFR + 1.922%, 01/24/35 (c) | 640000 | &nbsp;&nbsp; 673229 |
| U.S. Bancorp |  |  |
| 4.839%, SOFR + 1.600%, 02/01/34 (c) | 2159000 | &nbsp;&nbsp; 2174863 |
| UBS Group AG |  |  |
| 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 3617000 | &nbsp;&nbsp; 3355752 |
| Wells Fargo & Co. |  |  |
| 3.350%, SOFR + 1.500%, 03/02/33 (c) | 6744000 | &nbsp;&nbsp; 6294424 |
| 3.900%, 5Y H15 + 3.453%, 03/15/26 (c) | 1080000 | &nbsp;&nbsp; 1076640 |
| 5.389%, SOFR + 2.020%, 04/24/34 (b) (c) | 1920000 | &nbsp;&nbsp; 1997630 |
|  |  | &nbsp;&nbsp; 58348087 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Bacardi-Martini BV |  |  |
| 6.000%, 02/01/35 (144A) | 771000 | &nbsp;&nbsp; 800035 |
| Constellation Brands, Inc. |  |  |
| 4.950%, 11/01/35 (b) | 712000 | &nbsp;&nbsp; 704110 |
|  |  | &nbsp;&nbsp; 1504145 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| Owens Corning |  |  |
| 5.950%, 06/15/54 | 1000000 | &nbsp;&nbsp; 1014859 |
| Trane Technologies Financing Ltd. |  |  |
| 5.250%, 03/03/33 | 1000000 | &nbsp;&nbsp; 1041418 |
|  |  | &nbsp;&nbsp; 2056277 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| LYB International Finance III LLC |  |  |
| 5.125%, 01/15/31 | 319000 | &nbsp;&nbsp; 320184 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Dell International LLC/EMC Corp. |  |  |
| 4.500%, 02/15/31 | 548000 | &nbsp;&nbsp; 547218 |
| 5.100%, 02/15/36 (b) | 1156000 | &nbsp;&nbsp; 1141623 |
| 5.300%, 04/01/32 | 403000 | &nbsp;&nbsp; 414494 |
|  |  | &nbsp;&nbsp; 2103335 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International <br> U.S. LLC<br>|  |  |
| 5.600%, 01/15/31 (144A) (b) | 880000 | &nbsp;&nbsp; 888004 |
| 6.625%, 07/15/30 (144A) (b) | 664000 | &nbsp;&nbsp; 680191 |
|  |  | &nbsp;&nbsp; 1568195 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-436**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 5.375%, 12/15/31 | 1069000 | &nbsp;&nbsp; $1107162 |
| Aircastle Ltd. |  |  |
| 6.500%, 07/18/28 (144A) (b) | 1773000 | &nbsp;&nbsp; 1863931 |
| Ally Financial, Inc. |  |  |
| 5.548%, SOFR + 1.780%, 07/31/33 (b) (c) | 813000 | &nbsp;&nbsp; 818952 |
| American Express Co. |  |  |
| 4.918%, SOFR + 1.220%, 07/20/33 (b) (c) | 441000 | &nbsp;&nbsp; 448804 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.950%, 10/15/32 (144A) | 1978000 | &nbsp;&nbsp; 1956449 |
| 5.150%, 01/15/30 (144A) (b) | 1078000 | &nbsp;&nbsp; 1095655 |
| 5.375%, 05/30/30 (144A) (b) | 286000 | &nbsp;&nbsp; 293609 |
| Capital One Financial Corp. |  |  |
| 2.359%, SOFR + 1.337%, 07/29/32 (b) (c) | 345000 | &nbsp;&nbsp; 301999 |
| 5.197%, SOFR + 1.630%, 09/11/36 (b) (c) | 495000 | &nbsp;&nbsp; 492503 |
| 6.700%, 11/29/32 | 1425000 | &nbsp;&nbsp; 1577034 |
| Stellantis Financial Services U.S. Corp. |  |  |
| 5.400%, 09/15/30 (144A) (b) | 751000 | &nbsp;&nbsp; 762572 |
| Synchrony Financial |  |  |
| 6.000%, SOFR + 2.070%, 07/29/36 (c) | 269000 | &nbsp;&nbsp; 276113 |
|  |  | &nbsp;&nbsp; 10994783 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| Baltimore Gas & Electric Co. |  |  |
| 5.400%, 06/01/53 (b) | 2000000 | &nbsp;&nbsp; 1922902 |
| Berkshire Hathaway Energy Co. |  |  |
| 6.500%, 09/15/37 | 345000 | &nbsp;&nbsp; 380100 |
| Commonwealth Edison Co. |  |  |
| 5.950%, 06/01/55 | 313000 | &nbsp;&nbsp; 325300 |
| Enel Finance International NV |  |  |
| 5.000%, 09/30/35 (144A) (b) | 763000 | &nbsp;&nbsp; 757876 |
| Entergy Arkansas LLC |  |  |
| 5.450%, 06/01/34 | 978000 | &nbsp;&nbsp; 1021717 |
| Florida Power & Light Co. |  |  |
| 5.300%, 06/15/34 (b) | 2000000 | &nbsp;&nbsp; 2094947 |
| PG&E Energy Recovery Funding LLC |  |  |
| 2.280%, 01/15/38 | 1624000 | &nbsp;&nbsp; 1377548 |
| 2.822%, 07/15/48 | 2151000 | &nbsp;&nbsp; 1568422 |
| Southern Power Co. |  |  |
| 4.900%, 10/01/35 (b) | 585000 | &nbsp;&nbsp; 578696 |
| Virginia Electric & Power Co. |  |  |
| 4.900%, 09/15/35 (b) | 1664000 | &nbsp;&nbsp; 1656117 |
| 5.150%, 03/15/35 (b) | 1843000 | &nbsp;&nbsp; 1875182 |
|  |  | &nbsp;&nbsp; 13558807 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Molex Electronic Technologies LLC |  |  |
| 5.250%, 04/30/32 (144A) | 320000 | &nbsp;&nbsp; 328504 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Keysight Technologies, Inc. |  |  |
| 5.350%, 07/30/30 (b) | 871000 | &nbsp;&nbsp; 908365 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Flutter Treasury DAC |  |  |
| 5.875%, 06/04/31 (144A) | 1268000 | &nbsp;&nbsp; 1285625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Flowers Foods, Inc. |  |  |
| 2.400%, 03/15/31 | 630000 | &nbsp;&nbsp; $556637 |
| 5.750%, 03/15/35 (b) | 987000 | &nbsp;&nbsp; 989512 |
| Kellanova |  |  |
| 5.250%, 03/01/33 (b) | 646000 | &nbsp;&nbsp; 669802 |
| Mars, Inc. |  |  |
| 5.200%, 03/01/35 (144A) (b) | 1000000 | &nbsp;&nbsp; 1027830 |
|  |  | &nbsp;&nbsp; 3243781 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| HCA, Inc. |  |  |
| 2.375%, 07/15/31 (b) | 2000000 | &nbsp;&nbsp; 1793183 |
| 4.625%, 03/15/52 | 1220000 | &nbsp;&nbsp; 996326 |
| UnitedHealth Group, Inc. |  |  |
| 3.700%, 08/15/49 | 3334000 | &nbsp;&nbsp; 2475445 |
| 5.150%, 07/15/34 | 1215000 | &nbsp;&nbsp; 1244463 |
|  |  | &nbsp;&nbsp; 6509417 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| American International Group, Inc. |  |  |
| 5.450%, 05/07/35 (b) | 533000 | &nbsp;&nbsp; 555233 |
| Assurant, Inc. |  |  |
| 5.550%, 02/15/36 (b) | 229000 | &nbsp;&nbsp; 232676 |
| Beacon Funding Trust |  |  |
| 6.266%, 08/15/54 (144A) | 1093000 | &nbsp;&nbsp; 1109642 |
| Belrose Funding Trust II |  |  |
| 6.792%, 05/15/55 (144A) (b) | 694000 | &nbsp;&nbsp; 720610 |
| Chubb INA Holdings LLC |  |  |
| 4.900%, 08/15/35 | 1118000 | &nbsp;&nbsp; 1122741 |
| CNA Financial Corp. |  |  |
| 5.200%, 08/15/35 (b) | 1113000 | &nbsp;&nbsp; 1118312 |
| Hartford Insurance Group, Inc. |  |  |
| 2.900%, 09/15/51 | 3318000 | &nbsp;&nbsp; 2113791 |
| High Street Funding Trust III |  |  |
| 5.807%, 02/15/55 (144A) (b) | 353000 | &nbsp;&nbsp; 351640 |
| Horace Mann Educators Corp. |  |  |
| 4.700%, 10/01/30 | 449000 | &nbsp;&nbsp; 445201 |
| Lincoln Financial Global Funding |  |  |
| 5.300%, 01/13/30 (144A) (b) | 637000 | &nbsp;&nbsp; 658954 |
| Lincoln National Corp. |  |  |
| 5.350%, 11/15/35 (b) | 659000 | &nbsp;&nbsp; 664829 |
| Manulife Financial Corp. |  |  |
| 4.986%, 12/11/35 | 588000 | &nbsp;&nbsp; 586551 |
| MassMutual Global Funding II |  |  |
| 4.350%, 09/17/31 (144A) | 1516000 | &nbsp;&nbsp; 1501693 |
| New York Life Global Funding |  |  |
| 4.150%, 07/25/28 (144A) | 1682000 | &nbsp;&nbsp; 1691117 |
| Northwestern Mutual Life Insurance Co. |  |  |
| 6.170%, 05/29/55 (144A) | 404000 | &nbsp;&nbsp; 428769 |
| Omnis Funding Trust |  |  |
| 6.722%, 05/15/55 (144A) | 1375000 | &nbsp;&nbsp; 1429797 |
| Pacific Life Global Funding II |  |  |
| 4.875%, 07/17/32 (144A) | 1841000 | &nbsp;&nbsp; 1872424 |
| Pricoa Global Funding I |  |  |
| 4.750%, 08/26/32 (144A) (b) | 1119000 | &nbsp;&nbsp; 1126580 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-437**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Principal Life Global Funding II |  |  |
| 4.950%, 11/27/29 (144A) (b) | 605000 | &nbsp;&nbsp; $618190 |
| Protective Life Corp. |  |  |
| 4.700%, 01/15/31 (144A) | 408000 | &nbsp;&nbsp; 409285 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 5Y H15 + 3.162%, 03/01/52 (b) (c) | 1827000 | &nbsp;&nbsp; 1810298 |
| Unum Group |  |  |
| 4.500%, 12/15/49 | 795000 | &nbsp;&nbsp; 639376 |
| 6.000%, 06/15/54 (b) | 1010000 | &nbsp;&nbsp; 997353 |
|  |  | &nbsp;&nbsp; 22205062 |
| **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
| Amazon.com, Inc. |  |  |
| 4.650%, 11/20/35 | 1469000 | &nbsp;&nbsp; 1463059 |
| 5.450%, 11/20/55 | 2266000 | &nbsp;&nbsp; 2211671 |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 1146000 | &nbsp;&nbsp; 1210743 |
| Meta Platforms, Inc. |  |  |
| 4.600%, 11/15/32 (b) | 254000 | &nbsp;&nbsp; 256042 |
| 5.625%, 11/15/55 (b) | 585000 | &nbsp;&nbsp; 561466 |
|  |  | &nbsp;&nbsp; 5702981 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| EQT AB |  |  |
| 5.850%, 05/08/35 (144A) (b) | 538000 | &nbsp;&nbsp; 551520 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| Carnival Corp. |  |  |
| 4.000%, 08/01/28 (144A) (b) | 669000 | &nbsp;&nbsp; 659145 |
| 5.125%, 05/01/29 (144A) (b) | 691000 | &nbsp;&nbsp; 698663 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.375%, 01/15/36 (b) | 1168000 | &nbsp;&nbsp; 1172891 |
|  |  | &nbsp;&nbsp; 2530699 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| Ingersoll Rand, Inc. |  |  |
| 5.450%, 06/15/34 | 1000000 | &nbsp;&nbsp; 1040477 |
| Regal Rexnord Corp. |  |  |
| 6.400%, 04/15/33 (b) | 500000 | &nbsp;&nbsp; 537818 |
|  |  | &nbsp;&nbsp; 1578295 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.700%, 04/01/51 | 5173000 | &nbsp;&nbsp; 3256051 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 5000000 | &nbsp;&nbsp; 2923967 |
| Paramount Global |  |  |
| 4.200%, 05/19/32 (b) | 1250000 | &nbsp;&nbsp; 1129387 |
|  |  | &nbsp;&nbsp; 7309405 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Siemens Funding BV |  |  |
| 4.600%, 05/28/30 (144A) (b) | 300000 | &nbsp;&nbsp; 306150 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** |
| Siemens Funding BV |  |  |
| 5.900%, 05/28/65 (144A) | 200000 | &nbsp;&nbsp; $209526 |
|  |  | &nbsp;&nbsp; 515676 |
| **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |
| BP Capital Markets PLC |  |  |
| 6.125%, 5Y H15 + 1.924%, 03/18/35 (c) | 1059000 | &nbsp;&nbsp; 1092049 |
| Coterra Energy, Inc. |  |  |
| 5.400%, 02/15/35 (b) | 825000 | &nbsp;&nbsp; 837370 |
| Diamondback Energy, Inc. |  |  |
| 3.125%, 03/24/31 (b) | 1189000 | &nbsp;&nbsp; 1111016 |
| 5.550%, 04/01/35 (b) | 429000 | &nbsp;&nbsp; 440940 |
| Eni SpA |  |  |
| 5.750%, 05/19/35 (144A) (b) | 432000 | &nbsp;&nbsp; 451807 |
| Expand Energy Corp. |  |  |
| 5.700%, 01/15/35 (b) | 546000 | &nbsp;&nbsp; 565039 |
| HF Sinclair Corp. |  |  |
| 6.250%, 01/15/35 (b) | 606000 | &nbsp;&nbsp; 631884 |
| Ovintiv, Inc. |  |  |
| 6.500%, 08/15/34 (b) | 638000 | &nbsp;&nbsp; 685320 |
| 6.500%, 02/01/38 | 736000 | &nbsp;&nbsp; 771202 |
| Permian Resources Operating LLC |  |  |
| 6.250%, 02/01/33 (144A) (b) | 380000 | &nbsp;&nbsp; 389791 |
| Phillips 66 Co. |  |  |
| 5.875%, 5Y H15 + 2.283%, 03/15/56 (c) | 667000 | &nbsp;&nbsp; 659864 |
| 6.200%, 5Y H15 + 2.166%, 03/15/56 (b) (c) | 500000 | &nbsp;&nbsp; 497950 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.204%, 09/16/30 (144A) (b) | 563000 | &nbsp;&nbsp; 570966 |
| 5.976%, 09/16/35 (144A) (b) | 558000 | &nbsp;&nbsp; 569093 |
|  |  | &nbsp;&nbsp; 9274291 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| AbbVie, Inc. |  |  |
| 4.250%, 11/21/49 | 1500000 | &nbsp;&nbsp; 1235332 |
| Becton Dickinson & Co. |  |  |
| 4.669%, 06/06/47 | 640000 | &nbsp;&nbsp; 557246 |
| CVS Health Corp. |  |  |
| 5.250%, 02/21/33 (b) | 139000 | &nbsp;&nbsp; 143112 |
| 5.625%, 02/21/53 (b) | 2432000 | &nbsp;&nbsp; 2282951 |
| Eli Lilly & Co. |  |  |
| 4.600%, 08/14/34 (b) | 1500000 | &nbsp;&nbsp; 1504348 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.750%, 05/19/33 (b) | 672000 | &nbsp;&nbsp; 679125 |
| 5.300%, 05/19/53 (b) | 2000000 | &nbsp;&nbsp; 1893753 |
|  |  | &nbsp;&nbsp; 8295867 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.700%, 11/15/29 (b) | 1126000 | &nbsp;&nbsp; 1099631 |
| Cheniere Energy, Inc. |  |  |
| 5.650%, 04/15/34 (b) | 1045000 | &nbsp;&nbsp; 1084062 |
| Enbridge, Inc. |  |  |
| 7.375%, 5Y H15 + 3.122%, 03/15/55 (b) (c) | 500000 | &nbsp;&nbsp; 529268 |
| MPLX LP |  |  |
| 5.400%, 09/15/35 (b) | 1008000 | &nbsp;&nbsp; 1015499 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-438**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 5.600%, 01/15/36 | 509000 | &nbsp;&nbsp; $514887 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (b) | 1000000 | &nbsp;&nbsp; 1004048 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.584%, 10/01/34 (b) | 707000 | &nbsp;&nbsp; 714001 |
| Western Midstream Operating LP |  |  |
| 5.450%, 11/15/34 | 1100000 | &nbsp;&nbsp; 1107885 |
| 5.500%, 12/15/35 (b) | 515000 | &nbsp;&nbsp; 512261 |
|  |  | &nbsp;&nbsp; 7581542 |
| **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** |
| American Tower Corp. |  |  |
| 2.100%, 06/15/30 | 750000 | &nbsp;&nbsp; 680655 |
| 5.400%, 01/31/35 | 569000 | &nbsp;&nbsp; 585705 |
| Broadstone Net Lease LLC |  |  |
| 5.000%, 11/01/32 (b) | 674000 | &nbsp;&nbsp; 675124 |
| Cousins Properties LP |  |  |
| 5.250%, 07/15/30 | 594000 | &nbsp;&nbsp; 609093 |
| Healthpeak OP LLC |  |  |
| 5.375%, 02/15/35 (b) | 532000 | &nbsp;&nbsp; 543362 |
| Highwoods Realty LP |  |  |
| 4.200%, 04/15/29 (b) | 500000 | &nbsp;&nbsp; 492347 |
| 5.350%, 01/15/33 | 159000 | &nbsp;&nbsp; 158881 |
| 7.650%, 02/01/34 (b) | 500000 | &nbsp;&nbsp; 568572 |
| Host Hotels & Resorts LP |  |  |
| 5.500%, 04/15/35 (b) | 412000 | &nbsp;&nbsp; 417035 |
| 5.700%, 07/01/34 (b) | 500000 | &nbsp;&nbsp; 516555 |
| Kilroy Realty LP |  |  |
| 2.500%, 11/15/32 (b) | 500000 | &nbsp;&nbsp; 416812 |
| Kimco Realty OP LLC |  |  |
| 4.850%, 03/01/35 (b) | 781000 | &nbsp;&nbsp; 777659 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.250%, 04/15/33 (b) | 339000 | &nbsp;&nbsp; 301359 |
| 3.375%, 02/01/31 | 1186000 | &nbsp;&nbsp; 1107256 |
| Phillips Edison Grocery Center Operating Partnership I LP |  |  |
| 5.250%, 08/15/32 | 658000 | &nbsp;&nbsp; 672545 |
| Piedmont Operating Partnership LP |  |  |
| 3.150%, 08/15/30 | 750000 | &nbsp;&nbsp; 688458 |
| Prologis LP |  |  |
| 4.750%, 01/15/31 | 290000 | &nbsp;&nbsp; 296442 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 4.750%, 01/15/36 (144A) | 1147000 | &nbsp;&nbsp; 1120330 |
| Regency Centers LP |  |  |
| 5.100%, 01/15/35 (b) | 1511000 | &nbsp;&nbsp; 1529939 |
| Trust Fibra Uno |  |  |
| 7.700%, 01/23/32 (144A) | 518000 | &nbsp;&nbsp; 567382 |
|  |  | &nbsp;&nbsp; 12725511 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Alimentation Couche-Tard, Inc. |  |  |
| 2.950%, 01/25/30 (144A) (b) | 447000 | &nbsp;&nbsp; 423476 |
| Lowe's Cos., Inc. |  |  |
| 2.625%, 04/01/31 | 508000 | &nbsp;&nbsp; 466054 |
| Tractor Supply Co. |  |  |
| 1.750%, 11/01/30 (b) | 632000 | &nbsp;&nbsp; 559752 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| Tractor Supply Co. |  |  |
| 5.250%, 05/15/33 | 410000 | &nbsp;&nbsp; $423986 |
|  |  | &nbsp;&nbsp; 1873268 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 935000 | &nbsp;&nbsp; 805209 |
| Foundry JV Holdco LLC |  |  |
| 5.900%, 01/25/33 (144A) | 315000 | &nbsp;&nbsp; 329599 |
| Intel Corp. |  |  |
| 3.250%, 11/15/49 | 1000000 | &nbsp;&nbsp; 638842 |
|  |  | &nbsp;&nbsp; 1773650 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Fiserv, Inc. |  |  |
| 5.250%, 08/11/35 (b) | 502000 | &nbsp;&nbsp; 500876 |
| 5.625%, 08/21/33 | 750000 | &nbsp;&nbsp; 773372 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/40 | 1328000 | &nbsp;&nbsp; 984895 |
| 3.600%, 04/01/50 | 1000000 | &nbsp;&nbsp; 622911 |
| 3.650%, 03/25/41 | 611000 | &nbsp;&nbsp; 445737 |
| 4.000%, 07/15/46 | 563000 | &nbsp;&nbsp; 390266 |
| 4.700%, 09/27/34 | 839000 | &nbsp;&nbsp; 777991 |
| 4.800%, 09/26/32 (b) | 759000 | &nbsp;&nbsp; 732755 |
| 6.100%, 09/26/65 | 541000 | &nbsp;&nbsp; 477158 |
| Roper Technologies, Inc. |  |  |
| 5.100%, 09/15/35 (b) | 979000 | &nbsp;&nbsp; 986444 |
|  |  | &nbsp;&nbsp; 6692405 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| AT&T, Inc. |  |  |
| 3.500%, 06/01/41 (b) | 2658000 | &nbsp;&nbsp; 2090769 |
| 3.550%, 09/15/55 | 1000000 | &nbsp;&nbsp; 665642 |
| 4.850%, 03/01/39 (b) | 1000000 | &nbsp;&nbsp; 950948 |
| Rogers Communications, Inc. |  |  |
| 4.550%, 03/15/52 | 1914000 | &nbsp;&nbsp; 1523115 |
| T-Mobile USA, Inc. |  |  |
| 3.875%, 04/15/30 | 559000 | &nbsp;&nbsp; 549707 |
| Verizon Communications, Inc. |  |  |
| 3.550%, 03/22/51 (b) | 2187000 | &nbsp;&nbsp; 1552413 |
|  |  | &nbsp;&nbsp; 7332594 |
| Total Corporate Bonds & Notes <br>(Cost $219,064,559) <br>|  | &nbsp;&nbsp; 217619025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Companies—1.0%** | **Investment Companies—1.0%** | **Investment Companies—1.0%** |
| **Exchange-Traded Funds — 1.0%** | **Exchange-Traded Funds — 1.0%** | **Exchange-Traded Funds — 1.0%** |
| iShares MSCI EAFE Value ETF (b) | 41604 | &nbsp;&nbsp; 2970942 |
| VanEck Gold Miners ETF (b) | 35677 | &nbsp;&nbsp; 3060016 |
| Total Investment Companies <br>(Cost $6,122,916) <br>|  | &nbsp;&nbsp; 6030958 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-439**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Preferred Stocks—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Henkel AG & Co. KGaA | 453 | &nbsp;&nbsp; $37024 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Sartorius AG | 35 | &nbsp;&nbsp; 10119 |
| Total Preferred Stocks <br>(Cost $47,513) <br>|  | &nbsp;&nbsp; 47143 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 208 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** |
| **Repurchase Agreement—0.6%** | **Repurchase Agreement—0.6%** | **Repurchase Agreement—0.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $3,407,602; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $3,475,483<br>| 3407128 | &nbsp;&nbsp; 3407128 |
| **U.S. Treasury—3.3%** | **U.S. Treasury—3.3%** | **U.S. Treasury—3.3%** |
| U.S. Treasury Bills |  |  |
| 3.616%, 03/05/26 (b) (d) | 4191200 | &nbsp;&nbsp; 4165686 |
| 3.777%, 02/05/26 (b) (d) | 15476800 | &nbsp;&nbsp; 15425037 |
|  |  | &nbsp;&nbsp; 19590723 |
| Total Short-Term Investments <br>(Cost $22,991,770) <br>|  | &nbsp;&nbsp; 22997851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—10.2%** | **Securities Lending Reinvestments (e)—10.2%** | **Securities Lending Reinvestments (e)—10.2%** |
| **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 11000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.120%, SOFR + 0.350%, 05/14/26 (c) | 2000000 | &nbsp;&nbsp; 2000050 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| 4.090%, SOFR + 0.380%, 08/11/26 (c) | 1300000 | &nbsp;&nbsp; 1300797 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (c) | 1000000 | &nbsp;&nbsp; 1000278 |
|  |  | &nbsp;&nbsp; 4301125 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—0.3%** | **Commercial Paper—0.3%** | **Commercial Paper—0.3%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1500000 | &nbsp;&nbsp; $1499184 |
| **Repurchase Agreements—6.9%** | **Repurchase Agreements—6.9%** | **Repurchase Agreements—6.9%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $2,000,423; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $2,000,428; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,351<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $2,020,291; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,637<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,257,093; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,302,234<br>| 2256612 | &nbsp;&nbsp; 2256612 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $4,085,812; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $4,160,500<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $4,000,858; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,459,509<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $3,000,643; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,696<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,300,489; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $2,346,499<br>| 2300000 | &nbsp;&nbsp; 2300000 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-440**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; $100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $5,001,039; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,501,143<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 40656612 |
| **Time Deposit—0.4%** | **Time Deposit—0.4%** | **Time Deposit—0.4%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $59,456,098) <br>|  | &nbsp;&nbsp; 59456921 |
| Total Investments—107.3% <br>(Cost $544,046,060) <br>|  | &nbsp;&nbsp; 629442786 |
| Other assets and liabilities (net)—(7.3)%  |  | &nbsp;&nbsp; (42636739)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $586806047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value 

---

| | |
|:---|:---|
|  | of securities loaned was $100,305,961 and the collateral received consisted of cash in the <br> amount of $59,441,542 and non-cash collateral with a value of $44,255,018. The cash <br> collateral investments are disclosed in the Consolidated Schedule of Investments and <br> categorized as Securities Lending Reinvestments. The non-cash collateral received consists of <br> U.S. government securities that are held in safe-keeping by the lending agent, or a third-<br> party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Consolidated Statement of Assets and Liabilities.<br>|
| (c) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (d) | The rate shown represents current yield to maturity. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $44,875,723, which is 7.6% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $240451724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $347373662 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(6430969)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6430969)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (45655049)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45655049)<br>|
| Investment Companies | &nbsp;&nbsp; (3117166)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3117166)<br>|
| U.S. Treasury | &nbsp;&nbsp; (4238358)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4238358)<br>|
| Total Borrowings | &nbsp;&nbsp; $(59441542)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(59441542)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(59441542)<br>|

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-441**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 3690000 | JPMC | 01/27/26 | USD | 2392665 | &nbsp;&nbsp; $70178 |
| CAD | &nbsp;&nbsp; 4280181 | JPMC | 01/27/26 | USD | 3067654 | &nbsp;&nbsp; 54296 |
| CHF | &nbsp;&nbsp; 1458000 | UBSA | 01/27/26 | USD | 1836469 | &nbsp;&nbsp; 8387 |
| CHF | &nbsp;&nbsp; 13902000 | UBSA | 01/27/26 | USD | 17510691 | &nbsp;&nbsp; 79971 |
| DKK | &nbsp;&nbsp; 4585000 | UBSA | 01/27/26 | USD | 714167 | &nbsp;&nbsp; 8178 |
| EUR | &nbsp;&nbsp; 1368103 | JPMC | 01/27/26 | USD | 1591849 | &nbsp;&nbsp; 17622 |
| EUR | &nbsp;&nbsp; 15269000 | JPMC | 01/27/26 | USD | 17766169 | &nbsp;&nbsp; 196669 |
| GBP | &nbsp;&nbsp; 2425161 | UBSA | 01/27/26 | USD | 3185289 | &nbsp;&nbsp; 83619 |
| JPY | &nbsp;&nbsp; 464571344 | JPMC | 01/27/26 | USD | 3006414 | &nbsp;&nbsp; (34977)<br>|
| NOK | &nbsp;&nbsp; 2079000 | MSIP | 01/27/26 | USD | 205497 | &nbsp;&nbsp; 774 |
| SEK | &nbsp;&nbsp; 15641000 | JPMC | 01/27/26 | USD | 1657906 | &nbsp;&nbsp; 42981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 1092000 | MSIP | 01/27/26 | USD | 727710 | &nbsp;&nbsp; (1131)<br>|
| CAD | &nbsp;&nbsp; 1813000 | MSIP | 01/27/26 | USD | 1319536 | &nbsp;&nbsp; (2861)<br>|
| CAD | &nbsp;&nbsp; 1254000 | UBSA | 01/27/26 | USD | 898291 | &nbsp;&nbsp; (16373)<br>|
| EUR | &nbsp;&nbsp; 7574000 | CBNA | 01/27/26 | USD | 8767142 | &nbsp;&nbsp; (143103)<br>|
| GBP | &nbsp;&nbsp; 1160000 | UBSA | 01/27/26 | USD | 1550690 | &nbsp;&nbsp; (12890)<br>|
| HKD | &nbsp;&nbsp; 5573000 | MSIP | 01/27/26 | USD | 717100 | &nbsp;&nbsp; 447 |
| JPY | &nbsp;&nbsp; 112040000 | JPMC | 01/27/26 | USD | 719939 | &nbsp;&nbsp; 3321 |
| JPY | &nbsp;&nbsp; 2364723000 | JPMC | 01/27/26 | USD | 15303003 | &nbsp;&nbsp; 178036 |
| SEK | &nbsp;&nbsp; 4237000 | MSIP | 01/27/26 | USD | 449543 | &nbsp;&nbsp; (11211)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |  |
| CHF | &nbsp;&nbsp; 7096475 | MSIP | 01/27/26 | EUR | 7695000 | &nbsp;&nbsp; (73187)<br>|
| JPY | &nbsp;&nbsp; 2366512667 | GSI | 01/27/26 | CHF | 12153482 | &nbsp;&nbsp; (241790)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $206956 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Bloomberg U.S. Corporate Investment Grade Index Futures | &nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp; 183 | USD | 19585575 | &nbsp;&nbsp; $59 |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 137 | EUR | 8002170 | &nbsp;&nbsp; 133234 |
| FTSE 100 Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 44 | GBP | 4374040 | &nbsp;&nbsp; 143166 |
| MSCI World Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 318 | USD | 45982800 | &nbsp;&nbsp; 414141 |
| Nikkei 225 Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 18 | JPY | 907200000 | &nbsp;&nbsp; (13298)<br>|
| SPI 200 Index Futures | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 19 | AUD | 4121100 | &nbsp;&nbsp; 16138 |
| TOPIX Index Futures | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 9 | JPY | 307215000 | &nbsp;&nbsp; 19253 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 73 | GBP | 6670010 | &nbsp;&nbsp; 59935 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 130 | USD | 15027188 | &nbsp;&nbsp; (142208)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 20 | USD | 2360000 | &nbsp;&nbsp; (41288)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (60)<br>| EUR | (7654200)<br>| &nbsp;&nbsp; 76437 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (50)<br>| USD | (17231250)<br>| &nbsp;&nbsp; (9366)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (84)<br>| USD | (17538281)<br>| &nbsp;&nbsp; 9435 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; (293)<br>| USD | (32026274)<br>| &nbsp;&nbsp; 67676 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-442**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (295)<br>| USD | (33169063)<br>| &nbsp;&nbsp; $198967 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (18)<br>| USD | (2070281)<br>| &nbsp;&nbsp; 16632 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $948913 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 3M SOFR | Quarterly | 3.530<br> %<br>| Quarterly | 01/24/36 | USD | 183800000 | $(3477090)<br>| $22066 | $(3499156)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $59 |  |  |
| Equity | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 725932 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $22664 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 744479 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 537523 |
| Interest Rate |  |  | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 3499156 |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 429082 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 183496 |
| Total |  | &nbsp;&nbsp; $1899552 |  | &nbsp;&nbsp; $4242839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| JPMorgan Chase Bank NA | &nbsp;&nbsp; $563103 | &nbsp;&nbsp;&nbsp;&nbsp; $(34977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $528126 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp;&nbsp; (1221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 180155 | &nbsp;&nbsp;&nbsp;&nbsp; (29263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150892 |
|  | &nbsp;&nbsp; $744479 | &nbsp;&nbsp;&nbsp;&nbsp; $(65461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $679018 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-443**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Citibank NA | &nbsp;&nbsp; $143103 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $143103 |
| Goldman Sachs International | &nbsp;&nbsp; 241790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241790 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 34977 | &nbsp;&nbsp;&nbsp;&nbsp; (34977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 88390 | &nbsp;&nbsp;&nbsp;&nbsp; (1221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87169 |
| UBS AG | &nbsp;&nbsp; 29263 | &nbsp;&nbsp;&nbsp;&nbsp; (29263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $537523 | &nbsp;&nbsp;&nbsp;&nbsp; $(65461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $472062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $301251 | &nbsp;&nbsp;&nbsp; $301251 |
| Futures contracts | &nbsp;&nbsp; 1491387 | &nbsp;&nbsp;&nbsp; 332875 | &nbsp;&nbsp;&nbsp; (31729428)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29905166)<br>|
| Swap contracts | &nbsp;&nbsp; 1063468 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1063468 |
|  | &nbsp;&nbsp; $2554855 | &nbsp;&nbsp;&nbsp; $332875 | &nbsp;&nbsp;&nbsp; $(31729428)<br>| &nbsp;&nbsp;&nbsp; $301251 | &nbsp;&nbsp;&nbsp; $(28540447)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation** <br> **(Depreciation)**<br>| **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1236520 | &nbsp;&nbsp;&nbsp; $1236520 |
| Futures contracts | &nbsp;&nbsp; (51234)<br>| &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 1676488 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1625313 |
| Swap contracts | &nbsp;&nbsp; 2441195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2441195 |
|  | &nbsp;&nbsp; $2389961 | &nbsp;&nbsp;&nbsp; $59 | &nbsp;&nbsp;&nbsp; $1676488 | &nbsp;&nbsp;&nbsp; $1236520 | &nbsp;&nbsp;&nbsp; $5303028 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $112773339 |
| Futures contracts long | &nbsp;&nbsp; 98161699 |
| Futures contracts short | &nbsp;&nbsp; (149426139)<br>|
| Swap contracts | &nbsp;&nbsp; 176050000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $7319598 | &nbsp;&nbsp; $2016046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9335644 |
| Air Freight & Logistics | &nbsp;&nbsp; 481632 | &nbsp;&nbsp; 247789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729421 |
| Automobile Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 280561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280561 |
| Automobiles | &nbsp;&nbsp; 4453712 | &nbsp;&nbsp; 1196331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5650043 |
| Banks | &nbsp;&nbsp; 11773625 | &nbsp;&nbsp; 10633326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22406951 |
| Beverages | &nbsp;&nbsp; 3465672 | &nbsp;&nbsp; 434773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3900445 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-444**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Biotechnology | &nbsp;&nbsp; $3734343 | &nbsp;&nbsp; $184016 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3918359 |
| Broadline Retail | &nbsp;&nbsp; 10501541 | &nbsp;&nbsp; 645033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11146574 |
| Building Products | &nbsp;&nbsp; 1182676 | &nbsp;&nbsp; 513111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1695787 |
| Capital Markets | &nbsp;&nbsp; 9972662 | &nbsp;&nbsp; 1766206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11738868 |
| Chemicals | &nbsp;&nbsp; 2332967 | &nbsp;&nbsp; 850448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3183415 |
| Commercial Services & Supplies | &nbsp;&nbsp; 2187461 | &nbsp;&nbsp; 242594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2430055 |
| Communications Equipment | &nbsp;&nbsp; 3379317 | &nbsp;&nbsp; 153656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3532973 |
| Construction & Engineering | &nbsp;&nbsp; 972257 | &nbsp;&nbsp; 1242770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2215027 |
| Construction Materials | &nbsp;&nbsp; 1120346 | &nbsp;&nbsp; 710911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1831257 |
| Consumer Finance | &nbsp;&nbsp; 2465804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2465804 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4316460 | &nbsp;&nbsp; 790687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5107147 |
| Containers & Packaging | &nbsp;&nbsp; 149139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149139 |
| Diversified Consumer Services | &nbsp;&nbsp; 41306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41306 |
| Diversified REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 172504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172504 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1256846 | &nbsp;&nbsp; 1463462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2720308 |
| Electric Utilities | &nbsp;&nbsp; 3356798 | &nbsp;&nbsp; 1421132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4777930 |
| Electrical Equipment | &nbsp;&nbsp; 4291437 | &nbsp;&nbsp; 2742082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7033519 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3147886 | &nbsp;&nbsp; 502056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3649942 |
| Energy Equipment & Services | &nbsp;&nbsp; 404431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 404431 |
| Entertainment | &nbsp;&nbsp; 4174446 | &nbsp;&nbsp; 346075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4520521 |
| Financial Services | &nbsp;&nbsp; 7896496 | &nbsp;&nbsp; 405255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8301751 |
| Food Products | &nbsp;&nbsp; 385063 | &nbsp;&nbsp; 1226368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1611431 |
| Gas Utilities | &nbsp;&nbsp; 179699 | &nbsp;&nbsp; 399797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 579496 |
| Ground Transportation | &nbsp;&nbsp; 2118696 | &nbsp;&nbsp; 39993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2158689 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 6300462 | &nbsp;&nbsp; 795437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7095899 |
| Health Care Providers & Services | &nbsp;&nbsp; 4629431 | &nbsp;&nbsp; 42209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4671640 |
| Health Care REITs | &nbsp;&nbsp; 1819388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1819388 |
| Health Care Technology | &nbsp;&nbsp; 91078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91078 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 4220968 | &nbsp;&nbsp; 656999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4877967 |
| Household Durables | &nbsp;&nbsp; 836288 | &nbsp;&nbsp; 622259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1458547 |
| Household Products | &nbsp;&nbsp; 2541369 | &nbsp;&nbsp; 396190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2937559 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 136808 | &nbsp;&nbsp; 147971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 284779 |
| Industrial Conglomerates | &nbsp;&nbsp; 526819 | &nbsp;&nbsp; 1621893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2148712 |
| Industrial REITs | &nbsp;&nbsp; 424342 | &nbsp;&nbsp; 41653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 465995 |
| Insurance | &nbsp;&nbsp; 4338707 | &nbsp;&nbsp; 3774135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8112842 |
| Interactive Media & Services | &nbsp;&nbsp; 22824503 | &nbsp;&nbsp; 192585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23017088 |
| IT Services | &nbsp;&nbsp; 3964614 | &nbsp;&nbsp; 358574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4323188 |
| Leisure Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 21116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21116 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 2245128 | &nbsp;&nbsp; 65626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2310754 |
| Machinery | &nbsp;&nbsp; 3743896 | &nbsp;&nbsp; 1603949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5347845 |
| Marine Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 90126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90126 |
| Media | &nbsp;&nbsp; 267207 | &nbsp;&nbsp; 50833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 318040 |
| Metals & Mining | &nbsp;&nbsp; 2783197 | &nbsp;&nbsp; 1481855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4265052 |
| Multi-Utilities | &nbsp;&nbsp; 891514 | &nbsp;&nbsp; 732643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624157 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 6181856 | &nbsp;&nbsp; 2657267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8839123 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 68623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68623 |
| Personal Care Products | &nbsp;&nbsp; 467364 | &nbsp;&nbsp; 878122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1345486 |
| Pharmaceuticals | &nbsp;&nbsp; 8078210 | &nbsp;&nbsp; 5031236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13109446 |
| Professional Services | &nbsp;&nbsp; 830505 | &nbsp;&nbsp; 737967 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1568472 |
| Real Estate Management & Development | &nbsp;&nbsp; 664524 | &nbsp;&nbsp; 252926 | &nbsp;&nbsp; — | &nbsp;&nbsp; 917450 |
| Retail REITs | &nbsp;&nbsp; 447963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 447963 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 36105048 | &nbsp;&nbsp; 2335360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38440408 |
| Software | &nbsp;&nbsp; 25473383 | &nbsp;&nbsp; 935755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26409138 |
| Specialized REITs | &nbsp;&nbsp; 966012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 966012 |
| Specialty Retail | &nbsp;&nbsp; 4471117 | &nbsp;&nbsp; 419257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4890374 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 15877856 | &nbsp;&nbsp; 194000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16071856 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 949760 | &nbsp;&nbsp; 1222583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2172343 |
| Tobacco | &nbsp;&nbsp; 463565 | &nbsp;&nbsp; 285062 | &nbsp;&nbsp; — | &nbsp;&nbsp; 748627 |
| Trading Companies & Distributors | &nbsp;&nbsp; 976807 | &nbsp;&nbsp; 1496161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2472968 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp; 187951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187951 |
| Water Utilities | &nbsp;&nbsp; 40716 | &nbsp;&nbsp; 92870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133586 |

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-445**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Wireless Telecommunication Services | &nbsp;&nbsp; $604247 | &nbsp;&nbsp; $925745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1529992 |
| Total Common Stocks | &nbsp;&nbsp; 262246968 | &nbsp;&nbsp; 61043920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 323290888 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 217619025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217619025 |
| Total Investment Companies\* | &nbsp;&nbsp; 6030958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6030958 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 47143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47143 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 22997851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22997851 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4301125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4301125 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499184 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 40656612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40656612 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 48456921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59456921 |
| Total Investments | &nbsp;&nbsp; $279277926 | &nbsp;&nbsp; $350164860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $629442786 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59441542)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59441542)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $744479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $744479 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (537523)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (537523)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206956 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1155073 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1155073 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (206160)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (206160)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $948913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $948913 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3499156)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3499156)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-446**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $629442786 |
| Cash | &nbsp;&nbsp; 153091 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 368716 |
| Cash collateral (d) | &nbsp;&nbsp; 14794839 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 744479 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 71961 |
| Fund shares sold | &nbsp;&nbsp; 49691 |
| Dividends and interest | &nbsp;&nbsp; 3168063 |
| Variation margin on futures contracts | &nbsp;&nbsp; 168633 |
| Prepaid expenses | &nbsp;&nbsp; 1902 |
| Total Assets | &nbsp;&nbsp; 648964161 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 537523 |
| Collateral for securities loaned | &nbsp;&nbsp; 59441542 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 387857 |
| Fund shares redeemed | &nbsp;&nbsp; 126657 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 544709 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 319883 |
| Distribution and service fees | &nbsp;&nbsp; 125705 |
| Deferred trustees' fees | &nbsp;&nbsp; 308238 |
| Other expenses | &nbsp;&nbsp; 366000 |
| Total Liabilities | &nbsp;&nbsp; 62158114 |
| **Net Assets**  | &nbsp;&nbsp; $586806047 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $485288801 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 101517246 |
| **Net Assets**  | &nbsp;&nbsp; $586806047 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $586806047 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 46594339 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $12.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $544,046,060.

(b) Includes securities loaned at value of $100,305,961.

(c) Identified cost of cash denominated in foreign currencies was $365,527.

(d) Includes collateral of $6,815,833 for futures contracts and $7,979,006 for centrally cleared swap contracts. 

**Consolidated§ Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $5634086 |
| Interest | &nbsp;&nbsp; 12082782 |
| Securities lending income | &nbsp;&nbsp; 163425 |
| Total investment income | &nbsp;&nbsp; 17880293 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3915576 |
| Administration fees | &nbsp;&nbsp; 8889 |
| Custodian and accounting fees | &nbsp;&nbsp; 130199 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1502178 |
| Audit and tax services | &nbsp;&nbsp; 106150 |
| Legal | &nbsp;&nbsp; 58697 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 15911 |
| Insurance | &nbsp;&nbsp; 6931 |
| Miscellaneous | &nbsp;&nbsp; 45817 |
| Total expenses | &nbsp;&nbsp; 5852441 |
| Less management fee waiver | &nbsp;&nbsp; (90131)<br>|
| Net expenses | &nbsp;&nbsp; 5762310 |
| **Net Investment Income** | &nbsp;&nbsp; 12117983 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 37841460 |
| Futures contracts | &nbsp;&nbsp; (29905166)<br>|
| Swap contracts | &nbsp;&nbsp; 1063468 |
| Foreign currency transactions | &nbsp;&nbsp; 94034 |
| Forward foreign currency transactions | &nbsp;&nbsp; 301251 |
| Net realized gain (loss) | &nbsp;&nbsp; 9395047 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 29462643 |
| Futures contracts | &nbsp;&nbsp; 1625313 |
| Swap contracts | &nbsp;&nbsp; 2441195 |
| Foreign currency transactions | &nbsp;&nbsp; 69590 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1236520 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 34835261 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 44230308 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $56348291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $239,369.

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-447**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12117983 | &nbsp;&nbsp; $20654221 |
| Net realized gain (loss) | &nbsp;&nbsp; 9395047 | &nbsp;&nbsp; 101905968 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 34835261 | &nbsp;&nbsp; (17069333)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 56348291 | &nbsp;&nbsp; 105490856 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (39430634)<br>| &nbsp;&nbsp; (18384023)<br>|
| **Total distributions** | &nbsp;&nbsp; (39430634)<br>| &nbsp;&nbsp; (18384023)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (46168028)<br>| &nbsp;&nbsp; (526432067)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (29250371)<br>| &nbsp;&nbsp; (439325234)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 616056418 | &nbsp;&nbsp; 1055381652 |
| End of period | &nbsp;&nbsp; $586806047 | &nbsp;&nbsp; $616056418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 794278 | &nbsp;&nbsp; $9826059 | &nbsp;&nbsp; 2926200 | &nbsp;&nbsp; $35274607 |
| Reinvestments | &nbsp;&nbsp; 3428751 | &nbsp;&nbsp; 39430634 | &nbsp;&nbsp; 1542284 | &nbsp;&nbsp; 18384023 |
| Redemptions | &nbsp;&nbsp; (7803368)<br>| &nbsp;&nbsp; (95424721)<br>| &nbsp;&nbsp; (46938887)<br>| &nbsp;&nbsp; (580090697)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3580339)<br>| &nbsp;&nbsp; $(46168028)<br>| &nbsp;&nbsp; (42470403)<br>| &nbsp;&nbsp; $(526432067)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(46168028)<br>|  | &nbsp;&nbsp; $(526432067)<br>|

---

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-448**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.43 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total income (loss) from investment operations | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $13.78 |
| **Total Return (%)** (b) | 9.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp; (20.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.42 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (c) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Ratio of net investment income (loss) to average net assets (%) | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 35 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $586.8 | &nbsp;&nbsp; $616.1 | &nbsp;&nbsp; $1055.4 | &nbsp;&nbsp; $1058.7 | &nbsp;&nbsp; $1515.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*§See Note 2 of the notes to financial statements.* 

*See accompanying notes to financial statements.*

**BHFTI-449**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| Anglogold Ashanti PLC | 71858 | &nbsp;&nbsp; $6172418 |
| **Brazil — 3.1%** | **Brazil — 3.1%** | **Brazil — 3.1%** |
| Ambev SA (ADR) (a) | 456600 | &nbsp;&nbsp; 1127802 |
| B3 SA - Brasil Bolsa Balcao | 1087100 | &nbsp;&nbsp; 2829667 |
| Banco Bradesco SA | 178100 | &nbsp;&nbsp; 503447 |
| Banco Bradesco SA (ADR) (a) | 117600 | &nbsp;&nbsp; 391608 |
| Cia De Sanena Do Parana | 156600 | &nbsp;&nbsp; 1145692 |
| Cogna Educacao SA | 564630 | &nbsp;&nbsp; 324462 |
| Energisa SA | 188590 | &nbsp;&nbsp; 1617948 |
| Itau Unibanco Holding SA | 60842 | &nbsp;&nbsp; 402790 |
| Itau Unibanco Holding SA (ADR) | 776146 | &nbsp;&nbsp; 5557207 |
| Lojas Renner SA | 258300 | &nbsp;&nbsp; 632075 |
| NU Holdings Ltd. - Class A (b) | 237500 | &nbsp;&nbsp; 3975750 |
| Petroleo Brasileiro SA - Petrobras | 120700 | &nbsp;&nbsp; 718193 |
| Petroleo Brasileiro SA - Petrobras (ADR) | 55000 | &nbsp;&nbsp; 651750 |
| Rede D'Or Sao Luiz SA | 363000 | &nbsp;&nbsp; 2688023 |
| Telefonica Brasil SA | 452600 | &nbsp;&nbsp; 2700590 |
| TIM SA | 591700 | &nbsp;&nbsp; 2315230 |
| Vale SA | 350800 | &nbsp;&nbsp; 4586707 |
| Vale SA (ADR) (a) | 186800 | &nbsp;&nbsp; 2434004 |
| Vibra Energia SA | 220862 | &nbsp;&nbsp; 1038641 |
| Vulcabras SA | 53128 | &nbsp;&nbsp; 193569 |
|  |  | &nbsp;&nbsp; 35835155 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Cencosud SA | 576331 | &nbsp;&nbsp; 1842416 |
| Enel Chile SA | 6509336 | &nbsp;&nbsp; 533169 |
| Engie Energia Chile SA | 78190 | &nbsp;&nbsp; 116149 |
| Latam Airlines Group SA | 8333698 | &nbsp;&nbsp; 225667 |
|  |  | &nbsp;&nbsp; 2717401 |
| **China — 26.8%** | **China — 26.8%** | **China — 26.8%** |
| 3SBio, Inc.  | 561000 | &nbsp;&nbsp; 1740621 |
| AAC Technologies Holdings, Inc.  | 353500 | &nbsp;&nbsp; 1766235 |
| Agricultural Bank of China Ltd. - Class H | 354000 | &nbsp;&nbsp; 262569 |
| Alibaba Group Holding Ltd.  | 1987600 | &nbsp;&nbsp; 36375858 |
| Alibaba Health Information Technology Ltd. (a) (b) | 1382000 | &nbsp;&nbsp; 893493 |
| Alphamab Oncology (b) | 309000 | &nbsp;&nbsp; 388012 |
| Aluminum Corp. of China Ltd. - Class H | 374000 | &nbsp;&nbsp; 582218 |
| ANE Cayman, Inc.  | 344500 | &nbsp;&nbsp; 523159 |
| Anhui Anfu Battery Technology Co. Ltd. - Class A | 51200 | &nbsp;&nbsp; 323156 |
| Anker Innovations Technology Co. Ltd. - Class A | 13920 | &nbsp;&nbsp; 227295 |
| ANTA Sports Products Ltd.  | 258600 | &nbsp;&nbsp; 2671233 |
| Baidu, Inc. - Class A (b) | 229300 | &nbsp;&nbsp; 3758586 |
| Bank of Changsha Co. Ltd. - Class A | 479900 | &nbsp;&nbsp; 665555 |
| Bank of China Ltd. - Class H | 4221000 | &nbsp;&nbsp; 2413055 |
| Bank of Guiyang Co. Ltd. - Class A | 1272500 | &nbsp;&nbsp; 1068600 |
| Bank of Jiangsu Co. Ltd. - Class A | 435500 | &nbsp;&nbsp; 648457 |
| Bank of Ningbo Co. Ltd. - Class A | 85400 | &nbsp;&nbsp; 343259 |
| Baoshan Iron & Steel Co. Ltd. - Class A | 158500 | &nbsp;&nbsp; 168849 |
| Beauty Farm Medical & Health Industry, Inc.  | 131500 | &nbsp;&nbsp; 459740 |
| Beijing Enterprises Holdings Ltd.  | 99000 | &nbsp;&nbsp; 404318 |
| Beijing Jingneng Clean Energy Co. Ltd. - Class H | 1282000 | &nbsp;&nbsp; 372835 |
| Beijing Jingneng Power Co. Ltd. - Class A | 1734600 | &nbsp;&nbsp; 1264843 |
| Bilibili, Inc. - Class Z (b) | 21920 | &nbsp;&nbsp; 540822 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| BOC Aviation Ltd.  | 214500 | &nbsp;&nbsp; $2005030 |
| BYD Co. Ltd. - Class H (a) | 280900 | &nbsp;&nbsp; 3420511 |
| CGN New Energy Holdings Co. Ltd. (a) | 2684000 | &nbsp;&nbsp; 856963 |
| Chervon Holdings Ltd. (a) | 61100 | &nbsp;&nbsp; 154032 |
| China Conch Venture Holdings Ltd.  | 654500 | &nbsp;&nbsp; 790510 |
| China Construction Bank Corp. - Class H | 9135000 | &nbsp;&nbsp; 9002869 |
| China East Education Holdings Ltd.  | 995500 | &nbsp;&nbsp; 846927 |
| China Feihe Ltd.  | 1017000 | &nbsp;&nbsp; 529620 |
| China Foods Ltd.  | 1086000 | &nbsp;&nbsp; 605605 |
| China Hongqiao Group Ltd.  | 836500 | &nbsp;&nbsp; 3476054 |
| China International Marine Containers Group Co. Ltd. - Class A | 173850 | &nbsp;&nbsp; 250899 |
| China Life Insurance Co. Ltd. - Class H | 209000 | &nbsp;&nbsp; 730465 |
| China Merchants Bank Co. Ltd. - Class A | 214100 | &nbsp;&nbsp; 1289947 |
| China Merchants Bank Co. Ltd. - Class H | 692000 | &nbsp;&nbsp; 4679796 |
| China Merchants Port Group Co. Ltd. - Class A | 63400 | &nbsp;&nbsp; 175378 |
| China National Building Material Co. Ltd. - Class H | 3426000 | &nbsp;&nbsp; 2246170 |
| China Nonferrous Mining Corp. Ltd.  | 633000 | &nbsp;&nbsp; 1189432 |
| China Pacific Insurance Group Co. Ltd. - Class A | 61000 | &nbsp;&nbsp; 365243 |
| China Pacific Insurance Group Co. Ltd. - Class H | 816800 | &nbsp;&nbsp; 3678690 |
| China Reinsurance Group Corp. - Class H | 5397000 | &nbsp;&nbsp; 1165015 |
| China Resources Land Ltd.  | 947000 | &nbsp;&nbsp; 3298476 |
| China Tower Corp. Ltd. - Class H | 395600 | &nbsp;&nbsp; 586870 |
| China Water Affairs Group Ltd.  | 230000 | &nbsp;&nbsp; 153225 |
| CITIC Ltd.  | 107000 | &nbsp;&nbsp; 165357 |
| Citic Pacific Special Steel Group Co. Ltd. - Class A | 273400 | &nbsp;&nbsp; 639787 |
| CITIC Securities Co. Ltd. - Class H | 198500 | &nbsp;&nbsp; 696010 |
| CMOC Group Ltd. - Class A | 524200 | &nbsp;&nbsp; 1494465 |
| CMOC Group Ltd. - Class H | 1335000 | &nbsp;&nbsp; 3285452 |
| Contemporary Amperex Technology Co. Ltd. - Class A | 42920 | &nbsp;&nbsp; 2246958 |
| COSCO SHIPPING Holdings Co. Ltd. - Class A | 338890 | &nbsp;&nbsp; 736062 |
| COSCO SHIPPING Holdings Co. Ltd. - Class H (a) | 943700 | &nbsp;&nbsp; 1667272 |
| CSPC Pharmaceutical Group Ltd.  | 1310000 | &nbsp;&nbsp; 1414038 |
| DaShenLin Pharmaceutical Group Co. Ltd. - Class A | 310900 | &nbsp;&nbsp; 783576 |
| Dongyue Group Ltd.  | 113000 | &nbsp;&nbsp; 156582 |
| Eastern Air Logistics Co. Ltd. - Class A | 160800 | &nbsp;&nbsp; 423211 |
| Far East Horizon Ltd.  | 681000 | &nbsp;&nbsp; 701610 |
| Foxconn Industrial Internet Co. Ltd. - Class A | 64300 | &nbsp;&nbsp; 567270 |
| Fufeng Group Ltd. (a) | 857000 | &nbsp;&nbsp; 867714 |
| Fuyao Glass Industry Group Co. Ltd. - Class H | 63600 | &nbsp;&nbsp; 548390 |
| Gansu Shangfeng Cement Co. Ltd. - Class A | 749100 | &nbsp;&nbsp; 1390658 |
| Gdh Supertime Group Co. Ltd. - Class A | 652500 | &nbsp;&nbsp; 1129842 |
| Geely Automobile Holdings Ltd.  | 1670000 | &nbsp;&nbsp; 3833138 |
| GEPIC Energy Development Co. Ltd. - Class A | 1225200 | &nbsp;&nbsp; 1130041 |
| Goldcup Electric Apparatus Co. Ltd. - Class A | 496600 | &nbsp;&nbsp; 885291 |
| Goldwind Science & Technology Co. Ltd. - Class A | 290300 | &nbsp;&nbsp; 845220 |
| Goldwind Science & Technology Co. Ltd. - Class H | 214800 | &nbsp;&nbsp; 368695 |
| Great Wall Motor Co. Ltd. - Class H | 232500 | &nbsp;&nbsp; 455697 |
| Greentown Service Group Co. Ltd.  | 388000 | &nbsp;&nbsp; 233224 |
| Guangdong Investment Ltd.  | 2652000 | &nbsp;&nbsp; 2311087 |
| Guodian Nanjing Automation Co. Ltd. - Class A | 378060 | &nbsp;&nbsp; 565447 |
| H World Group Ltd. (ADR) | 34400 | &nbsp;&nbsp; 1618520 |
| Haier Smart Home Co. Ltd. - Class A | 139400 | &nbsp;&nbsp; 519994 |
| Haier Smart Home Co. Ltd. - Class H (a) | 852400 | &nbsp;&nbsp; 2648983 |
| Hansoh Pharmaceutical Group Co. Ltd.  | 128000 | &nbsp;&nbsp; 592207 |
| Harbin Electric Co. Ltd. - Class H | 596000 | &nbsp;&nbsp; 1263545 |
| Hengan International Group Co. Ltd.  | 672000 | &nbsp;&nbsp; 2405988 |

---

*See accompanying notes to financial statements.*

**BHFTI-450**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Hisense Visual Technology Co. Ltd. - Class A | 106100 | &nbsp;&nbsp; $368081 |
| Huaneng Power International, Inc. - Class H | 2774000 | &nbsp;&nbsp; 2040658 |
| Industrial & Commercial Bank of China Ltd. - Class H | 5316000 | &nbsp;&nbsp; 4307418 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. <br> Ltd. - Class A<br>| 505800 | &nbsp;&nbsp; 348400 |
| Innovent Biologics, Inc. (b) | 24500 | &nbsp;&nbsp; 238752 |
| JD Logistics, Inc. (b) | 204300 | &nbsp;&nbsp; 298592 |
| JD.com, Inc. - Class A | 344004 | &nbsp;&nbsp; 4934916 |
| Jiangxi Ganyue Expressway Co. Ltd. - Class A | 299300 | &nbsp;&nbsp; 222062 |
| JNBY Design Ltd.  | 399000 | &nbsp;&nbsp; 994578 |
| Jointo Energy Investment Co. Ltd. Hebei - Class A | 497000 | &nbsp;&nbsp; 606288 |
| Kingfa Sci & Tech Co. Ltd. - Class A | 300400 | &nbsp;&nbsp; 837818 |
| Kuaishou Technology | 340500 | &nbsp;&nbsp; 2775240 |
| Lenovo Group Ltd.  | 2316000 | &nbsp;&nbsp; 2746195 |
| Lonking Holdings Ltd.  | 858000 | &nbsp;&nbsp; 325675 |
| Meituan - Class B (a) (b) | 377710 | &nbsp;&nbsp; 4984138 |
| Midea Group Co. Ltd. - Class A | 29717 | &nbsp;&nbsp; 332225 |
| Midea Group Co. Ltd. - Class H | 72100 | &nbsp;&nbsp; 785415 |
| Minth Group Ltd.  | 32000 | &nbsp;&nbsp; 129902 |
| MMG Ltd. (b) | 476000 | &nbsp;&nbsp; 534374 |
| Muyuan Foods Co. Ltd. - Class A | 125200 | &nbsp;&nbsp; 905119 |
| MYS Group Co. Ltd. - Class A | 445600 | &nbsp;&nbsp; 256656 |
| Nanjing Kangni Mechanical & Electrical Co. Ltd. - Class A | 915500 | &nbsp;&nbsp; 896089 |
| NetEase, Inc.  | 211700 | &nbsp;&nbsp; 5825789 |
| Newborn Town, Inc. (b) | 138000 | &nbsp;&nbsp; 197409 |
| PDD Holdings, Inc. (ADR) (b) | 59900 | &nbsp;&nbsp; 6792061 |
| People's Insurance Co. Group of China Ltd. - Class H | 2785000 | &nbsp;&nbsp; 2407127 |
| PetroChina Co. Ltd. - Class H | 4330000 | &nbsp;&nbsp; 4652123 |
| PICC Property & Casualty Co. Ltd. - Class H | 1502000 | &nbsp;&nbsp; 3149104 |
| Ping An Insurance Group Co. of China Ltd. - Class A | 188100 | &nbsp;&nbsp; 1839082 |
| Ping An Insurance Group Co. of China Ltd. - Class H (a) | 1025500 | &nbsp;&nbsp; 8626341 |
| Pop Mart International Group Ltd.  | 66200 | &nbsp;&nbsp; 1588525 |
| Qfin Holdings, Inc. (ADR) | 38500 | &nbsp;&nbsp; 741895 |
| Qingdao Gon Technology Co. Ltd. - Class A | 36400 | &nbsp;&nbsp; 273861 |
| Satellite Chemical Co. Ltd. - Class A | 180400 | &nbsp;&nbsp; 455694 |
| Shandong Bohui Paper Industrial Co. Ltd. - Class A | 235700 | &nbsp;&nbsp; 229944 |
| Shandong Nanshan Aluminum Co. Ltd. - Class A | 193000 | &nbsp;&nbsp; 148024 |
| Shandong Sun Paper Industry JSC Ltd. - Class A | 77525 | &nbsp;&nbsp; 174549 |
| Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 898000 | &nbsp;&nbsp; 577619 |
| Shanghai Zhenhua Heavy Industries Co. Ltd. - Class A | 1584420 | &nbsp;&nbsp; 1165976 |
| Shanghai Zhonggu Logistics Co. Ltd. - Class A | 150800 | &nbsp;&nbsp; 216560 |
| Shenzhen Desay Battery Technology Co. - Class A | 275400 | &nbsp;&nbsp; 1056135 |
| Shenzhen International Holdings Ltd.  | 275500 | &nbsp;&nbsp; 305921 |
| Sichuan Road & Bridge Group Co. Ltd. - Class A | 125600 | &nbsp;&nbsp; 178796 |
| Sino Biopharmaceutical Ltd.  | 3285000 | &nbsp;&nbsp; 2602334 |
| Sinopec Engineering Group Co. Ltd. - Class H | 662000 | &nbsp;&nbsp; 651560 |
| Sinotruk Hong Kong Ltd.  | 313000 | &nbsp;&nbsp; 1107776 |
| SITC International Holdings Co. Ltd.  | 242000 | &nbsp;&nbsp; 864598 |
| Star Lake Bioscience Co., Inc. Zhaoqing Guangdong - Class A | 997861 | &nbsp;&nbsp; 991449 |
| Sumec Corp. Ltd. - Class A | 295400 | &nbsp;&nbsp; 456787 |
| Sungrow Power Supply Co. Ltd. - Class A | 14100 | &nbsp;&nbsp; 343485 |
| Sunny Optical Technology Group Co. Ltd.  | 23100 | &nbsp;&nbsp; 193118 |
| Tencent Holdings Ltd. (a) | 741900 | &nbsp;&nbsp; 56849747 |
| Tencent Music Entertainment Group (ADR) | 89000 | &nbsp;&nbsp; 1560170 |
| Tian Di Science & Technology Co. Ltd. - Class A | 164200 | &nbsp;&nbsp; 136837 |
| Tianshan Aluminum Group Co. Ltd. - Class A | 369200 | &nbsp;&nbsp; 851620 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Tingyi Cayman Islands Holding Corp.  | 245876 | &nbsp;&nbsp; $372133 |
| Trip.com Group Ltd.  | 50400 | &nbsp;&nbsp; 3615378 |
| Vipshop Holdings Ltd. (ADR) | 15500 | &nbsp;&nbsp; 274195 |
| Want Want China Holdings Ltd.  | 731000 | &nbsp;&nbsp; 435893 |
| Weichai Power Co. Ltd. - Class A | 131600 | &nbsp;&nbsp; 322477 |
| Western Mining Co. Ltd. - Class A | 212300 | &nbsp;&nbsp; 836605 |
| Wuchan Zhongda Group Co. Ltd. - Class A | 812000 | &nbsp;&nbsp; 646227 |
| WuXi AppTec Co. Ltd. - Class A | 67091 | &nbsp;&nbsp; 866638 |
| WuXi AppTec Co. Ltd. - Class H (a) | 205800 | &nbsp;&nbsp; 2593471 |
| Wuxi Biologics Cayman, Inc. (b) | 364500 | &nbsp;&nbsp; 1467931 |
| Xiaomi Corp. - Class B (b) | 1889000 | &nbsp;&nbsp; 9533898 |
| XPeng, Inc. - Class A (a) (b) | 43000 | &nbsp;&nbsp; 435345 |
| Xtep International Holdings Ltd.  | 1576056 | &nbsp;&nbsp; 1073892 |
| Yunnan Aluminium Co. Ltd. - Class A | 64500 | &nbsp;&nbsp; 301957 |
| Yunnan Yuntianhua Co. Ltd. - Class A | 141400 | &nbsp;&nbsp; 674489 |
| Yutong Bus Co. Ltd. - Class A | 366700 | &nbsp;&nbsp; 1716038 |
| ZCZL Industrial Technology Group Co. Ltd.  | 47091 | &nbsp;&nbsp; 165076 |
| Zhejiang Chint Electrics Co. Ltd. - Class A | 225400 | &nbsp;&nbsp; 899711 |
| Zhejiang Expressway Co. Ltd. - Class H | 1354000 | &nbsp;&nbsp; 1246496 |
| Zhejiang Hailide New Material Co. Ltd. - Class A | 1376800 | &nbsp;&nbsp; 1150598 |
| Zhejiang Huayou Cobalt Co. Ltd. - Class A | 120200 | &nbsp;&nbsp; 1170635 |
| Zhejiang Jiahua Energy Chemical Industry Co. Ltd. - Class A | 518600 | &nbsp;&nbsp; 647945 |
| Zijin Mining Group Co. Ltd. - Class H | 208000 | &nbsp;&nbsp; 940171 |
| ZTE Corp. - Class H (a) | 405200 | &nbsp;&nbsp; 1405779 |
|  |  | &nbsp;&nbsp; 307825411 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| CEZ AS | 2255 | &nbsp;&nbsp; 141994 |
| Komercni Banka AS | 27100 | &nbsp;&nbsp; 1531451 |
| Moneta Money Bank AS | 171628 | &nbsp;&nbsp; 1614543 |
|  |  | &nbsp;&nbsp; 3287988 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Eastern Co. SAE | 241085 | &nbsp;&nbsp; 187515 |
| **Greece — 0.7%** | **Greece — 0.7%** | **Greece — 0.7%** |
| Eurobank SA - Class A | 467298 | &nbsp;&nbsp; 1872922 |
| National Bank of Greece SA | 123447 | &nbsp;&nbsp; 1880297 |
| OPAP SA | 117995 | &nbsp;&nbsp; 2647902 |
| Piraeus Bank SA | 116213 | &nbsp;&nbsp; 923919 |
| Public Power Corp. SA | 36938 | &nbsp;&nbsp; 789851 |
|  |  | &nbsp;&nbsp; 8114891 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Orient Overseas International Ltd. (a) | 25500 | &nbsp;&nbsp; 410557 |
| Skyworth Group Ltd. (b) | 912000 | &nbsp;&nbsp; 549226 |
| Wasion Holdings Ltd.  | 598000 | &nbsp;&nbsp; 1316280 |
| WH Group Ltd.  | 1047000 | &nbsp;&nbsp; 1165653 |
|  |  | &nbsp;&nbsp; 3441716 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| Magyar Telekom Telecommunications PLC | 132662 | &nbsp;&nbsp; 727055 |
| OTP Bank Nyrt | 21111 | &nbsp;&nbsp; 2261960 |
|  |  | &nbsp;&nbsp; 2989015 |

---

*See accompanying notes to financial statements.*

**BHFTI-451**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — 15.1%** | **India — 15.1%** | **India — 15.1%** |
| Adani Power Ltd. (b) | 633655 | &nbsp;&nbsp; $1007600 |
| Alkem Laboratories Ltd.  | 11074 | &nbsp;&nbsp; 674013 |
| Apollo Hospitals Enterprise Ltd.  | 25807 | &nbsp;&nbsp; 2021292 |
| Ashok Leyland Ltd.  | 1636848 | &nbsp;&nbsp; 3260262 |
| Aster DM Healthcare Ltd.  | 96166 | &nbsp;&nbsp; 659238 |
| Aurobindo Pharma Ltd.  | 11260 | &nbsp;&nbsp; 148728 |
| Axis Bank Ltd.  | 103567 | &nbsp;&nbsp; 1465230 |
| Bajaj Consumer Care Ltd. (b) | 153258 | &nbsp;&nbsp; 437421 |
| Bajaj Finance Ltd.  | 125160 | &nbsp;&nbsp; 1373832 |
| Bank of Baroda | 259559 | &nbsp;&nbsp; 854544 |
| Bank of India | 83267 | &nbsp;&nbsp; 133784 |
| Bharat Electronics Ltd.  | 328079 | &nbsp;&nbsp; 1455742 |
| Bharat Petroleum Corp. Ltd.  | 718395 | &nbsp;&nbsp; 3065062 |
| Bharti Airtel Ltd.  | 376743 | &nbsp;&nbsp; 8843933 |
| Biocon Ltd.  | 270928 | &nbsp;&nbsp; 1185823 |
| Bombay Burmah Trading Co.  | 20786 | &nbsp;&nbsp; 435808 |
| Ceat Ltd.  | 11726 | &nbsp;&nbsp; 495804 |
| CESC Ltd.  | 373354 | &nbsp;&nbsp; 694043 |
| Chambal Fertilisers & Chemicals Ltd.  | 160458 | &nbsp;&nbsp; 861356 |
| Chennai Petroleum Corp. Ltd.  | 31514 | &nbsp;&nbsp; 294193 |
| Cipla Ltd.  | 41042 | &nbsp;&nbsp; 688226 |
| Coal India Ltd.  | 194735 | &nbsp;&nbsp; 865503 |
| Coromandel International Ltd.  | 15294 | &nbsp;&nbsp; 385980 |
| Dr. Reddy's Laboratories Ltd.  | 186940 | &nbsp;&nbsp; 2643749 |
| Eicher Motors Ltd.  | 22454 | &nbsp;&nbsp; 1826145 |
| EID Parry India Ltd. (b) | 68482 | &nbsp;&nbsp; 788333 |
| Embassy Office Parks (REIT) | 131720 | &nbsp;&nbsp; 640113 |
| EPL Ltd.  | 208980 | &nbsp;&nbsp; 500315 |
| Finolex Cables Ltd.  | 14338 | &nbsp;&nbsp; 119823 |
| Force Motors Ltd.  | 4679 | &nbsp;&nbsp; 1069360 |
| Fortis Healthcare Ltd.  | 99844 | &nbsp;&nbsp; 985279 |
| GE Vernova T&D India Ltd.  | 9407 | &nbsp;&nbsp; 329138 |
| General Insurance Corp. of India | 216462 | &nbsp;&nbsp; 916221 |
| GHCL Ltd.  | 52656 | &nbsp;&nbsp; 332218 |
| GMR Power & Urban Infra Ltd. (b) | 113499 | &nbsp;&nbsp; 140092 |
| Godawari Power & Ispat Ltd.  | 158985 | &nbsp;&nbsp; 470889 |
| Graphite India Ltd.  | 113711 | &nbsp;&nbsp; 809448 |
| Great Eastern Shipping Co. Ltd.  | 50162 | &nbsp;&nbsp; 631024 |
| Gujarat Pipavav Port Ltd.  | 342759 | &nbsp;&nbsp; 694168 |
| Gujarat State Petronet Ltd.  | 95517 | &nbsp;&nbsp; 326812 |
| HCL Technologies Ltd.  | 195944 | &nbsp;&nbsp; 3532257 |
| HDFC Asset Management Co. Ltd.  | 29154 | &nbsp;&nbsp; 867650 |
| HDFC Bank Ltd.  | 897901 | &nbsp;&nbsp; 9938864 |
| HDFC Bank Ltd. (ADR) | 51900 | &nbsp;&nbsp; 1896426 |
| Hero MotoCorp Ltd.  | 45197 | &nbsp;&nbsp; 2894702 |
| Hindalco Industries Ltd.  | 394548 | &nbsp;&nbsp; 3889990 |
| Hindustan Aeronautics Ltd.  | 47160 | &nbsp;&nbsp; 2301318 |
| Hindustan Petroleum Corp. Ltd.  | 334833 | &nbsp;&nbsp; 1860915 |
| Hindustan Unilever Ltd.  | 5096 | &nbsp;&nbsp; 131370 |
| ICICI Bank Ltd.  | 562259 | &nbsp;&nbsp; 8394892 |
| ICICI Bank Ltd. (ADR) | 9300 | &nbsp;&nbsp; 277140 |
| Indian Bank | 116461 | &nbsp;&nbsp; 1084276 |
| Indian Oil Corp. Ltd.  | 1514526 | &nbsp;&nbsp; 2803054 |
| Indraprastha Gas Ltd.  | 162390 | &nbsp;&nbsp; 351632 |
| Indus Towers Ltd. (b) | 635553 | &nbsp;&nbsp; 2978126 |
| Infosys Ltd.  | 263289 | &nbsp;&nbsp; 4715907 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — (Continued)** | **India — (Continued)** | **India — (Continued)** |
| Infosys Ltd. (ADR) (a) | 62200 | &nbsp;&nbsp; $1108404 |
| InterGlobe Aviation Ltd.  | 38871 | &nbsp;&nbsp; 2188416 |
| ITC Ltd.  | 445380 | &nbsp;&nbsp; 1997478 |
| Jayaswal NECO Industries Ltd. (b) | 348303 | &nbsp;&nbsp; 338771 |
| JM Financial Ltd.  | 127041 | &nbsp;&nbsp; 212692 |
| Karur Vysya Bank Ltd.  | 408707 | &nbsp;&nbsp; 1195677 |
| KCP Ltd.  | 154561 | &nbsp;&nbsp; 309614 |
| Kotak Mahindra Bank Ltd.  | 28751 | &nbsp;&nbsp; 704758 |
| KRBL Ltd.  | 92031 | &nbsp;&nbsp; 403963 |
| Kwality Wall's India Ltd. (b) | 21230 | &nbsp;&nbsp; 9023 |
| Larsen & Toubro Ltd.  | 36372 | &nbsp;&nbsp; 1652398 |
| LG Balakrishnan & Bros Ltd.  | 9678 | &nbsp;&nbsp; 193485 |
| LT Foods Ltd.  | 40712 | &nbsp;&nbsp; 175736 |
| Lupin Ltd.  | 75156 | &nbsp;&nbsp; 1760481 |
| Mahindra & Mahindra Ltd.  | 152863 | &nbsp;&nbsp; 6320973 |
| Maruti Suzuki India Ltd.  | 2752 | &nbsp;&nbsp; 511319 |
| Mphasis Ltd.  | 49651 | &nbsp;&nbsp; 1545184 |
| Muthoot Finance Ltd.  | 66606 | &nbsp;&nbsp; 2823172 |
| National Aluminium Co. Ltd.  | 370057 | &nbsp;&nbsp; 1293731 |
| Nava Ltd.  | 160910 | &nbsp;&nbsp; 1016223 |
| NMDC Ltd.  | 1575423 | &nbsp;&nbsp; 1455032 |
| NTPC Ltd.  | 897489 | &nbsp;&nbsp; 3292873 |
| Oil & Natural Gas Corp. Ltd.  | 912825 | &nbsp;&nbsp; 2446458 |
| Oracle Financial Services Software Ltd.  | 18336 | &nbsp;&nbsp; 1571532 |
| Petronet LNG Ltd.  | 604773 | &nbsp;&nbsp; 1911009 |
| Power Finance Corp. Ltd.  | 183405 | &nbsp;&nbsp; 726566 |
| Power Grid Corp. of India Ltd.  | 805589 | &nbsp;&nbsp; 2366189 |
| PTC India Ltd.  | 266385 | &nbsp;&nbsp; 477552 |
| REC Ltd.  | 199536 | &nbsp;&nbsp; 792805 |
| Redington Ltd.  | 90369 | &nbsp;&nbsp; 273456 |
| Reliance Industries Ltd.  | 618718 | &nbsp;&nbsp; 10789827 |
| Shipping Corp. of India Ltd.  | 84241 | &nbsp;&nbsp; 217117 |
| Shriram Finance Ltd.  | 168376 | &nbsp;&nbsp; 1867485 |
| Siemens Energy India Ltd. (b) | 17814 | &nbsp;&nbsp; 507395 |
| State Bank of India | 141511 | &nbsp;&nbsp; 1546815 |
| Sun Pharmaceutical Industries Ltd.  | 173377 | &nbsp;&nbsp; 3327488 |
| Surya Roshni Ltd.  | 57810 | &nbsp;&nbsp; 176751 |
| Tata Consultancy Services Ltd.  | 48428 | &nbsp;&nbsp; 1733269 |
| Tata Motors Ltd./new (b) | 84321 | &nbsp;&nbsp; 389851 |
| Tata Motors Passenger Vehicles Ltd.  | 365066 | &nbsp;&nbsp; 1490691 |
| Tata Steel Ltd.  | 1444867 | &nbsp;&nbsp; 2889125 |
| Tech Mahindra Ltd.  | 76008 | &nbsp;&nbsp; 1348555 |
| Thomas Cook India Ltd.  | 131890 | &nbsp;&nbsp; 218777 |
| TVS Holdings Ltd.  | 1298 | &nbsp;&nbsp; 199084 |
| TVS Motor Co. Ltd.  | 79384 | &nbsp;&nbsp; 3283275 |
| UPL Ltd.  | 265316 | &nbsp;&nbsp; 2341336 |
| Vedanta Ltd.  | 552888 | &nbsp;&nbsp; 3706085 |
| Welspun Corp. Ltd.  | 86207 | &nbsp;&nbsp; 780870 |
| Wipro Ltd.  | 1053738 | &nbsp;&nbsp; 3084713 |
| Zydus Lifesciences Ltd.  | 28340 | &nbsp;&nbsp; 288932 |
|  |  | &nbsp;&nbsp; 173711474 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Aneka Tambang Tbk. PT | 3370000 | &nbsp;&nbsp; 633623 |
| Astra International Tbk. PT | 7832200 | &nbsp;&nbsp; 3146518 |
| Bank Central Asia Tbk. PT | 1620900 | &nbsp;&nbsp; 782403 |

---

*See accompanying notes to financial statements.*

**BHFTI-452**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Indonesia — (Continued)** | **Indonesia — (Continued)** | **Indonesia — (Continued)** |
| Bank Rakyat Indonesia Persero Tbk. PT | 6858200 | &nbsp;&nbsp; $1505146 |
| Bukit Asam Tbk. PT | 2276200 | &nbsp;&nbsp; 315308 |
| Elang Mahkota Teknologi Tbk. PT | 3344100 | &nbsp;&nbsp; 217571 |
| Indofood Sukses Makmur Tbk. PT | 2082000 | &nbsp;&nbsp; 845878 |
| Japfa Comfeed Indonesia Tbk. PT | 5184000 | &nbsp;&nbsp; 814364 |
| Perusahaan Gas Negara Tbk. PT | 10779300 | &nbsp;&nbsp; 1230804 |
| Trimegah Bangun Persada Tbk. PT | 11907800 | &nbsp;&nbsp; 803226 |
| United Tractors Tbk. PT | 555700 | &nbsp;&nbsp; 982991 |
|  |  | &nbsp;&nbsp; 11277832 |
| **Kuwait — 0.5%** | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
| Ali Alghanim Sons Automotive Co. KSCC | 95622 | &nbsp;&nbsp; 351393 |
| Boursa Kuwait Securities Co. KPSC | 46468 | &nbsp;&nbsp; 557899 |
| Commercial Real Estate Co. KSC | 983191 | &nbsp;&nbsp; 648478 |
| Gulf Cables & Electrical Industries Group Co. KSCP | 82040 | &nbsp;&nbsp; 559150 |
| Kuwait Finance House KSCP | 565202 | &nbsp;&nbsp; 1488415 |
| Mobile Telecommunications Co. KSCP | 553602 | &nbsp;&nbsp; 933576 |
| National Bank of Kuwait SAKP | 245989 | &nbsp;&nbsp; 810959 |
| National Investments Co. KSCP | 282118 | &nbsp;&nbsp; 276781 |
|  |  | &nbsp;&nbsp; 5626651 |
| **Malaysia — 1.1%** | **Malaysia — 1.1%** | **Malaysia — 1.1%** |
| Aeon Co. M Bhd.  | 934700 | &nbsp;&nbsp; 248811 |
| Alliance Bank Malaysia Bhd.  | 396676 | &nbsp;&nbsp; 493486 |
| AMMB Holdings Bhd.  | 1783154 | &nbsp;&nbsp; 2856090 |
| CIMB Group Holdings Bhd.  | 478523 | &nbsp;&nbsp; 972357 |
| KPJ Healthcare Bhd.  | 1026400 | &nbsp;&nbsp; 680523 |
| Malayan Banking Bhd.  | 1401867 | &nbsp;&nbsp; 3620714 |
| Maxis Bhd.  | 221600 | &nbsp;&nbsp; 206947 |
| Petronas Dagangan Bhd.  | 63900 | &nbsp;&nbsp; 313338 |
| RHB Bank Bhd.  | 1082100 | &nbsp;&nbsp; 2056210 |
| Sunway Real Estate Investment Trust (REIT) | 348200 | &nbsp;&nbsp; 198230 |
| Ta Ann Holdings Bhd.  | 201000 | &nbsp;&nbsp; 205852 |
| United Plantations Bhd.  | 129750 | &nbsp;&nbsp; 960849 |
| Velesto Energy Bhd.  | 2070000 | &nbsp;&nbsp; 140074 |
|  |  | &nbsp;&nbsp; 12953481 |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| Alsea SAB de CV | 115700 | &nbsp;&nbsp; 347212 |
| America Movil SAB de CV - Series B | 532400 | &nbsp;&nbsp; 549622 |
| Arca Continental SAB de CV | 264800 | &nbsp;&nbsp; 2860119 |
| Banco del Bajio SA | 125400 | &nbsp;&nbsp; 317269 |
| Cemex SAB de CV (ADR) | 117100 | &nbsp;&nbsp; 1345479 |
| Coca-Cola Femsa SAB de CV | 13100 | &nbsp;&nbsp; 124413 |
| Fibra Uno Administracion SA de CV (REIT) (a) | 1802900 | &nbsp;&nbsp; 2709231 |
| Fomento Economico Mexicano SAB de CV | 216800 | &nbsp;&nbsp; 2191537 |
| Grupo Financiero Banorte SAB de CV - Class O | 482500 | &nbsp;&nbsp; 4470376 |
| Grupo Mexico SAB de CV - Series B | 414000 | &nbsp;&nbsp; 3912970 |
| Industrias Penoles SAB de CV (b) | 11600 | &nbsp;&nbsp; 609378 |
| Kimberly-Clark de Mexico SAB de CV - Class A (a) | 222800 | &nbsp;&nbsp; 475232 |
| Megacable Holdings SAB de CV | 85700 | &nbsp;&nbsp; 246666 |
| Promotora y Operadora de Infraestructura SAB de CV | 124055 | &nbsp;&nbsp; 1840967 |
| Regional SAB de CV | 135100 | &nbsp;&nbsp; 1066771 |
| Wal-Mart de Mexico SAB de CV | 46000 | &nbsp;&nbsp; 143077 |
|  |  | &nbsp;&nbsp; 23210319 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd.  | 11500 | &nbsp;&nbsp; $3300500 |
| Intercorp Financial Services, Inc.  | 26078 | &nbsp;&nbsp; 1104664 |
|  |  | &nbsp;&nbsp; 4405164 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| DMCI Holdings, Inc.  | 2448600 | &nbsp;&nbsp; 439621 |
| GT Capital Holdings, Inc.  | 46970 | &nbsp;&nbsp; 475020 |
| International Container Terminal Services, Inc.  | 262460 | &nbsp;&nbsp; 2516533 |
| Metropolitan Bank & Trust Co.  | 355080 | &nbsp;&nbsp; 413432 |
|  |  | &nbsp;&nbsp; 3844606 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| Asseco Poland SA | 5431 | &nbsp;&nbsp; 345307 |
| Bank Handlowy w Warszawie SA | 15423 | &nbsp;&nbsp; 453458 |
| Bank Polska Kasa Opieki SA | 41368 | &nbsp;&nbsp; 2362052 |
| Enea SA | 134003 | &nbsp;&nbsp; 724661 |
| ORLEN SA | 118972 | &nbsp;&nbsp; 3172071 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 87485 | &nbsp;&nbsp; 2062487 |
| Rainbow Tours SA | 10576 | &nbsp;&nbsp; 445494 |
| Santander Bank Polska SA | 4056 | &nbsp;&nbsp; 613860 |
|  |  | &nbsp;&nbsp; 10179390 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Ooredoo QPSC | 499090 | &nbsp;&nbsp; 1782443 |
| Qatar Islamic Bank QPSC | 317645 | &nbsp;&nbsp; 2089459 |
| Qatar National Bank QPSC | 674633 | &nbsp;&nbsp; 3457288 |
| Vodafone Qatar PQSC | 518770 | &nbsp;&nbsp; 346550 |
|  |  | &nbsp;&nbsp; 7675740 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Gazprom PJSC (b) (c) (d) | 595658 | &nbsp;&nbsp; 0 |
| LUKOIL PJSC (b) (c) (d) | 284391 | &nbsp;&nbsp; 0 |
| Mobile TeleSystems PJSC (b) (c) (d) | 253200 | &nbsp;&nbsp; 0 |
| Novatek PJSC (b) (c) (d) | 928138 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC (GDR) (b) (c) (d) | 19696 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC (b) (c) (d) | 287 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC (GDR) (b) (c) (d) | 44560 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC (b) (c) (d) | 77745 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC † (b) (c) (d) | 2524904 | &nbsp;&nbsp; 0 |
| Severstal PAO (GDR) (b) (c) (d) | 30364 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** |
| Al Babtain Power & Telecommunication Co.  | 64823 | &nbsp;&nbsp; 1112213 |
| Al Rajhi Bank | 211730 | &nbsp;&nbsp; 5503971 |
| Arab National Bank | 482675 | &nbsp;&nbsp; 2780269 |
| Banque Saudi Fransi | 638869 | &nbsp;&nbsp; 2862689 |
| Etihad Etisalat Co.  | 172256 | &nbsp;&nbsp; 3029222 |
| Jarir Marketing Co.  | 133939 | &nbsp;&nbsp; 456389 |
| Mobile Telecommunications Co. Saudi Arabia | 269903 | &nbsp;&nbsp; 750542 |
| Riyad Bank | 392935 | &nbsp;&nbsp; 2842731 |
| Riyadh Cables Group Co.  | 28741 | &nbsp;&nbsp; 999059 |
| SABIC Agri-Nutrients Co.  | 90860 | &nbsp;&nbsp; 2680339 |
| Saudi Arabian Mining Co. (b) | 14077 | &nbsp;&nbsp; 228756 |
| Saudi Arabian Oil Co.  | 355534 | &nbsp;&nbsp; 2258884 |

---

*See accompanying notes to financial statements.*

**BHFTI-453**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Saudi Arabia — (Continued)** | **Saudi Arabia — (Continued)** | **Saudi Arabia — (Continued)** |
| Saudi Awwal Bank | 158165 | &nbsp;&nbsp; $1363935 |
| Saudi Investment Bank | 183070 | &nbsp;&nbsp; 640752 |
| Saudi National Bank | 268823 | &nbsp;&nbsp; 2714213 |
| Saudi Telecom Co.  | 307385 | &nbsp;&nbsp; 3522343 |
|  |  | &nbsp;&nbsp; 33746307 |
| **South Africa — 3.0%** | **South Africa — 3.0%** | **South Africa — 3.0%** |
| Capitec Bank Holdings Ltd.  | 2934 | &nbsp;&nbsp; 736781 |
| Clicks Group Ltd.  | 17322 | &nbsp;&nbsp; 351549 |
| FirstRand Ltd.  | 263289 | &nbsp;&nbsp; 1440259 |
| Gold Fields Ltd.  | 131407 | &nbsp;&nbsp; 5730700 |
| Harmony Gold Mining Co. Ltd.  | 181164 | &nbsp;&nbsp; 3632491 |
| Investec Ltd.  | 76543 | &nbsp;&nbsp; 564691 |
| Momentum Group Ltd.  | 569619 | &nbsp;&nbsp; 1315581 |
| Naspers Ltd. - N Shares | 106419 | &nbsp;&nbsp; 7068400 |
| Netcare Ltd.  | 345466 | &nbsp;&nbsp; 331108 |
| Old Mutual Ltd.  | 1439388 | &nbsp;&nbsp; 1295282 |
| Omnia Holdings Ltd.  | 89566 | &nbsp;&nbsp; 426247 |
| Resilient REIT Ltd. (REIT) | 180501 | &nbsp;&nbsp; 872369 |
| Reunert Ltd.  | 21613 | &nbsp;&nbsp; 81334 |
| Shoprite Holdings Ltd.  | 146148 | &nbsp;&nbsp; 2386623 |
| Standard Bank Group Ltd.  | 289656 | &nbsp;&nbsp; 5089964 |
| Sun International Ltd.  | 129444 | &nbsp;&nbsp; 302699 |
| Telkom SA SOC Ltd.  | 119644 | &nbsp;&nbsp; 426793 |
| Vodacom Group Ltd. (a) | 262850 | &nbsp;&nbsp; 2242818 |
| Wilson Bayly Holmes-Ovcon Ltd.  | 37027 | &nbsp;&nbsp; 373929 |
|  |  | &nbsp;&nbsp; 34669618 |
| **South Korea — 13.0%** | **South Korea — 13.0%** | **South Korea — 13.0%** |
| Alteogen, Inc. (b) | 1981 | &nbsp;&nbsp; 616232 |
| Amorepacific Holdings Corp.  | 10562 | &nbsp;&nbsp; 196076 |
| BNK Financial Group, Inc.  | 42541 | &nbsp;&nbsp; 467802 |
| Doosan Bobcat, Inc.  | 15149 | &nbsp;&nbsp; 603802 |
| Doosan Enerbility Co. Ltd. (b) | 10892 | &nbsp;&nbsp; 563997 |
| DoubleUGames Co. Ltd.  | 13305 | &nbsp;&nbsp; 493602 |
| Hana Financial Group, Inc.  | 63544 | &nbsp;&nbsp; 4144886 |
| Hankook Tire & Technology Co. Ltd.  | 60527 | &nbsp;&nbsp; 2442659 |
| Hanwha Aerospace Co. Ltd.  | 1958 | &nbsp;&nbsp; 1273888 |
| Harim Holdings Co. Ltd.  | 25606 | &nbsp;&nbsp; 187693 |
| HD Hyundai Co. Ltd.  | 14327 | &nbsp;&nbsp; 1859490 |
| HD Hyundai Electric Co. Ltd.  | 2205 | &nbsp;&nbsp; 1186389 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 7622 | &nbsp;&nbsp; 2154648 |
| HMM Co. Ltd.  | 43558 | &nbsp;&nbsp; 616927 |
| Hyundai Glovis Co. Ltd.  | 23109 | &nbsp;&nbsp; 2889392 |
| Hyundai Mobis Co. Ltd.  | 15745 | &nbsp;&nbsp; 4079648 |
| Hyundai Motor Co.  | 16153 | &nbsp;&nbsp; 3307316 |
| Kangwon Land, Inc.  | 97755 | &nbsp;&nbsp; 1284312 |
| KB Financial Group, Inc.  | 65509 | &nbsp;&nbsp; 5663127 |
| KCC Corp.  | 550 | &nbsp;&nbsp; 159472 |
| Kia Corp.  | 53000 | &nbsp;&nbsp; 4464540 |
| Korea Electric Power Corp. (b) | 91803 | &nbsp;&nbsp; 2983826 |
| Korea Investment Holdings Co. Ltd.  | 24095 | &nbsp;&nbsp; 2678051 |
| KT&G Corp.  | 32825 | &nbsp;&nbsp; 3231972 |
| LG Display Co. Ltd. (b) | 182417 | &nbsp;&nbsp; 1496460 |
| LS Corp.  | 5040 | &nbsp;&nbsp; 693428 |
| Meritz Financial Group, Inc.  | 16984 | &nbsp;&nbsp; 1330514 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **South Korea — (Continued)** | **South Korea — (Continued)** | **South Korea — (Continued)** |
| NAVER Corp.  | 17254 | &nbsp;&nbsp; $2891166 |
| NH Investment & Securities Co. Ltd.  | 49280 | &nbsp;&nbsp; 717668 |
| NHN Corp.  | 9896 | &nbsp;&nbsp; 198788 |
| NICE Information Service Co. Ltd.  | 46444 | &nbsp;&nbsp; 547125 |
| Samsung Card Co. Ltd.  | 22303 | &nbsp;&nbsp; 866832 |
| Samsung Electro-Mechanics Co. Ltd.  | 15420 | &nbsp;&nbsp; 2710852 |
| Samsung Electronics Co. Ltd.  | 557607 | &nbsp;&nbsp; 46473363 |
| Samsung Securities Co. Ltd.  | 20457 | &nbsp;&nbsp; 1064221 |
| Shinhan Financial Group Co. Ltd.  | 86182 | &nbsp;&nbsp; 4599087 |
| SK Discovery Co. Ltd.  | 3550 | &nbsp;&nbsp; 141598 |
| SK Hynix, Inc.  | 66845 | &nbsp;&nbsp; 30269114 |
| SK Square Co. Ltd. (b) | 14963 | &nbsp;&nbsp; 3760655 |
| Woori Financial Group, Inc.  | 175603 | &nbsp;&nbsp; 3417592 |
| Youngone Corp.  | 8473 | &nbsp;&nbsp; 480207 |
| Youngone Holdings Co. Ltd.  | 1474 | &nbsp;&nbsp; 194922 |
|  |  | &nbsp;&nbsp; 149403339 |
| **Taiwan — 20.5%** | **Taiwan — 20.5%** | **Taiwan — 20.5%** |
| Accton Technology Corp.  | 35000 | &nbsp;&nbsp; 1310939 |
| Arcadyan Technology Corp.  | 37000 | &nbsp;&nbsp; 204897 |
| ASE Technology Holding Co. Ltd.  | 666000 | &nbsp;&nbsp; 5279745 |
| Asia Vital Components Co. Ltd.  | 7000 | &nbsp;&nbsp; 332875 |
| Asustek Computer, Inc.  | 170000 | &nbsp;&nbsp; 2948343 |
| Bafang Yunji International Co. Ltd.  | 42000 | &nbsp;&nbsp; 254088 |
| Bizlink Holding, Inc.  | 20128 | &nbsp;&nbsp; 960598 |
| Cathay Financial Holding Co. Ltd.  | 1817703 | &nbsp;&nbsp; 4374703 |
| Charoen Pokphand Enterprise | 118000 | &nbsp;&nbsp; 493849 |
| China Airlines Ltd.  | 860000 | &nbsp;&nbsp; 551750 |
| Chroma ATE, Inc.  | 31000 | &nbsp;&nbsp; 758831 |
| Chunghwa Telecom Co. Ltd.  | 98000 | &nbsp;&nbsp; 407387 |
| Compal Electronics, Inc.  | 664000 | &nbsp;&nbsp; 642428 |
| CTBC Financial Holding Co. Ltd.  | 3436000 | &nbsp;&nbsp; 5485489 |
| Delta Electronics, Inc.  | 292000 | &nbsp;&nbsp; 8884829 |
| E.Sun Financial Holding Co. Ltd.  | 3504207 | &nbsp;&nbsp; 3765595 |
| Elite Material Co. Ltd.  | 24000 | &nbsp;&nbsp; 1244853 |
| Eva Airways Corp.  | 1817000 | &nbsp;&nbsp; 2110120 |
| Evergreen International Storage & Transport Corp.  | 211000 | &nbsp;&nbsp; 386230 |
| Far Eastern New Century Corp.  | 1301000 | &nbsp;&nbsp; 1148801 |
| First Financial Holding Co. Ltd.  | 2549580 | &nbsp;&nbsp; 2384255 |
| FSP Technology, Inc.  | 226000 | &nbsp;&nbsp; 379216 |
| Fubon Financial Holding Co. Ltd.  | 1200669 | &nbsp;&nbsp; 3660958 |
| Hon Hai Precision Industry Co. Ltd.  | 1705000 | &nbsp;&nbsp; 12388062 |
| KGI Financial Holding Co. Ltd.  | 4371280 | &nbsp;&nbsp; 2392944 |
| Kindom Development Co. Ltd.  | 28620 | &nbsp;&nbsp; 30693 |
| King Slide Works Co. Ltd.  | 6000 | &nbsp;&nbsp; 713022 |
| Kung Long Batteries Industrial Co. Ltd.  | 7000 | &nbsp;&nbsp; 27850 |
| Lion Travel Service Co. Ltd.  | 166000 | &nbsp;&nbsp; 863795 |
| Lite-On Technology Corp.  | 622000 | &nbsp;&nbsp; 3204010 |
| MediaTek, Inc.  | 215000 | &nbsp;&nbsp; 9741988 |
| Nan Pao Resins Chemical Co. Ltd.  | 55000 | &nbsp;&nbsp; 550512 |
| Pixart Imaging, Inc.  | 68000 | &nbsp;&nbsp; 436730 |
| Powertech Technology, Inc.  | 208000 | &nbsp;&nbsp; 1133360 |
| Quanta Computer, Inc.  | 153000 | &nbsp;&nbsp; 1324470 |
| Realtek Semiconductor Corp.  | 178000 | &nbsp;&nbsp; 2770216 |
| Shinkong Insurance Co. Ltd.  | 98000 | &nbsp;&nbsp; 366674 |
| Silicon Motion Technology Corp. (ADR) | 8500 | &nbsp;&nbsp; 787950 |

---

*See accompanying notes to financial statements.*

**BHFTI-454**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Taiwan — (Continued)** | **Taiwan — (Continued)** | **Taiwan — (Continued)** |
| Sinon Corp.  | 249000 | &nbsp;&nbsp; $346708 |
| SinoPac Financial Holdings Co. Ltd.  | 669466 | &nbsp;&nbsp; 608376 |
| Taiwan FU Hsing Industrial Co. Ltd.  | 241600 | &nbsp;&nbsp; 402933 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 2791000 | &nbsp;&nbsp; 136349777 |
| Teco Electric & Machinery Co. Ltd.  | 36000 | &nbsp;&nbsp; 95603 |
| Topkey Corp.  | 25000 | &nbsp;&nbsp; 128400 |
| Tripod Technology Corp.  | 105000 | &nbsp;&nbsp; 1053822 |
| TS Financial Holding Co. Ltd.  | 3147000 | &nbsp;&nbsp; 2040478 |
| United Microelectronics Corp.  | 1503000 | &nbsp;&nbsp; 2349363 |
| Wan Hai Lines Ltd.  | 111671 | &nbsp;&nbsp; 280061 |
| Wiwynn Corp.  | 3000 | &nbsp;&nbsp; 425003 |
| Wowprime Corp.  | 58000 | &nbsp;&nbsp; 400565 |
| Yageo Corp.  | 70000 | &nbsp;&nbsp; 512721 |
| Yuanta Financial Holding Co. Ltd.  | 2931040 | &nbsp;&nbsp; 3659039 |
| Zhen Ding Technology Holding Ltd.  | 531000 | &nbsp;&nbsp; 2379250 |
|  |  | &nbsp;&nbsp; 235735154 |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |
| Charoen Pokphand Foods PCL (NVDR) | 1738300 | &nbsp;&nbsp; 1202756 |
| Delta Electronics Thailand PCL (NVDR) | 163800 | &nbsp;&nbsp; 888617 |
| Kasikornbank PCL (NVDR) | 188400 | &nbsp;&nbsp; 1163079 |
| PTG Energy PCL (NVDR) | 269300 | &nbsp;&nbsp; 60687 |
| PTT PCL (NVDR) | 1133300 | &nbsp;&nbsp; 1151061 |
| SCB X PCL (NVDR) | 269500 | &nbsp;&nbsp; 1187157 |
| Siam City Cement PCL (NVDR) | 41300 | &nbsp;&nbsp; 186800 |
| Thai Union Group PCL (NVDR) | 1464200 | &nbsp;&nbsp; 594857 |
| Tisco Financial Group PCL (NVDR) | 452500 | &nbsp;&nbsp; 1587066 |
| TMBThanachart Bank PCL | 18173500 | &nbsp;&nbsp; 1165227 |
|  |  | &nbsp;&nbsp; 9187307 |
| **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 339104 | &nbsp;&nbsp; 1833728 |
| BIM Birlesik Magazalar AS | 155547 | &nbsp;&nbsp; 1947857 |
| Dogan Sirketler Grubu Holding AS (a) | 1304869 | &nbsp;&nbsp; 515942 |
| Ford Otomotiv Sanayi AS | 136959 | &nbsp;&nbsp; 296039 |
| Logo Yazilim Sanayi Ve Ticaret AS | 202929 | &nbsp;&nbsp; 712421 |
| NET Holding AS (b) | 165385 | &nbsp;&nbsp; 186910 |
| Turk Telekomunikasyon AS (b) | 242175 | &nbsp;&nbsp; 324970 |
| Turkiye Garanti Bankasi AS | 226391 | &nbsp;&nbsp; 758542 |
| Turkiye Petrol Rafinerileri AS | 45507 | &nbsp;&nbsp; 195787 |
|  |  | &nbsp;&nbsp; 6772196 |
| **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** |
| Abu Dhabi Commercial Bank PJSC | 585888 | &nbsp;&nbsp; 2281363 |
| Abu Dhabi Islamic Bank PJSC | 292848 | &nbsp;&nbsp; 1655375 |
| Aldar Properties PJSC | 205432 | &nbsp;&nbsp; 486655 |
| Dubai Islamic Bank PJSC | 717654 | &nbsp;&nbsp; 1808886 |
| Emaar Development PJSC | 640021 | &nbsp;&nbsp; 2640070 |
| Emaar Properties PJSC | 1240620 | &nbsp;&nbsp; 4746545 |
| Emirates NBD Bank PJSC | 478818 | &nbsp;&nbsp; 3630933 |
| First Abu Dhabi Bank PJSC | 285966 | &nbsp;&nbsp; 1358292 |
| Orascom Construction PLC | 13681 | &nbsp;&nbsp; 123323 |
|  |  | &nbsp;&nbsp; 18731442 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United States — 0.6%** | **United States — 0.6%** | **United States — 0.6%** |
| BeOne Medicines Ltd. - Class A (b) | 26676 | &nbsp;&nbsp; $1022433 |
| BeOne Medicines Ltd. - Class H (b) | 132800 | &nbsp;&nbsp; 3085948 |
| JBS NV - Class A (b) | 201150 | &nbsp;&nbsp; 2900583 |
|  |  | &nbsp;&nbsp; 7008964 |
| Total Common Stocks <br>(Cost $886,988,907) <br>|  | &nbsp;&nbsp; 1118710494 |
| **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Banco Bradesco SA | 1139500 | &nbsp;&nbsp; 3803966 |
| Itau Unibanco Holding SA | 137947 | &nbsp;&nbsp; 988810 |
| Itausa SA | 1706894 | &nbsp;&nbsp; 3631279 |
| Petroleo Brasileiro SA - Petrobras | 577500 | &nbsp;&nbsp; 3259615 |
| Petroleo Brasileiro SA - Petrobras (ADR) | 18100 | &nbsp;&nbsp; 203987 |
|  |  | &nbsp;&nbsp; 11887657 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Embotelladora Andina SA | 239575 | &nbsp;&nbsp; 1108561 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd. (b) | 330784 | &nbsp;&nbsp; 36803 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Samsung Electronics Co. Ltd.  | 90156 | &nbsp;&nbsp; 5532735 |
| Total Preferred Stocks <br>(Cost $14,931,340) <br>|  | &nbsp;&nbsp; 18565756 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| YTL Corp. Bhd., Expires 06/02/28 (b) <br>(Cost $0)<br>| 79600 | &nbsp;&nbsp; 10531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Short-Term Investment Funds — 1.1%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 3.640% (e) | 13042881 | &nbsp;&nbsp; 13042881 |
| Total Short-Term Investments <br>(Cost $13,042,881) <br>|  | &nbsp;&nbsp; 13042881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—0.4%** | **Securities Lending Reinvestments (f)—0.4%** | **Securities Lending Reinvestments (f)—0.4%** |
| **Short-Term Investment Funds — 0.2%** |  |  |
| AB Government Money Market Portfolio, <br>Institutional Class, 3.610% (e)<br>| 50000 | &nbsp;&nbsp; 50000 |
| Allspring Government Money Market Fund, <br>Select Class, 3.710% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |

---

*See accompanying notes to financial statements.*

**BHFTI-455**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (f)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds — (Continued)** |  |  |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (e)<br>| 300000 | &nbsp;&nbsp; $300000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 3.680% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 3.690% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares, 3.690% (e)<br>| 300000 | &nbsp;&nbsp; 300000 |
|  |  | &nbsp;&nbsp; 2450000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $524,735; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.750%, maturity dates ranging from 02/05/26 - <br> 11/15/55, and an aggregate market value of $535,229<br>| 524623 | &nbsp;&nbsp; 524623 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $1,000,217; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,111,234<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $750,160; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.375%, maturity dates ranging from 05/15/26 - <br> 11/15/55, and an aggregate market value of $765,163<br>| 750000 | &nbsp;&nbsp; 750000 |
|  |  | &nbsp;&nbsp; 2274623 |
| Total Securities Lending Reinvestments <br>(Cost $4,724,623) <br>|  | &nbsp;&nbsp; 4724623 |
| Total Investments—100.4% <br>(Cost $919,687,751) <br>|  | &nbsp;&nbsp; 1155054285 |
| Other assets and liabilities (net)—(0.4)%  |  | &nbsp;&nbsp; (4618184)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1150436101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;† Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2025, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $8,750,464 and the collateral received consisted of cash in the amount of $4,724,623 and non-cash collateral with a value of $4,533,734. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of cash collateral received from securities on loan as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 16.7 |
| Semiconductors & Semiconductor Equipment | 16.4 |
| Technology Hardware, Storage & Peripherals | 6.4 |
| Interactive Media & Services | 5.8 |
| Metals & Mining | 5.1 |
| Broadline Retail | 4.8 |
| Oil, Gas & Consumable Fuels | 3.8 |
| Electronic Equipment, Instruments & Components | 3.2 |
| Insurance | 3.2 |
| Automobiles | 2.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 04/12/19-10/13/21 | &nbsp;&nbsp; 2524904 | &nbsp;&nbsp; $8857252 | &nbsp;&nbsp; $0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $622146793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $487699019 |

---

*See accompanying notes to financial statements.*

**BHFTI-456**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(4724623)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4724623)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(4724623)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 224 | USD | 15807680 | &nbsp;&nbsp; $167622 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $167622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $3557329 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $475170 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $12908776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

*See accompanying notes to financial statements.*

**BHFTI-457**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6172418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6172418 |
| Brazil | &nbsp;&nbsp; 14138121 | &nbsp;&nbsp; 21697034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35835155 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 2717401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2717401 |
| China | &nbsp;&nbsp; 10986841 | &nbsp;&nbsp; 296838570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 307825411 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 3287988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3287988 |
| Egypt | &nbsp;&nbsp; — | &nbsp;&nbsp; 187515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187515 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 8114891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8114891 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 3441716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3441716 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 2989015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2989015 |
| India | &nbsp;&nbsp; 3680844 | &nbsp;&nbsp; 170030630 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173711474 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 11277832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11277832 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 5626651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5626651 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 12953481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12953481 |
| Mexico | &nbsp;&nbsp; 23210319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23210319 |
| Peru | &nbsp;&nbsp; 4405164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4405164 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 3844606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3844606 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 10179390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10179390 |
| Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp; 7675740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7675740 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp; 33746307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33746307 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 34669618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34669618 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 149403339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149403339 |
| Taiwan | &nbsp;&nbsp; 787950 | &nbsp;&nbsp; 234947204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235735154 |
| Thailand | &nbsp;&nbsp; 1165227 | &nbsp;&nbsp; 8022080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9187307 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 6772196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6772196 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 18731442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18731442 |
| United States | &nbsp;&nbsp; 2900583 | &nbsp;&nbsp; 4108381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7008964 |
| Total Common Stocks | &nbsp;&nbsp; 61275049 | &nbsp;&nbsp; 1057435445 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1118710494 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 203987 | &nbsp;&nbsp; 11683670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11887657 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108561 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 36803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36803 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 5532735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5532735 |
| Total Preferred Stocks | &nbsp;&nbsp; 203987 | &nbsp;&nbsp; 18361769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18565756 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10531 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 13042881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13042881 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2450000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 2274623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2274623 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2274623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4724623 |
| Total Investments | &nbsp;&nbsp; $76971917 | &nbsp;&nbsp; $1078082368 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1155054285 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4724623)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4724623)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $167622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $167622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-458**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1155054285 |
| Cash | &nbsp;&nbsp; 71467 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 7093645 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 505052 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 12607 |
| Dividends and interest | &nbsp;&nbsp; 3007186 |
| Variation margin on futures contracts | &nbsp;&nbsp; 91768 |
| Prepaid expenses | &nbsp;&nbsp; 4368 |
| Total Assets | &nbsp;&nbsp; 1165840378 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 4724623 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 2946833 |
| Foreign taxes | &nbsp;&nbsp; 5746864 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 436396 |
| Administration fees | &nbsp;&nbsp; 122095 |
| Custodian and accounting fees | &nbsp;&nbsp; 923606 |
| Distribution and service fees | &nbsp;&nbsp; 77810 |
| Deferred trustees' fees | &nbsp;&nbsp; 335554 |
| Other expenses | &nbsp;&nbsp; 90496 |
| Total Liabilities | &nbsp;&nbsp; 15404277 |
| **Net Assets**  | &nbsp;&nbsp; $1150436101 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $860206903 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 290229198 |
| **Net Assets**  | &nbsp;&nbsp; $1150436101 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $781712102 |
| Class B | &nbsp;&nbsp; 368723999 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 55761766 |
| Class B | &nbsp;&nbsp; 26468431 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $14.02 |
| Class B | 13.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $919,687,751.

(b) Includes securities loaned at value of $8,750,464.

(c) Identified cost of cash denominated in foreign currencies was $7,042,292.

(d) Includes foreign capital gains tax of $5,746,864.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $28533611 |
| Interest (b) | &nbsp;&nbsp; 16421 |
| Securities lending income | &nbsp;&nbsp; 136480 |
| Total investment income | &nbsp;&nbsp; 28686512 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4398925 |
| Administration fees | &nbsp;&nbsp; 55762 |
| Custodian and accounting fees | &nbsp;&nbsp; 505021 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 635335 |
| Audit and tax services | &nbsp;&nbsp; 83978 |
| Legal | &nbsp;&nbsp; 47560 |
| Trustees' fees and expenses | &nbsp;&nbsp; 61979 |
| Shareholder reporting | &nbsp;&nbsp; 62584 |
| Insurance | &nbsp;&nbsp; 6602 |
| Miscellaneous | &nbsp;&nbsp; 112675 |
| Total expenses | &nbsp;&nbsp; 5970421 |
| Less management fee waiver | &nbsp;&nbsp; (357715)<br>|
| Net expenses | &nbsp;&nbsp; 5612706 |
| **Net Investment Income** | &nbsp;&nbsp; 23073806 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; 74523797 |
| Futures contracts | &nbsp;&nbsp; 3557329 |
| Foreign currency transactions | &nbsp;&nbsp; (1075803)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 77005323 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (d) | &nbsp;&nbsp; 212286347 |
| Futures contracts | &nbsp;&nbsp; 475170 |
| Foreign currency transactions | &nbsp;&nbsp; 41025 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 212802542 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 289807865 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $312881671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $3,932,087.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $76.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $1,478,121.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes change in foreign capital gains tax of $(2,827,976).

*See accompanying notes to financial statements.*

**BHFTI-459**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $23073806 | &nbsp;&nbsp; $9695835 |
| Net realized gain (loss) | &nbsp;&nbsp; 77005323 | &nbsp;&nbsp; 13462185 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 212802542 | &nbsp;&nbsp; 19870984 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 312881671 | &nbsp;&nbsp; 43029004 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (7458846)<br>| &nbsp;&nbsp; (13003196)<br>|
| Class B | &nbsp;&nbsp; (2658173)<br>| &nbsp;&nbsp; (238674)<br>|
| **Total distributions** | &nbsp;&nbsp; (10117019)<br>| &nbsp;&nbsp; (13241870)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 480979761 | &nbsp;&nbsp; (27198886)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 783744413 | &nbsp;&nbsp; 2588248 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 366691688 | &nbsp;&nbsp; 364103440 |
| End of period | &nbsp;&nbsp; $1150436101 | &nbsp;&nbsp; $366691688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 280863 | &nbsp;&nbsp; $3474375 | &nbsp;&nbsp; 3431937 | &nbsp;&nbsp; $36178852 |
| Shares issued through acquisition (a) | &nbsp;&nbsp; 36337018 | &nbsp;&nbsp; 395415800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Reinvestments | &nbsp;&nbsp; 628908 | &nbsp;&nbsp; 7458846 | &nbsp;&nbsp; 1247788 | &nbsp;&nbsp; 13003196 |
| Redemptions | &nbsp;&nbsp; (15584211)<br>| &nbsp;&nbsp; (192626613)<br>| &nbsp;&nbsp; (7105826)<br>| &nbsp;&nbsp; (76182421)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 21662578 | &nbsp;&nbsp; $213722408 | &nbsp;&nbsp; (2426101)<br>| &nbsp;&nbsp; $(27000373)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 233517 | &nbsp;&nbsp; $2945458 | &nbsp;&nbsp; 84022 | &nbsp;&nbsp; $871057 |
| Shares issued through acquisition (a) | &nbsp;&nbsp; 31349997 | &nbsp;&nbsp; 338746123 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Reinvestments | &nbsp;&nbsp; 225078 | &nbsp;&nbsp; 2658173 | &nbsp;&nbsp; 22998 | &nbsp;&nbsp; 238674 |
| Redemptions | &nbsp;&nbsp; (6084613)<br>| &nbsp;&nbsp; (77092401)<br>| &nbsp;&nbsp; (125969)<br>| &nbsp;&nbsp; (1308244)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 25723979 | &nbsp;&nbsp; $267257353 | &nbsp;&nbsp; (18949)<br>| &nbsp;&nbsp; $(198513)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $480979761 |  | &nbsp;&nbsp; $(27198886)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 11 of the Notes to Financial Statements

*See accompanying notes to financial statements.*

**BHFTI-460**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.60 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total income (loss) from investment operations | 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total distributions | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.50 |
| **Total Return (%)** (b) | 34.45 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp; (20.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net ratio of expenses to average net assets (%) (c) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Ratio of net investment income (loss) to average net assets (%) | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 45 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $781.7 | &nbsp;&nbsp; $358.9 | &nbsp;&nbsp; $356.7 | &nbsp;&nbsp; $352.4 | &nbsp;&nbsp; $446.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.57 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 3.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total income (loss) from investment operations | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.93 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $11.44 |
| **Total Return (%)** (b) | 34.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp; (20.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net ratio of expenses to average net assets (%) (c) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Ratio of net investment income (loss) to average net assets (%) | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 45 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $368.7 | &nbsp;&nbsp; $7.8 | &nbsp;&nbsp; $7.4 | &nbsp;&nbsp; $6.0 | &nbsp;&nbsp; $7.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-461**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—97.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 97.3%** | **Exchange-Traded Funds — 97.3%** | **Exchange-Traded Funds — 97.3%** |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 <br> ETF (a)<br>| 3124624 | &nbsp;&nbsp; $41401268 |
| iShares 0-5 Year TIPS Bond ETF (a) | 657431 | &nbsp;&nbsp; 67314360 |
| iShares 20+ Year Treasury Bond ETF | 756379 | &nbsp;&nbsp; 65925994 |
| iShares Core MSCI Emerging Markets ETF | 2181796 | &nbsp;&nbsp; 146660327 |
| iShares Core S&P 500 ETF | 335036 | &nbsp;&nbsp; 229479558 |
| iShares Core S&P Mid-Cap ETF (a) | 672531 | &nbsp;&nbsp; 44387046 |
| iShares Core S&P Small-Cap ETF (a) | 632629 | &nbsp;&nbsp; 76029353 |
| Schwab International Small-Cap Equity ETF | 739481 | &nbsp;&nbsp; 33668570 |
| SPDR Bloomberg Emerging Markets Local Bond ETF (a) (b) | 1989060 | &nbsp;&nbsp; 42506212 |
| SPDR Gold Shares (b) (c) | 188430 | &nbsp;&nbsp; 74676693 |
| State Street Blackstone Senior Loan ETF (a) (b) | 1023077 | &nbsp;&nbsp; 42222388 |
| State Street SPDR Bloomberg High Yield Bond ETF (a) (b) | 460528 | &nbsp;&nbsp; 44767927 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF (b) | 4456818 | &nbsp;&nbsp; 197927287 |
| State Street SPDR S&P 500 ETF Trust (a) (b) | 455272 | &nbsp;&nbsp; 310459082 |
| Vanguard Long-Term Corporate Bond ETF (a) | 227792 | &nbsp;&nbsp; 17278023 |
| Vanguard Total Bond Market ETF (a) | 2500894 | &nbsp;&nbsp; 185241219 |
| Total Investment Companies <br>(Cost $1,396,306,093) <br>|  | &nbsp;&nbsp; 1619945307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.7%** | **Short-Term Investments—2.7%** | **Short-Term Investments—2.7%** |
| **Short-Term Investment Funds—2.7%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 3.640% (d) | 44840778 | &nbsp;&nbsp; 44840778 |
| Total Short-Term Investments <br>(Cost $44,840,778) <br>|  | &nbsp;&nbsp; 44840778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—8.4%** | **Securities Lending Reinvestments (e)—8.4%** | **Securities Lending Reinvestments (e)—8.4%** |
| **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 10000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.1%** | **Certificates of Deposit—1.1%** | **Certificates of Deposit—1.1%** |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (f) | 1000000 | &nbsp;&nbsp; 999997 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (f) | 2000000 | &nbsp;&nbsp; 2000177 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 3.930%, SOFR + 0.220%, 03/17/26 (f) | 1000000 | &nbsp;&nbsp; 999988 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (f) | 1000000 | &nbsp;&nbsp; 999883 |
| 4.010%, SOFR + 0.240%, 01/13/26 (f) | 4000000 | &nbsp;&nbsp; 4000016 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (f) | 1000000 | &nbsp;&nbsp; 1000373 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (f) | 2000000 | &nbsp;&nbsp; 2000556 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (f) | 1000000 | &nbsp;&nbsp; 1000086 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
| 4.140%, 01/14/26 | 2000000 | &nbsp;&nbsp; 2000400 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (f) | 1000000 | &nbsp;&nbsp; $1000191 |
|  |  | &nbsp;&nbsp; 18002227 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1500000 | &nbsp;&nbsp; 1499184 |
| Old Line Funding LLC |  |  |
| 3.930%, SOFR + 0.160%, 02/10/26 (f) | 2000000 | &nbsp;&nbsp; 1999978 |
|  |  | &nbsp;&nbsp; 3499162 |
| **Repurchase Agreements—6.2%** | **Repurchase Agreements—6.2%** | **Repurchase Agreements—6.2%** |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $2,020,291; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,637<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,490,093; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,559,895<br>| 3489351 | &nbsp;&nbsp; 3489351 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $10,214,531; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $10,401,251<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $9,001,955; collateralized <br> by various Common Stock with an aggregate market value of <br> $10,001,103<br>| 9000000 | &nbsp;&nbsp; 9000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $10,002,217; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,129,584<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $5,001,072; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,161<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $25,018,861; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,804,638<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $15,011,404; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,723,875<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $20,076,028; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,224,636<br>| 20000000 | &nbsp;&nbsp; 20000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-462**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $400,081; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $408,001<br>| 400000 | &nbsp;&nbsp; $400000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $4,000,831; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,914<br>| 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 103889351 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (f) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $140,388,836) <br>|  | &nbsp;&nbsp; 140390740 |
| Total Investments—108.4% <br>(Cost $1,581,535,707) <br>|  | &nbsp;&nbsp; 1805176825 |
| Other assets and liabilities (net)—(8.4)%  |  | &nbsp;&nbsp; (140609356)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1664567469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $219,082,449 and the collateral received consisted of cash in the amount <br> of $140,374,278 and non-cash collateral with a value of $84,704,824. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (c) | Non-income producing security. |
| (d) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; $41707389 | &nbsp;&nbsp; $2598543 | &nbsp;&nbsp; $(5389761)<br>| &nbsp;&nbsp; $(345865)<br>| &nbsp;&nbsp; $3935906 | &nbsp;&nbsp; $42506212 |
| SPDR Gold Shares | &nbsp;&nbsp; 63040967 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25198478)<br>| &nbsp;&nbsp; 11884354 | &nbsp;&nbsp; 24949850 | &nbsp;&nbsp; 74676693 |
| State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 42650772 | &nbsp;&nbsp; 4112960 | &nbsp;&nbsp; (4006353)<br>| &nbsp;&nbsp; (72939)<br>| &nbsp;&nbsp; (462052)<br>| &nbsp;&nbsp; 42222388 |
| State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp; 32883259 | &nbsp;&nbsp; 34660061 | &nbsp;&nbsp; (68809120)<br>| &nbsp;&nbsp; 4476347 | &nbsp;&nbsp; (3210547)<br>| &nbsp;&nbsp; — |
| State Street Consumer Discretionary Select Sector SPDR ETF | &nbsp;&nbsp; 33055056 | &nbsp;&nbsp; 33564783 | &nbsp;&nbsp; (66910283)<br>| &nbsp;&nbsp; (1167397)<br>| &nbsp;&nbsp; 1457841 | &nbsp;&nbsp; — |
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 32883619 | &nbsp;&nbsp; (33312538)<br>| &nbsp;&nbsp; 428919 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Energy Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 34723956 | &nbsp;&nbsp; (32927322)<br>| &nbsp;&nbsp; (1796634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Financial Select Sector SPDR ETF | &nbsp;&nbsp; 32806646 | &nbsp;&nbsp; 29159925 | &nbsp;&nbsp; (66364742)<br>| &nbsp;&nbsp; 4807819 | &nbsp;&nbsp; (409648)<br>| &nbsp;&nbsp; — |
| State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 32894635 | &nbsp;&nbsp; (33304033)<br>| &nbsp;&nbsp; 409398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 75753631 | &nbsp;&nbsp; 110443502 | &nbsp;&nbsp; (140570479)<br>| &nbsp;&nbsp; (1729910)<br>| &nbsp;&nbsp; 871183 | &nbsp;&nbsp; 44767927 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 121246825 | &nbsp;&nbsp; 199825273 | &nbsp;&nbsp; (165989052)<br>| &nbsp;&nbsp; 13353254 | &nbsp;&nbsp; 29490987 | &nbsp;&nbsp; 197927287 |
| State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 50627304 | &nbsp;&nbsp; 22545936 | &nbsp;&nbsp; (73419013)<br>| &nbsp;&nbsp; (465111)<br>| &nbsp;&nbsp; 710884 | &nbsp;&nbsp; — |
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 255716081 | &nbsp;&nbsp; 235696807 | &nbsp;&nbsp; (228161259)<br>| &nbsp;&nbsp; 52543703 | &nbsp;&nbsp; (5336250)<br>| &nbsp;&nbsp; 310459082 |
| State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 31181935 | &nbsp;&nbsp; (27358303)<br>| &nbsp;&nbsp; (3823632)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $749487930 | &nbsp;&nbsp; $804291935 | &nbsp;&nbsp; $(971720736)<br>| &nbsp;&nbsp; $78502306 | &nbsp;&nbsp; $51998154 | &nbsp;&nbsp; $712559589 |

---

*See accompanying notes to financial statements.*

**BHFTI-463**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; $2348697 | &nbsp;&nbsp; 1989060 |
| SPDR Gold Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 188430 |
| State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 3153226 | &nbsp;&nbsp; 1023077 |
| State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp; 172575 | &nbsp;&nbsp; — |
| State Street Consumer Discretionary Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; 221244 | &nbsp;&nbsp; — |
| State Street Energy Select Sector SPDR ETF | &nbsp;&nbsp; 267886 | &nbsp;&nbsp; — |
| State Street Financial Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp; 153666 | &nbsp;&nbsp; — |
| State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 4019928 | &nbsp;&nbsp; 460528 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 5036952 | &nbsp;&nbsp; 4456818 |
| State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 519705 | &nbsp;&nbsp; — |
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 2927118 | &nbsp;&nbsp; 455272 |
| State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp; 56095 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18877092 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1659166440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1837559054 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(140374278)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(140374278)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(140374278)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1619945307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1619945307 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 44840778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44840778 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 18002227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18002227 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 3499162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3499162 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 103889351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103889351 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 130390740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140390740 |
| Total Investments | &nbsp;&nbsp; $1674786085 | &nbsp;&nbsp; $130390740 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1805176825 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(140374278)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(140374278)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-464**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1092617236 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 712559589 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 628984 |
| Fund shares sold | &nbsp;&nbsp; 35956 |
| Dividends on affiliated investments | &nbsp;&nbsp; 913337 |
| Prepaid expenses | &nbsp;&nbsp; 5890 |
| Total Assets | &nbsp;&nbsp; 1806760992 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 140374278 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 625708 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 438938 |
| Administration fees | &nbsp;&nbsp; 57792 |
| Custodian and accounting fees | &nbsp;&nbsp; 23659 |
| Distribution and service fees | &nbsp;&nbsp; 348003 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 74190 |
| Total Liabilities | &nbsp;&nbsp; 142193523 |
| **Net Assets**  | &nbsp;&nbsp; $1664567469 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1288893673 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 375673796 |
| **Net Assets**  | &nbsp;&nbsp; $1664567469 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $31072548 |
| Class B | &nbsp;&nbsp; 1626944756 |
| Class E | &nbsp;&nbsp; 6550165 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2602779 |
| Class B | &nbsp;&nbsp; 137821392 |
| Class E | &nbsp;&nbsp; 552642 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.94 |
| Class B | 11.80 |
| Class E | 11.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $972,383,243.

(b) Includes securities loaned at value $133,643,228.

(c) Identified cost of affiliated investments was $609,152,464.

(d) Includes securities loaned at value of $85,439,221.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $28101491 |
| Dividends from affiliated investments | &nbsp;&nbsp; 18877092 |
| Securities lending income | &nbsp;&nbsp; 1215634 |
| Total investment income | &nbsp;&nbsp; 48194217 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5111246 |
| Administration fees | &nbsp;&nbsp; 38250 |
| Custodian and accounting fees | &nbsp;&nbsp; 14357 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 4047116 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 9182 |
| Audit and tax services | &nbsp;&nbsp; 51665 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 41079 |
| Insurance | &nbsp;&nbsp; 14422 |
| Miscellaneous | &nbsp;&nbsp; 21085 |
| Total expenses | &nbsp;&nbsp; 9458987 |
| **Net Investment Income** | &nbsp;&nbsp; 38735230 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 37243606 |
| Affiliated investments | &nbsp;&nbsp; 78502306 |
| Net realized gain (loss) | &nbsp;&nbsp; 115745912 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 50157041 |
| Affiliated investments | &nbsp;&nbsp; 51998154 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 102155195 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 217901107 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $256636337 |

---

*See accompanying notes to financial statements.*

**BHFTI-465**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $38735230 | &nbsp;&nbsp; $41844128 |
| Net realized gain (loss) | &nbsp;&nbsp; 115745912 | &nbsp;&nbsp; 114707168 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 102155195 | &nbsp;&nbsp; 22717734 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 256636337 | &nbsp;&nbsp; 179269030 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (1583536)<br>| &nbsp;&nbsp; (709380)<br>|
| Class B | &nbsp;&nbsp; (88119683)<br>| &nbsp;&nbsp; (40019284)<br>|
| Class E | &nbsp;&nbsp; (339130)<br>| &nbsp;&nbsp; (166000)<br>|
| **Total distributions** | &nbsp;&nbsp; (90042349)<br>| &nbsp;&nbsp; (40894664)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (161883881)<br>| &nbsp;&nbsp; (221482155)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 4710107 | &nbsp;&nbsp; (83107789)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1659857362 | &nbsp;&nbsp; 1742965151 |
| End of period | &nbsp;&nbsp; $1664567469 | &nbsp;&nbsp; $1659857362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 156263 | &nbsp;&nbsp; $1775270 | &nbsp;&nbsp; 137151 | &nbsp;&nbsp; $1442120 |
| Reinvestments | &nbsp;&nbsp; 146624 | &nbsp;&nbsp; 1583536 | &nbsp;&nbsp; 68407 | &nbsp;&nbsp; 709380 |
| Redemptions | &nbsp;&nbsp; (253814)<br>| &nbsp;&nbsp; (2849442)<br>| &nbsp;&nbsp; (303116)<br>| &nbsp;&nbsp; (3183295)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 49073 | &nbsp;&nbsp; $509364 | &nbsp;&nbsp; (97558)<br>| &nbsp;&nbsp; $(1031795)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 951357 | &nbsp;&nbsp; $10548523 | &nbsp;&nbsp; 1537318 | &nbsp;&nbsp; $15940501 |
| Reinvestments | &nbsp;&nbsp; 8243188 | &nbsp;&nbsp; 88119683 | &nbsp;&nbsp; 3896717 | &nbsp;&nbsp; 40019284 |
| Redemptions | &nbsp;&nbsp; (23483637)<br>| &nbsp;&nbsp; (261213551)<br>| &nbsp;&nbsp; (26437136)<br>| &nbsp;&nbsp; (275022098)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14289092)<br>| &nbsp;&nbsp; $(162545345)<br>| &nbsp;&nbsp; (21003101)<br>| &nbsp;&nbsp; $(219062313)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 69745 | &nbsp;&nbsp; $777909 | &nbsp;&nbsp; 42940 | &nbsp;&nbsp; $441388 |
| Reinvestments | &nbsp;&nbsp; 31606 | &nbsp;&nbsp; 339130 | &nbsp;&nbsp; 16116 | &nbsp;&nbsp; 166000 |
| Redemptions | &nbsp;&nbsp; (87419)<br>| &nbsp;&nbsp; (964939)<br>| &nbsp;&nbsp; (190123)<br>| &nbsp;&nbsp; (1995435)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 13932 | &nbsp;&nbsp; $152100 | &nbsp;&nbsp; (131067)<br>| &nbsp;&nbsp; $(1388047)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(161883881)<br>|  | &nbsp;&nbsp; $(221482155)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-466**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.48 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total income (loss) from investment operations | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total distributions | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.94 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $13.27 |
| **Total Return (%)** (b) | 17.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp; (15.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.61 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $31.1 | &nbsp;&nbsp; $27.6 | &nbsp;&nbsp; $26.5 | &nbsp;&nbsp; $24.5 | &nbsp;&nbsp; $31.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $12.37 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total income (loss) from investment operations | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.84)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $13.15 |
| **Total Return (%)** (b) | 16.78 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp; (15.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.38 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1626.9 | &nbsp;&nbsp; $1626.5 | &nbsp;&nbsp; $1709.9 | &nbsp;&nbsp; $1683.9 | &nbsp;&nbsp; $2211.2 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-467**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.41 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total income (loss) from investment operations | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $13.20 |
| **Total Return (%)** (b) | 16.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp; (15.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.52 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6.6 | &nbsp;&nbsp; $5.8 | &nbsp;&nbsp; $6.6 | &nbsp;&nbsp; $6.7 | &nbsp;&nbsp; $8.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-468**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—97.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 97.4%** | **Exchange-Traded Funds — 97.4%** | **Exchange-Traded Funds — 97.4%** |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 1959191 | &nbsp;&nbsp; $25959281 |
| iShares 20+ Year Treasury Bond ETF | 260983 | &nbsp;&nbsp; 22747278 |
| iShares Core MSCI Emerging Markets ETF | 1269100 | &nbsp;&nbsp; 85308902 |
| iShares Core S&P 500 ETF | 191993 | &nbsp;&nbsp; 131503685 |
| iShares Core S&P Mid-Cap ETF (a) | 487468 | &nbsp;&nbsp; 32172888 |
| iShares Core S&P Small-Cap ETF (a) | 389129 | &nbsp;&nbsp; 46765523 |
| Schwab International Small-Cap Equity ETF | 497917 | &nbsp;&nbsp; 22670161 |
| SPDR Bloomberg Emerging Markets Local Bond ETF (a) (b) | 538173 | &nbsp;&nbsp; 11500757 |
| SPDR Gold Shares (b) (c) | 80430 | &nbsp;&nbsp; 31875213 |
| State Street Blackstone Senior Loan ETF (a) (b) | 276392 | &nbsp;&nbsp; 11406698 |
| State Street SPDR Bloomberg High Yield Bond ETF (a) (b) | 112334 | &nbsp;&nbsp; 10919988 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF (a) (b) | 2823616 | &nbsp;&nbsp; 125396787 |
| State Street SPDR S&P 500 ETF Trust (a) (b) | 258003 | &nbsp;&nbsp; 175937406 |
| Vanguard Long-Term Corporate Bond ETF (a) | 49577 | &nbsp;&nbsp; 3760415 |
| Total Investment Companies <br>(Cost $602,055,240) <br>|  | &nbsp;&nbsp; 737924982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** |
| **Short-Term Investment Funds—2.6%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 3.640% (d) | 19686117 | &nbsp;&nbsp; 19686117 |
| Total Short-Term Investments <br>(Cost $19,686,117) <br>|  | &nbsp;&nbsp; 19686117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—4.1%** | **Securities Lending Reinvestments (e)—4.1%** | **Securities Lending Reinvestments (e)—4.1%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (f) | 3500000 | &nbsp;&nbsp; 3501047 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (f) | 1000000 | &nbsp;&nbsp; 1000373 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (f) | 1000000 | &nbsp;&nbsp; 1000278 |
|  |  | &nbsp;&nbsp; 5501698 |
| **Repurchase Agreements—2.9%** | **Repurchase Agreements—2.9%** | **Repurchase Agreements—2.9%** |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $2,020,291; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,637<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $980,370; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $999,978<br>| 980162 | &nbsp;&nbsp; $980162 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $5,107,265; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $5,200,625<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $3,000,665; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,338,875<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $5,003,772; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,560,928<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $3,011,404; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,695<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $68,913; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $70,277<br>| 68899 | &nbsp;&nbsp; 68899 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $1,000,776; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,264<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 22049061 |
| Total Securities Lending Reinvestments <br>(Cost $31,049,061) <br>|  | &nbsp;&nbsp; 31050759 |
| Total Investments—104.1% <br>(Cost $652,790,418) <br>|  | &nbsp;&nbsp; 788661858 |
| Other assets and liabilities (net)—(4.1)%  |  | &nbsp;&nbsp; (31297438)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $757364420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $78,836,904 and the collateral received consisted of cash in the amount of $31,049,061 and non-cash collateral with a value of $50,226,753. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending 

*See accompanying notes to financial statements.*

**BHFTI-469**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (c) | Non-income producing security. |
| (d) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025.  |

---

Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; $10976915 | &nbsp;&nbsp; $1449469 | &nbsp;&nbsp; $(1858560)<br>| &nbsp;&nbsp; $(131029)<br>| &nbsp;&nbsp; $1063962 | &nbsp;&nbsp; $11500757 |
| SPDR Gold Shares | &nbsp;&nbsp; 27020982 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10832307)<br>| &nbsp;&nbsp; 5190987 | &nbsp;&nbsp; 10495551 | &nbsp;&nbsp; 31875213 |
| State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 11229877 | &nbsp;&nbsp; 1764592 | &nbsp;&nbsp; (1432751)<br>| &nbsp;&nbsp; (31653)<br>| &nbsp;&nbsp; (123367)<br>| &nbsp;&nbsp; 11406698 |
| State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp; 21610025 | &nbsp;&nbsp; 22240573 | &nbsp;&nbsp; (44587112)<br>| &nbsp;&nbsp; 2854230 | &nbsp;&nbsp; (2117716)<br>| &nbsp;&nbsp; — |
| State Street Consumer Discretionary Select Sector SPDR ETF | &nbsp;&nbsp; 21712144 | &nbsp;&nbsp; 22355186 | &nbsp;&nbsp; (44262195)<br>| &nbsp;&nbsp; (762716)<br>| &nbsp;&nbsp; 957581 | &nbsp;&nbsp; — |
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 21873632 | &nbsp;&nbsp; (22157450)<br>| &nbsp;&nbsp; 283818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Energy Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 22492107 | &nbsp;&nbsp; (21219285)<br>| &nbsp;&nbsp; (1272822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Financial Select Sector SPDR ETF | &nbsp;&nbsp; 21609503 | &nbsp;&nbsp; 18638700 | &nbsp;&nbsp; (43045510)<br>| &nbsp;&nbsp; 3071503 | &nbsp;&nbsp; (274196)<br>| &nbsp;&nbsp; — |
| State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 21668395 | &nbsp;&nbsp; (21937732)<br>| &nbsp;&nbsp; 269337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 25846593 | &nbsp;&nbsp; 37092220 | &nbsp;&nbsp; (51910700)<br>| &nbsp;&nbsp; (438536)<br>| &nbsp;&nbsp; 330411 | &nbsp;&nbsp; 10919988 |
| State Street SPDR Dow Jones International Real Estate ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 7109208 | &nbsp;&nbsp; (7535812)<br>| &nbsp;&nbsp; 426604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 85047079 | &nbsp;&nbsp; 88469972 | &nbsp;&nbsp; (75530323)<br>| &nbsp;&nbsp; 7487619 | &nbsp;&nbsp; 19922440 | &nbsp;&nbsp; 125396787 |
| State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 22191296 | &nbsp;&nbsp; 7474359 | &nbsp;&nbsp; (29684748)<br>| &nbsp;&nbsp; (292506)<br>| &nbsp;&nbsp; 311599 | &nbsp;&nbsp; — |
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 133982577 | &nbsp;&nbsp; 108313649 | &nbsp;&nbsp; (90061516)<br>| &nbsp;&nbsp; 24694089 | &nbsp;&nbsp; (991393)<br>| &nbsp;&nbsp; 175937406 |
| State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 20568586 | &nbsp;&nbsp; (18046398)<br>| &nbsp;&nbsp; (2522188)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $381226991 | &nbsp;&nbsp; $401510648 | &nbsp;&nbsp; $(484102399)<br>| &nbsp;&nbsp; $38826737 | &nbsp;&nbsp; $29574872 | &nbsp;&nbsp; $367036849 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; $623539 | &nbsp;&nbsp; 538173 |
| SPDR Gold Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 80430 |
| State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 838009 | &nbsp;&nbsp; 276392 |
| State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp; 113705 | &nbsp;&nbsp; — |
| State Street Consumer Discretionary Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; 145909 | &nbsp;&nbsp; — |
| State Street Energy Select Sector SPDR ETF | &nbsp;&nbsp; 176731 | &nbsp;&nbsp; — |
| State Street Financial Select Sector SPDR ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp; 101222 | &nbsp;&nbsp; — |
| State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 1273423 | &nbsp;&nbsp; 112334 |
| State Street SPDR Dow Jones International Real Estate ETF | &nbsp;&nbsp; 71893 | &nbsp;&nbsp; — |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 3439668 | &nbsp;&nbsp; 2823616 |
| State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 161650 | &nbsp;&nbsp; — |
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1561725 | &nbsp;&nbsp; 258003 |
| State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp; 37002 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $8544476 |  |

---

*See accompanying notes to financial statements.*

**BHFTI-470**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $738447580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $799995805 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(31049061)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(31049061)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(31049061)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $737924982 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $737924982 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 19686117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19686117 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3500000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 5501698 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5501698 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 22049061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22049061 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 27550759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31050759 |
| Total Investments | &nbsp;&nbsp; $761111099 | &nbsp;&nbsp; $27550759 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $788661858 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31049061)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31049061)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-471**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $421625009 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 367036849 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 53078 |
| Dividends on affiliated investments | &nbsp;&nbsp; 515206 |
| Prepaid expenses | &nbsp;&nbsp; 2580 |
| Total Assets | &nbsp;&nbsp; 789232722 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 31049061 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 81722 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 206148 |
| Administration fees | &nbsp;&nbsp; 57792 |
| Custodian and accounting fees | &nbsp;&nbsp; 23443 |
| Distribution and service fees | &nbsp;&nbsp; 151082 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 48099 |
| Total Liabilities | &nbsp;&nbsp; 31868302 |
| **Net Assets**  | &nbsp;&nbsp; $757364420 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $557554284 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 199810136 |
| **Net Assets**  | &nbsp;&nbsp; $757364420 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $44911274 |
| Class B | &nbsp;&nbsp; 705665663 |
| Class E | &nbsp;&nbsp; 6787483 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 3745567 |
| Class B | &nbsp;&nbsp; 59558293 |
| Class E | &nbsp;&nbsp; 570750 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.99 |
| Class B | 11.85 |
| Class E | 11.89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $346,805,349.

(b) Includes securities loaned at value $52,655,607.

(c) Identified cost of affiliated investments was $305,985,069.

(d) Includes securities loaned at value of $26,181,297.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $9332396 |
| Dividends from affiliated investments | &nbsp;&nbsp; 8544476 |
| Securities lending income | &nbsp;&nbsp; 502846 |
| Total investment income | &nbsp;&nbsp; 18379718 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2347526 |
| Administration fees | &nbsp;&nbsp; 38250 |
| Custodian and accounting fees | &nbsp;&nbsp; 14289 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1710726 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 9600 |
| Audit and tax services | &nbsp;&nbsp; 51665 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 29844 |
| Insurance | &nbsp;&nbsp; 6286 |
| Miscellaneous | &nbsp;&nbsp; 15834 |
| Total expenses | &nbsp;&nbsp; 4334605 |
| **Net Investment Income** | &nbsp;&nbsp; 14045113 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 14626804 |
| Affiliated investments | &nbsp;&nbsp; 38826737 |
| Net realized gain (loss) | &nbsp;&nbsp; 53453541 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 32112521 |
| Affiliated investments | &nbsp;&nbsp; 29574872 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 61687393 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 115140934 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $129186047 |

---

*See accompanying notes to financial statements.*

**BHFTI-472**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14045113 | &nbsp;&nbsp; $14870889 |
| Net realized gain (loss) | &nbsp;&nbsp; 53453541 | &nbsp;&nbsp; 47832883 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 61687393 | &nbsp;&nbsp; 26568944 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 129186047 | &nbsp;&nbsp; 89272716 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (3645469)<br>| &nbsp;&nbsp; (878237)<br>|
| Class B | &nbsp;&nbsp; (59079627)<br>| &nbsp;&nbsp; (14246418)<br>|
| Class E | &nbsp;&nbsp; (555399)<br>| &nbsp;&nbsp; (136619)<br>|
| **Total distributions** | &nbsp;&nbsp; (63280495)<br>| &nbsp;&nbsp; (15261274)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (34159447)<br>| &nbsp;&nbsp; (85810797)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 31746105 | &nbsp;&nbsp; (11799355)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 725618315 | &nbsp;&nbsp; 737417670 |
| End of period | &nbsp;&nbsp; $757364420 | &nbsp;&nbsp; $725618315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 146073 | &nbsp;&nbsp; $1650993 | &nbsp;&nbsp; 148690 | &nbsp;&nbsp; $1578227 |
| Reinvestments | &nbsp;&nbsp; 341336 | &nbsp;&nbsp; 3645469 | &nbsp;&nbsp; 83403 | &nbsp;&nbsp; 878237 |
| Redemptions | &nbsp;&nbsp; (396267)<br>| &nbsp;&nbsp; (4498690)<br>| &nbsp;&nbsp; (303229)<br>| &nbsp;&nbsp; (3201151)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 91142 | &nbsp;&nbsp; $797772 | &nbsp;&nbsp; (71136)<br>| &nbsp;&nbsp; $(744687)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1163699 | &nbsp;&nbsp; $13057505 | &nbsp;&nbsp; 700394 | &nbsp;&nbsp; $7356158 |
| Reinvestments | &nbsp;&nbsp; 5589369 | &nbsp;&nbsp; 59079627 | &nbsp;&nbsp; 1365908 | &nbsp;&nbsp; 14246418 |
| Redemptions | &nbsp;&nbsp; (9576279)<br>| &nbsp;&nbsp; (107057729)<br>| &nbsp;&nbsp; (10010141)<br>| &nbsp;&nbsp; (105710684)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2823211)<br>| &nbsp;&nbsp; $(34920597)<br>| &nbsp;&nbsp; (7943839)<br>| &nbsp;&nbsp; $(84108108)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 31281 | &nbsp;&nbsp; $350966 | &nbsp;&nbsp; 23488 | &nbsp;&nbsp; $248234 |
| Reinvestments | &nbsp;&nbsp; 52396 | &nbsp;&nbsp; 555399 | &nbsp;&nbsp; 13061 | &nbsp;&nbsp; 136619 |
| Redemptions | &nbsp;&nbsp; (84308)<br>| &nbsp;&nbsp; (942987)<br>| &nbsp;&nbsp; (127771)<br>| &nbsp;&nbsp; (1342855)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (631)<br>| &nbsp;&nbsp; $(36622)<br>| &nbsp;&nbsp; (91222)<br>| &nbsp;&nbsp; $(958002)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(34159447)<br>|  | &nbsp;&nbsp; $(85810797)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-473**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $12.61 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total income (loss) from investment operations | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.96)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $13.86 |
| **Total Return (%)** (b) (c) | 19.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp; (15.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.88 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $44.9 | &nbsp;&nbsp; $40.2 | &nbsp;&nbsp; $37.1 | &nbsp;&nbsp; $33.8 | &nbsp;&nbsp; $40.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $12.51 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total income (loss) from investment operations | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>|
| Total distributions | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $13.74 |
| **Total Return (%)** (b) (c) | 19.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp; (15.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.60 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $705.7 | &nbsp;&nbsp; $679.1 | &nbsp;&nbsp; $693.7 | &nbsp;&nbsp; $664.7 | &nbsp;&nbsp; $868.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-474**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.54 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total income (loss) from investment operations | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>|
| Total distributions | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $13.78 |
| **Total Return (%)** (b) (c) | 19.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.75 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6.8 | &nbsp;&nbsp; $6.2 | &nbsp;&nbsp; $6.6 | &nbsp;&nbsp; $6.4 | &nbsp;&nbsp; $8.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During 2021, 0.08% of the Portfolio's total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadviser. Excluding this item, total return would have been 17.80%, 17.52%, and 17.67% for Class A, Class B and Class E, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-475**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** |
| Boeing Co. (a) | 157157 | &nbsp;&nbsp; $34121928 |
| General Electric Co.  | 94311 | &nbsp;&nbsp; 29050617 |
| L3Harris Technologies, Inc.  | 154064 | &nbsp;&nbsp; 45228569 |
|  |  | &nbsp;&nbsp; 108401114 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| United Parcel Service, Inc. - Class B | 21296 | &nbsp;&nbsp; 2112350 |
| **Banks — 11.1%** | **Banks — 11.1%** | **Banks — 11.1%** |
| Bank of America Corp. (b) | 1951395 | &nbsp;&nbsp; 107326725 |
| Citigroup, Inc.  | 406109 | &nbsp;&nbsp; 47388859 |
| Fifth Third Bancorp (b) | 136211 | &nbsp;&nbsp; 6376037 |
| Huntington Bancshares, Inc. (b) | 1416112 | &nbsp;&nbsp; 24569543 |
| U.S. Bancorp (b) | 940265 | &nbsp;&nbsp; 50172540 |
| Wells Fargo & Co.  | 448103 | &nbsp;&nbsp; 41763200 |
|  |  | &nbsp;&nbsp; 277596904 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Coca-Cola Co.  | 263192 | &nbsp;&nbsp; 18399753 |
| **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** |
| Amazon.com, Inc. (a) | 239787 | &nbsp;&nbsp; 55347635 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| Charles Schwab Corp.  | 766321 | &nbsp;&nbsp; 76563131 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| CF Industries Holdings, Inc. (b) | 241710 | &nbsp;&nbsp; 18693851 |
| Linde PLC | 47000 | &nbsp;&nbsp; 20040330 |
| RPM International, Inc. (b) | 183562 | &nbsp;&nbsp; 19090448 |
|  |  | &nbsp;&nbsp; 57824629 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Cisco Systems, Inc.  | 81000 | &nbsp;&nbsp; 6239430 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Walmart, Inc.  | 113518 | &nbsp;&nbsp; 12647040 |
| **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** |
| International Paper Co. (b) | 814280 | &nbsp;&nbsp; 32074489 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Alliant Energy Corp. (b) | 91000 | &nbsp;&nbsp; 5915910 |
| Southern Co.  | 459391 | &nbsp;&nbsp; 40058895 |
|  |  | &nbsp;&nbsp; 45974805 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Rockwell Automation, Inc.  | 50526 | &nbsp;&nbsp; 19658151 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| Keysight Technologies, Inc. (a) | 144783 | &nbsp;&nbsp; 29418458 |
| TE Connectivity PLC | 30496 | &nbsp;&nbsp; 6938145 |
|  |  | &nbsp;&nbsp; 36356603 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| SLB Ltd.  | 506552 | &nbsp;&nbsp; 19441466 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| Walt Disney Co.  | 196944 | &nbsp;&nbsp; $22406319 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Equitable Holdings, Inc. (b) | 498644 | &nbsp;&nbsp; 23760387 |
| **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** |
| CSX Corp.  | 1598972 | &nbsp;&nbsp; 57962735 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Becton Dickinson & Co.  | 110718 | &nbsp;&nbsp; 21487042 |
| Zimmer Biomet Holdings, Inc. (b) | 506316 | &nbsp;&nbsp; 45527935 |
|  |  | &nbsp;&nbsp; 67014977 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Cigna Group | 86658 | &nbsp;&nbsp; 23850881 |
| CVS Health Corp.  | 540711 | &nbsp;&nbsp; 42910825 |
| Elevance Health, Inc.  | 170573 | &nbsp;&nbsp; 59794365 |
| UnitedHealth Group, Inc.  | 31036 | &nbsp;&nbsp; 10245294 |
|  |  | &nbsp;&nbsp; 136801365 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| Las Vegas Sands Corp.  | 266500 | &nbsp;&nbsp; 17346485 |
| **Household Products — 4.0%** | **Household Products — 4.0%** | **Household Products — 4.0%** |
| Colgate-Palmolive Co.  | 583222 | &nbsp;&nbsp; 46086203 |
| Procter & Gamble Co.  | 386288 | &nbsp;&nbsp; 55358933 |
|  |  | &nbsp;&nbsp; 101445136 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| Siemens AG | 100274 | &nbsp;&nbsp; 28160553 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| Rexford Industrial Realty, Inc. (b) | 647442 | &nbsp;&nbsp; 25068954 |
| **Insurance — 7.0%** | **Insurance — 7.0%** | **Insurance — 7.0%** |
| Allstate Corp.  | 180459 | &nbsp;&nbsp; 37562541 |
| American International Group, Inc.  | 330732 | &nbsp;&nbsp; 28294123 |
| Chubb Ltd.  | 195010 | &nbsp;&nbsp; 60866521 |
| Hartford Insurance Group, Inc.  | 274932 | &nbsp;&nbsp; 37885629 |
| Travelers Cos., Inc.  | 35168 | &nbsp;&nbsp; 10200830 |
|  |  | &nbsp;&nbsp; 174809644 |
| **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** |
| Alphabet, Inc. - Class C | 355514 | &nbsp;&nbsp; 111560293 |
| Meta Platforms, Inc. - Class A | 22836 | &nbsp;&nbsp; 15073816 |
|  |  | &nbsp;&nbsp; 126634109 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Accenture PLC - Class A | 46954 | &nbsp;&nbsp; 12597758 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Thermo Fisher Scientific, Inc.  | 26685 | &nbsp;&nbsp; 15462623 |
| **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
| AGCO Corp. (b) | 188305 | &nbsp;&nbsp; 19643978 |
| Cummins, Inc.  | 40949 | &nbsp;&nbsp; 20902417 |

---

*See accompanying notes to financial statements.*

**BHFTI-476**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Fortive Corp. (b) | 610338 | &nbsp;&nbsp; $33696761 |
| Middleby Corp. (a) | 120575 | &nbsp;&nbsp; 17925885 |
| Stanley Black & Decker, Inc. (b) | 430241 | &nbsp;&nbsp; 31958301 |
|  |  | &nbsp;&nbsp; 124127342 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| News Corp. - Class A | 617482 | &nbsp;&nbsp; 16128630 |
| **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** |
| Ameren Corp.  | 394054 | &nbsp;&nbsp; 39350233 |
| Sempra | 323625 | &nbsp;&nbsp; 28572851 |
|  |  | &nbsp;&nbsp; 67923084 |
| **Oil, Gas & Consumable Fuels — 6.9%** | **Oil, Gas & Consumable Fuels — 6.9%** | **Oil, Gas & Consumable Fuels — 6.9%** |
| ConocoPhillips | 659355 | &nbsp;&nbsp; 61722222 |
| EOG Resources, Inc.  | 142937 | &nbsp;&nbsp; 15009814 |
| Expand Energy Corp.  | 148552 | &nbsp;&nbsp; 16394199 |
| Exxon Mobil Corp.  | 319148 | &nbsp;&nbsp; 38406270 |
| TotalEnergies SE (b) | 433106 | &nbsp;&nbsp; 28333795 |
| Williams Cos., Inc.  | 208510 | &nbsp;&nbsp; 12533536 |
|  |  | &nbsp;&nbsp; 172399836 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| AstraZeneca PLC (ADR) | 238900 | &nbsp;&nbsp; 21962077 |
| Johnson & Johnson | 93640 | &nbsp;&nbsp; 19378798 |
| Merck & Co., Inc.  | 362237 | &nbsp;&nbsp; 38129067 |
| Sanofi SA (ADR) | 192361 | &nbsp;&nbsp; 9321814 |
| Viatris, Inc. (b) | 2206316 | &nbsp;&nbsp; 27468634 |
|  |  | &nbsp;&nbsp; 116260390 |
| **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
| AvalonBay Communities, Inc. (b) | 212217 | &nbsp;&nbsp; 38477064 |
| **Semiconductors & Semiconductor Equipment — 5.8%** | **Semiconductors & Semiconductor Equipment — 5.8%** | **Semiconductors & Semiconductor Equipment — 5.8%** |
| Advanced Micro Devices, Inc. (a) | 162540 | &nbsp;&nbsp; 34809566 |
| Applied Materials, Inc.  | 102229 | &nbsp;&nbsp; 26271831 |
| Intel Corp. (a) | 385146 | &nbsp;&nbsp; 14211887 |
| QUALCOMM, Inc.  | 236629 | &nbsp;&nbsp; 40475391 |
| Texas Instruments, Inc.  | 173640 | &nbsp;&nbsp; 30124804 |
|  |  | &nbsp;&nbsp; 145893479 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| Microsoft Corp.  | 62534 | &nbsp;&nbsp; 30242693 |
| Salesforce, Inc.  | 130868 | &nbsp;&nbsp; 34668242 |
|  |  | &nbsp;&nbsp; 64910935 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Weyerhaeuser Co. (b) | 914452 | &nbsp;&nbsp; 21663368 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Home Depot, Inc.  | 125624 | &nbsp;&nbsp; 43227218 |
| **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
| Samsung Electronics Co. Ltd.  | 515607 | &nbsp;&nbsp; 42972902 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| Philip Morris International, Inc.  | 223534 | &nbsp;&nbsp; $35854854 |
| **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** |
| T-Mobile U.S., Inc.  | 130000 | &nbsp;&nbsp; 26395200 |
| Total Common Stocks <br>(Cost $2,045,695,075) <br>|  | &nbsp;&nbsp; 2494342847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Short-Term Investment Funds—0.4%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| 3.764% (c) (d) | 10005262 | &nbsp;&nbsp; 10005262 |
| Total Short-Term Investments <br>(Cost $10,005,262) <br>|  | &nbsp;&nbsp; 10005262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—6.2%** | **Securities Lending Reinvestments (e)—6.2%** | **Securities Lending Reinvestments (e)—6.2%** |
| **Short-Term Investment Funds—1.7%** | **Short-Term Investment Funds—1.7%** | **Short-Term Investment Funds—1.7%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 43000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (f) | 1000000 | &nbsp;&nbsp; 999997 |
| 4.120%, SOFR + 0.350%, 05/14/26 (f) | 5000000 | &nbsp;&nbsp; 5000124 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (f) | 1000000 | &nbsp;&nbsp; 1000089 |
| Mizuho Bank Ltd. |  |  |
| 4.010%, SOFR + 0.240%, 01/13/26 (f) | 2000000 | &nbsp;&nbsp; 2000008 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (f) | 1000000 | &nbsp;&nbsp; 1000278 |
|  |  | &nbsp;&nbsp; 10000496 |
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 2500000 | &nbsp;&nbsp; 2498640 |
| **Repurchase Agreements—3.8%** | **Repurchase Agreements—3.8%** | **Repurchase Agreements—3.8%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,119<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-477**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $10,002,139; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,136,757<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $354,192; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $361,276<br>| 354117 | &nbsp;&nbsp; 354117 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $20,004,344; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,224,673<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $13,002,787; <br> collateralized by various Common Stock with an aggregate <br> market value of $14,450,628<br>| 13000000 | &nbsp;&nbsp; 13000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $10,007,544; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,121,855<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $6,022,808; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,667,391<br>| 6000000 | &nbsp;&nbsp; 6000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $600,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $612,001<br>| 600000 | &nbsp;&nbsp; $600000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $3,000,623; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,686<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 95954117 |
| **Time Deposit—0.2%** | **Time Deposit—0.2%** | **Time Deposit—0.2%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 4000000 | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $155,453,260) <br>|  | &nbsp;&nbsp; 155453253 |
| Total Investments—106.0% <br>(Cost $2,211,153,597) <br>|  | &nbsp;&nbsp; 2659801362 |
| Other assets and liabilities (net)—(6.0)%  |  | &nbsp;&nbsp; (150113188)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2509688174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $170,436,630 and the collateral received consisted of cash in the amount of $155,428,999 and non-cash collateral with a value of $21,387,653. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(f) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-478**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59550932 | &nbsp;&nbsp; $(49545670)<br>| &nbsp;&nbsp; $10005262 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; 19680710 | &nbsp;&nbsp; 336791986 | &nbsp;&nbsp; (356472696)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $19680710 | &nbsp;&nbsp; $396342918 | &nbsp;&nbsp; $(406018366)<br>| &nbsp;&nbsp; $10005262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $190304 | &nbsp;&nbsp; 10005262 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; 1245016 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1435320 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $991463088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1251378545 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(155428999)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(155428999)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(155428999)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $108401114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108401114 |
| Air Freight & Logistics | &nbsp;&nbsp; 2112350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2112350 |
| Banks | &nbsp;&nbsp; 277596904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 277596904 |
| Beverages | &nbsp;&nbsp; 18399753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18399753 |
| Broadline Retail | &nbsp;&nbsp; 55347635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55347635 |
| Capital Markets | &nbsp;&nbsp; 76563131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76563131 |
| Chemicals | &nbsp;&nbsp; 57824629 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57824629 |
| Communications Equipment | &nbsp;&nbsp; 6239430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6239430 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12647040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12647040 |
| Containers & Packaging | &nbsp;&nbsp; 32074489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32074489 |
| Electric Utilities | &nbsp;&nbsp; 45974805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45974805 |
| Electrical Equipment | &nbsp;&nbsp; 19658151 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19658151 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 36356603 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36356603 |
| Energy Equipment & Services | &nbsp;&nbsp; 19441466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19441466 |
| Entertainment | &nbsp;&nbsp; 22406319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22406319 |
| Financial Services | &nbsp;&nbsp; 23760387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23760387 |
| Ground Transportation | &nbsp;&nbsp; 57962735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57962735 |

---

*See accompanying notes to financial statements.*

**BHFTI-479**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Health Care Equipment & Supplies | &nbsp;&nbsp; $67014977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67014977 |
| Health Care Providers & Services | &nbsp;&nbsp; 136801365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136801365 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 17346485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17346485 |
| Household Products | &nbsp;&nbsp; 101445136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101445136 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 28160553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28160553 |
| Industrial REITs | &nbsp;&nbsp; 25068954 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25068954 |
| Insurance | &nbsp;&nbsp; 174809644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174809644 |
| Interactive Media & Services | &nbsp;&nbsp; 126634109 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126634109 |
| IT Services | &nbsp;&nbsp; 12597758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12597758 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 15462623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15462623 |
| Machinery | &nbsp;&nbsp; 124127342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124127342 |
| Media | &nbsp;&nbsp; 16128630 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16128630 |
| Multi-Utilities | &nbsp;&nbsp; 67923084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67923084 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 172399836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 172399836 |
| Pharmaceuticals | &nbsp;&nbsp; 116260390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116260390 |
| Residential REITs | &nbsp;&nbsp; 38477064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38477064 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 145893479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145893479 |
| Software | &nbsp;&nbsp; 64910935 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64910935 |
| Specialized REITs | &nbsp;&nbsp; 21663368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21663368 |
| Specialty Retail | &nbsp;&nbsp; 43227218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43227218 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; — | &nbsp;&nbsp; 42972902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42972902 |
| Tobacco | &nbsp;&nbsp; 35854854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35854854 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 26395200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26395200 |
| Total Common Stocks | &nbsp;&nbsp; 2423209392 | &nbsp;&nbsp; 71133455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2494342847 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 10005262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10005262 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 43000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000496 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 95954117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95954117 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 43000000 | &nbsp;&nbsp; 112453253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155453253 |
| Total Investments | &nbsp;&nbsp; $2476214654 | &nbsp;&nbsp; $183586708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2659801362 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(155428999)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(155428999)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-480**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2649796100 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 10005262 |
| Cash | &nbsp;&nbsp; 4677885 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 71 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2054563 |
| Fund shares sold | &nbsp;&nbsp; 64721 |
| Dividends and interest | &nbsp;&nbsp; 4155915 |
| Dividends on affiliated investments | &nbsp;&nbsp; 307218 |
| Prepaid expenses | &nbsp;&nbsp; 8870 |
| Total Assets | &nbsp;&nbsp; 2671070605 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 155428999 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3144147 |
| Affiliated investments purchased | &nbsp;&nbsp; 56325 |
| Fund shares redeemed | &nbsp;&nbsp; 748578 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1058657 |
| Distribution and service fees | &nbsp;&nbsp; 225963 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 468807 |
| Total Liabilities | &nbsp;&nbsp; 161382431 |
| **Net Assets**  | &nbsp;&nbsp; $2509688174 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1846458672 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 663229502 |
| **Net Assets**  | &nbsp;&nbsp; $2509688174 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1325430093 |
| Class B | &nbsp;&nbsp; 888968113 |
| Class E | &nbsp;&nbsp; 295289968 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 48635313 |
| Class B | &nbsp;&nbsp; 33195899 |
| Class E | &nbsp;&nbsp; 10935523 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $27.25 |
| Class B | 26.78 |
| Class E | 27.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,201,148,335.

(b) Includes securities loaned at value of $170,436,630.

(c) Identified cost of affiliated investments was $10,005,262.

(d) Identified cost of cash denominated in foreign currencies was $72.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $56655524 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1435320 |
| Interest | &nbsp;&nbsp; 1416 |
| Securities lending income | &nbsp;&nbsp; 212176 |
| Total investment income | &nbsp;&nbsp; 58304436 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 14266291 |
| Administration fees | &nbsp;&nbsp; 115613 |
| Custodian and accounting fees | &nbsp;&nbsp; 107276 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2207202 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 437586 |
| Audit and tax services | &nbsp;&nbsp; 50640 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 95780 |
| Insurance | &nbsp;&nbsp; 22276 |
| Miscellaneous | &nbsp;&nbsp; 29643 |
| Total expenses | &nbsp;&nbsp; 17442891 |
| Less management fee waiver | &nbsp;&nbsp; (1857749)<br>|
| Net expenses | &nbsp;&nbsp; 15585142 |
| **Net Investment Income** | &nbsp;&nbsp; 42719294 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 177814165 |
| Foreign currency transactions | &nbsp;&nbsp; 19621 |
| Net realized gain (loss) | &nbsp;&nbsp; 177833786 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 70374268 |
| Foreign currency transactions | &nbsp;&nbsp; (1)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70374267 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 248208053 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $290927347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $564,699.

*See accompanying notes to financial statements.*

**BHFTI-481**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $42719294 | &nbsp;&nbsp; $49544694 |
| Net realized gain (loss) | &nbsp;&nbsp; 177833786 | &nbsp;&nbsp; 234517170 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70374267 | &nbsp;&nbsp; 5529607 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 290927347 | &nbsp;&nbsp; 289591471 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (151012103)<br>| &nbsp;&nbsp; (94739498)<br>|
| Class B | &nbsp;&nbsp; (98639728)<br>| &nbsp;&nbsp; (61873329)<br>|
| Class E | &nbsp;&nbsp; (32514339)<br>| &nbsp;&nbsp; (20722136)<br>|
| **Total distributions** | &nbsp;&nbsp; (282166170)<br>| &nbsp;&nbsp; (177334963)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (29033836)<br>| &nbsp;&nbsp; (224341658)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (20272659)<br>| &nbsp;&nbsp; (112085150)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2529960833 | &nbsp;&nbsp; 2642045983 |
| End of period | &nbsp;&nbsp; $2509688174 | &nbsp;&nbsp; $2529960833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 652479 | &nbsp;&nbsp; $17686473 | &nbsp;&nbsp; 346574 | &nbsp;&nbsp; $9701681 |
| Reinvestments | &nbsp;&nbsp; 6067180 | &nbsp;&nbsp; 151012103 | &nbsp;&nbsp; 3572379 | &nbsp;&nbsp; 94739498 |
| Redemptions | &nbsp;&nbsp; (6842562)<br>| &nbsp;&nbsp; (183303686)<br>| &nbsp;&nbsp; (8586640)<br>| &nbsp;&nbsp; (238976443)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (122903)<br>| &nbsp;&nbsp; $(14605110)<br>| &nbsp;&nbsp; (4667687)<br>| &nbsp;&nbsp; $(134535264)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1236008 | &nbsp;&nbsp; $32346319 | &nbsp;&nbsp; 864145 | &nbsp;&nbsp; $23516429 |
| Reinvestments | &nbsp;&nbsp; 4027755 | &nbsp;&nbsp; 98639728 | &nbsp;&nbsp; 2366998 | &nbsp;&nbsp; 61873329 |
| Redemptions | &nbsp;&nbsp; (5370358)<br>| &nbsp;&nbsp; (141373835)<br>| &nbsp;&nbsp; (5671298)<br>| &nbsp;&nbsp; (154556399)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (106595)<br>| &nbsp;&nbsp; $(10387788)<br>| &nbsp;&nbsp; (2440155)<br>| &nbsp;&nbsp; $(69166641)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 244287 | &nbsp;&nbsp; $6423978 | &nbsp;&nbsp; 320468 | &nbsp;&nbsp; $8707537 |
| Reinvestments | &nbsp;&nbsp; 1317437 | &nbsp;&nbsp; 32514339 | &nbsp;&nbsp; 787315 | &nbsp;&nbsp; 20722136 |
| Redemptions | &nbsp;&nbsp; (1617339)<br>| &nbsp;&nbsp; (42979255)<br>| &nbsp;&nbsp; (1825876)<br>| &nbsp;&nbsp; (50069426)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (55615)<br>| &nbsp;&nbsp; $(4040938)<br>| &nbsp;&nbsp; (718093)<br>| &nbsp;&nbsp; $(20639753)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(29033836)<br>|  | &nbsp;&nbsp; $(224341658)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-482**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.37 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $35.57 | &nbsp;&nbsp; $28.77 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain (loss) | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.96 |
| Total income (loss) from investment operations | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.52 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.68)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; (0.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $27.37 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $35.57 |
| **Total Return (%)** (b) | 12.32 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp; (4.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.30 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Ratio of net investment income (loss) to average net assets (%) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1325.4 | &nbsp;&nbsp; $1334.5 | &nbsp;&nbsp; $1407.8 | &nbsp;&nbsp; $1409.1 | &nbsp;&nbsp; $1839.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $26.94 | &nbsp;&nbsp; $25.97 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp; $28.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) | 2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| Total income (loss) from investment operations | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.36 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.62)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.78 | &nbsp;&nbsp; $26.94 | &nbsp;&nbsp; $25.97 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $35.17 |
| **Total Return (%)** (b) | 12.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.98 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Ratio of net investment income (loss) to average net assets (%) | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $889.0 | &nbsp;&nbsp; $897.2 | &nbsp;&nbsp; $928.1 | &nbsp;&nbsp; $928.9 | &nbsp;&nbsp; $1078.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-483**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $35.36 | &nbsp;&nbsp; $28.61 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain (loss) | 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.92 |
| Total income (loss) from investment operations | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.64)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (0.68)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $35.36 |
| **Total Return (%)** (b) | 12.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.12 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Ratio of net investment income (loss) to average net assets (%) | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $295.3 | &nbsp;&nbsp; $298.3 | &nbsp;&nbsp; $306.2 | &nbsp;&nbsp; $308.0 | &nbsp;&nbsp; $374.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) The effect of the voluntary portion of the waiver on the net ratio of expenses to average net assets was 0.02% for each of the years ended December 31, 2025 through 2021 (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-484**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—96.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| BWX Technologies, Inc.  | 41900 | &nbsp;&nbsp; $7241996 |
| StandardAero, Inc. (a) | 210173 | &nbsp;&nbsp; 6027762 |
| Textron, Inc.  | 156061 | &nbsp;&nbsp; 13603837 |
|  |  | &nbsp;&nbsp; 26873595 |
| **Biotechnology — 6.1%** | **Biotechnology — 6.1%** | **Biotechnology — 6.1%** |
| Alnylam Pharmaceuticals, Inc. (a) | 37807 | &nbsp;&nbsp; 15033954 |
| Arcellx, Inc. (a) (b) | 54700 | &nbsp;&nbsp; 3566440 |
| Ascendis Pharma AS (ADR) (a) | 35500 | &nbsp;&nbsp; 7570020 |
| Biogen, Inc. (a) | 21300 | &nbsp;&nbsp; 3748587 |
| BioNTech SE (ADR) (a) (b) | 43700 | &nbsp;&nbsp; 4160240 |
| Caris Life Sciences, Inc. (a) (b) | 122543 | &nbsp;&nbsp; 3306210 |
| CRISPR Therapeutics AG (a) (b) | 47109 | &nbsp;&nbsp; 2470396 |
| Cytokinetics, Inc. (a) (b) | 85500 | &nbsp;&nbsp; 5432670 |
| Ionis Pharmaceuticals, Inc. (a) | 180490 | &nbsp;&nbsp; 14278564 |
| Natera, Inc. (a) | 10669 | &nbsp;&nbsp; 2444161 |
| Nuvalent, Inc. - Class A (a) | 10372 | &nbsp;&nbsp; 1043319 |
| Revolution Medicines, Inc. (a) (b) | 38000 | &nbsp;&nbsp; 3026700 |
| Vaxcyte, Inc. (a) (b) | 86732 | &nbsp;&nbsp; 4001815 |
|  |  | &nbsp;&nbsp; 70083076 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
| Bullish (a) (b) | 19528 | &nbsp;&nbsp; 739525 |
| Cboe Global Markets, Inc.  | 38600 | &nbsp;&nbsp; 9688600 |
| MSCI, Inc.  | 30200 | &nbsp;&nbsp; 17326646 |
| Raymond James Financial, Inc. (b) | 74800 | &nbsp;&nbsp; 12012132 |
| TPG, Inc. (b) | 69184 | &nbsp;&nbsp; 4416707 |
| Tradeweb Markets, Inc. - Class A | 61500 | &nbsp;&nbsp; 6613710 |
|  |  | &nbsp;&nbsp; 50797320 |
| **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** |
| RB Global, Inc.  | 51400 | &nbsp;&nbsp; 5287518 |
| Veralto Corp.  | 112600 | &nbsp;&nbsp; 11235228 |
|  |  | &nbsp;&nbsp; 16522746 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| Quanta Services, Inc. (b) | 14800 | &nbsp;&nbsp; 6246488 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Martin Marietta Materials, Inc.  | 19938 | &nbsp;&nbsp; 12414595 |
| **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** |
| Casey's General Stores, Inc.  | 16192 | &nbsp;&nbsp; 8949480 |
| Dollar Tree, Inc. (a) (b) | 144071 | &nbsp;&nbsp; 17722174 |
| Maplebear, Inc. (a) (b) | 16000 | &nbsp;&nbsp; 719680 |
|  |  | &nbsp;&nbsp; 27391334 |
| **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** |
| Avery Dennison Corp. (b) | 60200 | &nbsp;&nbsp; 10949176 |
| Ball Corp.  | 140986 | &nbsp;&nbsp; 7468029 |
|  |  | &nbsp;&nbsp; 18417205 |
| **Distributors — 0.8%** | **Distributors — 0.8%** | **Distributors — 0.8%** |
| Pool Corp. (b) | 41000 | &nbsp;&nbsp; 9378750 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Duolingo, Inc. (a) (b) | 15800 | &nbsp;&nbsp; $2772900 |
| McGraw Hill, Inc. (a) | 134691 | &nbsp;&nbsp; 2222402 |
| Service Corp. International (b) | 95700 | &nbsp;&nbsp; 7461729 |
|  |  | &nbsp;&nbsp; 12457031 |
| **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** |
| Amphenol Corp. - Class A | 89100 | &nbsp;&nbsp; 12040974 |
| Corning, Inc.  | 16800 | &nbsp;&nbsp; 1471008 |
| Keysight Technologies, Inc. (a) | 69000 | &nbsp;&nbsp; 14020110 |
| Ralliant Corp.  | 59363 | &nbsp;&nbsp; 3022170 |
|  |  | &nbsp;&nbsp; 30554262 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| TechnipFMC PLC (b) | 368642 | &nbsp;&nbsp; 16426688 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
| Liberty Live Holdings, Inc. - Class C (a) | 96700 | &nbsp;&nbsp; 8041572 |
| Liberty Media Corp.-Liberty Formula One - Class C (a) | 181791 | &nbsp;&nbsp; 17908232 |
| Live Nation Entertainment, Inc. (a) (b) | 14300 | &nbsp;&nbsp; 2037750 |
|  |  | &nbsp;&nbsp; 27987554 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| Corpay, Inc. (a) | 23141 | &nbsp;&nbsp; 6963821 |
| Toast, Inc. - Class A (a) (b) | 162400 | &nbsp;&nbsp; 5766824 |
|  |  | &nbsp;&nbsp; 12730645 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| McCormick & Co., Inc.  | 124300 | &nbsp;&nbsp; 8466073 |
| **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** |
| Old Dominion Freight Line, Inc. (b) | 77800 | &nbsp;&nbsp; 12199040 |
| XPO, Inc. (a) (b) | 63600 | &nbsp;&nbsp; 8643876 |
|  |  | &nbsp;&nbsp; 20842916 |
| **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** |
| Alcon AG (b) | 46300 | &nbsp;&nbsp; 3648903 |
| Align Technology, Inc. (a) | 40400 | &nbsp;&nbsp; 6308460 |
| Cooper Cos., Inc. (a) (b) | 194400 | &nbsp;&nbsp; 15933024 |
| Hologic, Inc. (a) | 126700 | &nbsp;&nbsp; 9437883 |
| Masimo Corp. (a) (b) | 17100 | &nbsp;&nbsp; 2224026 |
| QuidelOrtho Corp. (a) (b) | 127274 | &nbsp;&nbsp; 3634945 |
| Teleflex, Inc.  | 94323 | &nbsp;&nbsp; 11511179 |
|  |  | &nbsp;&nbsp; 52698420 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Cencora, Inc.  | 48900 | &nbsp;&nbsp; 16515975 |
| Encompass Health Corp. (b) | 57200 | &nbsp;&nbsp; 6071208 |
| Molina Healthcare, Inc. (a) (b) | 34600 | &nbsp;&nbsp; 6004484 |
|  |  | &nbsp;&nbsp; 28591667 |
| **Health Care Technology — 1.5%** | **Health Care Technology — 1.5%** | **Health Care Technology — 1.5%** |
| Veeva Systems, Inc. - Class A (a) | 76861 | &nbsp;&nbsp; 17157681 |
| **Hotels, Restaurants & Leisure — 11.5%** | **Hotels, Restaurants & Leisure — 11.5%** | **Hotels, Restaurants & Leisure — 11.5%** |
| Domino's Pizza, Inc. (b) | 41310 | &nbsp;&nbsp; 17218834 |

---

*See accompanying notes to financial statements.*

**BHFTI-485**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| DraftKings, Inc. - Class A (a) (b) | 241700 | &nbsp;&nbsp; $8328982 |
| Hilton Worldwide Holdings, Inc.  | 94700 | &nbsp;&nbsp; 27202575 |
| Planet Fitness, Inc. - Class A (a) | 145500 | &nbsp;&nbsp; 15782385 |
| Sportradar Group AG - Class A (a) | 190200 | &nbsp;&nbsp; 4521054 |
| Texas Roadhouse, Inc. (b) | 43700 | &nbsp;&nbsp; 7254200 |
| Viking Holdings Ltd. (a) | 264920 | &nbsp;&nbsp; 18917937 |
| Wingstop, Inc. (b) | 16400 | &nbsp;&nbsp; 3911236 |
| Wyndham Hotels & Resorts, Inc. (b) | 75600 | &nbsp;&nbsp; 5712336 |
| Yum! Brands, Inc.  | 144071 | &nbsp;&nbsp; 21795061 |
|  |  | &nbsp;&nbsp; 130644600 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| TopBuild Corp. (a) (b) | 11800 | &nbsp;&nbsp; 4922842 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Bending Spoons SpA - Class C † (a) (c) (d) | 14584 | &nbsp;&nbsp; 1308057 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| Assurant, Inc.  | 78800 | &nbsp;&nbsp; 18978980 |
| Markel Group, Inc. (a) | 3300 | &nbsp;&nbsp; 7093845 |
| Ryan Specialty Holdings, Inc.  | 86022 | &nbsp;&nbsp; 4441316 |
|  |  | &nbsp;&nbsp; 30514141 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| Reddit, Inc. - Class A (a) (b) | 40429 | &nbsp;&nbsp; 9293414 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| MongoDB, Inc. (a) | 11800 | &nbsp;&nbsp; 4952342 |
| **Life Sciences Tools & Services — 5.4%** | **Life Sciences Tools & Services — 5.4%** | **Life Sciences Tools & Services — 5.4%** |
| Agilent Technologies, Inc.  | 172100 | &nbsp;&nbsp; 23417647 |
| Avantor, Inc. (a) (b) | 684500 | &nbsp;&nbsp; 7844370 |
| Bruker Corp. (b) | 65511 | &nbsp;&nbsp; 3086223 |
| Mettler-Toledo International, Inc. (a) | 14800 | &nbsp;&nbsp; 20634012 |
| West Pharmaceutical Services, Inc.  | 23818 | &nbsp;&nbsp; 6553285 |
|  |  | &nbsp;&nbsp; 61535537 |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| Esab Corp. (b) | 113517 | &nbsp;&nbsp; 12682119 |
| Fortive Corp. (b) | 69133 | &nbsp;&nbsp; 3816833 |
| Ingersoll Rand, Inc. (b) | 153200 | &nbsp;&nbsp; 12136504 |
| ITT, Inc.  | 39800 | &nbsp;&nbsp; 6905698 |
|  |  | &nbsp;&nbsp; 35541154 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| New York Times Co. - Class A | 185000 | &nbsp;&nbsp; 12842700 |
| Trade Desk, Inc. - Class A (a) | 81741 | &nbsp;&nbsp; 3102888 |
|  |  | &nbsp;&nbsp; 15945588 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| Cheniere Energy, Inc.  | 59200 | &nbsp;&nbsp; 11507888 |
| DT Midstream, Inc.  | 10800 | &nbsp;&nbsp; 1292544 |
| EQT Corp.  | 198400 | &nbsp;&nbsp; 10634240 |
| Expand Energy Corp.  | 58900 | &nbsp;&nbsp; 6500204 |
|  |  | &nbsp;&nbsp; 29934876 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Elanco Animal Health, Inc. (a) (b) | 359800 | &nbsp;&nbsp; $8142274 |
| **Professional Services — 4.4%** | **Professional Services — 4.4%** | **Professional Services — 4.4%** |
| Booz Allen Hamilton Holding Corp.  | 118700 | &nbsp;&nbsp; 10013532 |
| Broadridge Financial Solutions, Inc. (b) | 15000 | &nbsp;&nbsp; 3347550 |
| Equifax, Inc.  | 24400 | &nbsp;&nbsp; 5294312 |
| Paylocity Holding Corp. (a) | 78499 | &nbsp;&nbsp; 11971097 |
| TransUnion (b) | 145877 | &nbsp;&nbsp; 12508953 |
| UL Solutions, Inc. - Class A (b) | 91395 | &nbsp;&nbsp; 7207410 |
|  |  | &nbsp;&nbsp; 50342854 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| CoStar Group, Inc. (a) | 70983 | &nbsp;&nbsp; 4772897 |
| **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** |
| Lattice Semiconductor Corp. (a) (b) | 294994 | &nbsp;&nbsp; 21705659 |
| MACOM Technology Solutions Holdings, Inc. (a) (b) | 74800 | &nbsp;&nbsp; 12811744 |
| Microchip Technology, Inc.  | 210400 | &nbsp;&nbsp; 13406688 |
| Monolithic Power Systems, Inc. (b) | 15268 | &nbsp;&nbsp; 13838304 |
| NXP Semiconductors NV | 35400 | &nbsp;&nbsp; 7683924 |
|  |  | &nbsp;&nbsp; 69446319 |
| **Software — 9.0%** | **Software — 9.0%** | **Software — 9.0%** |
| Atlassian Corp. - Class A (a) | 42973 | &nbsp;&nbsp; 6967642 |
| Aurora Innovation, Inc. (a) | 292467 | &nbsp;&nbsp; 1123073 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 1339173 | &nbsp;&nbsp; 10646426 |
| HubSpot, Inc. (a) | 8800 | &nbsp;&nbsp; 3531440 |
| Manhattan Associates, Inc. (a) (b) | 53900 | &nbsp;&nbsp; 9341409 |
| Monday.com Ltd. (a) (b) | 27100 | &nbsp;&nbsp; 3998876 |
| Netskope, Inc. - Class A (a) | 62941 | &nbsp;&nbsp; 1103985 |
| Onestream, Inc. (a) (b) | 117807 | &nbsp;&nbsp; 2165293 |
| PTC, Inc. (a) | 130163 | &nbsp;&nbsp; 22675696 |
| Tyler Technologies, Inc. (a) (b) | 41100 | &nbsp;&nbsp; 18657345 |
| Unity Software, Inc. (a) | 97766 | &nbsp;&nbsp; 4318324 |
| Zoom Communications, Inc. (a) | 96500 | &nbsp;&nbsp; 8326985 |
| Zscaler, Inc. (a) | 41800 | &nbsp;&nbsp; 9401656 |
|  |  | &nbsp;&nbsp; 102258150 |
| **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** |
| Burlington Stores, Inc. (a) | 56346 | &nbsp;&nbsp; 16275542 |
| Ross Stores, Inc.  | 59300 | &nbsp;&nbsp; 10682302 |
| Ulta Beauty, Inc. (a) (b) | 20882 | &nbsp;&nbsp; 12633819 |
|  |  | &nbsp;&nbsp; 39591663 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Pure Storage, Inc. - Class A (a) (b) | 107100 | &nbsp;&nbsp; 7176771 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Birkenstock Holding PLC (a) (b) | 201798 | &nbsp;&nbsp; 8253538 |
| On Holding AG - Class A (a) (b) | 31600 | &nbsp;&nbsp; 1468768 |
|  |  | &nbsp;&nbsp; 9722306 |

---

*See accompanying notes to financial statements.*

**BHFTI-486**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Ferguson Enterprises, Inc.  | 57800 | &nbsp;&nbsp; $12868014 |
| Total Common Stocks <br>(Cost $893,040,010) <br>|  | &nbsp;&nbsp; 1094951845 |
| **Convertible Preferred Stocks—0.6%** | **Convertible Preferred Stocks—0.6%** | **Convertible Preferred Stocks—0.6%** |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Nuro, Inc. - Series D † (a) (c) (d) | 37838 | &nbsp;&nbsp; 578543 |
| Sila Nanotechnologies, Inc. - Series F † (a) (c) (d) | 43934 | &nbsp;&nbsp; 800477 |
|  |  | &nbsp;&nbsp; 1379020 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Redwood Materials, Inc.- Series C † (a) (c) (d) | 18350 | &nbsp;&nbsp; 863735 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Databricks, Inc. - Series H † (a) (c) (d) | 11738 | &nbsp;&nbsp; 2230220 |
| Databricks, Inc. - Series I † (a) (c) (d) | 4164 | &nbsp;&nbsp; 791160 |
| Databricks, Inc. - Series J † (a) (c) (d) | 7056 | &nbsp;&nbsp; 1340640 |
|  |  | &nbsp;&nbsp; 4362020 |
| Total Convertible Preferred Stocks <br>(Cost $5,293,184) <br>|  | &nbsp;&nbsp; 6604775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.3%** | **Short-Term Investments—3.3%** | **Short-Term Investments—3.3%** |
| **Short-Term Investment Funds—3.3%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| 3.764% (e) (f) | 37723685 | &nbsp;&nbsp; 37723685 |
| Total Short-Term Investments <br>(Cost $37,723,685) <br>|  | &nbsp;&nbsp; 37723685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—18.3%** | **Securities Lending Reinvestments (g)—18.3%** | **Securities Lending Reinvestments (g)—18.3%** |
| **Short-Term Investment Funds—3.6%** | **Short-Term Investment Funds—3.6%** | **Short-Term Investment Funds—3.6%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 41000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (h) | 1000000 | &nbsp;&nbsp; 999997 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (h) | 1000000 | &nbsp;&nbsp; 1000343 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (h) | 1000000 | &nbsp;&nbsp; 999883 |
| 4.010%, SOFR + 0.240%, 01/13/26 (h) | 2000000 | &nbsp;&nbsp; 2000008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (h) | 1000000 | &nbsp;&nbsp; $1000278 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (h) | 1000000 | &nbsp;&nbsp; 1000086 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (h) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 8000786 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 2500000 | &nbsp;&nbsp; 2498640 |
| **Repurchase Agreements—13.4%** | **Repurchase Agreements—13.4%** | **Repurchase Agreements—13.4%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $6,001,257; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,675,743<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $14,002,932; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,591,460<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $20,004,278; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $5,573,601; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $5,685,073<br>| 5572415 | &nbsp;&nbsp; 5572415 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $8,171,624; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $8,321,001<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $25,005,431; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,780,841<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-487**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $10,002,144; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,321<br>| 10000000 | &nbsp;&nbsp; $10000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $19,014,334; <br> collateralized by various Common Stock with an aggregate <br> market value of $21,131,525<br>| 19000000 | &nbsp;&nbsp; 19000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $3,011,404; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,695<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $600,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $612,001<br>| 600000 | &nbsp;&nbsp; 600000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $25,005,194; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,505,715<br>| 25000000 | &nbsp;&nbsp; 25000000 |
|  |  | &nbsp;&nbsp; 152172415 |
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (h) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $208,671,558) <br>|  | &nbsp;&nbsp; 208671841 |
| Total Investments—118.2% <br>(Cost $1,144,728,437) <br>|  | &nbsp;&nbsp; 1347952146 |
| Other assets and liabilities (net)—(18.2)%  |  | &nbsp;&nbsp; (207502332)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1140449814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal  |

---

---

| | |
|:---|:---|
|  | restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $7,912,832, <br> which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2025, the market value of <br> securities loaned was $261,884,245 and the collateral received consisted of cash in the amount <br> of $208,647,297 and non-cash collateral with a value of $62,288,876. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.7% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (h) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-488**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Bending Spoons SpA - Class C | 10/28/25 | &nbsp;&nbsp; 14584 | &nbsp;&nbsp; $1296983 | &nbsp;&nbsp; $1308057 |
| Databricks, Inc. - Series H | 08/31/21 | &nbsp;&nbsp; 11738 | &nbsp;&nbsp; 862557 | &nbsp;&nbsp; 2230220 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 4164 | &nbsp;&nbsp; 306054 | &nbsp;&nbsp; 791160 |
| Databricks, Inc. - Series J | 12/17/24 | &nbsp;&nbsp; 7056 | &nbsp;&nbsp; 652680 | &nbsp;&nbsp; 1340640 |
| Nuro, Inc. - Series D | 10/29/21 | &nbsp;&nbsp; 37838 | &nbsp;&nbsp; 788760 | &nbsp;&nbsp; 578543 |
| Redwood Materials, Inc. - Series C | 05/28/21 | &nbsp;&nbsp; 18350 | &nbsp;&nbsp; 869854 | &nbsp;&nbsp; 863735 |
| Sila Nanotechnologies, Inc. - Series F | 01/07/21 | &nbsp;&nbsp; 43934 | &nbsp;&nbsp; 1813279 | &nbsp;&nbsp; 800477 |
|  |  |  |  | &nbsp;&nbsp; $7912832 |

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60842074 | &nbsp;&nbsp; $(23118389)<br>| &nbsp;&nbsp; $37723685 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; 27755595 | &nbsp;&nbsp; 186834674 | &nbsp;&nbsp; (214590269)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $27755595 | &nbsp;&nbsp; $247676748 | &nbsp;&nbsp; $(237708658)<br>| &nbsp;&nbsp; $37723685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $230891 | &nbsp;&nbsp; 37723685 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; 1414518 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1645409 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $414615640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $558459361 |

---

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $180,503 in sales of investments, which are included above, and resulted in net realized losses of $110,496.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(208647297)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(208647297)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(208647297)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-489**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $26873595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26873595 |
| Biotechnology | &nbsp;&nbsp; 70083076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70083076 |
| Capital Markets | &nbsp;&nbsp; 50797320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50797320 |
| Commercial Services & Supplies | &nbsp;&nbsp; 16522746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16522746 |
| Construction & Engineering | &nbsp;&nbsp; 6246488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6246488 |
| Construction Materials | &nbsp;&nbsp; 12414595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12414595 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 27391334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27391334 |
| Containers & Packaging | &nbsp;&nbsp; 18417205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18417205 |
| Distributors | &nbsp;&nbsp; 9378750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9378750 |
| Diversified Consumer Services | &nbsp;&nbsp; 12457031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12457031 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 30554262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30554262 |
| Energy Equipment & Services | &nbsp;&nbsp; 16426688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16426688 |
| Entertainment | &nbsp;&nbsp; 27987554 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27987554 |
| Financial Services | &nbsp;&nbsp; 12730645 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12730645 |
| Food Products | &nbsp;&nbsp; 8466073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8466073 |
| Ground Transportation | &nbsp;&nbsp; 20842916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20842916 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 52698420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52698420 |
| Health Care Providers & Services | &nbsp;&nbsp; 28591667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28591667 |
| Health Care Technology | &nbsp;&nbsp; 17157681 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17157681 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 130644600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130644600 |
| Household Durables | &nbsp;&nbsp; 4922842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4922842 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1308057 | &nbsp;&nbsp; 1308057 |
| Insurance | &nbsp;&nbsp; 30514141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30514141 |
| Interactive Media & Services | &nbsp;&nbsp; 9293414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9293414 |
| IT Services | &nbsp;&nbsp; 4952342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4952342 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 61535537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61535537 |
| Machinery | &nbsp;&nbsp; 35541154 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35541154 |
| Media | &nbsp;&nbsp; 15945588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15945588 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 29934876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29934876 |
| Pharmaceuticals | &nbsp;&nbsp; 8142274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8142274 |
| Professional Services | &nbsp;&nbsp; 50342854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50342854 |
| Real Estate Management & Development | &nbsp;&nbsp; 4772897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4772897 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 69446319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69446319 |
| Software | &nbsp;&nbsp; 102258150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102258150 |
| Specialty Retail | &nbsp;&nbsp; 39591663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39591663 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 7176771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7176771 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 9722306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9722306 |
| Trading Companies & Distributors | &nbsp;&nbsp; 12868014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12868014 |
| Total Common Stocks | &nbsp;&nbsp; 1093643788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1308057 | &nbsp;&nbsp; 1094951845 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6604775 | &nbsp;&nbsp; 6604775 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 37723685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37723685 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 41000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000786 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 152172415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152172415 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 41000000 | &nbsp;&nbsp; 167671841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 208671841 |
| Total Investments | &nbsp;&nbsp; $1172367473 | &nbsp;&nbsp; $167671841 | &nbsp;&nbsp; $7912832 | &nbsp;&nbsp; $1347952146 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(208647297)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(208647297)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-490**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1310228461 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 37723685 |
| Cash | &nbsp;&nbsp; 1300000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1035516 |
| Fund shares sold | &nbsp;&nbsp; 270396 |
| Dividends and interest | &nbsp;&nbsp; 171137 |
| Dividends on affiliated investments | &nbsp;&nbsp; 292127 |
| Prepaid expenses | &nbsp;&nbsp; 4148 |
| Total Assets | &nbsp;&nbsp; 1351025470 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 208647297 |
| Payable for: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 132029 |
| Fund shares redeemed | &nbsp;&nbsp; 458638 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 616657 |
| Distribution and service fees | &nbsp;&nbsp; 169752 |
| Deferred trustees' fees | &nbsp;&nbsp; 250955 |
| Other expenses | &nbsp;&nbsp; 300328 |
| Total Liabilities | &nbsp;&nbsp; 210575656 |
| **Net Assets**  | &nbsp;&nbsp; $1140449814 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $807074666 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 333375148 |
| **Net Assets**  | &nbsp;&nbsp; $1140449814 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $347256642 |
| Class B | &nbsp;&nbsp; 780080430 |
| Class E | &nbsp;&nbsp; 13112742 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 41188817 |
| Class B | &nbsp;&nbsp; 119254290 |
| Class E | &nbsp;&nbsp; 1795818 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.43 |
| Class B | 6.54 |
| Class E | 7.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,107,004,752.

(b) Includes securities loaned at value of $261,884,245.

(c) Identified cost of affiliated investments was $37,723,685.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $6414908 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1645409 |
| Securities lending income | &nbsp;&nbsp; 323116 |
| Total investment income | &nbsp;&nbsp; 8383433 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8734534 |
| Administration fees | &nbsp;&nbsp; 65684 |
| Custodian and accounting fees | &nbsp;&nbsp; 58767 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2004592 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 20994 |
| Audit and tax services | &nbsp;&nbsp; 59072 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 91428 |
| Insurance | &nbsp;&nbsp; 10425 |
| Miscellaneous | &nbsp;&nbsp; 18547 |
| Total expenses | &nbsp;&nbsp; 11174628 |
| Less management fee waiver | &nbsp;&nbsp; (1422890)<br>|
| Net expenses | &nbsp;&nbsp; 9751738 |
| **Net Investment Loss** | &nbsp;&nbsp; (1368305)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 133795229 |
| Foreign currency transactions | &nbsp;&nbsp; 3895 |
| Net realized gain (loss) | &nbsp;&nbsp; 133799124 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (91173495)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 42625629 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $41257324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $29,659.

*See accompanying notes to financial statements.*

**BHFTI-491**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1368305)<br>| &nbsp;&nbsp; $(1235823)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 133799124 | &nbsp;&nbsp; 190705716 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (91173495)<br>| &nbsp;&nbsp; (70480684)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 41257324 | &nbsp;&nbsp; 118989209 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (48651060)<br>| &nbsp;&nbsp; (36554020)<br>|
| Class B | &nbsp;&nbsp; (140137222)<br>| &nbsp;&nbsp; (97950038)<br>|
| Class E | &nbsp;&nbsp; (2224791)<br>| &nbsp;&nbsp; (1628728)<br>|
| **Total distributions** | &nbsp;&nbsp; (191013073)<br>| &nbsp;&nbsp; (136132786)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 59492879 | &nbsp;&nbsp; (72338768)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (90262870)<br>| &nbsp;&nbsp; (89482345)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1230712684 | &nbsp;&nbsp; 1320195029 |
| End of period | &nbsp;&nbsp; $1140449814 | &nbsp;&nbsp; $1230712684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1127350 | &nbsp;&nbsp; $9837923 | &nbsp;&nbsp; 1160123 | &nbsp;&nbsp; $10952188 |
| Reinvestments | &nbsp;&nbsp; 6021171 | &nbsp;&nbsp; 48651060 | &nbsp;&nbsp; 4070604 | &nbsp;&nbsp; 36554020 |
| Redemptions | &nbsp;&nbsp; (4715706)<br>| &nbsp;&nbsp; (41375605)<br>| &nbsp;&nbsp; (8185784)<br>| &nbsp;&nbsp; (78955127)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2432815 | &nbsp;&nbsp; $17113378 | &nbsp;&nbsp; (2955057)<br>| &nbsp;&nbsp; $(31448919)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3460409 | &nbsp;&nbsp; $23815345 | &nbsp;&nbsp; 2173840 | &nbsp;&nbsp; $16633473 |
| Reinvestments | &nbsp;&nbsp; 22314844 | &nbsp;&nbsp; 140137222 | &nbsp;&nbsp; 13473183 | &nbsp;&nbsp; 97950038 |
| Redemptions | &nbsp;&nbsp; (17813890)<br>| &nbsp;&nbsp; (121387529)<br>| &nbsp;&nbsp; (19661737)<br>| &nbsp;&nbsp; (154468993)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 7961363 | &nbsp;&nbsp; $42565038 | &nbsp;&nbsp; (4014714)<br>| &nbsp;&nbsp; $(39885482)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 28734 | &nbsp;&nbsp; $221360 | &nbsp;&nbsp; 58820 | &nbsp;&nbsp; $516133 |
| Reinvestments | &nbsp;&nbsp; 317827 | &nbsp;&nbsp; 2224791 | &nbsp;&nbsp; 204614 | &nbsp;&nbsp; 1628728 |
| Redemptions | &nbsp;&nbsp; (349858)<br>| &nbsp;&nbsp; (2631688)<br>| &nbsp;&nbsp; (369341)<br>| &nbsp;&nbsp; (3149228)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3297)<br>| &nbsp;&nbsp; $(185537)<br>| &nbsp;&nbsp; (105907)<br>| &nbsp;&nbsp; $(1004367)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $59492879 |  | &nbsp;&nbsp; $(72338768)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-492**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $12.48 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Total income (loss) from investment operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $13.10 |
| **Total Return (%)** (c) | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp; (22.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.15 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.27)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $347.3 | &nbsp;&nbsp; $365.9 | &nbsp;&nbsp; $396.8 | &nbsp;&nbsp; $375.8 | &nbsp;&nbsp; $522.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.64 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $11.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Total income (loss) from investment operations | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $6.54 | &nbsp;&nbsp; $7.64 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $11.39 |
| **Total Return (%)** (c) | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp; (22.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.87 <br>(f)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.52)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $780.1 | &nbsp;&nbsp; $849.8 | &nbsp;&nbsp; $907.1 | &nbsp;&nbsp; $843.5 | &nbsp;&nbsp; $1187.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-493**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $11.61 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Total income (loss) from investment operations | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.30 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $12.08 |
| **Total Return (%)** (c) | 3.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp; (22.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.98 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (d) (e) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.42)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $13.1 | &nbsp;&nbsp; $15.0 | &nbsp;&nbsp; $16.3 | &nbsp;&nbsp; $15.4 | &nbsp;&nbsp; $24.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2025, 2024, 2023 and 2022; and 0.04% for the year ended December 31, 2021 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

*See accompanying notes to financial statements.*

**BHFTI-494**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—34.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 1.3%** | **Agency Collateralized Mortgage Obligations — 1.3%** | **Agency Collateralized Mortgage Obligations — 1.3%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.000%, 04/15/48 | 524792 | &nbsp;&nbsp; $474393 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.374%, SOFR30A + 1.500%, 10/25/41 (144A) (a) | 2399956 | &nbsp;&nbsp; 2406790 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 2.000%, 01/25/51 (b) | 7643997 | &nbsp;&nbsp; 1007013 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 07/25/50 (b) | 3521236 | &nbsp;&nbsp; 441358 |
| 2.000%, 07/25/51 (b) | 10253709 | &nbsp;&nbsp; 1279963 |
| 2.000%, 09/25/51 (b) | 4069753 | &nbsp;&nbsp; 500268 |
| 2.000%, 03/25/52 (b) | 8676505 | &nbsp;&nbsp; 1098294 |
| 2.000%, 10/25/52 (b) | 6295227 | &nbsp;&nbsp; 806465 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 07/25/52 (b) | 48178656 | &nbsp;&nbsp; 6125993 |
| 3.000%, 06/25/48 | 1223912 | &nbsp;&nbsp; 1105214 |
| 3.500%, 01/25/47 | 317120 | &nbsp;&nbsp; 315688 |
| 3.500%, 06/25/47 | 607957 | &nbsp;&nbsp; 599889 |
| Government National Mortgage Association REMICS |  |  |
| 3.500%, 09/20/48 | 986728 | &nbsp;&nbsp; 924152 |
|  |  | &nbsp;&nbsp; 17085480 |
| **Agency Mortgage-Backed Securities — 33.1%** | **Agency Mortgage-Backed Securities — 33.1%** | **Agency Mortgage-Backed Securities — 33.1%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 03/01/52 | 8395088 | &nbsp;&nbsp; 6807400 |
| 2.000%, 04/01/52 | 5450824 | &nbsp;&nbsp; 4419107 |
| 2.500%, 01/01/52 | 5889325 | &nbsp;&nbsp; 5012566 |
| 2.500%, 02/01/52 | 6974821 | &nbsp;&nbsp; 5932148 |
| 2.500%, 04/01/52 | 1834393 | &nbsp;&nbsp; 1559581 |
| 2.500%, 05/01/52 | 6014877 | &nbsp;&nbsp; 5111987 |
| 3.000%, 09/01/46 | 699106 | &nbsp;&nbsp; 635530 |
| 3.000%, 10/01/46 | 1899212 | &nbsp;&nbsp; 1725517 |
| 3.000%, 11/01/46 | 2940436 | &nbsp;&nbsp; 2670754 |
| 3.000%, 01/01/47 | 3643408 | &nbsp;&nbsp; 3294971 |
| 3.000%, 01/01/50 | 4110947 | &nbsp;&nbsp; 3720861 |
| 3.000%, 05/01/52 | 4745751 | &nbsp;&nbsp; 4213689 |
| 3.000%, 06/01/52 | 16540380 | &nbsp;&nbsp; 14656819 |
| 3.500%, 01/01/44 | 1358376 | &nbsp;&nbsp; 1297203 |
| 3.500%, 04/01/45 | 2035431 | &nbsp;&nbsp; 1941369 |
| 3.500%, 11/01/45 | 218217 | &nbsp;&nbsp; 207144 |
| 3.500%, 06/01/46 | 783812 | &nbsp;&nbsp; 741859 |
| 3.500%, 08/01/46 | 909493 | &nbsp;&nbsp; 862869 |
| 3.500%, 12/01/47 | 2416416 | &nbsp;&nbsp; 2275330 |
| 3.500%, 01/01/48 | 8575438 | &nbsp;&nbsp; 8106498 |
| 4.000%, 01/01/45 | 1423724 | &nbsp;&nbsp; 1386442 |
| 4.000%, 12/01/45 | 3208253 | &nbsp;&nbsp; 3123587 |
| 4.000%, 03/01/48 | 273238 | &nbsp;&nbsp; 264914 |
| 4.000%, 06/01/48 | 18628 | &nbsp;&nbsp; 18029 |
| 4.000%, 11/01/48 | 437101 | &nbsp;&nbsp; 423783 |
| 4.000%, 10/01/52 | 6389980 | &nbsp;&nbsp; 6097520 |
| 4.000%, 01/01/54 | 7136009 | &nbsp;&nbsp; 6804241 |
| 4.500%, 10/01/48 | 915971 | &nbsp;&nbsp; 910078 |
| 4.500%, 08/01/52 | 2015548 | &nbsp;&nbsp; 1976915 |
| 4.500%, 10/01/52 | 2963874 | &nbsp;&nbsp; 2904922 |
| 4.500%, 11/01/52 | 6495023 | &nbsp;&nbsp; 6365169 |
| 4.500%, 10/01/53 | 3635020 | &nbsp;&nbsp; 3563071 |
| 5.000%, 06/01/48 | 273321 | &nbsp;&nbsp; 278481 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.000%, 08/01/48 | 42373 | &nbsp;&nbsp; $43060 |
| 5.000%, 10/01/48 | 506604 | &nbsp;&nbsp; 513874 |
| Federal National Mortgage Association |  |  |
| 2.000%, 08/01/40 | 1810048 | &nbsp;&nbsp; 1608790 |
| 2.000%, 11/01/40 | 240696 | &nbsp;&nbsp; 211560 |
| 2.000%, 07/01/41 | 2937391 | &nbsp;&nbsp; 2565908 |
| 2.000%, 10/01/50 | 1538473 | &nbsp;&nbsp; 1256018 |
| 2.000%, 02/01/51 | 4998268 | &nbsp;&nbsp; 4067462 |
| 2.000%, 03/01/51 | 7704781 | &nbsp;&nbsp; 6278992 |
| 2.000%, 12/01/51 | 12310369 | &nbsp;&nbsp; 9991403 |
| 2.000%, 03/01/52 | 6248870 | &nbsp;&nbsp; 5066105 |
| 2.000%, 04/01/52 | 9777335 | &nbsp;&nbsp; 8004109 |
| 2.000%, 10/01/52 | 12089790 | &nbsp;&nbsp; 9777658 |
| 2.500%, 01/01/51 | 2396182 | &nbsp;&nbsp; 2028114 |
| 2.500%, 05/01/51 | 7025800 | &nbsp;&nbsp; 6060168 |
| 2.500%, 12/01/51 | 7195459 | &nbsp;&nbsp; 6192062 |
| 2.500%, 01/01/52 | 572347 | &nbsp;&nbsp; 488145 |
| 2.500%, 02/01/52 | 7360133 | &nbsp;&nbsp; 6262123 |
| 2.500%, 03/01/52 | 5642221 | &nbsp;&nbsp; 4782940 |
| 3.000%, 07/01/45 | 5541376 | &nbsp;&nbsp; 5082997 |
| 3.000%, 09/01/49 | 2953020 | &nbsp;&nbsp; 2672157 |
| 3.000%, 10/01/49 | 835041 | &nbsp;&nbsp; 734932 |
| 3.500%, 01/01/44 | 1745353 | &nbsp;&nbsp; 1657621 |
| 3.500%, 01/01/48 | 2043292 | &nbsp;&nbsp; 1921244 |
| 3.500%, 02/01/48 | 983433 | &nbsp;&nbsp; 926211 |
| 4.000%, 08/01/42 | 237688 | &nbsp;&nbsp; 231431 |
| 4.000%, 06/01/47 | 517266 | &nbsp;&nbsp; 500194 |
| 4.000%, 10/01/52 | 6777200 | &nbsp;&nbsp; 6457879 |
| 4.000%, 11/01/52 | 6832855 | &nbsp;&nbsp; 6516563 |
| 4.000%, 02/01/53 | 6113852 | &nbsp;&nbsp; 5825970 |
| 4.500%, 02/01/46 | 871379 | &nbsp;&nbsp; 869776 |
| 4.500%, 05/01/48 | 2486889 | &nbsp;&nbsp; 2464152 |
| 4.500%, 08/01/48 | 437577 | &nbsp;&nbsp; 432274 |
| 4.500%, 09/01/52 | 5166684 | &nbsp;&nbsp; 5064451 |
| 4.500%, 12/01/52 | 9516510 | &nbsp;&nbsp; 9326257 |
| 4.500%, 02/01/53 | 10487206 | &nbsp;&nbsp; 10289858 |
| 5.000%, 05/01/53 | 2441675 | &nbsp;&nbsp; 2447700 |
| 5.000%, 06/01/53 | 3597981 | &nbsp;&nbsp; 3605561 |
| 5.000%, 11/01/53 | 5343108 | &nbsp;&nbsp; 5346928 |
| 5.500%, 07/01/53 | 2227025 | &nbsp;&nbsp; 2265239 |
| 5.500%, 08/01/53 | 8321017 | &nbsp;&nbsp; 8461878 |
| Government National Mortgage Association |  |  |
| 3.000%, 10/20/46 | 577841 | &nbsp;&nbsp; 525893 |
| 3.000%, 12/20/46 | 1824448 | &nbsp;&nbsp; 1661385 |
| 3.000%, 04/20/47 | 373194 | &nbsp;&nbsp; 339892 |
| 3.000%, 11/20/47 | 652876 | &nbsp;&nbsp; 594477 |
| 3.000%, 10/20/49 | 712831 | &nbsp;&nbsp; 630204 |
| 3.500%, 04/20/46 | 1306108 | &nbsp;&nbsp; 1216838 |
| 3.500%, 05/20/46 | 574339 | &nbsp;&nbsp; 535084 |
| 3.500%, 06/20/46 | 127728 | &nbsp;&nbsp; 118971 |
| 3.500%, 11/20/46 | 1937732 | &nbsp;&nbsp; 1803279 |
| 3.500%, 01/20/47 | 337193 | &nbsp;&nbsp; 313116 |
| 3.500%, 09/20/47 | 620009 | &nbsp;&nbsp; 573555 |
| 3.500%, 11/20/47 | 1256014 | &nbsp;&nbsp; 1169557 |
| 3.500%, 07/20/49 | 99233 | &nbsp;&nbsp; 89215 |

---

*See accompanying notes to financial statements.*

**BHFTI-495**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 11/20/47 | 624125 | &nbsp;&nbsp; $600969 |
| 4.000%, 12/20/47 | 573982 | &nbsp;&nbsp; 552583 |
| 4.000%, 03/20/48 | 409355 | &nbsp;&nbsp; 393942 |
| 4.000%, 10/20/48 | 823540 | &nbsp;&nbsp; 791488 |
| 4.000%, 10/20/52 | 6558868 | &nbsp;&nbsp; 6239217 |
| 4.500%, 02/20/47 | 1207917 | &nbsp;&nbsp; 1203231 |
| 4.500%, 06/20/47 | 1821987 | &nbsp;&nbsp; 1813513 |
| 4.500%, 10/20/52 | 6589711 | &nbsp;&nbsp; 6466339 |
| 4.500%, 10/20/54 | 4538598 | &nbsp;&nbsp; 4425509 |
| 5.000%, 06/20/47 | 900468 | &nbsp;&nbsp; 919909 |
| 5.000%, 09/20/47 | 479565 | &nbsp;&nbsp; 489924 |
| 5.500%, 02/20/54 | 3845499 | &nbsp;&nbsp; 3890193 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (c) | 17875000 | &nbsp;&nbsp; 15415791 |
| 3.500%, TBA (c) | 9650000 | &nbsp;&nbsp; 8780363 |
| 4.000%, TBA (c) | 7125000 | &nbsp;&nbsp; 6729507 |
| 4.500%, TBA (c) | 4875000 | &nbsp;&nbsp; 4747793 |
| 5.000%, TBA (c) | 15450000 | &nbsp;&nbsp; 15413483 |
| 5.500%, TBA (c) | 6450000 | &nbsp;&nbsp; 6512542 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (c) | 5900000 | &nbsp;&nbsp; 4767914 |
| 2.500%, TBA (c) | 10500000 | &nbsp;&nbsp; 8874961 |
| 3.000%, TBA (c) | 8925000 | &nbsp;&nbsp; 7892698 |
| 3.500% , TBA (c) | 20925000 | &nbsp;&nbsp; 19289379 |
| 4.000%, TBA (c) | 7850000 | &nbsp;&nbsp; 7445133 |
| 4.500%, TBA (c) | 7900000 | &nbsp;&nbsp; 7711523 |
| 5.000%, TBA (c) | 6575000 | &nbsp;&nbsp; 6556508 |
| 5.500%, TBA (c) | 6450000 | &nbsp;&nbsp; 6540188 |
|  |  | &nbsp;&nbsp; 431646184 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $458,233,959) <br>|  | &nbsp;&nbsp; 448731664 |
| **U.S. Treasury & Government Agencies—30.7%** | **U.S. Treasury & Government Agencies—30.7%** | **U.S. Treasury & Government Agencies—30.7%** |
| **U.S. Treasury — 30.7%** | **U.S. Treasury — 30.7%** | **U.S. Treasury — 30.7%** |
| U.S. Treasury Bonds |  |  |
| 4.625%, 11/15/45 (d) | 39165000 | &nbsp;&nbsp; 38271548 |
| 4.625%, 11/15/55 (d) | 56733000 | &nbsp;&nbsp; 54658700 |
| U.S. Treasury Notes |  |  |
| 3.375%, 12/31/27 | 19875000 | &nbsp;&nbsp; 19836182 |
| 3.500%, 12/15/28 (d) | 38270000 | &nbsp;&nbsp; 38225152 |
| 3.500%, 11/30/30 (d) | 16461800 | &nbsp;&nbsp; 16295896 |
| 3.625%, 12/31/30 | 184275000 | &nbsp;&nbsp; 183396815 |
| 3.875%, 12/31/32 | 18680000 | &nbsp;&nbsp; 18598275 |
| 4.000%, 11/15/35 (d) | 31452000 | &nbsp;&nbsp; 30999878 |
| Total U.S. Treasury & Government Agencies <br>(Cost $402,471,357) <br>|  | &nbsp;&nbsp; 400282446 |
| **Corporate Bonds & Notes—17.0%** | **Corporate Bonds & Notes—17.0%** | **Corporate Bonds & Notes—17.0%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
| Lockheed Martin Corp. |  |  |
| 4.800%, 08/15/34 | 90000 | &nbsp;&nbsp; 90936 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Japan Tobacco, Inc. |  |  |
| 5.250%, 06/15/30 (144A) | 1835000 | &nbsp;&nbsp; $1903890 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| United Airlines Pass-Through Trust |  |  |
| 5.800%, 07/15/37 | 1791304 | &nbsp;&nbsp; 1871190 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Volkswagen Group of America Finance LLC |  |  |
| 5.650%, 03/25/32 (144A) | 2040000 | &nbsp;&nbsp; 2116343 |
| 5.800%, 03/27/35 (144A) (d) | 270000 | &nbsp;&nbsp; 279642 |
|  |  | &nbsp;&nbsp; 2395985 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| Bank of America Corp. |  |  |
| 1.658%, SOFR + 0.910%, 03/11/27 (a) | 6285000 | &nbsp;&nbsp; 6255542 |
| 2.087%, SOFR + 1.060%, 06/14/29 (a) (d) | 2010000 | &nbsp;&nbsp; 1917344 |
| 2.299%, SOFR + 1.220%, 07/21/32 (a) (d) | 153000 | &nbsp;&nbsp; 136806 |
| 2.572%, SOFR + 1.210%, 10/20/32 (a) | 415000 | &nbsp;&nbsp; 374290 |
| 3.970%, 3M TSFR + 1.332%, 03/05/29 (a) | 990000 | &nbsp;&nbsp; 988390 |
| Citibank NA |  |  |
| 4.914%, 05/29/30 (d) | 1060000 | &nbsp;&nbsp; 1090432 |
| Citigroup, Inc. |  |  |
| 1.462%, SOFR + 0.770%, 06/09/27 (a) | 80000 | &nbsp;&nbsp; 79083 |
| 2.520%, SOFR + 1.177%, 11/03/32 (a) | 160000 | &nbsp;&nbsp; 143344 |
| 3.057%, SOFR + 1.351%, 01/25/33 (a) (d) | 80000 | &nbsp;&nbsp; 73285 |
| 5.333%, SOFR + 1.465%, 03/27/36 (a) (d) | 250000 | &nbsp;&nbsp; 255737 |
| Goldman Sachs Group, Inc. |  |  |
| 1.431%, SOFR + 0.798%, 03/09/27 (a) | 4250000 | &nbsp;&nbsp; 4228282 |
| 1.542%, SOFR + 0.818%, 09/10/27 (a) | 1372000 | &nbsp;&nbsp; 1347961 |
| 1.948%, SOFR + 0.913%, 10/21/27 (a) | 1550000 | &nbsp;&nbsp; 1523786 |
| 5.016%, SOFR + 1.420%, 10/23/35 (a) (d) | 400000 | &nbsp;&nbsp; 402141 |
| 5.536%, SOFR + 1.380%, 01/28/36 (a) (d) | 200000 | &nbsp;&nbsp; 207575 |
| HSBC Holdings PLC |  |  |
| 2.013%, SOFR + 1.732%, 09/22/28 (a) | 895000 | &nbsp;&nbsp; 863786 |
| 4.755%, SOFR + 2.110%, 06/09/28 (a) | 150000 | &nbsp;&nbsp; 151313 |
| JPMorgan Chase & Co. |  |  |
| 1.040%, 3M TSFR + 0.695%, 02/04/27 (a) | 2430000 | &nbsp;&nbsp; 2423268 |
| 1.578%, SOFR + 0.885%, 04/22/27 (a) (d) | 5695000 | &nbsp;&nbsp; 5652286 |
| 2.182%, SOFR + 1.890%, 06/01/28 (a) | 580000 | &nbsp;&nbsp; 565627 |
| 2.580%, 3M TSFR + 1.250%, 04/22/32 (a) (d) | 250000 | &nbsp;&nbsp; 228513 |
| 2.739%, 3M TSFR + 1.510%, 10/15/30 (a) | 1215000 | &nbsp;&nbsp; 1152605 |
| 2.947%, SOFR + 1.170%, 02/24/28 (a) | 1250000 | &nbsp;&nbsp; 1234755 |
| 4.946%, SOFR + 1.340%, 10/22/35 (a) (d) | 955000 | &nbsp;&nbsp; 964415 |
| 5.502%, SOFR + 1.315%, 01/24/36 (a) (d) | 90000 | &nbsp;&nbsp; 94061 |
| Morgan Stanley |  |  |
| 1.928%, SOFR + 1.020%, 04/28/32 (a) | 300000 | &nbsp;&nbsp; 263207 |
| 2.239%, SOFR + 1.178%, 07/21/32 (a) | 855000 | &nbsp;&nbsp; 759743 |
| 2.475%, SOFR + 1.000%, 01/21/28 (a) | 1275000 | &nbsp;&nbsp; 1253970 |
| 2.511%, SOFR + 1.200%, 10/20/32 (a) (d) | 670000 | &nbsp;&nbsp; 600895 |
| 5.587%, SOFR + 1.418%, 01/18/36 (a) | 390000 | &nbsp;&nbsp; 407544 |
| Morgan Stanley Bank NA |  |  |
| 5.016%, SOFR + 0.906%, 01/12/29 (a) (d) | 250000 | &nbsp;&nbsp; 254596 |
| Morgan Stanley Private Bank NA |  |  |
| 4.204%, SOFR + 0.780%, 11/17/28 (a) | 200000 | &nbsp;&nbsp; 200625 |

---

*See accompanying notes to financial statements.*

**BHFTI-496**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| PNC Financial Services Group, Inc. |  |  |
| 6.875%, SOFR + 2.284%, 10/20/34 (a) | 20000 | &nbsp;&nbsp; $22633 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.469%, SOFR + 1.220%, 01/11/28 (a) | 540000 | &nbsp;&nbsp; 530696 |
| U.S. Bancorp |  |  |
| 5.850%, SOFR + 2.090%, 10/21/33 (a) (d) | 150000 | &nbsp;&nbsp; 160636 |
| Wells Fargo & Co. |  |  |
| 2.393%, SOFR + 2.100%, 06/02/28 (a) | 4590000 | &nbsp;&nbsp; 4484861 |
| 4.897%, SOFR + 2.100%, 07/25/33 (a) (d) | 1265000 | &nbsp;&nbsp; 1284677 |
| 5.211%, SOFR + 1.380%, 12/03/35 (a) (d) | 265000 | &nbsp;&nbsp; 270706 |
| 5.244%, SOFR + 1.110%, 01/24/31 (a) (d) | 925000 | &nbsp;&nbsp; 957856 |
| 5.574%, SOFR + 1.740%, 07/25/29 (a) (d) | 610000 | &nbsp;&nbsp; 631885 |
|  |  | &nbsp;&nbsp; 44439157 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Bacardi Ltd. |  |  |
| 5.300%, 05/15/48 (144A) | 605000 | &nbsp;&nbsp; 538497 |
| Constellation Brands, Inc. |  |  |
| 2.250%, 08/01/31 (d) | 2165000 | &nbsp;&nbsp; 1921031 |
| Diageo Investment Corp. |  |  |
| 5.125%, 08/15/30 | 1330000 | &nbsp;&nbsp; 1377887 |
|  |  | &nbsp;&nbsp; 3837415 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) (d) | 3628000 | &nbsp;&nbsp; 3273552 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Rollins, Inc. |  |  |
| 5.250%, 02/24/35 (d) | 1585000 | &nbsp;&nbsp; 1617120 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Dell International LLC/EMC Corp. |  |  |
| 4.500%, 02/15/31 (d) | 2615000 | &nbsp;&nbsp; 2611268 |
| 5.000%, 04/01/30 (d) | 1245000 | &nbsp;&nbsp; 1275850 |
|  |  | &nbsp;&nbsp; 3887118 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 (d) | 2195000 | &nbsp;&nbsp; 2128028 |
| 5.750%, 06/06/28 (d) | 455000 | &nbsp;&nbsp; 471096 |
| American Express Co. |  |  |
| 5.667%, SOFR + 1.790%, 04/25/36 (a) | 1215000 | &nbsp;&nbsp; 1282876 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 560000 | &nbsp;&nbsp; 542903 |
|  |  | &nbsp;&nbsp; 4424903 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| AEP Transmission Co. LLC |  |  |
| 5.150%, 04/01/34 | 935000 | &nbsp;&nbsp; 953222 |
| Alliant Energy Corp. |  |  |
| 5.750%, 5Y H15 + 2.077%, 04/01/56 (a) | 1050000 | &nbsp;&nbsp; 1048087 |
| American Electric Power Co., Inc. |  |  |
| 5.800%, 5Y H15 + 2.128%, 03/15/56 (a) | 560000 | &nbsp;&nbsp; 555946 |
| 6.050%, 5Y H15 + 1.940%, 03/15/56 (a) (d) | 2330000 | &nbsp;&nbsp; 2289295 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Appalachian Power Co. |  |  |
| 3.300%, 06/01/27 (d) | 760000 | &nbsp;&nbsp; $752743 |
| Arizona Public Service Co. |  |  |
| 5.700%, 08/15/34 (d) | 2595000 | &nbsp;&nbsp; 2727942 |
| CenterPoint Energy, Inc. |  |  |
| 5.950%, 5Y H15 + 2.223%, 04/01/56 (a) (d) | 1265000 | &nbsp;&nbsp; 1274647 |
| Dominion Energy, Inc. |  |  |
| 6.000%, 5Y H15 + 2.262%, 02/15/56 (a) (d) | 800000 | &nbsp;&nbsp; 803690 |
| 6.200%, 5Y H15 + 2.006%, 02/15/56 (a) | 1405000 | &nbsp;&nbsp; 1405957 |
| Duke Energy Progress LLC |  |  |
| 4.100%, 05/15/42 (d) | 1000000 | &nbsp;&nbsp; 850122 |
| 4.100%, 03/15/43 | 2325000 | &nbsp;&nbsp; 1959601 |
| Entergy Corp. |  |  |
| 6.100%, 5Y H15 + 2.013%, 06/15/56 (a) | 1570000 | &nbsp;&nbsp; 1567564 |
| Evergy Missouri West, Inc. |  |  |
| 5.650%, 06/01/34 (144A) (d) | 2155000 | &nbsp;&nbsp; 2230464 |
| Eversource Energy |  |  |
| 4.600%, 07/01/27 (d) | 1660000 | &nbsp;&nbsp; 1671282 |
| 5.950%, 02/01/29 (d) | 1160000 | &nbsp;&nbsp; 1211810 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.250%, 03/15/28 (144A) | 570000 | &nbsp;&nbsp; 558497 |
| Florida Power & Light Co. |  |  |
| 3.990%, 03/01/49 (d) | 2000000 | &nbsp;&nbsp; 1587485 |
| International Transmission Co. |  |  |
| 4.625%, 08/15/43 (d) | 2500000 | &nbsp;&nbsp; 2238248 |
| MidAmerican Energy Co. |  |  |
| 4.800%, 09/15/43 | 905000 | &nbsp;&nbsp; 822949 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.350%, 04/01/35 (144A) (d) | 1835000 | &nbsp;&nbsp; 1891820 |
| Public Service Co. of Colorado |  |  |
| 5.250%, 04/01/53 | 1545000 | &nbsp;&nbsp; 1437513 |
| Southern Co. |  |  |
| 3.750%, 5Y H15 + 2.915%, 09/15/51 (a) | 2500000 | &nbsp;&nbsp; 2464602 |
| Southwestern Electric Power Co. |  |  |
| 4.100%, 09/15/28 (d) | 3000000 | &nbsp;&nbsp; 2997897 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.000%, 01/15/31 (144A) (d) | 2500000 | &nbsp;&nbsp; 2568159 |
|  |  | &nbsp;&nbsp; 37869542 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. <br> SARL<br>|  |  |
| 3.000%, 05/15/32 | 25000 | &nbsp;&nbsp; 22442 |
| 6.500%, 12/01/52 | 810000 | &nbsp;&nbsp; 835053 |
| 6.750%, 03/15/34 (d) | 1051000 | &nbsp;&nbsp; 1161145 |
| Pilgrim's Pride Corp. |  |  |
| 3.500%, 03/01/32 (d) | 1200000 | &nbsp;&nbsp; 1108554 |
|  |  | &nbsp;&nbsp; 3127194 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| Brooklyn Union Gas Co. |  |  |
| 3.407%, 03/10/26 (144A) | 2500000 | &nbsp;&nbsp; 2496781 |
| CenterPoint Energy Resources Corp. |  |  |
| 5.400%, 07/01/34 (d) | 2155000 | &nbsp;&nbsp; 2221561 |
| East Ohio Gas Co. |  |  |
| 2.000%, 06/15/30 (144A) (d) | 1780000 | &nbsp;&nbsp; 1611466 |

---

*See accompanying notes to financial statements.*

**BHFTI-497**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas—(Continued)** | **Gas—(Continued)** | **Gas—(Continued)** |
| KeySpan Gas East Corp. |  |  |
| 3.586%, 01/18/52 (144A) | 5000000 | &nbsp;&nbsp; $3330759 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 5.100%, 02/15/35 (d) | 1175000 | &nbsp;&nbsp; 1192428 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.250%, 06/15/26 | 4000000 | &nbsp;&nbsp; 3985768 |
| Spire, Inc. |  |  |
| 4.700%, 08/15/44 | 1000000 | &nbsp;&nbsp; 856559 |
|  |  | &nbsp;&nbsp; 15695322 |
| **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** |
| Centene Corp. |  |  |
| 3.000%, 10/15/30 | 1727000 | &nbsp;&nbsp; 1544867 |
| Cigna Group |  |  |
| 3.400%, 03/15/51 (d) | 739000 | &nbsp;&nbsp; 513464 |
| 5.250%, 01/15/36 (d) | 2710000 | &nbsp;&nbsp; 2758796 |
| CommonSpirit Health |  |  |
| 2.782%, 10/01/30 (d) | 870000 | &nbsp;&nbsp; 809633 |
| 3.347%, 10/01/29 | 110000 | &nbsp;&nbsp; 106300 |
| Elevance Health, Inc. |  |  |
| 5.000%, 01/15/36 (d) | 1970000 | &nbsp;&nbsp; 1958100 |
| 5.200%, 02/15/35 (d) | 1905000 | &nbsp;&nbsp; 1945846 |
| Fresenius Medical Care U.S. Finance III, Inc. |  |  |
| 1.875%, 12/01/26 (144A) | 2050000 | &nbsp;&nbsp; 2003646 |
| HCA, Inc. |  |  |
| 5.250%, 06/15/26 | 805000 | &nbsp;&nbsp; 805627 |
| 5.875%, 02/01/29 (d) | 2000000 | &nbsp;&nbsp; 2084196 |
| Humana, Inc. |  |  |
| 3.700%, 03/23/29 (d) | 4685000 | &nbsp;&nbsp; 4599956 |
| New York & Presbyterian Hospital |  |  |
| 3.563%, 08/01/36 (d) | 4490000 | &nbsp;&nbsp; 3983301 |
| UnitedHealth Group, Inc. |  |  |
| 5.625%, 07/15/54 (d) | 1600000 | &nbsp;&nbsp; 1569308 |
|  |  | &nbsp;&nbsp; 24683040 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Farmers Exchange Capital III |  |  |
| 5.454%, 3M TSFR + 3.716%, 10/15/54 (144A) (a) | 3530000 | &nbsp;&nbsp; 3310704 |
| Farmers Insurance Exchange |  |  |
| 4.747%, 11/01/57 (144A) | 90000 | &nbsp;&nbsp; 76816 |
| NLG Global Funding |  |  |
| 4.350%, 09/15/30 (144A) (d) | 2000000 | &nbsp;&nbsp; 1973676 |
|  |  | &nbsp;&nbsp; 5361196 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| Amazon.com, Inc. |  |  |
| 5.450%, 11/20/55 | 1035000 | &nbsp;&nbsp; 1010185 |
| Meta Platforms, Inc. |  |  |
| 5.625%, 11/15/55 (d) | 4178000 | &nbsp;&nbsp; 4009923 |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/34 (d) | 2150000 | &nbsp;&nbsp; 2149378 |
|  |  | &nbsp;&nbsp; 7169486 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Las Vegas Sands Corp. |  |  |
| 6.000%, 06/14/30 | 1220000 | &nbsp;&nbsp; $1278445 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.900%, 06/01/52 | 1315000 | &nbsp;&nbsp; 848732 |
| 5.850%, 12/01/35 (d) | 1600000 | &nbsp;&nbsp; 1596119 |
| Time Warner Cable LLC |  |  |
| 4.500%, 09/15/42 | 20000 | &nbsp;&nbsp; 15380 |
| 5.500%, 09/01/41 | 430000 | &nbsp;&nbsp; 377391 |
| 5.875%, 11/15/40 | 1850000 | &nbsp;&nbsp; 1711904 |
|  |  | &nbsp;&nbsp; 4549526 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Petroleos Mexicanos |  |  |
| 6.750%, 09/21/47 | 647000 | &nbsp;&nbsp; 531966 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| Amcor Finance USA, Inc. |  |  |
| 3.625%, 04/28/26 (d) | 2625000 | &nbsp;&nbsp; 2619914 |
| Amcor Flexibles North America, Inc. |  |  |
| 5.500%, 03/17/35 (d) | 1680000 | &nbsp;&nbsp; 1735331 |
| Berry Global, Inc. |  |  |
| 1.570%, 01/15/26 | 1587000 | &nbsp;&nbsp; 1585411 |
| 1.650%, 01/15/27 (d) | 2631000 | &nbsp;&nbsp; 2561341 |
|  |  | &nbsp;&nbsp; 8501997 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Bayer U.S. Finance II LLC |  |  |
| 4.375%, 12/15/28 (144A) | 2776000 | &nbsp;&nbsp; 2779042 |
| 4.400%, 07/15/44 (144A) (d) | 1205000 | &nbsp;&nbsp; 972176 |
| 4.625%, 06/25/38 (144A) (d) | 1250000 | &nbsp;&nbsp; 1144843 |
| 4.875%, 06/25/48 (144A) (d) | 355000 | &nbsp;&nbsp; 301506 |
| CVS Health Corp. |  |  |
| 4.780%, 03/25/38 | 305000 | &nbsp;&nbsp; 287893 |
| 5.050%, 03/25/48 | 2555000 | &nbsp;&nbsp; 2252360 |
| 5.125%, 07/20/45 | 538000 | &nbsp;&nbsp; 485710 |
| Johnson & Johnson |  |  |
| 5.000%, 03/01/35 | 1175000 | &nbsp;&nbsp; 1223282 |
|  |  | &nbsp;&nbsp; 9446812 |
| **Pipelines — 0.0%** | **Pipelines — 0.0%** | **Pipelines — 0.0%** |
| TransCanada PipeLines Ltd. |  |  |
| 4.625%, 03/01/34 (d) | 145000 | &nbsp;&nbsp; 141239 |
| **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** |
| American Assets Trust LP |  |  |
| 3.375%, 02/01/31 | 1950000 | &nbsp;&nbsp; 1777095 |
| American Homes 4 Rent LP |  |  |
| 2.375%, 07/15/31 (d) | 975000 | &nbsp;&nbsp; 871556 |
| American Tower Corp. |  |  |
| 2.300%, 09/15/31 | 2404000 | &nbsp;&nbsp; 2135234 |
| 2.700%, 04/15/31 (d) | 1396000 | &nbsp;&nbsp; 1281814 |
| 5.550%, 07/15/33 | 710000 | &nbsp;&nbsp; 743463 |

---

*See accompanying notes to financial statements.*

**BHFTI-498**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Extra Space Storage LP |  |  |
| 2.400%, 10/15/31 | 349000 | &nbsp;&nbsp; $310126 |
| 3.900%, 04/01/29 (d) | 320000 | &nbsp;&nbsp; 316214 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 4.000%, 01/15/31 | 60000 | &nbsp;&nbsp; 57470 |
| 5.750%, 06/01/28 | 2000000 | &nbsp;&nbsp; 2052084 |
| Healthcare Realty Holdings LP |  |  |
| 3.500%, 08/01/26 | 2399000 | &nbsp;&nbsp; 2386057 |
| Hudson Pacific Properties LP |  |  |
| 3.250%, 01/15/30 (d) | 759000 | &nbsp;&nbsp; 640541 |
| 3.950%, 11/01/27 | 24000 | &nbsp;&nbsp; 23010 |
| 4.650%, 04/01/29 | 4000 | &nbsp;&nbsp; 3697 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.000%, 08/15/31 (d) | 964000 | &nbsp;&nbsp; 842005 |
| LXP Industrial Trust |  |  |
| 6.750%, 11/15/28 | 102000 | &nbsp;&nbsp; 108243 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.875%, 02/15/29 (144A) | 450000 | &nbsp;&nbsp; 441253 |
| 4.125%, 08/15/30 (144A) | 57000 | &nbsp;&nbsp; 55272 |
|  |  | &nbsp;&nbsp; 14045134 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| McDonald's Corp. |  |  |
| 4.950%, 03/03/35 | 1850000 | &nbsp;&nbsp; 1871180 |
| Starbucks Corp. |  |  |
| 5.400%, 05/15/35 (d) | 345000 | &nbsp;&nbsp; 358804 |
|  |  | &nbsp;&nbsp; 2229984 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 105000 | &nbsp;&nbsp; 108380 |
| Intel Corp. |  |  |
| 2.000%, 08/12/31 (d) | 765000 | &nbsp;&nbsp; 670871 |
| 3.250%, 11/15/49 | 905000 | &nbsp;&nbsp; 578152 |
| 3.734%, 12/08/47 (d) | 195000 | &nbsp;&nbsp; 138761 |
| 4.900%, 08/05/52 | 160000 | &nbsp;&nbsp; 132539 |
|  |  | &nbsp;&nbsp; 1628703 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Fiserv, Inc. |  |  |
| 5.250%, 08/11/35 (d) | 1645000 | &nbsp;&nbsp; 1641316 |
| 5.450%, 03/15/34 (d) | 775000 | &nbsp;&nbsp; 785786 |
| 5.625%, 08/21/33 | 610000 | &nbsp;&nbsp; 629009 |
| Open Text Corp. |  |  |
| 6.900%, 12/01/27 (144A) (d) | 2060000 | &nbsp;&nbsp; 2143050 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/50 | 745000 | &nbsp;&nbsp; 464069 |
| 3.800%, 11/15/37 | 500000 | &nbsp;&nbsp; 403671 |
| 3.950%, 03/25/51 | 1745000 | &nbsp;&nbsp; 1148139 |
| 4.800%, 08/03/28 (d) | 970000 | &nbsp;&nbsp; 974829 |
| 5.875%, 09/26/45 (d) | 580000 | &nbsp;&nbsp; 523812 |
| Paychex, Inc. |  |  |
| 5.350%, 04/15/32 | 1370000 | &nbsp;&nbsp; 1418754 |
|  |  | &nbsp;&nbsp; 10132435 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC<br>|  |  |
| 5.152%, 09/20/29 (144A) | 742500 | &nbsp;&nbsp; $748856 |
| T-Mobile USA, Inc. |  |  |
| 3.500%, 04/15/31 | 4000000 | &nbsp;&nbsp; 3824241 |
| 3.750%, 04/15/27 | 2145000 | &nbsp;&nbsp; 2138261 |
| 4.950%, 11/15/35 (d) | 620000 | &nbsp;&nbsp; 616405 |
|  |  | &nbsp;&nbsp; 7327763 |
| Total Corporate Bonds & Notes <br>(Cost $225,331,914) <br>|  | &nbsp;&nbsp; 221461050 |
| **Non-Agency Mortgage-Backed Securities—10.4%** | **Non-Agency Mortgage-Backed Securities—10.4%** | **Non-Agency Mortgage-Backed Securities—10.4%** |
| **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** |
| Angel Oak Mortgage Trust |  |  |
| 3.353%, 01/25/67 (144A) (a) | 5435769 | &nbsp;&nbsp; 5205784 |
| CIM Trust |  |  |
| 1.951%, 06/25/57 (144A) (a) | 3031090 | &nbsp;&nbsp; 2831871 |
| 2.000%, 05/01/61 (144A) (a) | 3775602 | &nbsp;&nbsp; 3523287 |
| 2.000%, 08/25/61 (144A) (a) | 3494377 | &nbsp;&nbsp; 3111814 |
| 3.000%, 10/25/59 (144A) (a) | 3068903 | &nbsp;&nbsp; 2887899 |
| 5.400%, 04/25/62 (144A) (a) | 5283125 | &nbsp;&nbsp; 5262881 |
| Cross Mortgage Trust |  |  |
| 4.968%, 01/25/71 (144A) (a) | 2080000 | &nbsp;&nbsp; 2079890 |
| 5.003%, 11/25/70 (144A) (a) | 3185028 | &nbsp;&nbsp; 3191189 |
| CSMC Trust |  |  |
| 3.850%, 09/25/57 (144A) (a) | 3000235 | &nbsp;&nbsp; 2905587 |
| 4.547%, 05/25/67 (144A) (a) | 2995414 | &nbsp;&nbsp; 2985471 |
| GCAT Trust |  |  |
| 6.000%, 05/25/55 (144A) (a) | 3531112 | &nbsp;&nbsp; 3596219 |
| GS Mortgage-Backed Securities Trust |  |  |
| 5.500%, 11/25/55 (144A) (a) | 3111538 | &nbsp;&nbsp; 3130122 |
| 5.500%, 12/25/55 (144A) (a) | 2974551 | &nbsp;&nbsp; 2989748 |
| JP Morgan Mortgage Trust |  |  |
| 2.500%, 12/25/51 (144A) (a) | 4502386 | &nbsp;&nbsp; 4233486 |
| 2.500%, 06/25/52 (144A) (a) | 8114415 | &nbsp;&nbsp; 7294763 |
| 5.500%, 06/25/55 (144A) (a) | 1944389 | &nbsp;&nbsp; 1955078 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 4.984%, 09/25/70 (144A) (e) | 2696647 | &nbsp;&nbsp; 2699034 |
| PHH Alternative Mortgage Trust |  |  |
| 4.446%, 1M TSFR + 0.714%, 07/25/37 (a) | 2233605 | &nbsp;&nbsp; 2190972 |
| PRKCM Trust |  |  |
| 4.100%, 04/25/57 (144A) (a) | 4776609 | &nbsp;&nbsp; 4768644 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.426%, 1M TSFR + 0.694%, 10/25/45 (a) | 1102207 | &nbsp;&nbsp; 1071589 |
| 5.444%, 06/25/34 (a) | 1789614 | &nbsp;&nbsp; 1745406 |
|  |  | &nbsp;&nbsp; 69660734 |
| **Commercial Mortgage-Backed Securities — 5.0%** | **Commercial Mortgage-Backed Securities — 5.0%** | **Commercial Mortgage-Backed Securities — 5.0%** |
| ALA Trust |  |  |
| 5.494%, 1M TSFR + 1.743%, 06/15/40 (144A) (a) | 3100000 | &nbsp;&nbsp; 3111619 |
| 5.594%, 1M TSFR + 1.842%, 06/15/40 (144A) (a) | 2550000 | &nbsp;&nbsp; 2556372 |
| Arbor Realty Commercial Real Estate Notes LLC |  |  |
| 5.567%, 1M TSFR + 1.833%, 01/20/43 (144A) (a) | 2513000 | &nbsp;&nbsp; 2516142 |

---

*See accompanying notes to financial statements.*

**BHFTI-499**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| 4.091%, 08/10/38 (144A) (a) | 3265000 | &nbsp;&nbsp; $3200232 |
| Bank |  |  |
| 4.493%, 06/15/55 (a) | 4231000 | &nbsp;&nbsp; 4154219 |
| BPR Mortgage Trust |  |  |
| 7.497%, 12/05/39 (144A) | 3150000 | &nbsp;&nbsp; 3266632 |
| BX Trust |  |  |
| 3.202%, 12/09/41 (144A) | 895000 | &nbsp;&nbsp; 849678 |
| Century Plaza Towers |  |  |
| 2.865%, 11/13/39 (144A) | 2930000 | &nbsp;&nbsp; 2719769 |
| CSAIL Commercial Mortgage Trust |  |  |
| 2.561%, 03/15/53 | 3384500 | &nbsp;&nbsp; 3092004 |
| DBC Mortgage Trust |  |  |
| 5.351%, 1M TSFR + 1.600%, 11/15/42 (144A) (a) | 3150000 | &nbsp;&nbsp; 3154090 |
| DC Office Trust |  |  |
| 2.965%, 09/15/45 (144A) | 1850000 | &nbsp;&nbsp; 1678566 |
| DGWD Trust |  |  |
| 5.550%, 1M TSFR + 1.800%, 08/15/35 (144A) (a) | 3050000 | &nbsp;&nbsp; 3051253 |
| Hudson Yards Mortgage Trust |  |  |
| 2.943%, 12/10/41 (144A) (a) | 1850000 | &nbsp;&nbsp; 1743732 |
| 3.228%, 07/10/39 (144A) | 1875000 | &nbsp;&nbsp; 1794534 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 3.397%, 06/05/39 (144A) | 2000000 | &nbsp;&nbsp; 1893412 |
| LCCM Trust |  |  |
| 3.551%, 07/12/50 (144A) | 2834000 | &nbsp;&nbsp; 2795663 |
| NY Commercial Mortgage Trust |  |  |
| 5.928%, 02/10/47 (144A) (a) | 2350000 | &nbsp;&nbsp; 2448540 |
| NYC Commercial Mortgage Trust |  |  |
| 5.833%, 06/10/42 (144A) | 2189000 | &nbsp;&nbsp; 2241065 |
| One Bryant Park Trust |  |  |
| 2.516%, 09/15/54 (144A) | 2390000 | &nbsp;&nbsp; 2218458 |
| SCG Commercial Mortgage Trust |  |  |
| 5.500%, 1M TSFR + 1.750%, 08/15/42 (144A) (a) | 2250000 | &nbsp;&nbsp; 2252788 |
| SCG Trust |  |  |
| 5.400%, 1M TSFR + 1.650%, 09/15/42 (144A) (a) | 3275000 | &nbsp;&nbsp; 3281689 |
| SFAVE Commercial Mortgage Securities Trust |  |  |
| 3.872%, 01/05/43 (144A) (a) | 2219000 | &nbsp;&nbsp; 1901071 |
| 4.144%, 01/05/43 (144A) (a) | 110000 | &nbsp;&nbsp; 94879 |
| SMRT Commercial Mortgage Trust |  |  |
| 7.101%, 1M TSFR + 3.350%, 01/15/39 (144A) (a) | 3500000 | &nbsp;&nbsp; 3447630 |
| TRTX Issuer Ltd. |  |  |
| 5.784%, 1M TSFR + 1.700%, 06/18/43 (144A) (a) | 2600000 | &nbsp;&nbsp; 2599997 |
| VTR Commercial Mortgage Trust |  |  |
| 5.326%, 10/13/39 (144A) (a) | 3265000 | &nbsp;&nbsp; 3272386 |
|  |  | &nbsp;&nbsp; 65336420 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $137,327,153) <br>|  | &nbsp;&nbsp; 134997154 |
| **Asset-Backed Securities—8.9%** | **Asset-Backed Securities—8.9%** | **Asset-Backed Securities—8.9%** |
| **Asset-Backed - Home Equity — 1.2%** | **Asset-Backed - Home Equity — 1.2%** | **Asset-Backed - Home Equity — 1.2%** |
| COOPR Residential Mortgage Trust |  |  |
| 5.040%, 11/25/60 (144A) (e) | 3263051 | &nbsp;&nbsp; 3268920 |
| FIGRE Trust |  |  |
| 5.053%, 11/25/55 (144A) (e) | 3000000 | &nbsp;&nbsp; 3005306 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| New Century Home Equity Loan Trust |  |  |
| 4.626%, 1M TSFR + 0.894%, 08/25/34 (a) | 3875015 | &nbsp;&nbsp; $3772764 |
| Soundview Home Loan Trust |  |  |
| 4.056%, 1M TSFR + 0.324%, 06/25/37 (a) | 8695107 | &nbsp;&nbsp; 5845836 |
|  |  | &nbsp;&nbsp; 15892826 |
| **Asset-Backed - Other — 6.6%** | **Asset-Backed - Other — 6.6%** | **Asset-Backed - Other — 6.6%** |
| Aligned Data Centers Issuer LLC |  |  |
| 1.937%, 08/15/46 (144A) | 1940000 | &nbsp;&nbsp; 1905247 |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-<br> Through Certificates<br>|  |  |
| 4.596%, 1M TSFR + 0.864%, 01/25/36 (a) | 2756012 | &nbsp;&nbsp; 2726074 |
| Apidos CLO XXV Ltd. |  |  |
| 5.024%, 3M TSFR + 1.140%, 01/20/37 (144A) (a) | 2610000 | &nbsp;&nbsp; 2609110 |
| Buttermilk Park CLO Ltd. |  |  |
| 5.275%, 3M TSFR + 1.370%, 10/15/31 (144A) (a) | 4600000 | &nbsp;&nbsp; 4593592 |
| Carrington Mortgage Loan Trust |  |  |
| 3.986%, 1M TSFR + 0.254%, 12/25/36 (a) | 3519053 | &nbsp;&nbsp; 3472994 |
| CIFC Funding Ltd. |  |  |
| 4.872%, 3M TSFR + 0.990%, 01/17/35 (144A) (a) | 3160000 | &nbsp;&nbsp; 3163125 |
| Cloud Capital Holdco LP |  |  |
| 5.781%, 11/22/49 (144A) | 2610000 | &nbsp;&nbsp; 2629003 |
| Clover CLO LLC |  |  |
| 5.414%, 3M TSFR + 1.530%, 04/20/37 (144A) (a) | 5000000 | &nbsp;&nbsp; 5005025 |
| Consolidated Communications LLC/Fidium Fiber Finance <br> Holdco LLC<br>|  |  |
| 6.000%, 05/20/55 (144A) | 1105000 | &nbsp;&nbsp; 1130690 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 5.196%, 1M TSFR + 1.464%, 08/25/47 (a) | 5146182 | &nbsp;&nbsp; 4900609 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| 4.760%, 03/22/49 (144A) | 3380000 | &nbsp;&nbsp; 3330092 |
| Dryden 72 CLO Ltd. |  |  |
| 4.952%, 3M TSFR + 1.100%, 05/15/32 (144A) (a) | 2223767 | &nbsp;&nbsp; 2226555 |
| Dryden 95 CLO Ltd. |  |  |
| 5.489%, 3M TSFR + 1.600%, 08/20/34 (144A) (a) | 3220000 | &nbsp;&nbsp; 3222145 |
| Dryden XXVI Senior Loan Fund |  |  |
| 5.066%, 3M TSFR + 1.162%, 04/15/29 (144A) (a) | 135618 | &nbsp;&nbsp; 135582 |
| Flexential Issuer |  |  |
| 3.250%, 11/27/51 (144A) | 2172800 | &nbsp;&nbsp; 2141339 |
| Galaxy XXII CLO Ltd. |  |  |
| 5.134%, 3M TSFR + 1.240%, 04/16/34 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000030 |
| Gracie Point International Funding LLC |  |  |
| 5.525%, SOFR30A + 1.500%, 08/15/28 (144A) (a) | 1935000 | &nbsp;&nbsp; 1938145 |
| HPS Loan Management Ltd. |  |  |
| 4.970%, 3M TSFR + 1.110%, 01/23/35 (144A) (a) | 3455000 | &nbsp;&nbsp; 3454686 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| 4.371%, 1M TSFR + 0.639%, 01/25/37 (a) | 8307000 | &nbsp;&nbsp; 7865521 |
| LCM 37 Ltd. |  |  |
| 4.965%, 3M TSFR + 1.060%, 04/15/34 (144A) (a) | 3294985 | &nbsp;&nbsp; 3292009 |
| Octagon 57 Ltd. |  |  |
| 4.962%, 3M TSFR + 1.070%, 10/15/34 (144A) (a) | 3300000 | &nbsp;&nbsp; 3300026 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.305%, 3M TSFR + 1.400%, 04/15/31 (144A) (a) | 3600000 | &nbsp;&nbsp; 3603704 |
| Park Avenue Institutional Advisers CLO Ltd. |  |  |
| 4.923%, 3M TSFR + 1.070%, 02/14/34 (144A) (a) | 2700000 | &nbsp;&nbsp; 2700022 |
| 4.994%, 3M TSFR + 1.110%, 01/20/34 (144A) (a) | 2800000 | &nbsp;&nbsp; 2798642 |

---

*See accompanying notes to financial statements.*

**BHFTI-500**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

**Foreign Government—0.1%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Rockford Tower CLO Ltd. |  |  |
| 5.019%, 3M TSFR + 1.130%, 08/20/32 (144A) (a) | 2238654 | &nbsp;&nbsp; $2241190 |
| 5.336%, 3M TSFR + 1.452%, 10/20/30 (144A) (a) | 516425 | &nbsp;&nbsp; 516300 |
| RR 26 Ltd. |  |  |
| 5.025%, 3M TSFR + 1.120%, 04/15/38 (144A) (a) | 2100000 | &nbsp;&nbsp; 2096720 |
| Structured Asset Investment Loan Trust |  |  |
| 4.646%, 1M TSFR + 0.914%, 07/25/34 (a) | 941223 | &nbsp;&nbsp; 970539 |
| TIF Funding II LLC |  |  |
| 2.090%, 08/20/45 (144A) | 3767841 | &nbsp;&nbsp; 3607525 |
| Vantage Data Centers Issuer LLC |  |  |
| 2.165%, 10/15/46 (144A) | 2015000 | &nbsp;&nbsp; 1973958 |
|  |  | &nbsp;&nbsp; 86550199 |
| **Asset-Backed - Student Loan — 1.1%** | **Asset-Backed - Student Loan — 1.1%** | **Asset-Backed - Student Loan — 1.1%** |
| Navient Student Loan Trust |  |  |
| 5.489%, SOFR30A + 1.614%, 10/25/58 (a) | 2470000 | &nbsp;&nbsp; 2370571 |
| SLM Student Loan Trust |  |  |
| 4.905%, SOFR90A + 0.592%, 01/25/28 (a) | 861194 | &nbsp;&nbsp; 852591 |
| 4.945%, SOFR90A + 0.632%, 01/25/40 (a) | 1852518 | &nbsp;&nbsp; 1745901 |
| 5.594%, SOFR90A + 1.462%, 12/15/33 (144A) (a) | 1809532 | &nbsp;&nbsp; 1789444 |
| 5.789%, SOFR30A + 1.914%, 09/25/43 (a) | 5800000 | &nbsp;&nbsp; 5573360 |
| Wachovia Student Loan Trust |  |  |
| 4.745%, SOFR90A + 0.432%, 04/25/40 (144A) (a) | 1838879 | &nbsp;&nbsp; 1810367 |
|  |  | &nbsp;&nbsp; 14142234 |
| Total Asset-Backed Securities <br>(Cost $116,013,231) <br>|  | &nbsp;&nbsp; 116585259 |
| **Municipals—0.8%** | **Municipals—0.8%** | **Municipals—0.8%** |
| City of New York, General Obligation Unlimited |  |  |
| 5.968%, 03/01/36 | 1750000 | &nbsp;&nbsp; 1840466 |
| County of Miami-Dade Aviation Revenue |  |  |
| 3.555%, 10/01/34 | 600000 | &nbsp;&nbsp; 554421 |
| Lamar Consolidated Independent School District, General <br> Obligation Unlimited<br>|  |  |
| 5.000%, 02/15/58 | 625000 | &nbsp;&nbsp; 643510 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue<br>|  |  |
| 4.200%, 11/01/30 | 1250000 | &nbsp;&nbsp; 1255497 |
| 5.267%, 05/01/27 | 2150000 | &nbsp;&nbsp; 2182823 |
| New York State Thruway Authority |  |  |
| 5.000%, 03/15/53 | 835000 | &nbsp;&nbsp; 856481 |
| 5.000%, 03/15/59 | 1765000 | &nbsp;&nbsp; 1815838 |
| Pasadena Independent School District, General Obligation <br> Unlimited<br>|  |  |
| 4.250%, 02/15/53 | 5000 | &nbsp;&nbsp; 4851 |
| Regents of the University of California Medical Center Pooled <br> Revenue<br>|  |  |
| 3.256%, 05/15/60 | 1420000 | &nbsp;&nbsp; 920572 |
| Salado Independent School District, General Obligation <br> Unlimited<br>|  |  |
| 4.750%, 02/15/50 | 610000 | &nbsp;&nbsp; 624438 |
| Total Municipals <br>(Cost $11,324,716) <br>|  | &nbsp;&nbsp; 10698897 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign — 0.1%** | **Sovereign — 0.1%** | **Sovereign — 0.1%** |
| Israel Government International Bonds |  |  |
| 5.375%, 02/19/30 (d) <br>(Cost $843,863)<br>| 850000 | &nbsp;&nbsp; $879171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—7.9%** | **Short-Term Investments—7.9%** | **Short-Term Investments—7.9%** |
| **Short-Term Investment Funds—7.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, <br> Premier Class<br>|  |  |
| 3.680% (f) | 102577736 | &nbsp;&nbsp; 102577736 |
| Total Short-Term Investments <br>(Cost $102,577,736) <br>|  | &nbsp;&nbsp; 102577736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—7.4%** | **Securities Lending Reinvestments (g)—7.4%** | **Securities Lending Reinvestments (g)—7.4%** |
| **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 11000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (a) | 3000000 | &nbsp;&nbsp; 3001029 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (a) | 1000000 | &nbsp;&nbsp; 999883 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (a) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 5001103 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 2500000 | &nbsp;&nbsp; 2498640 |
| **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,568,379<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-501**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $10,002,139; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,136,757<br>| 10000000 | &nbsp;&nbsp; $10000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,837,551; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.750%, maturity dates ranging from <br> 02/05/26 - 11/15/55, and an aggregate market value of <br> $2,894,302<br>| 2836947 | &nbsp;&nbsp; 2836947 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $5,107,265; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $5,200,625<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $9,001,955; <br> collateralized by various Common Stock with an aggregate <br> market value of $10,001,103<br>| 9000000 | &nbsp;&nbsp; 9000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $5,001,108; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,564,792<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $5,001,072; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,556,161<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $10,007,544; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,121,855<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $300,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $18,003,740; <br> collateralized by various Common Stock with an aggregate <br> market value of $19,804,115<br>| 18000000 | &nbsp;&nbsp; 18000000 |
|  |  | &nbsp;&nbsp; 75136947 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; $2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $96,636,091) <br>|  | &nbsp;&nbsp; 96636690 |
| Total Investments—117.6% <br>(Cost $1,550,760,020) <br>|  | &nbsp;&nbsp; 1532850067 |
| Other assets and liabilities (net)—(17.6)%  |  | &nbsp;&nbsp; (229484118)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1303365949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(b) Interest only security.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. 

(d) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $178,045,320 and the collateral received consisted of cash in the amount of $96,611,830 and non-cash collateral with a value of $87,403,113. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(e) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(f) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(g) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of 144A securities was $241,040,246, which is 18.5% of net assets. 

*See accompanying notes to financial statements.*

**BHFTI-502**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6040176088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $239168607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6 <br>,191339723<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $168061723 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1777686567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1807677299 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(43312805)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(43312805)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (53299025)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53299025)<br>|
| Total Borrowings | &nbsp;&nbsp; $(96611830)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(96611830)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(96611830)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 40 | USD | 4623750 | &nbsp;&nbsp; $(22026)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 1120 | USD | 233843750 | &nbsp;&nbsp; 184356 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 188 | USD | 20549281 | &nbsp;&nbsp; (658)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 193 | USD | 22774000 | &nbsp;&nbsp; (361246)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(199574)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $184356 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $383930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

*See accompanying notes to financial statements.*

**BHFTI-503**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $3465607 |
| Swap contracts | &nbsp;&nbsp; 980623 |
|  | &nbsp;&nbsp; $4446230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(405316)<br>|
| Swap contracts | &nbsp;&nbsp; (797545)<br>|
|  | &nbsp;&nbsp; $(1202861)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $350941771 |
| Futures contracts short | &nbsp;&nbsp; (10310573)<br>|
| Swap contracts | &nbsp;&nbsp; 10830000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448731664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448731664 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 400282446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 400282446 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 221461050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221461050 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 134997154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134997154 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 116585259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116585259 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10698897 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10698897 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 879171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 879171 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 102577736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102577736 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 5001103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5001103 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2498640 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 75136947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75136947 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 85636690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96636690 |
| Total Investments | &nbsp;&nbsp; $113577736 | &nbsp;&nbsp; $1419272331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1532850067 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(96611830)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(96611830)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $184356 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $184356 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (383930)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (383930)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(199574)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(199574)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-504**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1532850067 |
| Cash collateral (c) | &nbsp;&nbsp; 2735000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5853604 |
| TBA securities sold | &nbsp;&nbsp; 19758732 |
| Principal paydowns | &nbsp;&nbsp; 7 |
| Dividends and interest | &nbsp;&nbsp; 6291200 |
| Prepaid expenses | &nbsp;&nbsp; 4425 |
| Total Assets | &nbsp;&nbsp; 1567493035 |
| **Liabilities** |  |
| Cash collateral for TBA transactions | &nbsp;&nbsp; 260000 |
| Collateral for securities loaned | &nbsp;&nbsp; 96611830 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 19424389 |
| TBA securities purchased | &nbsp;&nbsp; 146534614 |
| Fund shares redeemed | &nbsp;&nbsp; 120268 |
| Variation margin on futures contracts | &nbsp;&nbsp; 181961 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 476911 |
| Distribution and service fees | &nbsp;&nbsp; 51 |
| Deferred trustees' fees | &nbsp;&nbsp; 193856 |
| Other expenses | &nbsp;&nbsp; 323206 |
| Total Liabilities | &nbsp;&nbsp; 264127086 |
| **Net Assets**  | &nbsp;&nbsp; $1303365949 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1533193786 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (229827837)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1303365949 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1303123199 |
| Class B | &nbsp;&nbsp; 242750 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 147727805 |
| Class B | &nbsp;&nbsp; 27544 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.82 |
| Class B | 8.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,550,760,020.

(b) Includes securities loaned at value of $178,045,320.

(c) Includes collateral of $2,730,000 for future contracts and $5,000 for TBA securities.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $4326441 |
| Interest | &nbsp;&nbsp; 51355378 |
| Securities lending income | &nbsp;&nbsp; 420517 |
| Total investment income | &nbsp;&nbsp; 56102336 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6980267 |
| Administration fees | &nbsp;&nbsp; 77401 |
| Custodian and accounting fees | &nbsp;&nbsp; 87874 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 780 |
| Audit and tax services | &nbsp;&nbsp; 74132 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 27756 |
| Insurance | &nbsp;&nbsp; 11394 |
| Miscellaneous | &nbsp;&nbsp; 24467 |
| Total expenses | &nbsp;&nbsp; 7394656 |
| Less management fee waiver | &nbsp;&nbsp; (1503709)<br>|
| Net expenses | &nbsp;&nbsp; 5890947 |
| **Net Investment Income** | &nbsp;&nbsp; 50211389 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (712609)<br>|
| Futures contracts | &nbsp;&nbsp; 3465607 |
| Swap contracts | &nbsp;&nbsp; 980623 |
| Net realized gain (loss) | &nbsp;&nbsp; 3733621 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 40152596 |
| Futures contracts | &nbsp;&nbsp; (405316)<br>|
| Swap contracts | &nbsp;&nbsp; (797545)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 38949735 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 42683356 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $92894745 |

---

*See accompanying notes to financial statements.*

**BHFTI-505**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $50211389 | &nbsp;&nbsp; $57739195 |
| Net realized gain (loss) | &nbsp;&nbsp; 3733621 | &nbsp;&nbsp; (11399296)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 38949735 | &nbsp;&nbsp; (31653342)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 92894745 | &nbsp;&nbsp; 14686557 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (58967379)<br>| &nbsp;&nbsp; (60013095)<br>|
| Class B | &nbsp;&nbsp; (10451)<br>| &nbsp;&nbsp; (25360)<br>|
| **Total distributions** | &nbsp;&nbsp; (58977830)<br>| &nbsp;&nbsp; (60038455)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 3922120 | &nbsp;&nbsp; (161400169)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 37839035 | &nbsp;&nbsp; (206752067)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1265526914 | &nbsp;&nbsp; 1472278981 |
| End of period | &nbsp;&nbsp; $1303365949 | &nbsp;&nbsp; $1265526914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5698820 | &nbsp;&nbsp; $49742988 | &nbsp;&nbsp; 733675 | &nbsp;&nbsp; $6395566 |
| Reinvestments | &nbsp;&nbsp; 6986656 | &nbsp;&nbsp; 58967379 | &nbsp;&nbsp; 7093746 | &nbsp;&nbsp; 60013095 |
| Redemptions | &nbsp;&nbsp; (11868512)<br>| &nbsp;&nbsp; (104416027)<br>| &nbsp;&nbsp; (26214492)<br>| &nbsp;&nbsp; (228144113)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 816964 | &nbsp;&nbsp; $4294340 | &nbsp;&nbsp; (18387071)<br>| &nbsp;&nbsp; $(161735452)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1937 | &nbsp;&nbsp; $16783 | &nbsp;&nbsp; 45005 | &nbsp;&nbsp; $392112 |
| Reinvestments | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; 10451 | &nbsp;&nbsp; 2994 | &nbsp;&nbsp; 25360 |
| Redemptions | &nbsp;&nbsp; (45285)<br>| &nbsp;&nbsp; (399454)<br>| &nbsp;&nbsp; (9431)<br>| &nbsp;&nbsp; (82189)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (42114)<br>| &nbsp;&nbsp; $(372220)<br>| &nbsp;&nbsp; 38568 | &nbsp;&nbsp; $335283 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $3922120 |  | &nbsp;&nbsp; $(161400169)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-506**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.10 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.26)<br>|
| Total income (loss) from investment operations | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.50)<br>|
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 |
| **Total Return (%)** (b) | 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp; (14.12)<br>| &nbsp;&nbsp; (1.19)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net ratio of expenses to average net assets (%) (c) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Ratio of net investment income (loss) to average net assets (%) | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 461 <br>(d)<br>| &nbsp;&nbsp; 525 <br>(d)<br>| &nbsp;&nbsp; 453 <br>(d)<br>| &nbsp;&nbsp; 449 <br>(d)<br>| &nbsp;&nbsp; 454 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1303.1 | &nbsp;&nbsp; $1264.9 | &nbsp;&nbsp; $1472.0 | &nbsp;&nbsp; $1504.7 | &nbsp;&nbsp; $2034.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.07 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total income (loss) from investment operations | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.50)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 |
| **Total Return (%)** (b) | 6.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp; (14.37)<br>| &nbsp;&nbsp; (1.34)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (c) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 461 <br>(d)<br>| &nbsp;&nbsp; 525 <br>(d)<br>| &nbsp;&nbsp; 453 <br>(d)<br>| &nbsp;&nbsp; 449 <br>(d)<br>| &nbsp;&nbsp; 454 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.6 | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 368%, 391%, 254%, 292%, and 264% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-507**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| L3Harris Technologies, Inc. (a) | 41000 | &nbsp;&nbsp; $12036370 |
| StandardAero, Inc. (a) (b) | 197500 | &nbsp;&nbsp; 5664300 |
| Textron, Inc.  | 102300 | &nbsp;&nbsp; 8917491 |
|  |  | &nbsp;&nbsp; 26618161 |
| **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
| BorgWarner, Inc.  | 244500 | &nbsp;&nbsp; 11017170 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| Huntington Bancshares, Inc. (a) | 803600 | &nbsp;&nbsp; 13942460 |
| Truist Financial Corp.  | 303700 | &nbsp;&nbsp; 14945077 |
|  |  | &nbsp;&nbsp; 28887537 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Builders FirstSource, Inc. (b) | 57300 | &nbsp;&nbsp; 5895597 |
| Carrier Global Corp.  | 151700 | &nbsp;&nbsp; 8015828 |
|  |  | &nbsp;&nbsp; 13911425 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Raymond James Financial, Inc. (a) | 85900 | &nbsp;&nbsp; 13794681 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| CF Industries Holdings, Inc. (a) | 131100 | &nbsp;&nbsp; 10139274 |
| RPM International, Inc. (a) | 130900 | &nbsp;&nbsp; 13613600 |
| Westlake Corp. (a) | 43000 | &nbsp;&nbsp; 3179420 |
|  |  | &nbsp;&nbsp; 26932294 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Republic Services, Inc.  | 39600 | &nbsp;&nbsp; 8392428 |
| **Consumer Staples Distribution & Retail — 4.6%** | **Consumer Staples Distribution & Retail — 4.6%** | **Consumer Staples Distribution & Retail — 4.6%** |
| Casey's General Stores, Inc.  | 22700 | &nbsp;&nbsp; 12546517 |
| Performance Food Group Co. (a) (b) | 153000 | &nbsp;&nbsp; 13757760 |
| U.S. Foods Holding Corp. (a) (b) | 161400 | &nbsp;&nbsp; 12156648 |
|  |  | &nbsp;&nbsp; 38460925 |
| **Containers & Packaging — 4.4%** | **Containers & Packaging — 4.4%** | **Containers & Packaging — 4.4%** |
| AptarGroup, Inc. (a) | 88000 | &nbsp;&nbsp; 10732480 |
| Crown Holdings, Inc. (a) | 82800 | &nbsp;&nbsp; 8525916 |
| Packaging Corp. of America (a) | 85300 | &nbsp;&nbsp; 17591419 |
|  |  | &nbsp;&nbsp; 36849815 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| Alliant Energy Corp. (a) | 311700 | &nbsp;&nbsp; 20263617 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Hubbell, Inc. (a) | 25800 | &nbsp;&nbsp; 11458038 |
| Regal Rexnord Corp. (a) | 61300 | &nbsp;&nbsp; 8601616 |
|  |  | &nbsp;&nbsp; 20059654 |
| **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** |
| Keysight Technologies, Inc. (b) | 74500 | &nbsp;&nbsp; 15137655 |
| Trimble, Inc. (a) (b) | 181500 | &nbsp;&nbsp; 14220525 |
| Zebra Technologies Corp. - Class A (b) | 29500 | &nbsp;&nbsp; 7163190 |
|  |  | &nbsp;&nbsp; 36521370 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** |
| Baker Hughes Co.  | 222900 | &nbsp;&nbsp; $10150866 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Archer-Daniels-Midland Co. (a) | 181100 | &nbsp;&nbsp; 10411439 |
| **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** |
| CSX Corp.  | 403000 | &nbsp;&nbsp; 14608750 |
| Knight-Swift Transportation Holdings, Inc. (a) | 234900 | &nbsp;&nbsp; 12280572 |
| Landstar System, Inc.  | 43700 | &nbsp;&nbsp; 6279690 |
|  |  | &nbsp;&nbsp; 33169012 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Hologic, Inc. (b) | 214600 | &nbsp;&nbsp; 15985554 |
| **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** |
| Labcorp Holdings, Inc. (a) | 64000 | &nbsp;&nbsp; 16056320 |
| Molina Healthcare, Inc. (b) | 54800 | &nbsp;&nbsp; 9509992 |
| Quest Diagnostics, Inc.  | 78300 | &nbsp;&nbsp; 13587399 |
|  |  | &nbsp;&nbsp; 39153711 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| Expedia Group, Inc.  | 54400 | &nbsp;&nbsp; 15412064 |
| Hilton Worldwide Holdings, Inc.  | 22600 | &nbsp;&nbsp; 6491850 |
| Texas Roadhouse, Inc.  | 46300 | &nbsp;&nbsp; 7685800 |
|  |  | &nbsp;&nbsp; 29589714 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| TopBuild Corp. (a) (b) | 24800 | &nbsp;&nbsp; 10346312 |
| **Insurance — 8.0%** | **Insurance — 8.0%** | **Insurance — 8.0%** |
| American Financial Group, Inc.  | 104900 | &nbsp;&nbsp; 14337732 |
| F&G Annuities & Life, Inc. (a) | 11106 | &nbsp;&nbsp; 342620 |
| Fidelity National Financial, Inc.  | 152000 | &nbsp;&nbsp; 8297680 |
| Hartford Insurance Group, Inc.  | 109600 | &nbsp;&nbsp; 15102880 |
| Old Republic International Corp. (a) | 291600 | &nbsp;&nbsp; 13308624 |
| Willis Towers Watson PLC (a) | 48500 | &nbsp;&nbsp; 15937100 |
|  |  | &nbsp;&nbsp; 67326636 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Akamai Technologies, Inc. (b) | 100800 | &nbsp;&nbsp; 8794800 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| IQVIA Holdings, Inc. (b) | 63000 | &nbsp;&nbsp; 14200830 |
| **Machinery — 5.4%** | **Machinery — 5.4%** | **Machinery — 5.4%** |
| AGCO Corp. (a) | 78200 | &nbsp;&nbsp; 8157824 |
| Lincoln Electric Holdings, Inc.  | 64300 | &nbsp;&nbsp; 15408852 |
| Middleby Corp. (a) (b) | 49400 | &nbsp;&nbsp; 7344298 |
| Xylem, Inc.  | 105600 | &nbsp;&nbsp; 14380608 |
|  |  | &nbsp;&nbsp; 45291582 |
| **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** |
| Franco-Nevada Corp.  | 46900 | &nbsp;&nbsp; 9721432 |
| Steel Dynamics, Inc. (a) | 71800 | &nbsp;&nbsp; 12166510 |
|  |  | &nbsp;&nbsp; 21887942 |

---

*See accompanying notes to financial statements.*

**BHFTI-508**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

**Short-Term Investments—2.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** |
| CMS Energy Corp.  | 211500 | &nbsp;&nbsp; $14790195 |
| **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** |
| Chord Energy Corp.  | 70600 | &nbsp;&nbsp; 6544620 |
| Coterra Energy, Inc.  | 492700 | &nbsp;&nbsp; 12967864 |
| Devon Energy Corp.  | 316000 | &nbsp;&nbsp; 11575080 |
| Expand Energy Corp.  | 78800 | &nbsp;&nbsp; 8696368 |
|  |  | &nbsp;&nbsp; 39783932 |
| **Personal Care Products — 1.3%** | **Personal Care Products — 1.3%** | **Personal Care Products — 1.3%** |
| Estee Lauder Cos., Inc. - Class A | 102300 | &nbsp;&nbsp; 10712856 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| FTI Consulting, Inc. (a) (b) | 63200 | &nbsp;&nbsp; 10796456 |
| **Residential REITs — 3.1%** | **Residential REITs — 3.1%** | **Residential REITs — 3.1%** |
| Camden Property Trust | 101500 | &nbsp;&nbsp; 11173120 |
| Equity LifeStyle Properties, Inc. (a) | 240100 | &nbsp;&nbsp; 14552461 |
|  |  | &nbsp;&nbsp; 25725581 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| NNN REIT, Inc. (a) | 360400 | &nbsp;&nbsp; 14282652 |
| **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** |
| Microchip Technology, Inc.  | 212500 | &nbsp;&nbsp; 13540500 |
| MKS, Inc.  | 89300 | &nbsp;&nbsp; 14270140 |
|  |  | &nbsp;&nbsp; 27810640 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| Check Point Software Technologies Ltd. (a) (b) | 56800 | &nbsp;&nbsp; 10539808 |
| **Specialized REITs — 1.8%** | **Specialized REITs — 1.8%** | **Specialized REITs — 1.8%** |
| Lamar Advertising Co. - Class A (a) | 121400 | &nbsp;&nbsp; 15366812 |
| **Specialty Retail — 5.8%** | **Specialty Retail — 5.8%** | **Specialty Retail — 5.8%** |
| AutoZone, Inc. (b) | 3100 | &nbsp;&nbsp; 10513650 |
| Lowe's Cos., Inc.  | 59300 | &nbsp;&nbsp; 14300788 |
| Penske Automotive Group, Inc. (a) | 57100 | &nbsp;&nbsp; 9038359 |
| Tractor Supply Co. (a) | 175300 | &nbsp;&nbsp; 8766753 |
| Williams-Sonoma, Inc. (a) | 33600 | &nbsp;&nbsp; 6000624 |
|  |  | &nbsp;&nbsp; 48620174 |
| **Water Utilities — 1.5%** | **Water Utilities — 1.5%** | **Water Utilities — 1.5%** |
| American Water Works Co., Inc. (a) | 97000 | &nbsp;&nbsp; 12658500 |
| Total Common Stocks <br>(Cost $730,605,921) <br>|  | &nbsp;&nbsp; 819105081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—2.7%** | **Repurchase Agreement—2.7%** | **Repurchase Agreement—2.7%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $22,348,376; <br> collateralized by U.S. Treasury Note at 3.875%, maturing <br> 05/31/27, with a market value of $22,792,323<br>| 22345272 | &nbsp;&nbsp; $22345272 |
| Total Short-Term Investments <br>(Cost $22,345,272) <br>|  | &nbsp;&nbsp; 22345272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—21.0%** | **Securities Lending Reinvestments (c)—21.0%** | **Securities Lending Reinvestments (c)—21.0%** |
| **Short-Term Investment Funds—3.7%** | **Short-Term Investment Funds—3.7%** | **Short-Term Investment Funds—3.7%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 31000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (e) | 2000000 | &nbsp;&nbsp; 2000598 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (e) | 1000000 | &nbsp;&nbsp; 1000343 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (e) | 1000000 | &nbsp;&nbsp; 1000086 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (e) | 1000000 | &nbsp;&nbsp; 1000191 |
| 4.220%, SOFR + 0.450%, 04/23/26 (e) | 1000000 | &nbsp;&nbsp; 1000705 |
|  |  | &nbsp;&nbsp; 6001923 |
| **Commercial Paper—0.3%** | **Commercial Paper—0.3%** | **Commercial Paper—0.3%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 1000000 | &nbsp;&nbsp; 999456 |
| Westpac Banking Corp. |  |  |
| 4.110%, SOFR + 0.400%, 04/10/26 (e) | 2000000 | &nbsp;&nbsp; 2001134 |
|  |  | &nbsp;&nbsp; 3000590 |
| **Repurchase Agreements—15.7%** | **Repurchase Agreements—15.7%** | **Repurchase Agreements—15.7%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,119<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $20,004,189; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-509**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $2,000,428; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,351<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,373,663; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,441,137<br>| 3372946 | &nbsp;&nbsp; 3372946 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $4,085,812; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $4,160,500<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $20,004,344; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,224,673<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $10,002,217; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,129,584<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $1,046,707; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,166,699<br>| 1046482 | &nbsp;&nbsp; 1046482 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $16,003,431; <br> collateralized by various Common Stock with an aggregate <br> market value of $17,781,251<br>| 16000000 | &nbsp;&nbsp; 16000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $12,009,053; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,346,226<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $10,007,603; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,149,250<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $5,019,007; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,159<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $500,101; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $510,001<br>| 500000 | &nbsp;&nbsp; $500000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $17,003,532; <br> collateralized by various Common Stock with an aggregate <br> market value of $18,703,886<br>| 17000000 | &nbsp;&nbsp; 17000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 131919428 |
| **Time Deposits—0.6%** | **Time Deposits—0.6%** | **Time Deposits—0.6%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 4000000 | &nbsp;&nbsp; 4000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $176,919,085) <br>|  | &nbsp;&nbsp; 176921941 |
| Total Investments—121.1% <br>(Cost $929,870,278) <br>|  | &nbsp;&nbsp; 1018372294 |
| Other assets and liabilities (net)—(21.1)%  |  | &nbsp;&nbsp; (177539426)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $840832868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $196,935,613 and the collateral received consisted of cash in the amount of $176,909,381 and non-cash collateral with a value of $25,878,238. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-510**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $480351080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $557574151 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(176909381)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(176909381)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(176909381)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $819105081 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $819105081 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 22345272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22345272 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 31000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 6001923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6001923 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000590 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000590 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 131919428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131919428 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 31000000 | &nbsp;&nbsp; 145921941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176921941 |
| Total Investments | &nbsp;&nbsp; $850105081 | &nbsp;&nbsp; $168267213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1018372294 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(176909381)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(176909381)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-511**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1018372294 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 468066 |
| Dividends and interest | &nbsp;&nbsp; 671335 |
| Prepaid expenses | &nbsp;&nbsp; 3042 |
| Total Assets | &nbsp;&nbsp; 1019514737 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 176909381 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 731986 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 404004 |
| Distribution and service fees | &nbsp;&nbsp; 109833 |
| Deferred trustees' fees | &nbsp;&nbsp; 274299 |
| Other expenses | &nbsp;&nbsp; 252366 |
| Total Liabilities | &nbsp;&nbsp; 178681869 |
| **Net Assets**  | &nbsp;&nbsp; $840832868 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $719427072 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 121405796 |
| **Net Assets**  | &nbsp;&nbsp; $840832868 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $323039360 |
| Class B | &nbsp;&nbsp; 498674896 |
| Class E | &nbsp;&nbsp; 19118612 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 18486096 |
| Class B | &nbsp;&nbsp; 29751505 |
| Class E | &nbsp;&nbsp; 1114987 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $17.47 |
| Class B | 16.76 |
| Class E | 17.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $929,870,278.

(b) Includes securities loaned at value of $196,935,613.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $16023524 |
| Interest | &nbsp;&nbsp; 794666 |
| Securities lending income | &nbsp;&nbsp; 202073 |
| Total investment income | &nbsp;&nbsp; 17020263 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5630352 |
| Administration fees | &nbsp;&nbsp; 54509 |
| Custodian and accounting fees | &nbsp;&nbsp; 44980 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1292968 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 30169 |
| Audit and tax services | &nbsp;&nbsp; 50469 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 96872 |
| Insurance | &nbsp;&nbsp; 7733 |
| Miscellaneous | &nbsp;&nbsp; 16045 |
| Total expenses | &nbsp;&nbsp; 7334682 |
| Less management fee waiver | &nbsp;&nbsp; (800128)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (37252)<br>|
| Net expenses | &nbsp;&nbsp; 6497302 |
| **Net Investment Income** | &nbsp;&nbsp; 10522961 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 23576981<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (14123743)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 9453238 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $19976199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $12,996.

*See accompanying notes to financial statements.*

**BHFTI-512**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $10522961 | &nbsp;&nbsp; $11279757 |
| Net realized gain (loss) | &nbsp;&nbsp; 23576981 | &nbsp;&nbsp; 106754160 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14123743)<br>| &nbsp;&nbsp; (26106796)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 19976199 | &nbsp;&nbsp; 91927121 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (43996750)<br>| &nbsp;&nbsp; (26291339)<br>|
| Class B | &nbsp;&nbsp; (71313475)<br>| &nbsp;&nbsp; (43797844)<br>|
| Class E | &nbsp;&nbsp; (2715568)<br>| &nbsp;&nbsp; (1705770)<br>|
| **Total distributions** | &nbsp;&nbsp; (118025793)<br>| &nbsp;&nbsp; (71794953)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 28063805 | &nbsp;&nbsp; (67328239)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (69985789)<br>| &nbsp;&nbsp; (47196071)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 910818657 | &nbsp;&nbsp; 958014728 |
| End of period | &nbsp;&nbsp; $840832868 | &nbsp;&nbsp; $910818657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 389633 | &nbsp;&nbsp; $6944494 | &nbsp;&nbsp; 399297 | &nbsp;&nbsp; $7977215 |
| Reinvestments | &nbsp;&nbsp; 2621976 | &nbsp;&nbsp; 43996750 | &nbsp;&nbsp; 1394026 | &nbsp;&nbsp; 26291339 |
| Redemptions | &nbsp;&nbsp; (1920927)<br>| &nbsp;&nbsp; (35308406)<br>| &nbsp;&nbsp; (1986985)<br>| &nbsp;&nbsp; (39823384)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1090682 | &nbsp;&nbsp; $15632838 | &nbsp;&nbsp; (193662)<br>| &nbsp;&nbsp; $(5554830)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1148565 | &nbsp;&nbsp; $20001079 | &nbsp;&nbsp; 750485 | &nbsp;&nbsp; $14393806 |
| Reinvestments | &nbsp;&nbsp; 4423913 | &nbsp;&nbsp; 71313475 | &nbsp;&nbsp; 2405153 | &nbsp;&nbsp; 43797844 |
| Redemptions | &nbsp;&nbsp; (4508316)<br>| &nbsp;&nbsp; (78829092)<br>| &nbsp;&nbsp; (6083915)<br>| &nbsp;&nbsp; (118070411)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1064162 | &nbsp;&nbsp; $12485462 | &nbsp;&nbsp; (2928277)<br>| &nbsp;&nbsp; $(59878761)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 16046 | &nbsp;&nbsp; $285677 | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; $374613 |
| Reinvestments | &nbsp;&nbsp; 164780 | &nbsp;&nbsp; 2715568 | &nbsp;&nbsp; 91906 | &nbsp;&nbsp; 1705770 |
| Redemptions | &nbsp;&nbsp; (169650)<br>| &nbsp;&nbsp; (3055740)<br>| &nbsp;&nbsp; (201613)<br>| &nbsp;&nbsp; (3975031)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 11176 | &nbsp;&nbsp; $(54495)<br>| &nbsp;&nbsp; (90607)<br>| &nbsp;&nbsp; $(1894648)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $28063805 |  | &nbsp;&nbsp; $(67328239)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-513**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $19.00 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| Total income (loss) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.05 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>|
| Total distributions | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $24.14 |
| **Total Return (%)** (b) | 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.13 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (c) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Ratio of net investment income (loss) to average net assets (%) | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $323.0 | &nbsp;&nbsp; $343.4 | &nbsp;&nbsp; $341.6 | &nbsp;&nbsp; $315.4 | &nbsp;&nbsp; $356.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $18.54 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.50 |
| Total income (loss) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>|
| Total distributions | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp; (0.86)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.76 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $23.52 |
| **Total Return (%)** (b) | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.80 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (c) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Ratio of net investment income (loss) to average net assets (%) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $498.7 | &nbsp;&nbsp; $546.0 | &nbsp;&nbsp; $593.6 | &nbsp;&nbsp; $607.3 | &nbsp;&nbsp; $722.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-514**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $23.85 | &nbsp;&nbsp; $18.79 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.58 |
| Total income (loss) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>|
| Total distributions | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (0.88)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.15 | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $23.85 |
| **Total Return (%)** (b) | 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.91 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (c) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $19.1 | &nbsp;&nbsp; $21.4 | &nbsp;&nbsp; $22.8 | &nbsp;&nbsp; $25.2 | &nbsp;&nbsp; $28.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-515**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—52.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 36.0%** | **Federal Agencies — 36.0%** | **Federal Agencies — 36.0%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 1.600%, 07/15/30 | 5000000 | &nbsp;&nbsp; $4546600 |
| 1.980%, 07/13/38 | 19515000 | &nbsp;&nbsp; 14386035 |
| 3.700%, 03/24/42 | 10000000 | &nbsp;&nbsp; 8541688 |
| 4.375%, 03/03/33 | 8400000 | &nbsp;&nbsp; 8550975 |
| 5.480%, 06/27/42 | 2000000 | &nbsp;&nbsp; 1972532 |
| Federal Home Loan Banks |  |  |
| 2.250%, 03/04/36 | 5000000 | &nbsp;&nbsp; 4045291 |
| Federal Home Loan Mortgage Corp. |  |  |
| Zero Coupon, 09/15/36 | 10000000 | &nbsp;&nbsp; 6072303 |
| Zero Coupon, 12/15/36 | 45000000 | &nbsp;&nbsp; 27010307 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 07/15/32 | 17100000 | &nbsp;&nbsp; 13235479 |
| Federal National Mortgage Association |  |  |
| Zero Coupon, 11/15/30 | 5000000 | &nbsp;&nbsp; 4132325 |
| Federal National Mortgage Association Principal STRIPS |  |  |
| Zero Coupon, 05/15/30 | 3000000 | &nbsp;&nbsp; 2536243 |
| Resolution Funding Corp. Interest STRIPS |  |  |
| Zero Coupon, 07/15/29 | 7500000 | &nbsp;&nbsp; 6551427 |
| Resolution Funding Corp. Principal STRIPS |  |  |
| Zero Coupon, 01/15/30 | 35623000 | &nbsp;&nbsp; 30504004 |
| Zero Coupon, 04/15/30 | 35000000 | &nbsp;&nbsp; 29628991 |
| Tennessee Valley Authority Generic STRIPS |  |  |
| Zero Coupon, 01/15/34 | 12669000 | &nbsp;&nbsp; 8973812 |
| U.S. International Development Finance Corp. |  |  |
| 1.110%, 05/15/29 | 3000000 | &nbsp;&nbsp; 2844141 |
|  |  | &nbsp;&nbsp; 173532153 |
| **U.S. Treasury — 16.4%** | **U.S. Treasury — 16.4%** | **U.S. Treasury — 16.4%** |
| U.S. Treasury Bonds |  |  |
| 3.375%, 11/15/48 | 62000000 | &nbsp;&nbsp; 49055078 |
| 4.500%, 08/15/39 | 20000000 | &nbsp;&nbsp; 20034375 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.750%, 02/15/45 (a) | 6913050 | &nbsp;&nbsp; 5038072 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.875%, 07/15/35 (a) | 3041850 | &nbsp;&nbsp; 3033706 |
| U.S. Treasury Notes |  |  |
| 4.250%, 01/31/26 (b) | 1770000 | &nbsp;&nbsp; 1770707 |
|  |  | &nbsp;&nbsp; 78931938 |
| Total U.S. Treasury & Government Agencies <br>(Cost $279,298,460) <br>|  | &nbsp;&nbsp; 252464091 |
| **Agency Sponsored Mortgage-Backed Securities—42.6%** | **Agency Sponsored Mortgage-Backed Securities—42.6%** | **Agency Sponsored Mortgage-Backed Securities—42.6%** |
| **Agency Collateralized Mortgage Obligations — 8.6%** | **Agency Collateralized Mortgage Obligations — 8.6%** | **Agency Collateralized Mortgage Obligations — 8.6%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 1.750%, 06/15/42 | 47085 | &nbsp;&nbsp; 44443 |
| 2.000%, 02/25/51 (c) | 4138639 | &nbsp;&nbsp; 544789 |
| 2.000%, 03/25/51 (c) | 2935949 | &nbsp;&nbsp; 389836 |
| 2.500%, 04/25/51 (c) | 2047597 | &nbsp;&nbsp; 316488 |
| 2.500%, 10/25/51 (c) | 1481916 | &nbsp;&nbsp; 219170 |
| 2.500%, 12/25/51 (c) | 4413210 | &nbsp;&nbsp; 540005 |
| 3.000%, 11/25/50 (c) | 516075 | &nbsp;&nbsp; 83796 |
| 3.000%, 07/25/51 (c) | 1196038 | &nbsp;&nbsp; 236494 |
| 3.000%, 11/25/51 (c) | 614434 | &nbsp;&nbsp; 89820 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.500%, 11/15/31 | 327060 | &nbsp;&nbsp; $322817 |
| 3.500%, 04/25/52 (c) | 1243410 | &nbsp;&nbsp; 212129 |
| 4.000%, 01/15/41 | 3408787 | &nbsp;&nbsp; 3346752 |
| 4.000%, 02/25/50 (c) | 441306 | &nbsp;&nbsp; 93511 |
| 4.000%, 11/25/51 (c) | 491135 | &nbsp;&nbsp; 96822 |
| 4.498%, SOFR30A + 0.514%, 03/15/34 (d) | 76698 | &nbsp;&nbsp; 76241 |
| 4.500%, 02/15/41 | 6817 | &nbsp;&nbsp; 6819 |
| 4.500%, 10/25/49 (c) | 406846 | &nbsp;&nbsp; 88490 |
| 4.500%, 06/25/50 (c) | 1447531 | &nbsp;&nbsp; 339695 |
| 4.500%, 12/25/50 (c) | 1190381 | &nbsp;&nbsp; 260275 |
| 4.500%, 11/25/51 (c) | 409891 | &nbsp;&nbsp; 89188 |
| 4.998%, SOFR30A + 1.014%, 02/15/33 (d) | 44394 | &nbsp;&nbsp; 44778 |
| 5.000%, 10/15/34 | 78328 | &nbsp;&nbsp; 80251 |
| 5.000%, 12/15/37 | 34343 | &nbsp;&nbsp; 35110 |
| 5.000%, 03/15/41 | 175388 | &nbsp;&nbsp; 181024 |
| 5.000%, 04/15/41 | 580205 | &nbsp;&nbsp; 594224 |
| 5.000%, 05/15/41 | 919883 | &nbsp;&nbsp; 939953 |
| 5.174%, SOFR30A + 1.300%, 12/25/54 (d) | 505728 | &nbsp;&nbsp; 508738 |
| 5.500%, 05/15/34 | 441506 | &nbsp;&nbsp; 456663 |
| 5.500%, 11/15/36 | 177526 | &nbsp;&nbsp; 181313 |
| 5.500%, 06/15/41 | 1220416 | &nbsp;&nbsp; 1275620 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.224%, SOFR30A + 1.350%, 01/25/45 (144A) (d) | 500000 | &nbsp;&nbsp; 500001 |
| 7.224%, SOFR30A + 3.350%, 05/25/42 (144A) (d) | 1050000 | &nbsp;&nbsp; 1083474 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.474%, SOFR30A + 1.600%, 09/25/44 (144A) (d) | 260000 | &nbsp;&nbsp; 260081 |
| 5.674%, SOFR30A + 1.800%, 01/25/44 (144A) (d) | 510000 | &nbsp;&nbsp; 512939 |
| 6.574%, SOFR30A + 2.700%, 07/25/43 (144A) (d) | 780000 | &nbsp;&nbsp; 801606 |
| 7.474%, SOFR30A + 3.600%, 07/25/42 (144A) (d) | 930000 | &nbsp;&nbsp; 961335 |
| 7.624%, SOFR30A + 3.750%, 12/25/42 (144A) (d) | 1030000 | &nbsp;&nbsp; 1075792 |
| Federal National Mortgage Association Grantor Trust |  |  |
| 2.898%, 06/25/27 | 6053196 | &nbsp;&nbsp; 5961592 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 03/25/50 (c) | 715180 | &nbsp;&nbsp; 91107 |
| 2.000%, 10/25/52 (c) | 3144584 | &nbsp;&nbsp; 405570 |
| 4.500%, 10/25/53 (c) | 1281522 | &nbsp;&nbsp; 283268 |
| Federal National Mortgage Association REMICS |  |  |
| 1.750%, 06/25/42 | 61077 | &nbsp;&nbsp; 57832 |
| 1.750%, 01/25/43 | 45130 | &nbsp;&nbsp; 42326 |
| 2.000%, 10/25/50 (c) | 1638259 | &nbsp;&nbsp; 199545 |
| 2.500%, 07/25/50 (c) | 664283 | &nbsp;&nbsp; 89397 |
| 2.500%, 12/25/50 (c) | 681086 | &nbsp;&nbsp; 92055 |
| 2.500%, 02/25/51 (c) | 619090 | &nbsp;&nbsp; 93329 |
| 2.500%, 10/25/51 (c) | 4099118 | &nbsp;&nbsp; 591024 |
| 3.000%, 05/25/46 | 1056668 | &nbsp;&nbsp; 1021192 |
| 3.000%, 08/25/50 (c) | 584002 | &nbsp;&nbsp; 92148 |
| 3.000%, 10/25/51 (c) | 941771 | &nbsp;&nbsp; 164307 |
| 3.500%, 09/25/50 (c) | 523077 | &nbsp;&nbsp; 82809 |
| 3.500%, 03/25/51 (c) | 466169 | &nbsp;&nbsp; 100585 |
| 4.000%, 11/25/49 (c) | 1249218 | &nbsp;&nbsp; 218371 |
| 4.000%, 07/25/50 (c) | 425228 | &nbsp;&nbsp; 82134 |
| 4.250%, 03/25/42 | 782411 | &nbsp;&nbsp; 761585 |
| 4.500%, 12/25/40 | 58668 | &nbsp;&nbsp; 57830 |
| 4.750%, 01/25/41 | 175203 | &nbsp;&nbsp; 176902 |

---

*See accompanying notes to financial statements.*

**BHFTI-516**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| 4.909%, SOFR30A + 1.034%, 03/25/36 (d) | 106331 | &nbsp;&nbsp; $107338 |
| 4.919%, SOFR30A + 1.044%, 06/25/36 (d) | 138452 | &nbsp;&nbsp; 139600 |
| 5.000%, 12/25/34 | 67846 | &nbsp;&nbsp; 69207 |
| 5.000%, 03/25/35 | 54342 | &nbsp;&nbsp; 55437 |
| 5.000%, 08/25/39 | 96174 | &nbsp;&nbsp; 98516 |
| 5.000%, 02/25/41 | 93123 | &nbsp;&nbsp; 95290 |
| 5.500%, 08/25/35 | 280846 | &nbsp;&nbsp; 289849 |
| 6.000%, 06/25/45 (c) | 138262 | &nbsp;&nbsp; 19077 |
| Government National Mortgage Association REMICS |  |  |
| 1.232%, -1x SOFR30A + 5.150%, 07/20/55 (c) (d) | 1974948 | &nbsp;&nbsp; 90987 |
| 1.882%, -1x SOFR30A + 5.800%, 05/20/55 (c) (d) | 5346607 | &nbsp;&nbsp; 437074 |
| 1.932%, -1x SOFR30A + 5.850%, 08/20/55 (c) (d) | 3276644 | &nbsp;&nbsp; 289906 |
| 1.962%, -1x SOFR30A + 5.880%, 06/20/55 (c) (d) | 3745924 | &nbsp;&nbsp; 319268 |
| 2.032%, -1x SOFR30A + 5.950%, 03/20/55 (c) (d) | 4731484 | &nbsp;&nbsp; 412412 |
| 2.132%, -1x SOFR30A + 6.050%, 09/20/54 (c) (d) | 871119 | &nbsp;&nbsp; 78875 |
| 2.252%, -1x 1M TSFR + 5.986%, 07/20/41 (c) (d) | 49056 | &nbsp;&nbsp; 4449 |
| 2.500%, 11/20/46 | 70744 | &nbsp;&nbsp; 65495 |
| 2.652%, -1x SOFR30A + 6.570%, 09/20/55 (c) (d) | 3463888 | &nbsp;&nbsp; 389369 |
| 3.000%, 09/20/50 (c) | 649807 | &nbsp;&nbsp; 91880 |
| 3.000%, 07/20/51 (c) | 699609 | &nbsp;&nbsp; 94161 |
| 3.250%, 08/20/68 | 1168961 | &nbsp;&nbsp; 1146545 |
| 3.500%, 11/20/49 (c) | 523062 | &nbsp;&nbsp; 102645 |
| 4.000%, 12/20/40 | 956010 | &nbsp;&nbsp; 937110 |
| 4.000%, 08/20/47 (c) | 1315895 | &nbsp;&nbsp; 248646 |
| 4.010%, 1Y H15 + 0.350%, 08/20/66 (d) | 162389 | &nbsp;&nbsp; 161778 |
| 4.098%, 1M TSFR + 0.364%, 10/20/47 (d) | 390680 | &nbsp;&nbsp; 380020 |
| 4.148%, 1M TSFR + 0.414%, 05/20/48 (d) | 346216 | &nbsp;&nbsp; 337022 |
| 4.148%, 1M TSFR + 0.414%, 06/20/48 (d) | 455593 | &nbsp;&nbsp; 443535 |
| 4.160%, 1Y H15 + 0.500%, 05/20/66 (d) | 120578 | &nbsp;&nbsp; 120372 |
| 4.328%, 1M TSFR + 0.594%, 01/20/38 (d) | 11921 | &nbsp;&nbsp; 11854 |
| 4.348%, 1M TSFR + 0.614%, 07/20/37 (d) | 45220 | &nbsp;&nbsp; 45007 |
| 4.360%, 1M TSFR + 0.444%, 07/20/60 (d) | 26778 | &nbsp;&nbsp; 26728 |
| 4.379%, 1M TSFR + 0.644%, 12/16/39 (d) | 43437 | &nbsp;&nbsp; 43274 |
| 4.414%, 1M TSFR + 0.414%, 08/20/60 (d) | 13736 | &nbsp;&nbsp; 13697 |
| 4.414%, 1M TSFR + 0.414%, 09/20/60 (d) | 27736 | &nbsp;&nbsp; 27652 |
| 4.449%, 1M TSFR + 0.714%, 11/16/39 (d) | 78267 | &nbsp;&nbsp; 78187 |
| 4.500%, 05/16/40 | 1291 | &nbsp;&nbsp; 1287 |
| 4.500%, 05/20/40 (c) | 760 | &nbsp;&nbsp; 5 |
| 4.500%, 12/20/40 | 1229289 | &nbsp;&nbsp; 1226592 |
| 4.500%, 09/20/47 (c) | 937511 | &nbsp;&nbsp; 168711 |
| 4.500%, 10/20/47 (c) | 1125303 | &nbsp;&nbsp; 207654 |
| 4.604%, 1M TSFR + 0.604%, 02/20/61 (d) | 8499 | &nbsp;&nbsp; 8500 |
| 4.614%, 1M TSFR + 0.614%, 12/20/60 (d) | 31235 | &nbsp;&nbsp; 31242 |
| 4.614%, 1M TSFR + 0.614%, 02/20/61 (d) | 2726 | &nbsp;&nbsp; 2727 |
| 4.614%, 1M TSFR + 0.614%, 04/20/61 (d) | 12113 | &nbsp;&nbsp; 12116 |
| 4.614%, 1M TSFR + 0.614%, 05/20/61 (d) | 23256 | &nbsp;&nbsp; 23262 |
| 4.644%, 1M TSFR + 0.644%, 06/20/61 (d) | 12319 | &nbsp;&nbsp; 12326 |
| 4.714%, 1M TSFR + 0.714%, 10/20/61 (d) | 64789 | &nbsp;&nbsp; 64905 |
| 4.744%, 1M TSFR + 0.744%, 01/20/62 (d) | 65875 | &nbsp;&nbsp; 66017 |
| 4.744%, 1M TSFR + 0.744%, 03/20/62 (d) | 74716 | &nbsp;&nbsp; 74827 |
| 4.764%, 1M TSFR + 0.764%, 05/20/61 (d) | 391 | &nbsp;&nbsp; 391 |
| 4.814%, 1M TSFR + 0.814%, 11/20/61 (d) | 50572 | &nbsp;&nbsp; 50691 |
| 4.814%, 1M TSFR + 0.814%, 01/20/62 (d) | 62415 | &nbsp;&nbsp; 62594 |
| 5.000%, 12/20/39 | 2084492 | &nbsp;&nbsp; 2148037 |
| 5.000%, 03/20/40 | 986041 | &nbsp;&nbsp; 1005013 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 5.000%, 05/20/45 (c) | 966269 | &nbsp;&nbsp; $197153 |
| 5.500%, 04/20/34 | 246271 | &nbsp;&nbsp; 247788 |
| Seasoned Loans Structured Transaction |  |  |
| 3.500%, 06/25/28 | 969114 | &nbsp;&nbsp; 952774 |
|  |  | &nbsp;&nbsp; 41392264 |
| **Agency Mortgage-Backed Securities — 34.0%** | **Agency Mortgage-Backed Securities — 34.0%** | **Agency Mortgage-Backed Securities — 34.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 1445543 | &nbsp;&nbsp; 1230300 |
| 1.500%, 07/01/41 | 1050604 | &nbsp;&nbsp; 891813 |
| 2.000%, 09/01/40 | 908803 | &nbsp;&nbsp; 796484 |
| 2.000%, 03/01/41 | 1701856 | &nbsp;&nbsp; 1485687 |
| 2.000%, 06/01/41 | 66540 | &nbsp;&nbsp; 58194 |
| 2.000%, 08/01/41 | 548980 | &nbsp;&nbsp; 477360 |
| 2.000%, 12/01/41 | 236555 | &nbsp;&nbsp; 206050 |
| 2.000%, 01/01/42 | 1772358 | &nbsp;&nbsp; 1540487 |
| 2.000%, 05/01/42 | 173013 | &nbsp;&nbsp; 150378 |
| 2.000%, 06/01/50 | 3104014 | &nbsp;&nbsp; 2539762 |
| 2.000%, 07/01/50 | 455947 | &nbsp;&nbsp; 372615 |
| 2.000%, 11/01/50 | 119389 | &nbsp;&nbsp; 97995 |
| 2.000%, 03/01/51 | 69307 | &nbsp;&nbsp; 57172 |
| 2.000%, 09/01/51 | 146150 | &nbsp;&nbsp; 120307 |
| 2.000%, 11/01/51 | 215774 | &nbsp;&nbsp; 177985 |
| 2.000%, 03/01/52 | 94380 | &nbsp;&nbsp; 77616 |
| 2.500%, 06/01/50 | 148655 | &nbsp;&nbsp; 128304 |
| 2.500%, 07/01/50 | 481669 | &nbsp;&nbsp; 416139 |
| 2.500%, 11/01/50 | 1639824 | &nbsp;&nbsp; 1420446 |
| 2.500%, 12/01/50 | 236671 | &nbsp;&nbsp; 205007 |
| 2.500%, 07/01/51 | 257433 | &nbsp;&nbsp; 211046 |
| 2.500%, 09/01/51 | 594200 | &nbsp;&nbsp; 512543 |
| 2.500%, 11/01/51 | 496175 | &nbsp;&nbsp; 428660 |
| 2.500%, 01/01/52 | 1968221 | &nbsp;&nbsp; 1698737 |
| 2.500%, 03/01/52 | 451786 | &nbsp;&nbsp; 388595 |
| 2.500%, 04/01/52 | 2514498 | &nbsp;&nbsp; 2166076 |
| 2.773%, 1Y RFUCCT + 1.635%, 12/01/50 (d) | 555324 | &nbsp;&nbsp; 532352 |
| 3.000%, 06/01/31 | 128262 | &nbsp;&nbsp; 125542 |
| 3.000%, 02/01/32 | 3331 | &nbsp;&nbsp; 3262 |
| 3.000%, 03/01/33 | 474531 | &nbsp;&nbsp; 463846 |
| 3.000%, 09/01/33 | 39666 | &nbsp;&nbsp; 38752 |
| 3.000%, 11/01/33 | 502148 | &nbsp;&nbsp; 489406 |
| 3.000%, 03/01/34 | 36355 | &nbsp;&nbsp; 35444 |
| 3.000%, 11/01/42 | 60394 | &nbsp;&nbsp; 56390 |
| 3.000%, 01/01/43 | 76467 | &nbsp;&nbsp; 70780 |
| 3.000%, 02/01/43 | 350222 | &nbsp;&nbsp; 324295 |
| 3.000%, 03/01/43 | 3820113 | &nbsp;&nbsp; 3537203 |
| 3.000%, 06/01/43 | 909657 | &nbsp;&nbsp; 841333 |
| 3.000%, 09/01/48 | 302185 | &nbsp;&nbsp; 275630 |
| 3.000%, 09/01/49 | 1243855 | &nbsp;&nbsp; 1123222 |
| 3.000%, 11/01/49 | 373825 | &nbsp;&nbsp; 337507 |
| 3.000%, 03/01/50 | 163412 | &nbsp;&nbsp; 147837 |
| 3.000%, 05/01/50 | 96101 | &nbsp;&nbsp; 87163 |
| 3.000%, 04/01/52 | 618413 | &nbsp;&nbsp; 550747 |
| 3.000%, 08/01/52 | 1992236 | &nbsp;&nbsp; 1795742 |
| 3.500%, 03/01/32 | 211387 | &nbsp;&nbsp; 208486 |
| 3.500%, 06/01/32 | 593765 | &nbsp;&nbsp; 584499 |

---

*See accompanying notes to financial statements.*

**BHFTI-517**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.500%, 07/01/32 | 205396 | &nbsp;&nbsp; $202441 |
| 3.500%, 04/01/33 | 81783 | &nbsp;&nbsp; 80981 |
| 3.500%, 02/01/34 | 977018 | &nbsp;&nbsp; 958102 |
| 3.500%, 04/01/40 | 52523 | &nbsp;&nbsp; 50668 |
| 3.500%, 05/01/40 | 100259 | &nbsp;&nbsp; 96759 |
| 3.500%, 06/01/40 | 88869 | &nbsp;&nbsp; 85904 |
| 3.500%, 07/01/40 | 8452 | &nbsp;&nbsp; 8137 |
| 3.500%, 08/01/40 | 57440 | &nbsp;&nbsp; 55423 |
| 3.500%, 09/01/40 | 46048 | &nbsp;&nbsp; 44483 |
| 3.500%, 10/01/40 | 21242 | &nbsp;&nbsp; 20434 |
| 3.500%, 11/01/40 | 44305 | &nbsp;&nbsp; 42673 |
| 3.500%, 12/01/40 | 42712 | &nbsp;&nbsp; 41130 |
| 3.500%, 04/01/42 | 211086 | &nbsp;&nbsp; 202949 |
| 3.500%, 07/01/42 | 33608 | &nbsp;&nbsp; 32269 |
| 3.500%, 08/01/42 | 20064 | &nbsp;&nbsp; 19075 |
| 3.500%, 09/01/42 | 96046 | &nbsp;&nbsp; 91490 |
| 3.500%, 10/01/42 | 518154 | &nbsp;&nbsp; 495538 |
| 3.500%, 01/01/43 | 167269 | &nbsp;&nbsp; 160098 |
| 3.500%, 02/01/43 | 84902 | &nbsp;&nbsp; 81650 |
| 3.500%, 04/01/43 | 272852 | &nbsp;&nbsp; 260600 |
| 3.500%, 05/01/43 | 134861 | &nbsp;&nbsp; 128691 |
| 3.500%, 11/01/44 | 145916 | &nbsp;&nbsp; 138708 |
| 3.500%, 02/01/45 | 2600 | &nbsp;&nbsp; 2482 |
| 3.500%, 06/01/45 | 6343 | &nbsp;&nbsp; 6039 |
| 3.500%, 11/01/45 | 1282021 | &nbsp;&nbsp; 1218695 |
| 3.500%, 01/01/46 | 118039 | &nbsp;&nbsp; 111859 |
| 3.500%, 02/01/46 | 426279 | &nbsp;&nbsp; 403586 |
| 3.500%, 05/01/46 | 407010 | &nbsp;&nbsp; 386614 |
| 3.500%, 06/01/46 | 78477 | &nbsp;&nbsp; 74104 |
| 3.500%, 07/01/46 | 628311 | &nbsp;&nbsp; 594000 |
| 3.500%, 08/01/46 | 55216 | &nbsp;&nbsp; 52775 |
| 3.500%, 09/01/46 | 276273 | &nbsp;&nbsp; 262600 |
| 3.500%, 01/01/47 | 615740 | &nbsp;&nbsp; 584501 |
| 3.500%, 02/01/47 | 942802 | &nbsp;&nbsp; 885996 |
| 3.500%, 07/01/47 | 183808 | &nbsp;&nbsp; 173321 |
| 3.500%, 11/01/47 | 10703 | &nbsp;&nbsp; 10150 |
| 3.500%, 02/01/48 | 52736 | &nbsp;&nbsp; 49408 |
| 3.500%, 04/01/48 | 184771 | &nbsp;&nbsp; 173266 |
| 4.000%, 06/01/33 | 229366 | &nbsp;&nbsp; 228710 |
| 4.000%, 11/01/41 | 2093 | &nbsp;&nbsp; 2051 |
| 4.000%, 09/01/42 | 22534 | &nbsp;&nbsp; 22099 |
| 4.000%, 10/01/42 | 12137 | &nbsp;&nbsp; 11931 |
| 4.000%, 11/01/42 | 137348 | &nbsp;&nbsp; 134527 |
| 4.000%, 12/01/42 | 41406 | &nbsp;&nbsp; 40540 |
| 4.000%, 01/01/43 | 9504 | &nbsp;&nbsp; 9158 |
| 4.000%, 02/01/43 | 76916 | &nbsp;&nbsp; 75153 |
| 4.000%, 03/01/43 | 25956 | &nbsp;&nbsp; 25250 |
| 4.000%, 04/01/43 | 9503 | &nbsp;&nbsp; 9396 |
| 4.000%, 05/01/43 | 87273 | &nbsp;&nbsp; 84156 |
| 4.000%, 06/01/43 | 17340 | &nbsp;&nbsp; 16738 |
| 4.000%, 07/01/43 | 129427 | &nbsp;&nbsp; 126380 |
| 4.000%, 08/01/43 | 78624 | &nbsp;&nbsp; 76626 |
| 4.000%, 09/01/43 | 156396 | &nbsp;&nbsp; 152903 |
| 4.000%, 10/01/43 | 152989 | &nbsp;&nbsp; 149137 |
| 4.000%, 01/01/44 | 85569 | &nbsp;&nbsp; 83052 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 02/01/44 | 15287 | &nbsp;&nbsp; $14822 |
| 4.000%, 04/01/44 | 11051 | &nbsp;&nbsp; 10717 |
| 4.000%, 01/01/45 | 139937 | &nbsp;&nbsp; 135690 |
| 4.000%, 02/01/45 | 143456 | &nbsp;&nbsp; 139399 |
| 4.000%, 12/01/45 | 165810 | &nbsp;&nbsp; 160658 |
| 4.000%, 12/01/47 | 342201 | &nbsp;&nbsp; 331068 |
| 4.000%, 05/01/48 | 170356 | &nbsp;&nbsp; 164858 |
| 4.000%, 07/01/50 | 2011358 | &nbsp;&nbsp; 1948636 |
| 4.000%, 05/01/52 | 309772 | &nbsp;&nbsp; 297416 |
| 4.500%, 05/01/39 | 30139 | &nbsp;&nbsp; 30435 |
| 4.500%, 07/01/40 | 482398 | &nbsp;&nbsp; 485753 |
| 4.500%, 09/01/40 | 227365 | &nbsp;&nbsp; 229215 |
| 4.500%, 02/01/41 | 22304 | &nbsp;&nbsp; 22485 |
| 4.500%, 08/01/41 | 206948 | &nbsp;&nbsp; 208049 |
| 4.500%, 09/01/41 | 30366 | &nbsp;&nbsp; 30596 |
| 4.500%, 10/01/41 | 66771 | &nbsp;&nbsp; 67208 |
| 4.500%, 02/01/44 | 10367 | &nbsp;&nbsp; 10267 |
| 4.500%, 06/01/52 | 1428788 | &nbsp;&nbsp; 1405883 |
| 4.500%, 07/01/52 | 992118 | &nbsp;&nbsp; 976594 |
| 4.500%, 08/01/52 | 493514 | &nbsp;&nbsp; 485791 |
| 5.000%, 06/01/41 | 534820 | &nbsp;&nbsp; 550622 |
| 5.000%, 07/01/41 | 69732 | &nbsp;&nbsp; 71162 |
| 5.000%, 12/01/44 | 813609 | &nbsp;&nbsp; 838658 |
| 5.000%, 06/01/52 | 75678 | &nbsp;&nbsp; 75912 |
| 5.000%, 07/01/52 | 658509 | &nbsp;&nbsp; 659734 |
| 5.000%, 10/01/52 | 305584 | &nbsp;&nbsp; 308267 |
| 5.500%, 08/01/53 | 248476 | &nbsp;&nbsp; 253812 |
| 5.500%, 11/01/53 | 819478 | &nbsp;&nbsp; 834580 |
| 5.500%, 04/01/54 | 84001 | &nbsp;&nbsp; 86285 |
| 6.000%, 04/01/54 | 724894 | &nbsp;&nbsp; 751839 |
| 6.000%, 05/01/54 | 361806 | &nbsp;&nbsp; 375947 |
| 6.000%, 06/01/54 | 369670 | &nbsp;&nbsp; 380219 |
| 6.000%, 07/01/54 | 239184 | &nbsp;&nbsp; 248777 |
| 6.000%, 02/01/55 | 169433 | &nbsp;&nbsp; 174743 |
| 6.203%, 1Y RFUCCT + 1.750%, 12/01/40 (d) | 185768 | &nbsp;&nbsp; 194305 |
| 6.380%, 1Y RFUCCT + 1.880%, 10/01/41 (d) | 83425 | &nbsp;&nbsp; 86869 |
| 6.436%, 1Y RFUCCT + 1.750%, 09/01/41 (d) | 41420 | &nbsp;&nbsp; 43290 |
| 6.535%, 1Y RFUCCT + 1.910%, 06/01/41 (d) | 1077 | &nbsp;&nbsp; 1111 |
| 6.630%, 1Y RFUCCT + 1.880%, 09/01/41 (d) | 5288 | &nbsp;&nbsp; 5510 |
| 6.672%, 1Y RFUCCT + 1.910%, 06/01/41 (d) | 13425 | &nbsp;&nbsp; 14051 |
| 6.731%, 1Y RFUCCT + 1.934%, 10/01/42 (d) | 22190 | &nbsp;&nbsp; 23237 |
| 6.778%, 1Y RFUCCT + 1.910%, 05/01/41 (d) | 9178 | &nbsp;&nbsp; 9627 |
| 6.863%, 1Y RFUCCT + 1.910%, 05/01/41 (d) | 12240 | &nbsp;&nbsp; 12809 |
| 6.880%, 1Y RFUCCT + 1.880%, 04/01/41 (d) | 946 | &nbsp;&nbsp; 979 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.171%, 10/25/33 (c) (d) | 15000000 | &nbsp;&nbsp; 237655 |
| 0.282%, 03/25/34 (c) (d) | 8596082 | &nbsp;&nbsp; 201898 |
| 0.310%, 09/25/32 (c) (d) | 8476599 | &nbsp;&nbsp; 173597 |
| 0.532%, 10/25/31 (c) (d) | 6081223 | &nbsp;&nbsp; 152337 |
| 0.857%, 10/25/35 (c) (d) | 290473 | &nbsp;&nbsp; 17030 |
| 0.868%, 11/25/30 (c) (d) | 4877577 | &nbsp;&nbsp; 170745 |
| 1.027%, 10/25/30 (c) (d) | 5354508 | &nbsp;&nbsp; 211783 |
| 3.750%, 11/25/29 | 117188 | &nbsp;&nbsp; 116876 |
| 3.750%, 11/25/32 | 1000000 | &nbsp;&nbsp; 988992 |

---

*See accompanying notes to financial statements.*

**BHFTI-518**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 3.990%, 05/25/33 (d) | 3650000 | &nbsp;&nbsp; $3635700 |
| Federal National Mortgage Association |  |  |
| 1.500%, 11/01/41 | 1451108 | &nbsp;&nbsp; 1223669 |
| 1.500%, 03/01/42 | 598656 | &nbsp;&nbsp; 504823 |
| 2.000%, 10/01/40 | 1964782 | &nbsp;&nbsp; 1721778 |
| 2.000%, 07/01/41 | 431481 | &nbsp;&nbsp; 376913 |
| 2.000%, 11/01/41 | 1812314 | &nbsp;&nbsp; 1555031 |
| 2.000%, 02/01/42 | 1007775 | &nbsp;&nbsp; 875305 |
| 2.000%, 03/01/42 | 1024073 | &nbsp;&nbsp; 888822 |
| 2.000%, 04/01/42 | 452512 | &nbsp;&nbsp; 392749 |
| 2.000%, 05/01/42 | 737993 | &nbsp;&nbsp; 640265 |
| 2.000%, 08/01/42 | 847720 | &nbsp;&nbsp; 739981 |
| 2.000%, 06/01/50 | 521576 | &nbsp;&nbsp; 426359 |
| 2.000%, 08/01/50 | 200389 | &nbsp;&nbsp; 162920 |
| 2.000%, 10/01/50 | 193204 | &nbsp;&nbsp; 157895 |
| 2.000%, 01/01/51 | 135515 | &nbsp;&nbsp; 111230 |
| 2.000%, 02/01/51 | 406189 | &nbsp;&nbsp; 333399 |
| 2.000%, 03/01/51 | 69345 | &nbsp;&nbsp; 57313 |
| 2.000%, 04/01/51 | 2119970 | &nbsp;&nbsp; 1727837 |
| 2.000%, 08/01/51 | 1336414 | &nbsp;&nbsp; 1095385 |
| 2.000%, 10/01/51 | 81270 | &nbsp;&nbsp; 67040 |
| 2.000%, 01/01/52 | 532999 | &nbsp;&nbsp; 437883 |
| 2.000%, 02/01/52 | 611556 | &nbsp;&nbsp; 502675 |
| 2.000%, 03/01/52 | 1400403 | &nbsp;&nbsp; 1157968 |
| 2.000%, 05/01/52 | 93070 | &nbsp;&nbsp; 76709 |
| 2.500%, 04/01/42 | 4105296 | &nbsp;&nbsp; 3636326 |
| 2.500%, 06/01/50 | 499804 | &nbsp;&nbsp; 430377 |
| 2.500%, 10/01/50 | 2153666 | &nbsp;&nbsp; 1846047 |
| 2.500%, 11/01/50 | 418006 | &nbsp;&nbsp; 360586 |
| 2.500%, 01/01/51 | 386389 | &nbsp;&nbsp; 333257 |
| 2.500%, 02/01/51 | 49507 | &nbsp;&nbsp; 42744 |
| 2.500%, 04/01/51 | 187142 | &nbsp;&nbsp; 161985 |
| 2.500%, 05/01/51 | 397159 | &nbsp;&nbsp; 325431 |
| 2.500%, 06/01/51 | 125662 | &nbsp;&nbsp; 108824 |
| 2.500%, 07/01/51 | 67747 | &nbsp;&nbsp; 58752 |
| 2.500%, 09/01/51 | 352596 | &nbsp;&nbsp; 304528 |
| 2.500%, 10/01/51 | 212491 | &nbsp;&nbsp; 183504 |
| 2.500%, 11/01/51 | 552123 | &nbsp;&nbsp; 478012 |
| 2.500%, 12/01/51 | 3933410 | &nbsp;&nbsp; 3390684 |
| 2.500%, 01/01/52 | 1636337 | &nbsp;&nbsp; 1394387 |
| 2.500%, 02/01/52 | 730779 | &nbsp;&nbsp; 630820 |
| 2.500%, 03/01/52 | 890378 | &nbsp;&nbsp; 766313 |
| 2.500%, 04/01/52 | 302501 | &nbsp;&nbsp; 259628 |
| 2.500%, 05/01/52 | 349293 | &nbsp;&nbsp; 299534 |
| 2.500%, 09/01/61 | 432016 | &nbsp;&nbsp; 355724 |
| 3.000%, 08/01/27 | 6741 | &nbsp;&nbsp; 6677 |
| 3.000%, 10/01/27 | 11708 | &nbsp;&nbsp; 11606 |
| 3.000%, 11/01/27 | 3547 | &nbsp;&nbsp; 3511 |
| 3.000%, 12/01/27 | 6932 | &nbsp;&nbsp; 6870 |
| 3.000%, 01/01/28 | 7078 | &nbsp;&nbsp; 7010 |
| 3.000%, 02/01/28 | 5992 | &nbsp;&nbsp; 5934 |
| 3.000%, 03/01/28 | 6876 | &nbsp;&nbsp; 6809 |
| 3.000%, 04/01/28 | 6916 | &nbsp;&nbsp; 6837 |
| 3.000%, 05/01/28 | 8528 | &nbsp;&nbsp; 8442 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.000%, 06/01/28 | 8328 | &nbsp;&nbsp; $8239 |
| 3.000%, 07/01/28 | 7622 | &nbsp;&nbsp; 7543 |
| 3.000%, 08/01/28 | 9374 | &nbsp;&nbsp; 9274 |
| 3.000%, 09/01/28 | 10859 | &nbsp;&nbsp; 10741 |
| 3.000%, 01/01/29 | 7952 | &nbsp;&nbsp; 7817 |
| 3.000%, 03/01/29 | 13950 | &nbsp;&nbsp; 13752 |
| 3.000%, 06/01/32 | 26740 | &nbsp;&nbsp; 26150 |
| 3.000%, 10/01/32 | 2858 | &nbsp;&nbsp; 2791 |
| 3.000%, 02/01/33 | 1070399 | &nbsp;&nbsp; 1043570 |
| 3.000%, 03/01/33 | 139585 | &nbsp;&nbsp; 136311 |
| 3.000%, 04/01/33 | 110954 | &nbsp;&nbsp; 108362 |
| 3.000%, 05/01/33 | 57498 | &nbsp;&nbsp; 55757 |
| 3.000%, 06/01/33 | 27168 | &nbsp;&nbsp; 26325 |
| 3.000%, 07/01/33 | 107434 | &nbsp;&nbsp; 104188 |
| 3.000%, 08/01/33 | 442173 | &nbsp;&nbsp; 431333 |
| 3.000%, 10/01/33 | 123372 | &nbsp;&nbsp; 120189 |
| 3.000%, 11/01/33 | 73057 | &nbsp;&nbsp; 71233 |
| 3.000%, 12/01/33 | 38107 | &nbsp;&nbsp; 37146 |
| 3.000%, 01/01/34 | 39922 | &nbsp;&nbsp; 38720 |
| 3.000%, 02/01/34 | 58424 | &nbsp;&nbsp; 56961 |
| 3.000%, 03/01/34 | 145621 | &nbsp;&nbsp; 141833 |
| 3.000%, 05/01/34 | 73442 | &nbsp;&nbsp; 71493 |
| 3.000%, 05/01/42 | 3083651 | &nbsp;&nbsp; 2878204 |
| 3.000%, 09/01/42 | 688934 | &nbsp;&nbsp; 637496 |
| 3.000%, 10/01/42 | 462646 | &nbsp;&nbsp; 427979 |
| 3.000%, 11/01/42 | 1114523 | &nbsp;&nbsp; 1030712 |
| 3.000%, 06/01/43 | 104176 | &nbsp;&nbsp; 95930 |
| 3.000%, 07/01/43 | 225124 | &nbsp;&nbsp; 207305 |
| 3.000%, 10/01/43 | 219279 | &nbsp;&nbsp; 201900 |
| 3.000%, 01/01/45 | 201609 | &nbsp;&nbsp; 185793 |
| 3.000%, 08/01/46 | 104609 | &nbsp;&nbsp; 95097 |
| 3.000%, 09/01/46 | 312224 | &nbsp;&nbsp; 283493 |
| 3.000%, 10/01/46 | 133391 | &nbsp;&nbsp; 120999 |
| 3.000%, 11/01/48 | 540815 | &nbsp;&nbsp; 494232 |
| 3.000%, 09/01/49 | 446132 | &nbsp;&nbsp; 402450 |
| 3.000%, 11/01/49 | 101713 | &nbsp;&nbsp; 91092 |
| 3.000%, 02/01/50 | 215070 | &nbsp;&nbsp; 195102 |
| 3.000%, 04/01/50 | 658718 | &nbsp;&nbsp; 593840 |
| 3.000%, 08/01/50 | 221902 | &nbsp;&nbsp; 199012 |
| 3.000%, 11/01/50 | 312381 | &nbsp;&nbsp; 281729 |
| 3.000%, 05/01/51 | 131233 | &nbsp;&nbsp; 118190 |
| 3.000%, 06/01/51 | 297530 | &nbsp;&nbsp; 268892 |
| 3.000%, 10/01/51 | 324435 | &nbsp;&nbsp; 293887 |
| 3.000%, 11/01/51 | 1221031 | &nbsp;&nbsp; 1103004 |
| 3.000%, 12/01/51 | 63612 | &nbsp;&nbsp; 56827 |
| 3.000%, 01/01/52 | 472493 | &nbsp;&nbsp; 426399 |
| 3.000%, 03/01/52 | 70794 | &nbsp;&nbsp; 64144 |
| 3.000%, 04/01/52 | 379249 | &nbsp;&nbsp; 336729 |
| 3.500%, 07/01/32 | 624488 | &nbsp;&nbsp; 614985 |
| 3.500%, 09/01/32 | 524327 | &nbsp;&nbsp; 512437 |
| 3.500%, 01/01/34 | 460617 | &nbsp;&nbsp; 451436 |
| 3.500%, 11/01/42 | 999134 | &nbsp;&nbsp; 955113 |
| 3.500%, 11/01/46 | 154381 | &nbsp;&nbsp; 147005 |
| 3.500%, 07/01/47 | 741936 | &nbsp;&nbsp; 702783 |
| 3.500%, 12/01/47 | 1867794 | &nbsp;&nbsp; 1759604 |

---

*See accompanying notes to financial statements.*

**BHFTI-519**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 06/01/49 | 217331 | &nbsp;&nbsp; $204653 |
| 3.500%, 10/01/56 | 964235 | &nbsp;&nbsp; 887018 |
| 4.000%, 11/01/31 | 227411 | &nbsp;&nbsp; 226579 |
| 4.000%, 08/01/32 | 203908 | &nbsp;&nbsp; 202706 |
| 4.000%, 11/01/40 | 821417 | &nbsp;&nbsp; 804817 |
| 4.000%, 04/01/42 | 99513 | &nbsp;&nbsp; 97335 |
| 4.000%, 10/01/42 | 83988 | &nbsp;&nbsp; 82140 |
| 4.000%, 11/01/42 | 102182 | &nbsp;&nbsp; 99860 |
| 4.000%, 06/01/43 | 50623 | &nbsp;&nbsp; 49102 |
| 4.000%, 08/01/43 | 31595 | &nbsp;&nbsp; 30821 |
| 4.000%, 09/01/43 | 590581 | &nbsp;&nbsp; 576694 |
| 4.000%, 10/01/43 | 90792 | &nbsp;&nbsp; 88794 |
| 4.000%, 02/01/44 | 34875 | &nbsp;&nbsp; 34071 |
| 4.000%, 04/01/44 | 51207 | &nbsp;&nbsp; 50027 |
| 4.000%, 12/01/45 | 418462 | &nbsp;&nbsp; 405152 |
| 4.000%, 03/01/46 | 29056 | &nbsp;&nbsp; 28121 |
| 4.000%, 05/01/46 | 20071 | &nbsp;&nbsp; 19387 |
| 4.000%, 09/01/47 | 7837 | &nbsp;&nbsp; 7634 |
| 4.000%, 05/01/48 | 299071 | &nbsp;&nbsp; 289046 |
| 4.000%, 05/01/52 | 79077 | &nbsp;&nbsp; 75782 |
| 4.000%, 06/01/52 | 595614 | &nbsp;&nbsp; 570798 |
| 4.500%, 12/01/40 | 580523 | &nbsp;&nbsp; 584114 |
| 4.500%, 08/01/41 | 50177 | &nbsp;&nbsp; 50498 |
| 4.500%, 11/01/41 | 321005 | &nbsp;&nbsp; 322331 |
| 4.500%, 10/01/44 | 360421 | &nbsp;&nbsp; 360203 |
| 4.500%, 02/01/45 | 156583 | &nbsp;&nbsp; 156337 |
| 4.500%, 05/01/48 | 18702 | &nbsp;&nbsp; 18576 |
| 4.500%, 12/01/48 | 662452 | &nbsp;&nbsp; 657931 |
| 4.500%, 04/01/49 | 16531 | &nbsp;&nbsp; 16385 |
| 4.500%, 09/01/49 | 75458 | &nbsp;&nbsp; 74946 |
| 4.500%, 10/01/49 | 36398 | &nbsp;&nbsp; 36114 |
| 4.500%, 01/01/50 | 153245 | &nbsp;&nbsp; 153846 |
| 4.500%, 07/01/52 | 328688 | &nbsp;&nbsp; 324267 |
| 4.500%, 09/01/53 | 325294 | &nbsp;&nbsp; 323250 |
| 4.500%, 08/01/58 | 86635 | &nbsp;&nbsp; 84599 |
| 5.000%, 04/01/41 | 6464 | &nbsp;&nbsp; 6599 |
| 5.000%, 06/01/41 | 15884 | &nbsp;&nbsp; 16211 |
| 5.000%, 08/01/41 | 5583 | &nbsp;&nbsp; 5709 |
| 5.000%, 08/01/48 | 31449 | &nbsp;&nbsp; 31961 |
| 5.000%, 02/01/53 | 74447 | &nbsp;&nbsp; 74607 |
| 5.500%, 05/01/44 | 1981011 | &nbsp;&nbsp; 2078212 |
| 5.500%, 07/01/53 | 235247 | &nbsp;&nbsp; 240947 |
| 5.500%, 06/01/54 | 87215 | &nbsp;&nbsp; 89085 |
| 6.000%, 10/01/34 | 36066 | &nbsp;&nbsp; 37188 |
| 6.000%, 09/01/37 | 7511 | &nbsp;&nbsp; 7921 |
| 6.000%, 10/01/37 | 100870 | &nbsp;&nbsp; 106682 |
| 6.000%, 01/01/38 | 98520 | &nbsp;&nbsp; 104200 |
| 6.000%, 03/01/38 | 36847 | &nbsp;&nbsp; 39260 |
| 6.000%, 07/01/38 | 15804 | &nbsp;&nbsp; 16716 |
| 6.000%, 01/01/40 | 99658 | &nbsp;&nbsp; 105406 |
| 6.000%, 05/01/40 | 137907 | &nbsp;&nbsp; 145859 |
| 6.000%, 07/01/41 | 518327 | &nbsp;&nbsp; 547982 |
| 6.000%, 01/01/42 | 9614 | &nbsp;&nbsp; 10035 |
| 6.000%, 03/01/54 | 629588 | &nbsp;&nbsp; 649751 |
| 6.000%, 05/01/54 | 496556 | &nbsp;&nbsp; 510217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.478%, 1Y RFUCCT + 1.800%, 07/01/41 (d) | 2729 | &nbsp;&nbsp; $2829 |
| 6.500%, 07/01/32 | 20688 | &nbsp;&nbsp; 21731 |
| 6.500%, 12/01/32 | 5943 | &nbsp;&nbsp; 6242 |
| 6.500%, 07/01/35 | 7166 | &nbsp;&nbsp; 7510 |
| 6.500%, 12/01/35 | 57556 | &nbsp;&nbsp; 60229 |
| 6.500%, 08/01/36 | 103898 | &nbsp;&nbsp; 108393 |
| 6.500%, 08/01/39 | 387173 | &nbsp;&nbsp; 406474 |
| 6.500%, 03/01/54 | 127446 | &nbsp;&nbsp; 132980 |
| 6.500%, 04/01/54 | 455093 | &nbsp;&nbsp; 474671 |
| 6.508%, 1Y RFUCCT + 1.818%, 07/01/41 (d) | 5721 | &nbsp;&nbsp; 6007 |
| 6.561%, 1Y RFUCCT + 1.700%, 06/01/42 (d) | 8449 | &nbsp;&nbsp; 8827 |
| 6.568%, 1Y RFUCCT + 1.818%, 09/01/41 (d) | 4970 | &nbsp;&nbsp; 5171 |
| 6.580%, 1Y RFUCCT + 1.830%, 10/01/41 (d) | 1640 | &nbsp;&nbsp; 1708 |
| 6.712%, 1Y RFUCCT + 1.818%, 02/01/42 (d) | 17664 | &nbsp;&nbsp; 18441 |
| 6.793%, 02/01/39 | 15614 | &nbsp;&nbsp; 16274 |
| Government National Mortgage Association |  |  |
| 2.000%, 02/20/51 | 2609783 | &nbsp;&nbsp; 2135006 |
| 2.500%, 12/20/50 | 186090 | &nbsp;&nbsp; 159070 |
| 2.500%, 02/20/51 | 412549 | &nbsp;&nbsp; 356178 |
| 2.500%, 03/20/51 | 552479 | &nbsp;&nbsp; 476818 |
| 2.500%, 04/20/51 | 1393423 | &nbsp;&nbsp; 1202639 |
| 2.500%, 07/20/51 | 324811 | &nbsp;&nbsp; 280324 |
| 2.500%, 08/20/51 | 729345 | &nbsp;&nbsp; 629451 |
| 3.000%, 05/15/42 | 140219 | &nbsp;&nbsp; 129081 |
| 3.000%, 12/20/42 | 403700 | &nbsp;&nbsp; 366189 |
| 3.000%, 03/20/43 | 370527 | &nbsp;&nbsp; 335911 |
| 3.000%, 04/15/43 | 49185 | &nbsp;&nbsp; 45196 |
| 3.000%, 05/15/43 | 31433 | &nbsp;&nbsp; 28865 |
| 3.000%, 01/15/45 | 21219 | &nbsp;&nbsp; 19207 |
| 3.000%, 02/15/45 | 30220 | &nbsp;&nbsp; 27320 |
| 3.000%, 03/15/45 | 156284 | &nbsp;&nbsp; 141429 |
| 3.000%, 05/15/45 | 10940 | &nbsp;&nbsp; 9890 |
| 3.000%, 06/15/45 | 15211 | &nbsp;&nbsp; 13682 |
| 3.000%, 07/15/45 | 85114 | &nbsp;&nbsp; 76945 |
| 3.000%, 01/20/48 | 491807 | &nbsp;&nbsp; 446673 |
| 3.000%, 06/20/51 | 63751 | &nbsp;&nbsp; 56661 |
| 3.000%, 04/20/52 | 60049 | &nbsp;&nbsp; 53755 |
| 3.500%, 11/15/41 | 91713 | &nbsp;&nbsp; 85858 |
| 3.500%, 02/15/42 | 68732 | &nbsp;&nbsp; 64292 |
| 3.500%, 03/15/42 | 98859 | &nbsp;&nbsp; 92553 |
| 3.500%, 05/15/42 | 204299 | &nbsp;&nbsp; 191119 |
| 3.500%, 06/15/42 | 142055 | &nbsp;&nbsp; 133623 |
| 3.500%, 12/20/42 | 119074 | &nbsp;&nbsp; 112634 |
| 3.500%, 05/20/46 | 594443 | &nbsp;&nbsp; 546374 |
| 3.500%, 06/20/46 | 1473677 | &nbsp;&nbsp; 1359174 |
| 3.500%, 11/20/47 | 94623 | &nbsp;&nbsp; 88110 |
| 3.500%, 02/20/48 | 308178 | &nbsp;&nbsp; 282549 |
| 3.500%, 10/20/48 | 324564 | &nbsp;&nbsp; 300730 |
| 3.500%, 05/15/50 | 126077 | &nbsp;&nbsp; 115274 |
| 3.500%, 02/20/52 | 143373 | &nbsp;&nbsp; 131562 |
| 3.500%, 06/20/52 | 59615 | &nbsp;&nbsp; 53547 |
| 4.000%, 09/20/39 | 35711 | &nbsp;&nbsp; 34879 |
| 4.000%, 09/15/40 | 480267 | &nbsp;&nbsp; 464038 |
| 4.000%, 10/15/40 | 30228 | &nbsp;&nbsp; 29354 |
| 4.000%, 10/20/40 | 5016 | &nbsp;&nbsp; 4880 |

---

*See accompanying notes to financial statements.*

**BHFTI-520**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 11/20/40 | 351498 | &nbsp;&nbsp; $343652 |
| 4.000%, 03/15/41 | 310107 | &nbsp;&nbsp; 300708 |
| 4.000%, 06/15/41 | 11923 | &nbsp;&nbsp; 11562 |
| 4.000%, 09/15/41 | 53124 | &nbsp;&nbsp; 51527 |
| 4.000%, 10/15/41 | 224269 | &nbsp;&nbsp; 217493 |
| 4.000%, 10/20/41 | 454126 | &nbsp;&nbsp; 441429 |
| 4.000%, 11/15/41 | 77607 | &nbsp;&nbsp; 75306 |
| 4.000%, 11/20/41 | 176312 | &nbsp;&nbsp; 171383 |
| 4.000%, 12/15/41 | 199618 | &nbsp;&nbsp; 193263 |
| 4.000%, 01/15/42 | 5762 | &nbsp;&nbsp; 5583 |
| 4.000%, 02/15/42 | 10516 | &nbsp;&nbsp; 10191 |
| 4.000%, 03/15/42 | 69591 | &nbsp;&nbsp; 67324 |
| 4.000%, 04/20/42 | 235005 | &nbsp;&nbsp; 228434 |
| 4.000%, 06/20/42 | 17475 | &nbsp;&nbsp; 16987 |
| 4.000%, 11/15/42 | 7585 | &nbsp;&nbsp; 7341 |
| 4.000%, 01/15/43 | 24069 | &nbsp;&nbsp; 23142 |
| 4.000%, 10/20/44 | 405452 | &nbsp;&nbsp; 391978 |
| 4.000%, 11/20/44 | 409897 | &nbsp;&nbsp; 396275 |
| 4.000%, 12/20/44 | 23669 | &nbsp;&nbsp; 22882 |
| 4.000%, 08/20/46 | 70713 | &nbsp;&nbsp; 68248 |
| 4.000%, 08/20/48 | 67664 | &nbsp;&nbsp; 64975 |
| 4.000%, 03/15/50 | 25227 | &nbsp;&nbsp; 24057 |
| 4.000%, 03/20/50 | 28263 | &nbsp;&nbsp; 26957 |
| 4.000%, 04/20/50 | 186544 | &nbsp;&nbsp; 177032 |
| 4.500%, 08/15/39 | 416342 | &nbsp;&nbsp; 417810 |
| 4.500%, 02/20/40 | 38958 | &nbsp;&nbsp; 39239 |
| 4.500%, 06/15/40 | 135070 | &nbsp;&nbsp; 135303 |
| 4.500%, 07/15/40 | 28775 | &nbsp;&nbsp; 28782 |
| 4.500%, 09/20/40 | 4219 | &nbsp;&nbsp; 4247 |
| 4.500%, 03/15/41 | 168609 | &nbsp;&nbsp; 168626 |
| 4.500%, 04/15/41 | 14347 | &nbsp;&nbsp; 14286 |
| 4.500%, 08/20/48 | 344845 | &nbsp;&nbsp; 342113 |
| 4.500%, 09/20/48 | 237016 | &nbsp;&nbsp; 235035 |
| 4.500%, 10/20/48 | 333522 | &nbsp;&nbsp; 330588 |
| 4.500%, 01/20/49 | 51892 | &nbsp;&nbsp; 51432 |
| 4.500%, 03/20/50 | 67920 | &nbsp;&nbsp; 67153 |
| 5.000%, 03/15/39 | 16681 | &nbsp;&nbsp; 17012 |
| 5.000%, 07/15/39 | 30010 | &nbsp;&nbsp; 30865 |
| 5.000%, 08/15/39 | 26629 | &nbsp;&nbsp; 27273 |
| 5.000%, 09/15/39 | 21244 | &nbsp;&nbsp; 21792 |
| 5.000%, 04/15/40 | 11959 | &nbsp;&nbsp; 12149 |
| 5.000%, 08/15/40 | 57314 | &nbsp;&nbsp; 58323 |
| 5.000%, 04/15/41 | 25031 | &nbsp;&nbsp; 25470 |
| 5.000%, 09/15/41 | 23374 | &nbsp;&nbsp; 24033 |
| 5.000%, 08/20/52 | 1532160 | &nbsp;&nbsp; 1535364 |
| 5.000%, 11/20/52 | 75757 | &nbsp;&nbsp; 75880 |
| 5.000%, 12/20/52 | 75543 | &nbsp;&nbsp; 75685 |
| 5.000%, 02/20/53 | 151213 | &nbsp;&nbsp; 151718 |
| 5.470%, 08/20/59 (d) | 339 | &nbsp;&nbsp; 339 |
| 5.500%, 10/15/39 | 4992 | &nbsp;&nbsp; 5245 |
| 5.500%, 03/20/53 | 2033390 | &nbsp;&nbsp; 2067126 |
| 5.500%, 04/20/53 | 138710 | &nbsp;&nbsp; 140943 |
| 6.000%, 06/15/36 | 237349 | &nbsp;&nbsp; 250540 |
| 6.000%, 02/20/54 | 495547 | &nbsp;&nbsp; 514139 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 0.833%, 02/16/63 (c) (d) | 3966968 | &nbsp;&nbsp; $240204 |
| 0.886%, 06/16/62 (c) (d) | 3557088 | &nbsp;&nbsp; 222094 |
| 0.965%, 05/16/62 (c) (d) | 8167830 | &nbsp;&nbsp; 542416 |
| 0.969%, 10/16/61 (c) (d) | 2685221 | &nbsp;&nbsp; 196931 |
| 0.971%, 06/16/61 (c) (d) | 3126808 | &nbsp;&nbsp; 222059 |
| 1.000%, 07/16/60 | 171245 | &nbsp;&nbsp; 120956 |
| 1.011%, 09/16/62 (c) (d) | 3602005 | &nbsp;&nbsp; 255084 |
| 1.113%, 06/16/61 (c) (d) | 2800078 | &nbsp;&nbsp; 228050 |
| 1.144%, 06/16/61 (c) (d) | 2518190 | &nbsp;&nbsp; 205390 |
| 1.271%, 09/16/60 (c) (d) | 2697828 | &nbsp;&nbsp; 238060 |
| 1.332%, 06/16/63 (c) (d) | 2548443 | &nbsp;&nbsp; 234062 |
| 1.433%, 06/16/61 (c) (d) | 1975979 | &nbsp;&nbsp; 184266 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (e) | 2700000 | &nbsp;&nbsp; 2328539 |
| 3.000%, TBA (e) | 2200000 | &nbsp;&nbsp; 1976477 |
| 3.500%, TBA (e) | 200000 | &nbsp;&nbsp; 181976 |
| 4.500%, TBA (e) | 1800000 | &nbsp;&nbsp; 1753031 |
| 5.000%, TBA (e) | 700000 | &nbsp;&nbsp; 698345 |
| 6.000%, TBA (e) | 3600000 | &nbsp;&nbsp; 3665953 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 5.000%, TBA (e) | 1100000 | &nbsp;&nbsp; 1096906 |
| 5.500%, TBA (e) | 1400000 | &nbsp;&nbsp; 1419576 |
| 6.000%, TBA (e) | 4500000 | &nbsp;&nbsp; 4620274 |
|  |  | &nbsp;&nbsp; 163527433 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $213,566,447) <br>|  | &nbsp;&nbsp; 204919697 |
| **Foreign Government—6.2%** | **Foreign Government—6.2%** | **Foreign Government—6.2%** |
| **Sovereign — 6.2%** | **Sovereign — 6.2%** | **Sovereign — 6.2%** |
| Abu Dhabi Government International Bonds |  |  |
| 3.125%, 10/11/27 (144A) | 2860000 | &nbsp;&nbsp; 2831506 |
| Indonesia Government International Bonds |  |  |
| 4.750%, 02/11/29 | 4410000 | &nbsp;&nbsp; 4480097 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 9000000 | &nbsp;&nbsp; 9761943 |
| Israel Government International Bonds |  |  |
| 5.500%, 03/12/34 | 2500000 | &nbsp;&nbsp; 2589716 |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 4643000 | &nbsp;&nbsp; 4770265 |
| Qatar Government International Bonds |  |  |
| 4.000%, 03/14/29 (144A) | 2740000 | &nbsp;&nbsp; 2745904 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 (b) | 2820000 | &nbsp;&nbsp; 2814760 |
| Total Foreign Government <br>(Cost $30,382,815) <br>|  | &nbsp;&nbsp; 29994191 |
| **Non-Agency Mortgage-Backed Securities—1.3%** | **Non-Agency Mortgage-Backed Securities—1.3%** | **Non-Agency Mortgage-Backed Securities—1.3%** |
| **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** | **Collateralized Mortgage Obligations — 1.3%** |
| Angel Oak Mortgage Trust |  |  |
| 5.348%, 10/25/69 (144A) (f) | 567820 | &nbsp;&nbsp; 570517 |
| BRAVO Residential Funding Trust |  |  |
| 5.803%, 06/25/64 (144A) (f) | 468339 | &nbsp;&nbsp; 472328 |

---

*See accompanying notes to financial statements.*

**BHFTI-521**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| GCAT Trust |  |  |
| 6.500%, 09/25/54 (144A) (d) | 148397 | &nbsp;&nbsp; $152291 |
| JP Morgan Mortgage Trust |  |  |
| 5.966%, 06/25/65 (144A) (f) | 332098 | &nbsp;&nbsp; 334857 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 6.500%, 06/25/54 (144A) (d) | 728800 | &nbsp;&nbsp; 747959 |
| OBX Trust |  |  |
| 5.755%, 02/25/55 (144A) (f) | 914883 | &nbsp;&nbsp; 919855 |
| 5.826%, 03/25/65 (144A) (f) | 336009 | &nbsp;&nbsp; 338268 |
| 6.015%, 11/25/64 (144A) (f) | 797149 | &nbsp;&nbsp; 803232 |
| PRKCM Trust |  |  |
| 4.100%, 04/25/57 (144A) (d) | 238830 | &nbsp;&nbsp; 238432 |
| PRPM Trust |  |  |
| 5.674%, 12/26/69 (144A) (f) | 217027 | &nbsp;&nbsp; 218576 |
| Verus Securitization Trust |  |  |
| 5.774%, 05/25/65 (144A) (f) | 719342 | &nbsp;&nbsp; 725386 |
| 5.976%, 01/25/70 (144A) (f) | 874487 | &nbsp;&nbsp; 881736 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $6,343,457) <br>|  | &nbsp;&nbsp; 6403437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** |
| **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $4,113,289; collateralized <br> by U.S. Treasury Note at 3.875%, maturing 05/31/27, with a <br> market value of $4,195,037<br>| 4112718 | &nbsp;&nbsp; 4112718 |
| Total Short-Term Investments <br>(Cost $4,112,718) <br>|  | &nbsp;&nbsp; 4112718 |
| Total Investments—103.4% <br>(Cost $533,703,897) <br>|  | &nbsp;&nbsp; 497894134 |
| Other assets and liabilities (net)—(3.4)%  |  | &nbsp;&nbsp; (16188546)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $481705588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Principal amount of security is adjusted for inflation.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value 

---

| | |
|:---|:---|
|  | of securities loaned was $1,739,406 and the collateral received consisted of non-cash <br> collateral with a value of $1,800,821. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (c) | Interest only security. |
| (d) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (f) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $17,176,075, which is 3.6% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $794929861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9983578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $858 <br>,641503<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22502945 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $647289687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $652049681 |

---

*See accompanying notes to financial statements.*

**BHFTI-522**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 118 | USD | 12897953 | &nbsp;&nbsp; $18233 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $18233 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(689169)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $598775 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $25355289 |
| Futures contracts short | &nbsp;&nbsp; (20060700)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252464091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252464091 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 204919697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204919697 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 29994191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29994191 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6403437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6403437 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4112718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4112718 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $497894134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $497894134 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $18233 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18233 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-523**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $497894134 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 178005 |
| Receivable for: |  |
| TBA securities sold | &nbsp;&nbsp; 8123750 |
| Fund shares sold | &nbsp;&nbsp; 1876 |
| Interest | &nbsp;&nbsp; 2364037 |
| Prepaid expenses | &nbsp;&nbsp; 1843 |
| Total Assets | &nbsp;&nbsp; 508563645 |
| **Liabilities** |  |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 25846014 |
| Fund shares redeemed | &nbsp;&nbsp; 187567 |
| Variation margin on futures contracts | &nbsp;&nbsp; 13876 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 168762 |
| Distribution and service fees | &nbsp;&nbsp; 103273 |
| Deferred trustees' fees | &nbsp;&nbsp; 237805 |
| Other expenses | &nbsp;&nbsp; 300760 |
| Total Liabilities | &nbsp;&nbsp; 26858057 |
| **Net Assets**  | &nbsp;&nbsp; $481705588 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $624161729 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (142456141)<br>|
| **Net Assets**  | &nbsp;&nbsp; $481705588 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $481705588 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 52280081 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $533,703,897.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $19345904 |
| Securities lending income | &nbsp;&nbsp; 3801 |
| Total investment income | &nbsp;&nbsp; 19349705 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2320451 |
| Administration fees | &nbsp;&nbsp; 49494 |
| Custodian and accounting fees | &nbsp;&nbsp; 109085 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1275696 |
| Audit and tax services | &nbsp;&nbsp; 76495 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 32074 |
| Insurance | &nbsp;&nbsp; 4531 |
| Miscellaneous | &nbsp;&nbsp; 19774 |
| Total expenses | &nbsp;&nbsp; 3998184 |
| Less management fee waiver | &nbsp;&nbsp; (238532)<br>|
| Net expenses | &nbsp;&nbsp; 3759652 |
| **Net Investment Income** | &nbsp;&nbsp; 15590053 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (8982766)<br>|
| Futures contracts | &nbsp;&nbsp; (689169)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (9671935)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 29509258 |
| Futures contracts | &nbsp;&nbsp; 598775 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 30108033 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 20436098 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $36026151 |

---

*See accompanying notes to financial statements.*

**BHFTI-524**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $15590053 | &nbsp;&nbsp; $15932158 |
| Net realized gain (loss) | &nbsp;&nbsp; (9671935)<br>| &nbsp;&nbsp; (27973983)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 30108033 | &nbsp;&nbsp; 13314226 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 36026151 | &nbsp;&nbsp; 1272401 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (17655426)<br>| &nbsp;&nbsp; (17286324)<br>|
| **Total distributions** | &nbsp;&nbsp; (17655426)<br>| &nbsp;&nbsp; (17286324)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (69664536)<br>| &nbsp;&nbsp; (50478196)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (51293811)<br>| &nbsp;&nbsp; (66492119)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 532999399 | &nbsp;&nbsp; 599491518 |
| End of period | &nbsp;&nbsp; $481705588 | &nbsp;&nbsp; $532999399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3327694 | &nbsp;&nbsp; $30156526 | &nbsp;&nbsp; 5221669 | &nbsp;&nbsp; $47261733 |
| Reinvestments | &nbsp;&nbsp; 2004021 | &nbsp;&nbsp; 17655426 | &nbsp;&nbsp; 1959901 | &nbsp;&nbsp; 17286324 |
| Redemptions | &nbsp;&nbsp; (12963415)<br>| &nbsp;&nbsp; (117476488)<br>| &nbsp;&nbsp; (12732000)<br>| &nbsp;&nbsp; (115026253)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7631700)<br>| &nbsp;&nbsp; $(69664536)<br>| &nbsp;&nbsp; (5550430)<br>| &nbsp;&nbsp; $(50478196)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(69664536)<br>|  | &nbsp;&nbsp; $(50478196)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-525**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.27 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total income (loss) from investment operations | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $10.81 |
| **Total Return (%)** (b) | 7.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp; (14.68)<br>| &nbsp;&nbsp; (1.97)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net ratio of expenses to average net assets (%) (c) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 155 <br>(d)<br>| &nbsp;&nbsp; 128 <br>(d)<br>| &nbsp;&nbsp; 23 <br>(d)<br>| &nbsp;&nbsp; 64 <br>(d)<br>| &nbsp;&nbsp; 35 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $481.7 | &nbsp;&nbsp; $533.0 | &nbsp;&nbsp; $599.5 | &nbsp;&nbsp; $648.9 | &nbsp;&nbsp; $860.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 32%, 34%, 20%, 36% and 30% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTI-526**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-three series (each a "Portfolio," and collectively the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain Portfolios, as indicated in the table below (see also Note 6). Shares of the Portfolios are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

On November 6, 2025, Brighthouse Financial, Inc. ("Brighthouse Financial") and affiliates of Aquarian Capital LLC ("Aquarian"), a diversified global holding company with a strategic portfolio of insurance and asset management solutions, providing investment opportunities to millions of people, entered into a definitive agreement under which Aquarian will, directly or indirectly through one or more subsidiaries, acquire Brighthouse Financial in an all cash transaction (the "Transaction"). On February 12, 2026, Brighthouse Financial's common stockholders approved the merger agreement. The Transaction is expected to close in 2026 and is subject to customary closing conditions, including antitrust clearance and the receipt of insurance regulatory approvals. The Adviser's continued service as investment adviser to the Trust following the Transaction is expected to be the subject of a proxy statement that is expected to be filed with the SEC and mailed to shareholders of the Portfolios in 2026.

Shares of each class of a Portfolio represent an equal pro rata interest in a Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of a Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the net assets of each class relative to the net assets of a Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

The table below summarizes each Portfolio's share classes registered and offered, diversification status, and subadviser, if applicable, as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio**  | **Classes Registered** | **Classes Offered** | **Diversified** | **Subadviser** |
| AB Global Dynamic Allocation Portfolio | A, B, C, E | B | Yes | AllianceBernstein L.P. |
| AB International Bond Portfolio | A, B, C, E | A, B | Yes | AllianceBernstein L.P. |
| Allspring Mid Cap Value Portfolio | A, B, C, E | A, B | Yes | Allspring Global Investments, LLC |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio | A, B, C, E | B, C | Yes | N/A |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | A, B, C, E | B, C | Yes | N/A |
| American Funds<sup>®</sup> Growth Portfolio | A, B, C, E | C | Yes | N/A |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | A, B, C, E | B, C | Yes | N/A |
| BlackRock Global Tactical Strategies Portfolio | A, B, C, E | B | Yes | BlackRock Financial Management, Inc. |
| BlackRock High Yield Portfolio | A, B, C, E | A, B | Yes | BlackRock Financial Management, Inc. |
| Brighthouse Asset Allocation 100 Portfolio | A, B, C, E | A, B | Yes | N/A |
| Brighthouse Balanced Plus Portfolio | A, B, C, E | B | Yes | Pacific Investment Management Company LLC |
| Brighthouse Small Cap Value Portfolio (a) | A, B, C, E | A, B | Yes | Allspring Global Investments, LLC |
| Brighthouse/Artisan International Portfolio | A, B, C, E | A, B | Yes | Artisan Partners Limited Partnership |
| Brighthouse/Eaton Vance Floating Rate Portfolio | A, B, C, E | A, B | Yes | Eaton Vance Management |
| Brighthouse/Franklin Low Duration Total Return Portfolio | A, B | A, B | Yes | Franklin Advisers, Inc. |
| Brighthouse/Templeton International Bond Portfolio | A, B, C, E | A, B | No | Franklin Advisers, Inc. |
| Brighthouse/Wellington Large Cap Research Portfolio | A, B, C, E | A, B, E | Yes | Wellington Management Company LLP |
| CBRE Global Real Estate Portfolio | A, B, C, E | A, B, E | Yes | CBRE Investment Management Listed Real Assets LLC |
| Harris Oakmark International Portfolio | A, B, C, E | A, B, E | Yes | Harris Associates L.P. |
| Invesco Balanced-Risk Allocation Portfolio | B | B | Yes | Invesco Advisers, Inc. |
| Invesco Comstock Portfolio | A, B, C, E | A, B | Yes | Invesco Advisers, Inc. |
| Invesco Global Equity Portfolio | A, B, C, E | A, B, E | Yes | Invesco Advisers, Inc. |
| Invesco Small Cap Growth Portfolio | A, B, C, E | A, B, E | Yes | Invesco Advisers, Inc. |
| JPMorgan Core Bond Portfolio | A, B, C, E | A, B | Yes | J.P. Morgan Investment Management, Inc. |
| JPMorgan Global Active Allocation Portfolio | A, B, C, E | B | Yes | J.P. Morgan Investment Management, Inc. |
| JPMorgan Small Cap Value Portfolio | A, B, C, E | A, B | Yes | J.P. Morgan Investment Management, Inc. |
| Loomis Sayles Global Allocation Portfolio | A, B, C, E | A, B | Yes | Loomis, Sayles & Company, L.P. |
| Loomis Sayles Growth Portfolio | A, B, C, E | A, B, E | Yes | Loomis, Sayles & Company, L.P. |
| MetLife Multi-Index Targeted Risk Portfolio | A, B, C, E | B | Yes | MetLife Investment Management, LLC |
| MFS<sup>®</sup> Research International Portfolio | A, B, C, E | A, B, E | Yes | Massachusetts Financial Services Company |
| Morgan Stanley Discovery Portfolio | A, B, C, E | A, B, E | Yes | Morgan Stanley Investment Management, Inc. |
| PanAgora Global Diversified Risk Portfolio | B | B | No | PanAgora Asset Management, Inc. |
| PIMCO Inflation Protected Bond Portfolio | A, B, C, E | A, B, E | Yes | Pacific Investment Management Company LLC |
| PIMCO Total Return Portfolio | A, B, C, E | A, B, E | Yes | Pacific Investment Management Company LLC |
| Schroders Global Multi-Asset Portfolio | B | B | Yes | Schroder Investment Management North America Inc. |

---

**BHFTI-527**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio**  | **Classes Registered** | **Classes Offered** | **Diversified** | **Subadviser** |
| SSGA Emerging Markets Enhanced Index Portfolio | A, B, C, E | A, B | Yes | SSGA Funds Management, Inc. |
| SSGA Growth and Income ETF Portfolio | A, B, C, E | A, B, E | Yes | SSGA Funds Management, Inc. |
| SSGA Growth ETF Portfolio | A, B, C, E | A, B, E | Yes | SSGA Funds Management, Inc. |
| T. Rowe Price Large Cap Value Portfolio | A, B, C, E | A, B, E | Yes | T. Rowe Price Associates, Inc. |
| T. Rowe Price Mid Cap Growth Portfolio | A, B, C, E | A, B, E | Yes | T. Rowe Price Associates, Inc. |
| TCW Core Fixed Income Portfolio | A, B, C, E | A, B | Yes | TCW Investment Management Company LLC |
| Victory Sycamore Mid Cap Value Portfolio | A, B, C, E | A, B, E | Yes | Victory Capital Management Inc. |
| Western Asset Management Government Income Portfolio | A, B, C, E | B | Yes | Western Asset Management Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective February 28, 2025, Delaware Investments Fund Advisers was removed as a subadviser to the Brighthouse Small Cap Value Portfolio.

The American Funds® Aggressive Allocation, American Funds<sup>®</sup> Balanced Allocation, and American Funds<sup>®</sup> Moderate Allocation Portfolios are designed on established principles of asset allocation to achieve a specific risk profile. The Portfolios will invest substantially all of their assets in certain funds of the American Funds Insurance Series ("AFIS") and other funds within the American Funds family not part of AFIS ("Underlying American Portfolios"). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company, an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

The American Funds<sup>®</sup> Growth Portfolio (the "Growth Portfolio"), a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the American Funds<sup>®</sup> Growth Fund (the "Master Fund"), a fund of the AFIS. The financial statements of the Master Fund should be read in conjunction with the Growth Portfolio's financial statements. As of December 31, 2025, the Growth Portfolio owned approximately 3.6% of the Master Fund.

The BlackRock Global Tactical Strategies Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange-traded funds ("Underlying ETFs"), involving primarily series of the iShares<sup>®</sup> Trust and iShares<sup>®</sup>, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

The Brighthouse Asset Allocation 100 Portfolio (the "Asset Allocation Portfolio") operates under a "fund of funds" structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an "Underlying BIA Portfolio," and, collectively, the "Underlying BIA Portfolios").

The Brighthouse Balanced Plus Portfolio invests approximately 70% of its assets (the "Base Portion") in other Underlying BIA Portfolios and approximately 30% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures. The Adviser is responsible for managing the Base Portion of the Portfolio and has entered into a subadvisory agreement with Pacific Investment Management Company LLC for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

The MetLife Multi-Index Targeted Risk Portfolio invests approximately 75% of its assets (the "Base Portion") in other Underlying BIA Portfolios of the Brighthouse Funds Trust II and approximately 25% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps. The Adviser is responsible for managing the Base Portion of the Portfolio and has entered into a subadvisory agreement with MetLife Investment Management, LLC ("MIM") for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

The SSGA Growth and Income ETF and SSGA Growth ETF Portfolios were designed on established principles of asset allocation. The Portfolios will primarily invest their assets in Underlying ETFs, including, but not limited to, Standard and Poor's Depositary Receipts (SPDRs<sup>®</sup>) of the S&P 500<sup>®</sup> ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares<sup>®</sup> Trust, iShares<sup>®</sup>, Inc., Schwab International Small-Cap Equity ETF, and Vanguard ETFs of the Vanguard® Index Funds.

**2.** **Consolidation of Subsidiaries**

The AB Global Dynamic Allocation, BlackRock Global Tactical Strategies, Invesco Balanced-Risk Allocation, JPMorgan Global Active Allocation, PanAgora Global Diversified Risk, and Schroders Global Multi-Asset Portfolios may each invest a certain percentage of its

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**Notes to Financial Statements — December 31, 2025— (Continued)**

assets in a wholly-owned and controlled subsidiary of such Portfolio that is organized under the laws of the Cayman Islands as an exempted company (each, a "Subsidiary," and together, the "Subsidiaries").

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Subsidiary** | **Max Investment** <br>**as a % of Total** <br>**Assets**<br>| **Amount Held at** <br>**December 31, 2025**<br>| **% of the** <br>**Portfolio's Total** <br>**Assets**<br>|
| AB Global Dynamic Allocation Portfolio | AllianceBernstein Global Dynamic Allocation Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; $11588446 | 0.7 |
| BlackRock Global Tactical Strategies Portfolio | BlackRock Global Tactical Strategies Portfolio, Ltd. | 6.0 | &nbsp;&nbsp; 192197845 | 5.9 |
| Invesco Balanced-Risk Allocation Portfolio | Invesco Balanced-Risk Allocation Portfolio, Ltd. | 25.0 | &nbsp;&nbsp; 170934326 | 23.7 |
| JPMorgan Global Active Allocation Portfolio | JPMorgan Global Active Allocation Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; 29430 | less than 0.1 |
| PanAgora Global Diversified Risk Portfolio | PanAgora Global Diversified Risk Portfolio II, Ltd. | 25.0 | &nbsp;&nbsp; 234506780 | 18.7 |
| Schroders Global Multi-Asset Portfolio | Schroders Global Multi-Asset Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; 153075 | less than 0.1 |

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Each Portfolio invests in its respective Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiaries) of the Portfolios and included in each Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

Each Subsidiary invests primarily in commodity futures and/or swaps on commodity futures but may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolios, a Subsidiary may invest without limitation in commodity-linked derivatives. Each Portfolio and its respective Subsidiary will be subject to the applicable Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in a Subsidiary, a Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by a Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of a Subsidiary will be achieved. The Subsidiaries are not registered under the 1940 Act and are not subject to all the investor protections of the 1940 Act. Each Portfolio, however, wholly owns and controls its respective Subsidiary, and each Portfolio and its Subsidiary are both managed by the Portfolio's subadviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of a Portfolio and/or its Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Subsidiary. If Cayman Islands law changes such that a Subsidiary must pay Cayman Islands taxes, the corresponding Portfolio's shareholders would likely suffer decreased investment returns.

Each Portfolio's Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights include the accounts of its respective Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for each Portfolio. The Subsidiaries each have a fiscal year end of December 31st for financial statement consolidation purposes. The Subsidiaries had a nonconforming tax year end of November 30th, 2025. On July 4th, 2025, the One Big Beautiful Bill Act repealed the election under Section 898(c)(2) of the Internal Revenue Code that previously permitted the Subsidiaries to adopt a taxable year beginning one month earlier than the taxable year of the Portfolios. The Subsidiaries now align their taxable year end with the Portfolios' taxable year end and, as a result, had an additional one-month taxable year from December 1st, 2025 to December 31st, 2025.

**3.** **Significant Accounting Policies**

The preparation of a Portfolio's financial statements or consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements or consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements or consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2025, through the date the financial statements or consolidated financial statements were issued.

The Portfolios are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946-Financial Services-Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements or consolidated financial statements.

**Investment Valuation and Fair Value Measurements -** Each Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific

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**Notes to Financial Statements — December 31, 2025— (Continued)**

methodology used for an investment may vary based on the market data available for a specific investment at the time a Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

GAAP defines fair market value as the price that a Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities held by a Portfolio, if any, will be disclosed following the fair value hierarchy table in the Portfolio's Schedule of Investments.

Debt securities, including corporate, convertible, and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds (including Underlying ETFs), rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which a Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. A Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies (including the Master Fund, Underlying American Portfolios, and Underlying BIA Portfolios) are valued at the reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are

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**Notes to Financial Statements — December 31, 2025— (Continued)**

categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions") and currencies, and synthetic futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps listed or traded on a multilateral or trade facility platform) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with fair valuation procedures adopted by the Adviser. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board" or "Trustees") of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as each Portfolio's "valuation designee" to perform the Portfolio's fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of each Portfolio's investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of a Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** Each Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on an accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying American Portfolios and Underlying BIA Portfolios are recorded as net realized gain in the applicable Portfolio's Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with each Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, certain Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2025, the following Portfolios received EU tax reclaim payments that were not previously accrued for due to uncertainty of collectability.

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| | |
|:---|:---|
| **Portfolio**  | **Tax Reclaim Payments** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $120212 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 19487 |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 12615 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 442 |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 9467 |

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**Notes to Financial Statements — December 31, 2025— (Continued)**

Such amounts are included in dividends on the applicable Portfolio's Statement of Operations or Consolidated Statement of Operations. No other amounts for additional EU tax reclaims are reflected in the financial statements or consolidated financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Foreign Currency Translation -** The books and records of the Portfolios are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by a Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Dividends and Distributions to Shareholders -** The Portfolios record dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolios' policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. Each Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. Each Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2025, no Portfolios had uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to a Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian will have a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2025, the following Portfolios had a payment due to the Custodian pursuant to the foregoing arrangement.

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| | |
|:---|:---|
| **Portfolio**  | **Due to Custodian** |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; $60000 |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 34560 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 721 |

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Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2025. None of the Portfolios had significant average overdraft advances during the year ended December 31, 2025.

Each significant accounting policy described below does not necessarily apply to each Portfolio, unless otherwise noted. For more information on the investment practices in which a particular Portfolio may engage, please refer to the Portfolio's prospectus.

**High-Yield Debt Securities -** Certain Portfolios may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A Portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a Portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans** - Certain Portfolios may invest in loans arranged through private negotiation between one or more financial institutions. A Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the

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Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participation in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

A Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments** - Certain Portfolios may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower at any point in time, up to the maturity date of the issue. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Unfunded loan commitments are marked-to-market daily, and losses may arise due to changes in the value of these commitments. Open unfunded loan commitments, if any, are disclosed below and in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments and any unrealized appreciation (depreciation) is included in the Portfolio's Statement of Assets & Liabilities and Statement of Operations. At December 31, 2025, the Portfolios had sufficient cash and/or securities to cover these commitments.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Security Description** | **Commitment Amount** | **Value** |
| BlackRock High Yield Portfolio | Air Comm Corp. LLC 2025 Delayed Draw Term Loan | $7787 | $7816 |
|  | Archkey Solutions LLC 2024 Delayed Draw Term Loan B | 21031 | 21294 |
|  | GrafTech Finance, Inc. 2024 Delayed Draw Term Loan | 158974 | 162153 |
|  | Kaman Corp. 2025 Delayed Draw Term Loan | 52608 | 52885 |
|  | Pinnacle Buyer LLC Delayed Draw Term Loan | 63824 | 64203 |
|  | Pye-Barker Fire & Safety LLC 2025 Delayed Draw Term Loan | 59930 | 60370 |
|  | Springs Windows Fashions LLC 2024 FLFO Delayed Draw Term Loan | 149076 | 148437 |
|  | Titan Acquisition Ltd. 2025 Add on Delayed Draw Term Loan | 308000 | 308770 |
|  | Total | $821230 | $825928 |
| Brighthouse/Eaton Vance Floating Rate Portfolio | Air Comm Corp. LLC 2025 Delayed Draw Term Loan | $68077 | $68332 |
|  | Astra Acquisition Corp. 2025 DIP Delayed Draw Term Loan | 2228 | 2239 |
|  | Azuria Water Solutions, Inc. 2025 Delayed Draw Term Loan | 61688 | 62112 |
|  | CohnReznick LLP Delayed Draw Term Loan | 126579 | 127212 |
|  | CP Iris HoldCo I, Inc. 2025 Delayed Draw Term Loan | 104396 | 103960 |
|  | Hanger, Inc. 2024 Delayed Draw Term Loan | 60798 | 61077 |
|  | Kaman Corp. 2025 Delayed Draw Term Loan | 116897 | 117510 |
|  | MRP Buyer LLC Delayed Draw Term Loan | 87435 | 86971 |
|  | Raven Acquisition Holdings LLC Delayed Draw Term Loan | 89182 | 89586 |
|  | Trio Bidco LLC 2025 Delayed Draw Term Loan | 40476 | 40628 |
|  | Total | $757756 | $759627 |
| Brighthouse/Franklin Low Duration Total Return Portfolio | Pinnacle Buyer LLC Delayed Draw Term Loan | $14050 | $14133 |
| Loomis Sayles Global Allocation Portfolio  | Hanger, Inc. 2024 Delayed Draw Term Loan | $3417 | $3433 |

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**Inflation-Indexed Bonds -** Certain Portfolios may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the applicable Portfolio's Statement of Operations or Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Stripped Securities** - Certain Portfolios may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of

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**Notes to Financial Statements — December 31, 2025— (Continued)**

comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, a Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations** - Certain Portfolios may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** Certain Portfolios may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on a Portfolio's Statement of Operations or Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by a Portfolio are included in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

Certain Portfolios may invest a significant portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls** - Certain Portfolios may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, a Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that a Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments** - Certain Portfolios may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves and involve a risk of loss if the value of the

**BHFTI-534**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of a Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities** - Certain Portfolios may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. A Portfolio may purchase securities under such conditions only with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Short Sales -** Certain Portfolios may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, a Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by a Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

Certain Portfolios may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, a Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. In addition, when a Portfolio engages in short sales, a lender may request, or market conditions may dictate that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Portfolio may be reduced or eliminated or the short sale may result in a loss. No more than one third of a Portfolio's net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

**Repurchase Agreements** - Certain Portfolios may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which a Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolios' policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

**Reverse Repurchase Agreements** - Certain Portfolios may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, a Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolios retain effective control over the transferred security, therefore accounting for the transaction as a secured borrowing. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it under the agreement. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

For the year ended December 31, 2025, the Brighthouse Balanced Plus Portfolio had an outstanding reverse repurchase agreement balance for 365 days. The average amount of borrowings was $102,801,125 and the annualized weighted average interest rate was 4.278% during the 365 day period.

For the year ended December 31, 2025, the PIMCO Inflation Protected Bond Portfolio had an outstanding reverse repurchase agreement balance for 86 days. The average amount of borrowings was $21,998,599 and the annualized weighted average interest rate was 2.054% during the 86 day period.

**BHFTI-535**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

For the year ended December 31, 2025, the PIMCO Total Return Portfolio had an outstanding reverse repurchase agreement balance for 303 days. The average amount of borrowings was $57,763,332 and the annualized weighted average interest rate was 4.331% during the 303 day period.

Details on a Portfolio's open reverse repurchase agreements, if any, are disclosed following the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

**Secured Borrowing Transactions** - Certain Portfolios may enter into transactions consisting of a transfer of a security by a Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations or Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. These secured borrowing transactions are subject to a Master Securities Forward Transaction Agreement ("MFSTA"). The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party.

For the year ended December 31, 2025, the Brighthouse Balanced Plus Portfolio had an outstanding secured borrowing transaction balance for 365 days. The average amount of borrowings was $169,365,146 and the annualized weighted average interest rate was 4.439% during the 365 day period. At December 31, 2025 the amount of the Portfolio's outstanding borrowings was $97,966,548.

For the year ended December 31, 2025, the PIMCO Inflation Protected Bond Portfolio had an outstanding secured borrowing transaction balance for 365 days. The average amount of borrowings was $199,849,816 and the annualized weighted average interest rate was 4.405% during the 365 day period. At December 31, 2025 the amount of the Portfolio's outstanding borrowings was $1,663,948,349.

For the year ended December 31, 2025, the PIMCO Total Return Portfolio had an outstanding secured borrowing transaction balance for 87 days. The average amount of borrowings was $13,835,961 and the annualized weighted average interest rate was 4.210% during the 87 day period. At December 31, 2025 the amount of the Portfolio's outstanding borrowings was $52,300,409.

A detailed breakdown of a Portfolio's open transactions accounted for as secured borrowings, if any, are disclosed following the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

**Securities Lending** - Certain Portfolios may lend their portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, a Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on a Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The Portfolios retain effective control over the transferred securities, therefore accounting for the transaction as a secured borrowing. The market value of investments made with cash collateral received is disclosed in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments and the valuation techniques are described in this Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Income received by a Portfolio in securities lending transactions during the year ended December 31, 2025 is reflected as securities lending income on the Portfolio's Statement of Operations or Consolidated Statement of Operations. The values of any securities loaned by a Portfolio and the related collateral at December 31, 2025 are disclosed in the Portfolio's footnotes to the Schedule of Investments or Consolidated Schedule of Investments. The value of the related collateral received by each Portfolio exceeded the value of the Portfolio's securities out on loan at December 31, 2025.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent a Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify each Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

**Directed Brokerage Agreement** - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, certain Portfolios may direct certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to a Portfolio, if any, are shown separately as broker commission recapture on the Portfolio's Statement of Operations or Consolidated Statement of Operations. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Portfolio's Financial Highlights for each share class.

**4.** **Investments in Derivative Instruments**

Each derivative instrument described below does not necessarily apply to each Portfolio. For more information on the derivative instruments in which a particular Portfolio may enter into, please refer to the Portfolio's prospectus.

**Forward Foreign Currency Exchange Contracts -** Certain Portfolios may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, a Portfolio agrees to buy or sell a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Portfolio's Statement of Operations or Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. A Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** Certain Portfolios may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolios' investments in futures were used for either hedging or investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Portfolio's Statement of Operations or Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange's clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

**Commodity Futures Contracts and Swaps on Commodity Futures Contracts** - The Subsidiaries will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject a Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by factors such as changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

**Options Contracts** - An option contract purchased by a Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period or on a specified date. Call options written by a Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by a Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

Certain Portfolios may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class, or to enhance return. When the Portfolio owns the underlying instrument, writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument. Options can also be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. A Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option on an underlying instrument that a Portfolio owns is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When a Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that a Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When a Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When a Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When a Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by a Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-floor options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An option on exchange-traded futures contracts is an option contract in which the underlying instrument is a single futures contract.

**Swap Agreements** - Certain Portfolios may enter into swap agreements in which a Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered swap execution facility ("centrally cleared swaps"). A Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

**BHFTI-538**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on a Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on a Portfolio's Statement of Operations or Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on a Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/ depreciation on the Portfolio's Statement of Operations or Consolidated Statement of Operations. A Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Portfolio's Statement of Operations or Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Portfolio's Statement of Operations or Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Portfolio's Statement of Operations or Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in a Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolios may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the clearinghouse. A party to a cleared swap is subject to the credit risk of the clearinghouse and the clearing member through which it holds its cleared position.

*Centrally Cleared Swaps*: Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolios are not members of a clearinghouse and only members of a clearinghouse ("clearing members" or "clearing brokers") can participate directly in the clearinghouse, the Portfolios hold cleared swaps through accounts at a clearing member. A Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

*Credit Default Swaps*: A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. A Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying security comprising the relevant component of the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

A Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying security comprising the relevant component of the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

**BHFTI-539**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the Portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2025, for which the Portfolio is the seller of protection, are disclosed in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Interest Rate Swaps*: A Portfolio may enter into interest rate swaps to manage its exposure to interest rates, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. A Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because a Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money market reference rates. A Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Total Return Swaps*: A Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**5.** **Certain Risks**

In the normal course of business, the Portfolios invest in securities and enter into transactions where risks exist. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Portfolio. For a description of the principal risks associated with investing in a particular Portfolio, please refer to the Portfolio's prospectus.

**BHFTI-540**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

*Market Risk:* The value of securities held by a Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations; rapid technological developments, such as artificial intelligence, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events, including trade policy changes or disputes, within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.

*Foreign Investment Risk:* The investments by a Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject a Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts. Civil unrest, geopolitical tensions, armed conflicts, wars, and acts of terrorism are other potential risks that could adversely affect an investment in a foreign security or in foreign markets or issuers generally.

*China Investment Risk*: Investments in China are subject to all of the risks described under "Foreign Investment Risk" above. In addition, under China's political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including with respect to foreign investors of such companies. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which a Portfolio invests. Furthermore, U.S. or foreign government sanctions, restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments in Chinese issuers or causing the Portfolio to sell investments at disadvantageous times. For example, pursuant to Executive Order 14032 (issued on June 3, 2021), U.S. persons are prohibited from purchasing or investing in publicly-traded securities of companies designated to the "Non-SDN Chinese Military-Industrial Complex Companies List," a list which can change from time to time ("Chinese Military Companies Sanctions"). The Chinese Military Companies Sanctions or other similar actions targeting investment in China could impair the market value of the Portfolio's investments and limit the Portfolio's ability to buy, sell, receive or deliver certain securities. As a result, the Portfolio may incur losses.

*Commodities Risk:* Exposure to the commodities markets may subject a Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by factors including changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, other weather phenomena, embargoes, tariffs, insufficient storage capacity, war and international economic, political and regulatory developments. Certain commodities (and related derivatives) are susceptible to negative prices due to factors such as supply surpluses caused by global events. In addition, commodities markets (and commodity-linked derivative instruments) may be subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators and government regulation and intervention.

*Credit and Counterparty Risk:* A Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled, or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in a Portfolio's financial statements or consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. A Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser or a Portfolio's subadviser, as applicable, may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, a Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

**BHFTI-541**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives a Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of a Portfolio under derivative contracts, if any, will be reported separately in the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between a Portfolio and select counterparties. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. A Portfolio's clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio's clearing broker. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. Each Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**6.** **Investment Management Fees and Other Transactions with Affiliates**

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolios. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to each of the Portfolios. For providing investment management services to the Portfolios, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**the year ended** <br>**December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $10934800 | 0.700<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $250 million |
|  |  | 0.625<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| AB International Bond Portfolio | &nbsp;&nbsp; 2191484 | 0.520<br> %<br>| Of the first $500 million |
|  |  | 0.500<br> %<br>| On amounts in excess of $500 million |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 2236940 | 0.750<br> %<br>| Of the first $200 million |
|  |  | 0.700<br> %<br>| On amounts in excess of $200 million |

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**BHFTI-542**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio | &nbsp;&nbsp; $1813376 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 2372974 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 1337110 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 19436053 | 0.800<br> %<br>| Of the first $100 million |
|  |  | 0.750<br> %<br>| Of the next $200 million |
|  |  | 0.700<br> %<br>| Of the next $300 million |
|  |  | 0.675<br> %<br>| Of the next $400 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 6088580 | 0.600<br> %<br>| All Assets |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 1230833 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 9938462 | 0.725<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.675<br> %<br>| Of the next $250 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 2076009 | 0.100<br> %<br>| Of the first $500 million |
| (Base Sleeve) <br>|  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 5556504 | 0.750<br> %<br>| Of the first $1 billion |
|  |  | 0.700<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 6229525 | 0.750<br> %<br>| All Assets |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 3193611 | 0.625<br> %<br>| Of the first $100 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 3039699 | 0.520<br> %<br>| Of the first $100 million |
|  |  | 0.510<br> %<br>| Of the next $150 million |
|  |  | 0.500<br> %<br>| Of the next $250 million |
|  |  | 0.490<br> %<br>| Of the next $500 million |
|  |  | 0.470<br> %<br>| Of the next $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $1.5 billion |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 2337717 | 0.600<br> %<br>| All Assets |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 13368071 | 0.625<br> %<br>| Of the first $250 million |
|  |  | 0.600<br> %<br>| Of the next $250 million |
|  |  | 0.575<br> %<br>| Of the next $500 million |
|  |  | 0.550<br> %<br>| Of the next $1 billion |
|  |  | 0.500<br> %<br>| On amounts in excess of $2 billion |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 5564591 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $550 million |
|  |  | 0.550<br> %<br>| On amounts in excess of $750 million |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 15995873 | 0.850<br> %<br>| Of the first $100 million |
|  |  | 0.800<br> %<br>| Of the next $900 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 4715089 | 0.675<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.625<br> %<br>| Of the next $250 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 10816173 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.600<br> %<br>| Of the next $500 million |
|  |  | 0.525<br> %<br>| On amounts in excess of $1 billion |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 7356723 | 0.700<br> %<br>| Of the first $100 million |
|  |  | 0.680<br> %<br>| Of the next $150 million |
|  |  | 0.670<br> %<br>| Of the next $250 million |
|  |  | 0.660<br> %<br>| Of the next $250 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $750 million |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 7073505 | 0.880<br> %<br>| Of the first $500 million |
|  |  | 0.830<br> %<br>| On amounts in excess of $500 million |

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**BHFTI-543**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; $6708685 | 0.550<br> %<br>| All Assets |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 10104580 | 0.800<br> %<br>| Of the first $250 million |
|  |  | 0.750<br> %<br>| Of the next $250 million |
|  |  | 0.720<br> %<br>| Of the next $250 million |
|  |  | 0.700<br> %<br>| On amounts in excess of $750 million |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 2483419 | 0.800<br> %<br>| Of the first $100 million |
|  |  | 0.775<br> %<br>| Of the next $400 million |
|  |  | 0.750<br> %<br>| Of the next $500 million |
|  |  | 0.725<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 2577893 | 0.700<br> %<br>| Of the first $500 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 17300812 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.600<br> %<br>| Of the next $500 million |
|  |  | 0.550<br> %<br>| Of the next $1 billion |
|  |  | 0.500<br> %<br>| On amounts in excess of $2 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 6219089 | 0.500<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.485<br> %<br>| Of the next $250 million |
|  |  | 0.470<br> %<br>| Of the next $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $1 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 2193882 | 0.070<br> %<br>| Of the first $500 million |
| (Base Sleeve) <br>|  | 0.060<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 9933994 | 0.800<br> %<br>| Of the first $200 million |
|  |  | 0.750<br> %<br>| Of the next $300 million |
|  |  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 8645985 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.625<br> %<br>| On amounts in excess of $500 million |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 7902889 | 0.675<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.625<br> %<br>| Of the next $250 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 7233469 | 0.500<br> %<br>| Of the first $1.2 billion |
|  |  | 0.450<br> %<br>| On amounts in excess of $1.2 billion |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 17333681 | 0.500<br> %<br>| Of the first $1.2 billion |
|  |  | 0.475<br> %<br>| On amounts in excess of $1.2 billion |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 3915576 | 0.680<br> %<br>| Of the first $100 million |
|  |  | 0.660<br> %<br>| Of the next $150 million |
|  |  | 0.640<br> %<br>| Of the next $500 million |
|  |  | 0.620<br> %<br>| Of the next $750 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1.5 billion |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 4398925 | 0.550<br> %<br>| Of the first $250 million |
|  |  | 0.500<br> %<br>| Of the next $250 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $500 million |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 5111246 | 0.330<br> %<br>| Of the first $500 million |
|  |  | 0.300<br> %<br>| On amounts in excess of $500 million |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 2347526 | 0.330<br> %<br>| Of the first $500 million |
|  |  | 0.300<br> %<br>| On amounts in excess of $500 million |
| T. Rowe Price Large Cap Value Portfolio (a) | &nbsp;&nbsp; 14266291 | 0.570<br> %<br>| All Assets |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 8734534 | 0.750<br> %<br>| All Assets |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 6980267 | 0.550<br> %<br>| All Assets |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 5630352 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.625<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 2320451 | 0.520<br> %<br>| Of the first $100 million |
|  |  | 0.440<br> %<br>| Of the next $400 million |
|  |  | 0.400<br> %<br>| On amounts in excess of $500 million |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fee schedule applies provided the Portfolio's average daily net assets exceed $1 billion. If assets fall below that level, a different fee schedule will apply.

**BHFTI-544**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

With respect to the American Funds Growth Portfolio, the Trust has entered into a management agreement (the "Management Agreement") with the Adviser for investment management services in connection with the investment management of the American Funds Growth Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees and has overall responsibility for the general management and administration of the Trust. The Adviser selects the Master Fund in which the American Funds Growth Portfolio will invest and monitors the Master Fund investment program. The Adviser currently receives no compensation for its services to the American Funds Growth Portfolio. In the event that the American Funds Growth Portfolio were to withdraw from the Master Fund and invest its assets directly in investment securities, the Adviser would retain the services of an investment subadviser and would receive a management fee at the annual rate of 0.750% of average daily net assets.

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain of the Portfolios. The subadvisers are compensated by Brighthouse Investment Advisers to provide subadvisory services for the applicable Portfolios. See Note 1 for a list of each Portfolio's respective subadviser.

For providing subadvisory services to the Metlife Multi-Index Targeted Risk Portfolio, the Adviser has agreed to pay MIM an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio's average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**year ended** <br>**December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; $2150105 | 0.200<br> %<br>| Of the first $250 million |
|  |  | 0.185<br> %<br>| Of the next $250 million |
|  |  | 0.150<br> %<br>| Of the next $500 million |
|  |  | 0.140<br> %<br>| On amounts in excess of $1 billion |

---

**Management Fee Waiver -** Pursuant to management fee waiver agreements, the Adviser has agreed, for the period May 1, 2025 to April 30, 2026, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of certain Portfolios as follows in the table below. Except as footnoted, identical contractual fee waivers were in effect during the period prior to May 1, 2025. Amounts waived for the year ended December 31, 2025 are included in the table below and in the amount shown as a management fee waiver in the Portfolios' Statement of Operations or Consolidated Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the** <br>**the year ended** <br>**December 31, 2025**<br>| **% per Annum** <br>**Reduction**<br>| **Average Daily Net Assets** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $125000 | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | 0.020<br> %<br>| $2 billion to $3.5 billion |
|  |  | 0.030<br> %<br>| $3.5 billion to $5 billion |
|  |  | 0.040<br> %<br>| On amounts in excess of $5 billion |
| AB International Bond Portfolio | &nbsp;&nbsp; 0 | 0.020<br> %<br>| $1 billion to $1.5 billion |
|  |  | 0.040<br> %<br>| On amounts in excess of $1.5 billion |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 215139 | 0.050<br> %<br>| Of the first $50 million |
|  |  | 0.075<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $100 million |
|  |  | 0.050<br> %<br>| Of the next $300 million |
|  |  | 0.100<br> %<br>| On amounts in excess of $500 million |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 1749222 | 0.180<br> %<br>| Of the first $100 million |
|  |  | 0.130<br> %<br>| Of the next $200 million |
|  |  | 0.080<br> %<br>| Of the next $300 million |
|  |  | 0.055<br> %<br>| Of the next $400 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| Of the next $1.5 billion |
|  |  | 0.100<br> %<br>| Of the next $2 billion |
|  |  | 0.130<br> %<br>| On amounts in excess of $5 billion |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 257382 | 0.050<br> %<br>| On amounts in excess of $500 million |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 250000 | 0.050<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.025<br> %<br>| $250 million to $750 million |
|  |  | 0.025<br> %<br>| $2.5 billion to $5 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $5 billion |
| Brighthouse Small Cap Value Portfolio (a) | &nbsp;&nbsp; 271915 | 0.075<br> %<br>| $250 million to $500 million |
|  |  | 0.050<br> %<br>| $500 million to $700 million |
|  |  | 0.070<br> %<br>| On amounts in excess of $700 million |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 40418 | 0.050<br> %<br>| On amounts in excess of $750 million |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 5633 | 0.020<br> %<br>| On amounts in excess of $500 million |

---

**BHFTI-545**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; $332700 | 0.040<br> %<br>| Of the first $100 million |
|  |  | 0.030<br> %<br>| Of the next $50 million |
|  |  | 0.060<br> %<br>| Of the next $100 million |
|  |  | 0.050<br> %<br>| Of the next $250 million |
|  |  | 0.090<br> %<br>| Of the next $1 billion |
|  |  | 0.070<br> %<br>| On amounts in excess of $1.5 billion |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 155848 | 0.040<br> %<br>| Of the first $500 million |
|  |  | 0.060<br> %<br>| Of the next $500 million |
|  |  | 0.080<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 981692 | 0.070<br> %<br>| Of the first $250 million |
|  |  | 0.045<br> %<br>| Of the next $1.75 billion |
|  |  | 0.005<br> %<br>| On amounts in excess of $2 billion |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 350000 | 0.050<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| $250 million to $750 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 1919587 | 0.250<br> %<br>| Of the first $50 million |
|  |  | 0.200<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $900 million |
|  |  | 0.075<br> %<br>| On amounts in excess of $1 billion |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 654937 | 0.050<br> %<br>| Of the first $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $500 million |
|  |  | 0.025<br> %<br>| Of the next $1 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $2 billion |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 1477345 | 0.110<br> %<br>| Of the first $100 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| Of the next $50 million |
|  |  | 0.160<br> %<br>| Of the next $50 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| Of the next $100 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| On amounts in excess of $750 million |
| Invesco Small Cap Growth Portfolio (b) | &nbsp;&nbsp; 719357 | 0.150<br> %<br>| Of the first $200 million |
|  |  | 0.175<br> %<br>| Of the next $200 million |
|  |  | 0.200<br> %<br>| Of the next $100 million |
|  |  | 0.150<br> %<br>| On amounts in excess of $500 million |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 1707665 | 0.140<br> %<br>| All Assets |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 866399 | 0.125<br> %<br>| Of the first $250 million |
|  |  | 0.075<br> %<br>| Of the next $250 million |
|  |  | 0.045<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $2 billion |
|  |  | 0.075<br> %<br>| Of the next $2 billion |
|  |  | 0.100<br> %<br>| On amounts in excess of $5 billion |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 317215 | 0.075<br> %<br>| Of the first $50 million |
|  |  | 0.125<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $400 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 50000 | 0.020<br> %<br>| Of the first $250 million |
|  |  | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $1.5 billion |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 723646 | 0.117<br> %<br>| Of the first $500 million |
|  |  | 0.067<br> %<br>| Of the next $500 million |
|  |  | 0.017<br> %<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.033)%<br>| Of the next $1.645 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $3.645 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 131258 | 0.020<br> %<br>| $500 million to $1 billion |
| (Overlay Sleeve) <br>|  | 0.010<br> %<br>| On amounts in excess of $1 billion |

---

**BHFTI-546**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| MFS<sup>®</sup> Research International Portfolio (c) | &nbsp;&nbsp; $1798609 | 0.275<br> %<br>| Of the first $200 million |
|  |  | 0.225<br> %<br>| Of the next $300 million |
|  |  | 0.175<br> %<br>| Of the next $500 million |
|  |  | 0.150<br> %<br>| Of the next $500 million |
|  |  | 0.175<br> %<br>| On amounts in excess of $1.5 billion |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 348679 | 0.050<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $850 million |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 123380 | 0.025<br> %<br>| Of the first $250 million |
|  |  | 0.010<br> %<br>| Of the next $500 million |
|  |  | &nbsp;&nbsp; (0.005)%<br>| Of the next $250 million |
|  |  | 0.010<br> %<br>| Of the next $500 million |
|  |  | 0.040<br> %<br>| On amounts in excess of $1.5 billion |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 0 | 0.025<br> %<br>| On amounts in excess of $2 billion |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 793019 | 0.025<br> %<br>| $1 billion to $3 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $3 billion |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 90131 | 0.025<br> %<br>| Of the first $100 million |
|  |  | 0.005<br> %<br>| Of the next $100 million |
|  |  | 0.015<br> %<br>| Of the next $550 million |
|  |  | 0.025<br> %<br>| Of the next $500 million |
|  |  | 0.040<br> %<br>| Of the next $250 million |
|  |  | 0.020<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1.75 billion |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 284834 | 0.025<br> %<br>| Of the first $250 million |
|  |  | 0.015<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.055<br> %<br>| On amounts in excess of $750 million |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 1376572 | 0.055<br> %<br>| All Assets |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 1048144 | 0.090<br> %<br>| All Assets |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 1503709 | 0.070<br> %<br>| Of the first $500 million |
|  |  | 0.150<br> %<br>| Of the next $1.5 billion |
|  |  | 0.200<br> %<br>| On amounts in excess of $2 billion |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 800128 | 0.110<br> %<br>| Of the first $200 million |
|  |  | 0.080<br> %<br>| Of the next $200 million |
|  |  | 0.110<br> %<br>| Of the next $100 million |
|  |  | 0.085<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 59751 | 0.015<br> %<br>| $100 million to $500 million |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.030<br> %<br>| On amounts in excess of $2 billion |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) An identical expense agreement was in place for the period March 1, 2025 through April 30, 2025. Prior to March 1, 2025, the Adviser had agreed, for the period May 1, 2024 to February 28, 2025, to reduce its advisory fees for each class of the Brighthouse Small Cap Value Portfolio at the annual rate of 0.025% of the Portfolio's average daily net assets from $500 million to $1 billion and 0.050% on such assets over $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to December 1, 2025 the Adviser had agreed, for the period May 1, 2025 to November 30, 2025, to reduce its advisory fees for each class of the Invesco Small Cap Growth Portfolio at the annual rate of 0.100% of the first $500 million, 0.050% of the next $500 million and 0.100% on amounts in excess of $1 billion. An identical agreement was in place during the period prior to May 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to November 1, 2025 the Adviser had agreed, for the period May 1, 2025 to October 31, 2025, to reduce its advisory fees for each class of the MFS® Research International Portfolio at the annual rate of 0.205% of the first $200 million, 0.155% of the next $300 million, 0.105% of the next $500 million, 0.055% of the next $1.5 billion and 0.075% on amounts in excess of $2.5 billion. An identical agreement was in place during the period prior to May 1, 2025.

For the Brighthouse/Franklin Low Duration Total Return Portfolio, for the period May 1, 2025 to April 30, 2026, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Brighthouse/Templeton International Bond Portfolio, also subadvised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $119,134 was waived for the year ended December 31, 2025 and is included in the amount shown as a management fee waiver in the Portfolio's Statement of Operations.

For the SSGA Emerging Markets Enhanced Index Portfolio, for the period August 19, 2024 to April 27, 2025, Brighthouse Investment Advisers had contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fees payable by the Adviser to the Subadviser calculated based solely on the assets of SSGA Emerging Markets Enhanced Index Portfolio and SSGA Emerging Markets Enhanced Index Portfolio II, a former series of the Trust, (the "SSGA Portfolios") individually and (b) the aggregate subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would have

**BHFTI-547**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

applied to the combined net assets of the SSGA Portfolios. $72,881 was waived for the SSGA Emerging Markets Enhanced Index Portfolio during the year ended December 31, 2025 and is included in the amount shown as a management fee waiver in the Portfolios' Statement of Operations.

For the Western Asset Management Government Income Portfolio (the "Western Government Portfolio"), for the period May 1, 2025 to April 30, 2026, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Western Government Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Western Government Portfolio and those of Western Asset Management U.S. Government Portfolio, a series of Brighthouse Funds Trust II also advised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $178,781 was waived for the year ended December 31, 2025 and is included in the amount shown as a management fee waiver in the Western Government Portfolio's Statement of Operations.

Invesco Advisers, Inc., the subadviser to the Invesco Balanced-Risk Allocation Portfolio (the "IBRA Portfolio"), has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the IBRA Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the subadviser's waiving of its subadvisory fee on funds where the subadviser or any of its affiliates serves as investment adviser. $44,277 was waived for the year ended December 31, 2025 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain subadvisers have voluntarily agreed to waive a portion of their subadvisory fees payable by the Adviser to the subadviser for managing the Portfolios. The Adviser has agreed to reduce its advisory fees to reflect a portion of the amount waived by the subadvisers for managing the Portfolios pursuant to these voluntary subadvisory fee waivers. Fees waived in the aggregate for the year ended December 31, 2025 are disclosed in the table below and are included in the total amount shown as a management fee waiver in the applicable Portfolio's Statement of Operations or Consolidated Statement of Operations.

---

| | |
|:---|:---|
| **Portfolio** | **Fees voluntarily waived** <br>**for the year ended** <br>**December 31, 2025**<br>|
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; $698623 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 55677 |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 117646 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 57986 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 87915 |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 131020 |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 285944 |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 481177 |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 374746 |

---

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement** - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by each Portfolio for the year ended December 31, 2025 are shown as Distribution and service fees in the Portfolio's Statement of Operations or Consolidated Statement of Operations.

**BHFTI-548**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

**Deferred Trustee Compensation** - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain Portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in each Portfolio's Statement of Operations or Consolidated Statement of Operations. The portion of the accrued obligations allocated to each Portfolio under the Plan is reflected as Deferred trustees' fees in each Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

**Affiliated Broker –** During the year ended December 31, 2025 the following Portfolios paid brokerage commissions to affiliated brokers/dealers:

---

| | | |
|:---|:---|:---|
| **Portfolio**  | **Affiliate** | **Commision** |
| Invesco Comstock Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; $60214 |
| Invesco Global Equity Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; 992 |
| Invesco Small Cap Growth Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; 47195 |
| Morgan Stanley Discovery Portfolio | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 1025 |

---

**7.** **Contractual Obligations**

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8.** **Commitments and Contingent Liabilities**

A Portfolio may enter into commitments, or agreements, to acquire an investment at a future date (subject to certain conditions) in connection with a potential public or non-public offering. Such agreements are subject to certain rights of the issuer's and ultimately, issuer approval, and may obligate the Portfolio to make future cash payments.

At December 31, 2025, the PIMCO Inflation Protected Bond Portfolio had an outstanding commitment of $14,580,852 to purchase a mortgage-backed security issued by Pepper Master Trust in the par amount of AUD 22,300,000.

At December 31, 2025, the PIMCO Total Return Portfolio had an outstanding commitment of $40,800,234 to purchase a mortgage-backed security issued by Pepper Master Trust in the par amount of AUD 62,400,000.

Unrealized appreciation (depreciation) on any commitments outstanding at December 31, 2025 is separately presented in the respective Portfolio's Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments. Outstanding commitments would be considered Level 3 in the fair value hierarchy at December 31, 2025.

**9.** **Operating Segments**

The Trust has adopted Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Trust's President and Chief Executive Officer acts as the Portfolios' chief operating decision maker ("CODM"). Each Portfolio operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Portfolio. The CODM manages the allocation of resources in accordance with each Portfolio's objective and the terms of its prospectus and evaluates the total return of the Portfolio versus its comparative benchmark(s). The Adviser or Subadviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios,changes in net assets from operations and portfolio composition is consistent with that presented within each Portfolio's financial statements and financial highlights.

**BHFTI-549**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10.** **Income Tax Information**

The cost basis of investments for federal income tax purposes at December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost Basis of Investments** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $1382528701 | &nbsp;&nbsp; $446234967 | &nbsp;&nbsp; $(122721606)<br>| &nbsp;&nbsp; $323513361 |
| AB International Bond Portfolio | &nbsp;&nbsp; 399871933 | &nbsp;&nbsp; 17808458 | &nbsp;&nbsp; (22860751)<br>| &nbsp;&nbsp; (5052293)<br>|
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 316346493 | &nbsp;&nbsp; 60942002 | &nbsp;&nbsp; (13346462)<br>| &nbsp;&nbsp; 47595540 |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio | &nbsp;&nbsp; 2374858386 | &nbsp;&nbsp; 606527089 | &nbsp;&nbsp; (51524708)<br>| &nbsp;&nbsp; 555002381 |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 3575425314 | &nbsp;&nbsp; 656249308 | &nbsp;&nbsp; (196497451)<br>| &nbsp;&nbsp; 459751857 |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 1318219020 | &nbsp;&nbsp; 670951015 | &nbsp;&nbsp; (4502)<br>| &nbsp;&nbsp; 670946513 |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 1818399810 | &nbsp;&nbsp; 243991398 | &nbsp;&nbsp; (141016423)<br>| &nbsp;&nbsp; 102974975 |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 3024063420 | &nbsp;&nbsp; 464981535 | &nbsp;&nbsp; (342037771)<br>| &nbsp;&nbsp; 122943764 |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 1120584720 | &nbsp;&nbsp; 33294272 | &nbsp;&nbsp; (14294252)<br>| &nbsp;&nbsp; 19000020 |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 1602407894 | &nbsp;&nbsp; 187719903 | &nbsp;&nbsp; (34385658)<br>| &nbsp;&nbsp; 153334245 |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 5637547716 | &nbsp;&nbsp; 214699137 | &nbsp;&nbsp; (651628349)<br>| &nbsp;&nbsp; (436929212)<br>|
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 827935191 | &nbsp;&nbsp; 89735487 | &nbsp;&nbsp; (66647534)<br>| &nbsp;&nbsp; 23087953 |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 679359989 | &nbsp;&nbsp; 171679972 | &nbsp;&nbsp; (30928533)<br>| &nbsp;&nbsp; 140751439 |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 540663532 | &nbsp;&nbsp; 5409265 | &nbsp;&nbsp; (19708023)<br>| &nbsp;&nbsp; (14298758)<br>|
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 629163676 | &nbsp;&nbsp; 4403783 | &nbsp;&nbsp; (8203354)<br>| &nbsp;&nbsp; (3799571)<br>|
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 341160513 | &nbsp;&nbsp; 17511613 | &nbsp;&nbsp; (14438943)<br>| &nbsp;&nbsp; 3072670 |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 2084185670 | &nbsp;&nbsp; 551266081 | &nbsp;&nbsp; (66152706)<br>| &nbsp;&nbsp; 485113375 |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 857589649 | &nbsp;&nbsp; 83298708 | &nbsp;&nbsp; (37174341)<br>| &nbsp;&nbsp; 46124367 |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 1800968003 | &nbsp;&nbsp; 398915212 | &nbsp;&nbsp; (124195586)<br>| &nbsp;&nbsp; 274719626 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 677927852 | &nbsp;&nbsp; 7744700 | &nbsp;&nbsp; (10562)<br>| &nbsp;&nbsp; 7734138 |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 1410631718 | &nbsp;&nbsp; 582170781 | &nbsp;&nbsp; (70522780)<br>| &nbsp;&nbsp; 511648001 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 635651970 | &nbsp;&nbsp; 531471158 | &nbsp;&nbsp; (14988078)<br>| &nbsp;&nbsp; 516483080 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 664236698 | &nbsp;&nbsp; 198162597 | &nbsp;&nbsp; (22812647)<br>| &nbsp;&nbsp; 175349950 |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 1287926098 | &nbsp;&nbsp; 17996358 | &nbsp;&nbsp; (91433649)<br>| &nbsp;&nbsp; (73437291)<br>|
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 1300409780 | &nbsp;&nbsp; 166932206 | &nbsp;&nbsp; (34875949)<br>| &nbsp;&nbsp; 132056257 |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 289185062 | &nbsp;&nbsp; 56474114 | &nbsp;&nbsp; (16596618)<br>| &nbsp;&nbsp; 39877496 |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 285159023 | &nbsp;&nbsp; 94465544 | &nbsp;&nbsp; (8378540)<br>| &nbsp;&nbsp; 86087004 |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 1585838342 | &nbsp;&nbsp; 1682823963 | &nbsp;&nbsp; (79514718)<br>| &nbsp;&nbsp; 1603309245 |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 4952930427 | &nbsp;&nbsp; 247794100 | &nbsp;&nbsp; (107922431)<br>| &nbsp;&nbsp; 139871669 |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 1122046692 | &nbsp;&nbsp; 349664410 | &nbsp;&nbsp; (44384191)<br>| &nbsp;&nbsp; 305280219 |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 1351135315 | &nbsp;&nbsp; 339553260 | &nbsp;&nbsp; (215704867)<br>| &nbsp;&nbsp; 123848393 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 1217318242 | &nbsp;&nbsp; 35056819 | &nbsp;&nbsp; (6367567)<br>| &nbsp;&nbsp; 28689252 |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 2107724575 | &nbsp;&nbsp; 42426277 | &nbsp;&nbsp; (231599659)<br>| &nbsp;&nbsp; (189173382)<br>|
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 5049912634 | &nbsp;&nbsp; 98331500 | &nbsp;&nbsp; (304719574)<br>| &nbsp;&nbsp; (206388074)<br>|
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 547526137 | &nbsp;&nbsp; 95781172 | &nbsp;&nbsp; (17340126)<br>| &nbsp;&nbsp; 78441046 |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 943324772 | &nbsp;&nbsp; 307375054 | &nbsp;&nbsp; (95645541)<br>| &nbsp;&nbsp; 211729513 |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 1582496389 | &nbsp;&nbsp; 225718984 | &nbsp;&nbsp; (3038548)<br>| &nbsp;&nbsp; 222680436 |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 654296142 | &nbsp;&nbsp; 136571656 | &nbsp;&nbsp; (2205940)<br>| &nbsp;&nbsp; 134365716 |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 2217427985 | &nbsp;&nbsp; 508635525 | &nbsp;&nbsp; (66262149)<br>| &nbsp;&nbsp; 442373376 |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 1147268437 | &nbsp;&nbsp; 257501515 | &nbsp;&nbsp; (56817805)<br>| &nbsp;&nbsp; 200683710 |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 1552803458 | &nbsp;&nbsp; 9784770 | &nbsp;&nbsp; (29738162)<br>| &nbsp;&nbsp; (19953392)<br>|
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 930836179 | &nbsp;&nbsp; 112873966 | &nbsp;&nbsp; (25337851)<br>| &nbsp;&nbsp; 87536115 |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 534786036 | &nbsp;&nbsp; 2021689 | &nbsp;&nbsp; (38913591)<br>| &nbsp;&nbsp; (36891902)<br>|

---

**BHFTI-550**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

The tax character of distributions paid for the years ended December 31, 2025, and December 31, 2024 for each Portfolio, as applicable, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Portfolio**  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $55808718 | &nbsp;&nbsp; $228929639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33463713 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AB International Bond Portfolio | &nbsp;&nbsp; 38935600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17717739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 6071529 | &nbsp;&nbsp; 49007845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5165993 | &nbsp;&nbsp; 21838044 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio | &nbsp;&nbsp; 33688810 | &nbsp;&nbsp; 201587166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34451170 | &nbsp;&nbsp; 114105253 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 73605054 | &nbsp;&nbsp; 238427198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67753123 | &nbsp;&nbsp; 132755623 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 894592 | &nbsp;&nbsp; 176831161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 460300 | &nbsp;&nbsp; 135941948 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 46493403 | &nbsp;&nbsp; 89379208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42795408 | &nbsp;&nbsp; 49345960 | &nbsp;&nbsp; — |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 40322963 | &nbsp;&nbsp; 334443397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61692430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 67144402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58095779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 21102059 | &nbsp;&nbsp; 74626174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16997989 | &nbsp;&nbsp; 63661470 | &nbsp;&nbsp; — |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 191196942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 179265176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 16732334 | &nbsp;&nbsp; 102161455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13264296 | &nbsp;&nbsp; 56669367 | &nbsp;&nbsp; — |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 32830033 | &nbsp;&nbsp; 113773110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10254251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 47509571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50675843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 30050127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29513731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 56144067 | &nbsp;&nbsp; 380953260 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20769208 | &nbsp;&nbsp; 154393888 | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 24337015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33838113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 46261907 | &nbsp;&nbsp; 70145786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49674804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 42291465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16204335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 39651163 | &nbsp;&nbsp; 226736383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37363435 | &nbsp;&nbsp; 162532146 | &nbsp;&nbsp; — |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 1172515 | &nbsp;&nbsp; 168878918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2479649 | &nbsp;&nbsp; 100523357 | &nbsp;&nbsp; — |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 49846872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45132204 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 32455521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13275875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 6775936 | &nbsp;&nbsp; 31188808 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6302352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 3887430 | &nbsp;&nbsp; 29561222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3550363 | &nbsp;&nbsp; 18425308 | &nbsp;&nbsp; — |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 420084816 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 246240121 | &nbsp;&nbsp; — |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 35313336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29740090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 26288786 | &nbsp;&nbsp; 79876444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28290728 | &nbsp;&nbsp; 36210745 | &nbsp;&nbsp; — |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 127511120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6897695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 27455223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 202875215 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115432742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 8730383 | &nbsp;&nbsp; 30700251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18384023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 10117019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13241870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 67660676 | &nbsp;&nbsp; 22381673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40894664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 26452700 | &nbsp;&nbsp; 36827795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15261274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 49095012 | &nbsp;&nbsp; 233071158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86149757 | &nbsp;&nbsp; 91185206 | &nbsp;&nbsp; — |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 191013073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4728495 | &nbsp;&nbsp; 131404291 | &nbsp;&nbsp; — |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 58977830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60038455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 21282285 | &nbsp;&nbsp; 96743508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12648840 | &nbsp;&nbsp; 59146113 | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 17655426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17286324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings (accumulated losses) on a federal income tax basis for each Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital Losses**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $19351777 | &nbsp;&nbsp; $47753454 | &nbsp;&nbsp; $323904126 | &nbsp;&nbsp; $— |
| AB International Bond Portfolio | &nbsp;&nbsp; 12215303 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5035622)<br>| &nbsp;&nbsp; (139210628)<br>|
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 5004640 | &nbsp;&nbsp; 27046695 | &nbsp;&nbsp; 47595532 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio | &nbsp;&nbsp; 35638607 | &nbsp;&nbsp; 305235744 | &nbsp;&nbsp; 555002381 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 76464841 | &nbsp;&nbsp; 330043251 | &nbsp;&nbsp; 459751857 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 13193772 | &nbsp;&nbsp; 258909973 | &nbsp;&nbsp; 670946513 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 46219017 | &nbsp;&nbsp; 116721034 | &nbsp;&nbsp; 102974975 | &nbsp;&nbsp; — |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 79281352 | &nbsp;&nbsp; 33528225 | &nbsp;&nbsp; 122931959 | &nbsp;&nbsp; — |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 62589633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19008867 | &nbsp;&nbsp; (77124547)<br>|

---

**BHFTI-551**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| **Undistributed**<br> **Long-Term**<br> **Capital Gains**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Accumulated**<br> **Capital Losses**<br>|
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; $23472351 | &nbsp;&nbsp; $179066315 | &nbsp;&nbsp; $153334245 | &nbsp;&nbsp; $— |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 160376011 | &nbsp;&nbsp; — | &nbsp;&nbsp; (436927222)<br>| &nbsp;&nbsp; (391016681)<br>|
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 10206494 | &nbsp;&nbsp; 91736383 | &nbsp;&nbsp; 23087953 | &nbsp;&nbsp; — |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 66062889 | &nbsp;&nbsp; 99359262 | &nbsp;&nbsp; 141101575 | &nbsp;&nbsp; — |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 36829827 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14298758)<br>| &nbsp;&nbsp; (76930388)<br>|
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 25890543 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3799453)<br>| &nbsp;&nbsp; (159587119)<br>|
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 2976901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3173145 | &nbsp;&nbsp; (115413704)<br>|
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 67863492 | &nbsp;&nbsp; 249030819 | &nbsp;&nbsp; 485113375 | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 29746512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46158733 | &nbsp;&nbsp; (31402355)<br>|
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 92921339 | &nbsp;&nbsp; 71119625 | &nbsp;&nbsp; 275306487 | &nbsp;&nbsp; — |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 48155789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7745748 | &nbsp;&nbsp; (71569644)<br>|
| Invesco Comstock Portfolio | &nbsp;&nbsp; 30102615 | &nbsp;&nbsp; 207658108 | &nbsp;&nbsp; 511653609 | &nbsp;&nbsp; — |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 1894862 | &nbsp;&nbsp; 189925388 | &nbsp;&nbsp; 512730317 | &nbsp;&nbsp; — |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 62187058 | &nbsp;&nbsp; 175349976 | &nbsp;&nbsp; — |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 47342551 | &nbsp;&nbsp; — | &nbsp;&nbsp; (73437291)<br>| &nbsp;&nbsp; (138992770)<br>|
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 27629576 | &nbsp;&nbsp; 25905205 | &nbsp;&nbsp; 131424469 | &nbsp;&nbsp; — |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 6331334 | &nbsp;&nbsp; 26731120 | &nbsp;&nbsp; 39877496 | &nbsp;&nbsp; — |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 4628284 | &nbsp;&nbsp; 24175526 | &nbsp;&nbsp; 86089570 | &nbsp;&nbsp; — |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 251129759 | &nbsp;&nbsp; 1603307289 | &nbsp;&nbsp; — |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 107426566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139871668 | &nbsp;&nbsp; (1080877)<br>|
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 59959879 | &nbsp;&nbsp; 140989709 | &nbsp;&nbsp; 303974530 | &nbsp;&nbsp; — |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123848361 | &nbsp;&nbsp; (513492368)<br>|
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 110437638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28464566 | &nbsp;&nbsp; (714874689)<br>|
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 49631316 | &nbsp;&nbsp; — | &nbsp;&nbsp; (194036401)<br>| &nbsp;&nbsp; (23309263)<br>|
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 140425314 | &nbsp;&nbsp; — | &nbsp;&nbsp; (205874752)<br>| &nbsp;&nbsp; (486980414)<br>|
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 13194305 | &nbsp;&nbsp; 10150648 | &nbsp;&nbsp; 78480531 | &nbsp;&nbsp; — |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 28299254 | &nbsp;&nbsp; 56278869 | &nbsp;&nbsp; 205986631 | &nbsp;&nbsp; — |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 44878711 | &nbsp;&nbsp; 108365605 | &nbsp;&nbsp; 222680436 | &nbsp;&nbsp; — |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 14679934 | &nbsp;&nbsp; 51015443 | &nbsp;&nbsp; 134365716 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 41583281 | &nbsp;&nbsp; 179523802 | &nbsp;&nbsp; 442373376 | &nbsp;&nbsp; — |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 132942395 | &nbsp;&nbsp; 200683710 | &nbsp;&nbsp; — |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 51177313 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19953392)<br>| &nbsp;&nbsp; (260857901)<br>|
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 10259168 | &nbsp;&nbsp; 23884814 | &nbsp;&nbsp; 87536115 | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 16953249 | &nbsp;&nbsp; — | &nbsp;&nbsp; (36891902)<br>| &nbsp;&nbsp; (122279682)<br>|

---

The Portfolios utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

**BHFTI-552**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

The accumulated capital losses carried forward as of December 31, 2025 and prior years accumulated capital losses utilized for each Portfolio, as applicable, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Accumulated Losses Carried Forward** | **Accumulated Losses Carried Forward** | **Accumulated** <br>**Losses Utilized** |
| **Portfolio** | **Short-Term** | **Long-Term** | **Accumulated** <br>**Losses Utilized** |
| AB International Bond Portfolio | &nbsp;&nbsp; $27811916 | &nbsp;&nbsp; $111398712 | &nbsp;&nbsp; $— |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 77124547 | &nbsp;&nbsp; 8109107 |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 144722656 | &nbsp;&nbsp; 246294025 | &nbsp;&nbsp; 159768154 |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 3653664 | &nbsp;&nbsp; 73276724 | &nbsp;&nbsp; — |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 31264496 | &nbsp;&nbsp; 128322623 | &nbsp;&nbsp; — |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 5309021 | &nbsp;&nbsp; 110104683 | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 31402355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 71569644 | &nbsp;&nbsp; 39072811 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9762686 |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 7238908 | &nbsp;&nbsp; 131753862 | &nbsp;&nbsp; — |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46092010 |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 1080877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85264904 |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 134584992 | &nbsp;&nbsp; 378907376 | &nbsp;&nbsp; 206678633 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 266400335 | &nbsp;&nbsp; 448474354 | &nbsp;&nbsp; 39400867 |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 23309263 | &nbsp;&nbsp; — |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 189338376 | &nbsp;&nbsp; 297642038 | &nbsp;&nbsp; 6608251 |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9977756 |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 169950595 | &nbsp;&nbsp; 90907306 | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 17188417 | &nbsp;&nbsp; 105091265 | &nbsp;&nbsp; — |

---

**11.** **Acquisition** 

At the close of business on April 25, 2025, the SSGA Emerging Markets Enhanced Index Portfolio II (the "Acquired Portfolio"), a series of the Trust, merged with and into the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio"). The Portfolio, with aggregate Class A and Class B net assets of $358,717,408 and $7,853,814, respectively, acquired all of the assets and assumed the liabilities of the Acquired Portfolio.

The acquisition was accomplished by a tax-free exchange of 43,297,801 Class A shares of the Acquired Portfolio (valued at $395,415,800) for 36,337,018 Class A shares of the Portfolio and 37,379,598 of Class B shares of the Acquired Portfolio (valued at $338,746,123) for 31,349,997 Class B shares of the Portfolio. Each shareholder of the Acquired Portfolio received Class A and Class B shares of the Portfolio, as applicable, at the Class A and Class B NAV, as determined at the close of business on April 25, 2025. The transaction consolidated substantially similar portfolios managed by the Adviser and provided efficiencies from overlapping strategies. The transaction enabled shareholders of the Acquired Portfolio and Portfolio to invest in a larger, potentially more efficient Portfolio while continuing to pursue the same investment strategy. Some of the investments held by the Acquired Portfolio may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the Acquired Portfolio. All other costs associated with the merger were not borne by the shareholders of either the Portfolio or the Acquired Portfolio. The Acquired Portfolio's net assets on April 25, 2025, were $395,415,800 for Class A and $338,746,123 for Class B shares, including investments and foreign cash valued at $355,342,467 with a cost basis of $357,616,781. In addition, the Acquired Portfolio included $345,374,937 as a receivable for investments sold associated with the sale and transfer of securities in certain foreign jurisdictions.

For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments and foreign cash in the amount of $357,616,781 received by the Portfolio from the Acquired Portfolio through a transfer were carried forward to align ongoing reporting of the Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

For certain foreign jurisdictions, the Acquired Portfolio was required to sell $345,374,937 of securities and recognize a loss of $(8,718,088). The Portfolio purchased those securities for $346,210,933 which established the cost basis for these assets. Transaction costs incurred in connection with the repurchase, were recapitalized as part of the costs of the repurchased securities.

The aggregate net assets of the Portfolio immediately after the acquisition were $1,100,733,145, which included $(2,274,314) of acquired unrealized depreciation on investments and foreign currency transactions.

**BHFTI-553**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Assuming the acquisition had been completed on January 1, 2025, the Portfolio's pro-forma results of operations for the year ended December 31, 2025, are as follows

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp; $28,364,510 <br>(a)<br>|
| Net realized and change in unrealized gain | &nbsp;&nbsp; 307,919,132 <br>(b)<br>|
| Net increase in net assets from operations | &nbsp;&nbsp; 336283642 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $23,073,806 net investment income as reported at December 31, 2025, plus $5,123,990 from the Acquired Portfolio pre-merger net investment income, plus $166,714 of pro-forma eliminated other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $229,791,274 unrealized appreciation as reported at December 31, 2025, minus $(8,716,774) pro-forma December 31, 2024 unrealized depreciation, plus $77,005,323 net realized gain as reported at December 31, 2025, plus $(7,594,239) in net realized loss from the Acquired Portfolio pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Portfolio's Statement of Operations since April 25, 2025.

**BHFTI-554**

------

**Brighthouse Funds Trust I**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Brighthouse Funds Trust I and the Shareholders of the Portfolios:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Portfolios listed in Table I, each a portfolio of Brighthouse Funds Trust I, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. We have also audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Portfolios listed in Table II (collectively with the Portfolios listed in Table I, the "Portfolios"), each a portfolio of Brighthouse Funds Trust I, as of December 31, 2025, the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Table I** | **Table I** |
| **Portfolios** | **Portfolios** |
| AB International Bond Portfolio | Invesco Small Cap Growth Portfolio |
| Allspring Mid Cap Value Portfolio | JPMorgan Core Bond Portfolio |
| &nbsp;&nbsp; American Funds® Aggressive Allocation Portfolio <br> (Formerly: American Funds® Growth Allocation Portfolio)<br>| JPMorgan Small Cap Value Portfolio |
| American Funds® Balanced Allocation Portfolio | Loomis Sayles Global Allocation Portfolio |
| American Funds® Growth Portfolio | Loomis Sayles Growth Portfolio |
| American Funds® Moderate Allocation Portfolio | MetLife Multi-Index Targeted Risk Portfolio |
| BlackRock High Yield Portfolio | MFS® Research International Portfolio |
| Brighthouse Asset Allocation 100 Portfolio | Morgan Stanley Discovery Portfolio |
| Brighthouse Balanced Plus Portfolio | PIMCO Inflation Protected Bond Portfolio |
| Brighthouse Small Cap Value Portfolio | PIMCO Total Return Portfolio |
| Brighthouse/Artisan International Portfolio | SSGA Emerging Markets Enhanced Index Portfolio |
| Brighthouse/Eaton Vance Floating Rate Portfolio | SSGA Growth and Income ETF Portfolio |
| Brighthouse/Franklin Low Duration Total Return Portfolio | SSGA Growth ETF Portfolio |
| Brighthouse/Templeton International Bond Portfolio | T. Rowe Price Large Cap Value Portfolio |
| Brighthouse/Wellington Large Cap Research Portfolio | T. Rowe Price Mid Cap Growth Portfolio |
| CBRE Global Real Estate Portfolio | TCW Core Fixed Income Portfolio |
| Harris Oakmark International Portfolio | Victory Sycamore Mid Cap Value Portfolio |
| Invesco Comstock Portfolio | Western Asset Management Government Income Portfolio |
| Invesco Global Equity Portfolio |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Table II** | **Table II** |
| **Portfolios** | **Portfolios** |
| AB Global Dynamic Allocation Portfolio | JPMorgan Global Active Allocation Portfolio |
| BlackRock Global Tactical Strategies Portfolio | PanAgora Global Diversified Risk Portfolio |
| Invesco Balanced-Risk Allocation Portfolio | Schroders Global Multi-Asset Portfolio |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered

**BHFTI-555**

------

**Brighthouse Funds Trust I**

**Report of Independent Registered Public Accounting Firm**

with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-556**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements (Item 11)**

At a meeting held on November 20-21, 2025 (the "November Meeting"), the Board of Trustees (the "Board") of Brighthouse Funds Trust I (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940 (the "1940 Act"), approved the continuation of the Trust's advisory agreements (each an "Advisory Agreement") with Brighthouse Investment Advisers, LLC (the "Adviser") for the series of the Trust (each a "Portfolio," and collectively, the "Portfolios"). At the November Meeting, the Board, including a majority of the Independent Trustees, also approved the continuation of the sub-advisory and sub-subadvisory agreements (each a "Sub-Advisory Agreement" and collectively with each Advisory Agreement, the "Agreements") between the Adviser and the investment sub-advisers and sub-sub-advisers (each a "Sub-Adviser," and collectively, the "Sub-Advisers") for the Portfolios that had engaged a Sub-Adviser (each, a "Sub-Advised Portfolio" and collectively, the "Sub-Advised Portfolios"). Each Agreement was approved for the annual contract renewal period from January 1, 2026 through December 31, 2026, except as noted below with respect to the continuation of certain sub-subadvisory agreements with different terms.

The Board met with personnel of the Adviser on September 29-30, 2025 (the "September Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements for each Portfolio, and the Board reviewed and discussed specific information that the Adviser and Sub-Advisers, as applicable, had provided at the request of the Independent Trustees. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser provided at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the "Meetings"). The Board has five regularly scheduled meetings each year, including the September Meeting, and takes into account throughout the year matters bearing on the Agreements. During the contract renewal process, and throughout the year, the Independent Trustees were advised by independent legal counsel, and they met with independent legal counsel in executive sessions outside of the presence of management on a number of occasions to discuss, among other things, the renewal of the Agreements.&nbsp;&nbsp;&nbsp;&nbsp;

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process and that were provided to and discussed with the Board throughout the year. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset valuation. Information about the Adviser and each Sub-Adviser, as applicable, included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers. The Board considered the potential effect on the Adviser's day-to-day management of the Portfolios of the acquisition of Brighthouse Financial, Inc., the parent company of the Adviser, by Aquarian Capital LLC, which had been recently announced. The Board acknowledged that the acquisition could result in an assignment of the Portfolios' Agreements, which the Board would formally address in 2026.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("Broadridge"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("JDL"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("JDL Report"). The Independent Trustees met in executive session with representatives of JDL at the time of the September Meeting to discuss the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the applicable Agreements. The Board also concluded that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser and to each Sub-Adviser, as applicable, appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser, respectively. Further, the Board concluded that the Adviser's profitability in providing services under each Advisory Agreement did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information provided to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio through the exercise of its business judgment. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as applicable, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including information with respect to investment programs and personnel, succession management of key personnel,

**BHFTI-557**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

oversight of transition management (as applicable), compliance programs and personnel, and risk management programs, among other things. The Board considered the Adviser's services as investment manager to the Sub-Advised Portfolios, including its services relating to the oversight of the Sub-Advisers and, in particular, each Sub-Adviser's investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management programs, among other things. The Adviser's services in coordinating and overseeing the activities of the Trust's other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements, including related to liquidity, valuation, and derivatives risk management, as relevant. The Board considered information received from the Trust's Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Adviser's and Sub-Advisers' compliance policies and procedures, as applicable.

The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to review and assess the services that are provided to the Portfolios, including for the Sub-Advised Portfolios, to conduct periodic meetings with the Sub-Advisers throughout the year, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above. With respect to the services provided by each of the Sub-Advisers for the Sub-Advised Portfolios, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process, each Sub-Adviser's overall organization and business plans and the investment performance experienced by the Sub-Advised Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Sub-Advised Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's staffing with respect to the management of the Sub-Advised Portfolio and other information relating to the Sub-Adviser's business and operations. The Board also considered the Sub-Adviser's overall resources and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the Sub-Adviser's personnel who provide services to the Sub-Advised Portfolios. The Board also considered, among other things, information about each Sub-Adviser's compliance and risk management programs, including regarding any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year, as well as the Sub-Adviser's trading practices and the Adviser's assessment of the financial condition of each Sub-Adviser.

With respect to the Brighthouse Asset Allocation 100 Portfolio (the "Asset Allocation Portfolio"), the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for the Asset Allocation Portfolio and investments in other Portfolios of the Trust and Brighthouse Funds Trust II (the "Underlying Portfolios"). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolio, American Funds Balanced Allocation Portfolio, American Funds Aggressive Allocation Portfolio and American Funds Moderate Allocation Portfolio, including asset allocations and performance metrics.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the Portfolio's investment objectives and strategies and the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's periodic presentations to the Board of detailed information about each Portfolio's performance results in light of relevant market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "Performance Universe") and the JDL Report. The Board also compared the performance of each Sub-Advised Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was provided. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer group members.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Sub-Advised Portfolios.

**BHFTI-558**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

*Fees and Expenses*. The Board gave consideration to the levels and structures of the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included various comparisons of the Portfolio's fees (at December 31, 2024 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds ("Expense Universe") and a narrower group of peer funds ("Expense Group"), and, for the Sub-Advised Portfolios, also a broad group of peer sub-advised funds ("Sub-advised Expense Universe") and a narrower group of peer sub-advised funds ("Sub-advised Expense Group"). In particular, the Board reviewed, as applicable, comparisons of each Portfolio's actual management fees and/or actual total expenses with its Expense Universe, Expense Group, and Sub-advised Expense Universe, and contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group. The Board considered that Broadridge selected the peer funds, which were funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility. In addition, for the Sub-Advised Portfolios, the Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was provided, including the Sub-Adviser's explanation of differences among the funds and other accounts where relevant.

For the Sub-Advised Portfolios, the Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into agreements with certain of the Portfolios to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses or passing through the benefit of a subadvisory fee concession to a Portfolio, as applicable.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolio, the Board also considered the Adviser's analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust and Brighthouse Funds Trust II in which the Asset Allocation Portfolio invests. For the Sub-Advised Portfolios, the Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Sub-Advised Portfolios, to the extent provided, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement, as applicable, for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors*. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trust. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trust, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Sub-Advised Portfolio. In addition, for the Sub-Advised Portfolios, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Sub-Advised Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trust and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers, as applicable, pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \* \*

**BHFTI-559**

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**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

*AB Global Dynamic Allocation Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and AllianceBernstein L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board further considered that the Portfolio underperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*AB International Bond Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and AllianceBernstein L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg Global Aggregate ex-USD (USD Hedged) Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio outperformed its blended benchmark, the Bloomberg Global Aggregate ex-USD (USD Hedged) Index (60%) and the JPMorgan EMBI Global Diversified Index (40%), for the one- and three-year periods ended October 31, 2025, and underperformed the same blended benchmark for the five-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

*Allspring Mid Cap Value Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Allspring Global Investments, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its benchmark, the Russell Midcap Value Index, for the one- and three-year periods ended October 31, 2025, and outperformed the same benchmark for the five-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*American Funds Balanced Allocation Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board noted that the Portfolio underperformed the Brighthouse Balanced AA Narrow Index for the one-year period ended October 31, 2025 and outperformed that same index for the three- and five-year periods ended October 31, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025.

**BHFTI-560**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*American Funds Agressive Allocation Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board noted that the Portfolio underperformed the Brighthouse Growth AA Narrow Index for the one-year period ended October 31, 2025 and outperformed that same index for the three- and five-year periods ended October 31, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderately Aggressive Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*American Funds Growth Portfolio*. The American Funds Growth Portfolio is a "feeder fund" that invests all of its assets in an American Funds Insurance Series "master fund." The Board, including a majority of the Independent Trustees, approved the renewal of the stand-by Advisory Agreement with the Adviser (the "Stand-by Agreement") whereby the Adviser will manage the American Funds Growth Portfolio's assets, and receive a fee in the event the Portfolio no longer invests all of its assets in its master fund.

The Board's consideration of the renewal of the Stand-by Agreement entailed the review and consideration of the information noted below, rather than the information that has been identified with respect to the other Portfolios of the Trust. The Board's consideration of the renewal was calibrated to the unique nature of the Stand-by Agreement, whereby the Adviser currently provides no investment advisory services and receives no investment advisory fee from the Portfolio.

At the Meetings, the Board, including a majority of the Independent Trustees, determined to approve the renewal of the Stand-by Agreement based upon the following factors: (i) its experience with the Adviser and the nature, extent and quality of services provided by the Adviser to the Trust; and (ii) the investment performance of the American Funds Growth Portfolio. The fees and expenses of the American Funds Growth Portfolio were not affected by the Stand-by Agreement. The Adviser's profitability from the provision of investment management services under the Stand-by Agreement was not affected by the Stand-by Agreement. Economies of scale in the provision of asset management services by the Adviser were not implicated by the Stand-by Agreement.

*American Funds Moderate Allocation Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-year period ended June 30, 3035 and underperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board noted that the Portfolio underperformed the Brighthouse Moderate AA Narrow Index for the one- and three-year periods ended October 31, 2025 and outperformed that same index for the five-year period ended October 31, 2025. The Board further noted that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board also noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*BlackRock Global Tactical Strategies Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio underperformed its blended benchmark for the one-, three-,

**BHFTI-561**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and above the Expense Universe median and the Sub-advised Expense Universe median. The Board also noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. In considering the Portfolio's actual management fees and total expenses, the Board observed various differences between the Portfolio's investment approach and those of the funds in the Expense Group. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*BlackRock High Yield Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser, BlackRock Financial Management, Inc. and BlackRock International Limited<sup>[1]</sup> regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board also noted that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median, below the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

<sup>[1]</sup> The Board separately approved the continuation of the investment sub-subadvisory agreement with BlackRock International Limited for the interim period from December 9, 2025 through December 31, 2025, and for the period from January 1, 2026 through December 31, 2026, to align the term of this agreement with the term of the Portfolio's Sub-Advisory Agreement with BlackRock Financial Management, Inc.

*Brighthouse/Artisan International Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Artisan Partners Limited Partnership regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. In addition, the Board considered that the Portfolio outperformed its benchmark, the MSCI All Country World (ex-U.S.) Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and below the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were equal to the Expense Group median, and below the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Eaton Vance Floating Rate Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Eaton Vance Management regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Morningstar LSTA U.S. Leveraged Loan Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

**BHFTI-562**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Sub-advised Expense Universe Median, and equal to the Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Franklin Low Duration Total Return Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median, and equal to the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board further noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Templeton International Bond Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed the median of its Performance Universe for the one- and three-year periods ended June 30, 2025 and outperformed the median of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed its benchmark, the FTSE World Government Bond Index (WGBI) ex-U.S., for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were equal to the Expense Group median and the Expense Universe median, and above the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

*Brighthouse/Wellington Large Cap Research Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Wellington Management Company LLP regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of one of its Performance Universes for the one- and three-year periods ended June 30, 2025, and outperformed the median and average of that Performance Universe for the five-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed the median of its other Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed the average of its other Performance Universe for the one- and five-year periods ended June 30, 2025 and outperformed the average of that Performance Universe for the three-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group

**BHFTI-563**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse Asset Allocation 100 Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one- and three-year periods ended June 30, 2025, and performed the same as the median of its Performance Universe for the five-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed the average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed the Brighthouse AA 100 Narrow Index for the one-, three-, and five-year periods ended October 31, 2025. The Board also noted that the Portfolio underperformed its benchmark, the Dow Jones Aggressive Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*Brighthouse Balanced Plus Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

The Board considered the Adviser's provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the Portfolio's asset allocations and discuss the performance of the Portfolio's investments in underlying Portfolios. The Board also considered the Adviser's analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also took into account that the Portfolio underperformed the Balanced Plus Narrow Index for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were equal to the Expense Group median and the Sub-advised Expense Universe median, and above the Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were equal to the Expense Group median, and below the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

*Brighthouse Small Cap Value Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Allspring Global Investments, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its style-specific benchmark, the Russell 2000 Value Index, for the one-, three, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board noted that the Sub-Adviser did not manage all of the Portfolio for all of the periods referenced.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below

**BHFTI-564**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board considered that the Adviser had negotiated a waiver to the Portfolio's sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the sub-advisory fee waiver effective March 3, 2025.

*CBRE Global Real Estate Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and CBRE Investment Management Listed Real Assets LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its style-specific benchmark, the FTSE EPRA/NAREIT Developed Index, for the one-year period ended October 31, 2025 and outperformed that same benchmark for the three- and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Harris Oakmark International Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Harris Associates L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the one- and five-year periods ended October 31, 2025 and underperformed that same benchmark for the three-year period ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Invesco Balanced-Risk Allocation Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio underperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Invesco Comstock Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2025.

**BHFTI-565**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Invesco Global Equity Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the MSCI All Country World Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Invesco Small Cap Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2025, and performed the same as the median of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio underperformed the average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its style-specific benchmark, the Russell 2000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median, equal to the Expense Universe median, and above the Sub-advised Expense Universe median. The Board considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio's sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective December 1, 2025.

*JPMorgan Core Bond Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board took into account that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-566**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

*JPMorgan Global Active Allocation Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio underperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*JPMorgan Small Cap Value Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one- and three-year periods ended June 30, 2025 and outperformed the median and average of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Value Index, for the one- and three-year periods ended October 31, 2025 and outperformed its benchmark for the five-year period ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Universe and the Sub-advised Expense Group at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Loomis Sayles Global Allocation Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and the average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and the average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its blended index, the MSCI World Index (60%) and the FTSE World Government Bond Index (40%), for the one-year period ended October 31, 2025, and outperformed the same blended index for the three- and five-year periods ended October 31, 2025. The Board further noted that the Portfolio underperformed its other blended benchmark for the one- and five-year periods ended October 31, 2025 and outperformed the same blended benchmark for the three-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Loomis Sayles Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that

**BHFTI-567**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one- and five-year periods ended October 31, 2025 and outperformed that same benchmark for the three-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife Multi-Index Targeted Risk Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

The Board considered the Adviser's provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the Portfolio's asset allocations and discuss the performance of the Portfolio's investments in underlying Portfolios.

The Board also considered the Adviser's analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also took into account that the Portfolio underperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MFS Research International Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board noted that the Portfolio underperformed one of its benchmarks, the MSCI EAFE Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also noted that the Portfolio underperformed its other benchmark, the MSCI All Country World (ex.-U.S.) Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio's sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective November 1, 2025.

*Morgan Stanley Discovery Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Morgan Stanley Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one- and three-year periods ended June 30, 2025 and underperformed the median and

**BHFTI-568**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

average of its Performance Universe for the five-year period ended June 30, 2025. The Board also noted that the Portfolio outperformed its benchmark, the Russell Midcap Growth Index, for the one- and three-year periods ended October 31, 2025 and underperformed the same benchmark for the five-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*PanAgora Global Diversified Risk Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and PanAgora Asset Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025 and underperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended benchmark for the one-year period ended October 31, 2025, and underperformed those same benchmarks for the three- and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*PIMCO Inflation Protected Bond Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. TIPS Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above Expense Group median, and below the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*PIMCO Total Return Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio outperformed the average of its Performance Universe for the one- and three-year periods ended June 30, 2025 and underperformed the average of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-569**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

*Schroders Global Multi-Asset Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited<sup>[2]</sup> regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one- and five-year periods ended October 31, 2025 and outperformed the same benchmark for the three-year period ended October 31, 2025. The Board also noted that the Portfolio underperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

<sup>[2]</sup> The Board separately approved the continuation of the investment sub-subadvisory agreement with Schroder Investment Management North America Limited for the interim period from December 9, 2025 through December 31, 2025, and for the period from January 1, 2026 through December 31, 2026, to align the term of this agreement with the term of the Portfolio's Sub-Advisory Agreement with Schroder Investment Management North America Inc.

*SSGA Emerging Markets Enhanced Index Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*SSGA Growth and Income ETF Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-, three-, and five-year periods ended October 31, 2025. The Board also noted that the Portfolio outperformed its other benchmark, the SSGA Growth & Income Composite Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

*SSGA Growth ETF Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

**BHFTI-570**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-, three-, and five-year periods ended October 31, 2025. The Board also noted that the Portfolio outperformed its other benchmark, the SSGA ETF Growth Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were below the Expense Universe median and the Sub-advised Expense Universe median, and above the Expense Universe median. The Board further considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expenses Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

*TCW Core Fixed Income Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and TCW Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio outperformed the average of its Performance Universe for the one- and five-year periods ended June 30, 2025 and underperformed its Performance Universe for the three-year period ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one- and three-year periods ended October 31, 2025 and underperformed the same benchmark for the five-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median, and below the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median and below the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*T. Rowe Price Large Cap Value Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*T. Rowe Price Mid Cap Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser, T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-571**

------

**Brighthouse Funds Trust I**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Victory Sycamore Mid Cap Value Portfolio*. The Board also considered the following information in relation to the Advisory Agreement with the Adviser and Victory Capital Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one- and three-year periods ended June 30, 2025 and outperformed the median and average of its Performance Universe for the five-year period ended June 30, 2025. The Board also took into account that the Portfolio underperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Western Asset Management Government Income Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Western Asset Management Company, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Government Bond Index, for the one- and three-year periods ended October 31, 2025, and underperformed the same benchmarks for the five-year period ended October 31, 2025. The Board further considered that the Portfolio outperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-572**

------

**Quarterly Portfolio Schedule**

The Trust files its complete schedule of portfolio holdings as an attachment to Form N-PORT for the first and third quarters of each fiscal year. The Trust's Form N-PORT filings are available on the Securities and Exchange Commission's website at http://www.sec.gov. Once filed, the most recent Form N-PORT will be available without charge, upon request, by calling (800) 848-3854.

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission's website at http://www.sec.gov.

**Proxy Voting Record**

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending December 31 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission's website at http://www.sec.gov.

------

![](g17207img8960ed031.jpg)

**American Funds Insurance Series**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. INGEFP4-998-0226© 2026 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% | Shares | Value<br> (000)<br>|
| **Information technology 29.37%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 10705200 | $522985 |
| Broadcom, Inc.  | 1107449 | 383288 |
| Microsoft Corp.  | 740348 | 358047 |
| NVIDIA Corp.  | 1437636 | 268119 |
| ASML Holding NV (ADR)  | 120673 | 129103 |
| ASML Holding NV  | 105955 | 113257 |
| Micron Technology, Inc.  | 433659 | 123771 |
| NEC Corp.  | 2693871 | 90835 |
| Samsung Electronics Co., Ltd.  | 1068680 | 89068 |
| SK hynix, Inc.  | 157999 | 71546 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 66427 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 85473 | 57593 |
| Tokyo Electron, Ltd.  | 237700 | 52203 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 278761 | 44872 |
| International Business Machines Corp.  | 131299 | 38892 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 179438 | 36763 |
| Salesforce, Inc.  | 126566 | 33529 |
| Intel Corp. <sup>(a)</sup>  | 902119 | 33288 |
| Capgemini SE  | 176911 | 29299 |
| Apple, Inc.  | 107144 | 29128 |
| Ubiquiti, Inc.  | 51660 | 28586 |
| Oracle Corp.  | 102383 | 19956 |
| Dassault Systemes SE  | 701879 | 19604 |
| Nemetschek SE  | 140877 | 15361 |
| Check Point Software Technologies, Ltd. <sup>(a)</sup>  | 79736 | 14796 |
| Synopsys, Inc. <sup>(a)</sup>  | 23849 | 11202 |
|  |  | 2681518 |
| **Industrials 17.72%** |  |  |
| Airbus SE, non-registered shares  | 640525 | 148572 |
| Comfort Systems USA, Inc.  | 140027 | 130686 |
| Safran SA  | 324785 | 113019 |
| General Electric Co.  | 315857 | 97293 |
| Siemens AG  | 330684 | 92868 |
| Ryanair Holdings PLC (ADR)  | 1180370 | 85211 |
| Boeing Co. (The) <sup>(a)</sup>  | 372821 | 80947 |
| Saab AB, Class B  | 1217750 | 70832 |
| BAE Systems PLC  | 2424921 | 55747 |
| GT Capital Holdings, Inc.  | 5411899 | 54732 |
| ATI, Inc. <sup>(a)</sup>  | 476446 | 54677 |
| TransDigm Group, Inc.  | 38430 | 51106 |
| RS Group PLC  | 5414909 | 45232 |
| Howmet Aerospace, Inc.  | 212197 | 43505 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 797398 | 41441 |
| ASSA ABLOY AB, Class B  | 1034590 | 40110 |
| Rocket Lab Corp. <sup>(a)</sup>  | 565667 | 39461 |
| DSV A/S  | 153094 | 38526 |
| Hitachi, Ltd.  | 1228900 | 38125 |
| Copart, Inc. <sup>(a)</sup>  | 878862 | 34407 |
| Crane Co.  | 178460 | 32913 |
| PACCAR, Inc.  | 286995 | 31429 |
| The Toro Co.  | 373724 | 29420 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 270675 | 27477 |
| Hanwha Aerospace Co., Ltd.  | 40475 | 26333 |
| Alliance Global Group, Inc.  | 156400700 | 21772 |
| FTAI Aviation, Ltd.  | 102740 | 20224 |
| Mitsui & Co., Ltd.  | 676500 | 19994 |
| Deere & Co.  | 39278 | 18287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| GE Vernova, Inc.  | 24758 | $16181 |
| Daikin Industries, Ltd.  | 76900 | 9872 |
| Ingersoll-Rand, Inc.  | 96000 | 7605 |
|  |  | 1618004 |
| **Consumer discretionary 13.88%** |  |  |
| Prosus NV, Class N  | 1846586 | 114052 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 42043 | 84686 |
| Renault SA  | 1688781 | 69914 |
| Inchcape PLC  | 6234573 | 64629 |
| Booking Holdings, Inc.  | 11574 | 61983 |
| Starbucks Corp.  | 729678 | 61446 |
| Compagnie Financiere Richemont SA, Class A  | 279343 | 60287 |
| Amazon.com, Inc. <sup>(a)</sup>  | 239344 | 55245 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1462554 | 54114 |
| Hyundai Motor Co.  | 254391 | 52086 |
| LKQ Corp.  | 1640562 | 49545 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 64729 | 48799 |
| Trip.com Group, Ltd. (ADR)  | 672433 | 48355 |
| MGM China Holdings, Ltd.  | 28793200 | 48329 |
| General Motors Co.  | 519771 | 42268 |
| InterContinental Hotels Group PLC  | 299249 | 41918 |
| Restaurant Brands International, Inc. (CAD denominated)  | 607375 | 41446 |
| Alibaba Group Holding, Ltd. (ADR)  | 268854 | 39409 |
| Entain PLC  | 3341847 | 34412 |
| Industria de Diseno Textil SA  | 501952 | 33064 |
| Hermes International  | 12384 | 30597 |
| Sanrio Co., Ltd.  | 912300 | 28622 |
| Carvana Co., Class A <sup>(a)</sup>  | 61924 | 26133 |
| D.R. Horton, Inc.  | 173953 | 25054 |
| Toll Brothers, Inc.  | 167692 | 22675 |
| Wynn Macau, Ltd.  | 21430000 | 16295 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 134120 | 12233 |
|  |  | 1267596 |
| **Financials 13.85%** |  |  |
| Citigroup, Inc.  | 1215819 | 141874 |
| Banco Bilbao Vizcaya Argentaria SA  | 5187583 | 121338 |
| 3i Group PLC  | 2294508 | 99828 |
| Brookfield Corp., Class A  | 2138896 | 98154 |
| Aon PLC, Class A  | 244466 | 86267 |
| Visa, Inc., Class A  | 237305 | 83225 |
| Prudential PLC  | 5215411 | 80470 |
| Fiserv, Inc. <sup>(a)</sup>  | 1031889 | 69312 |
| Societe Generale  | 809341 | 65207 |
| Ameriprise Financial, Inc.  | 104697 | 51337 |
| Allianz SE  | 106923 | 49042 |
| Aviva PLC  | 4545916 | 41620 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR)  | 1293921 | 38688 |
| Japan Post Insurance Co., Ltd.  | 1156950 | 34716 |
| UniCredit SpA  | 359971 | 29883 |
| CME Group, Inc., Class A  | 103473 | 28256 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 97796 | 22116 |
| MS&AD Insurance Group Holdings, Inc.  | 831800 | 19587 |
| Arthur J. Gallagher & Co.  | 74138 | 19186 |
| CaixaBank SA, non-registered shares  | 1557890 | 19025 |
| HSBC Holdings PLC (GBP denominated)  | 1163368 | 18239 |
| HDFC Bank, Ltd.  | 1328758 | 14683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 3558529 | $14263 |
| Swissquote Group Holding, Ltd.  | 15017 | 9116 |
| CVC Capital Partners PLC  | 542527 | 9085 |
|  |  | 1264517 |
| **Health care 7.75%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 213311 | 96707 |
| Argenx SE (ADR) <sup>(a)</sup>  | 80747 | 67904 |
| Regeneron Pharmaceuticals, Inc.  | 83600 | 64528 |
| Thermo Fisher Scientific, Inc.  | 103186 | 59791 |
| UnitedHealth Group, Inc.  | 179184 | 59150 |
| Eli Lilly and Co.  | 43922 | 47202 |
| EssilorLuxottica SA  | 144508 | 45690 |
| Sanofi  | 378504 | 36721 |
| Cigna Group (The)  | 132736 | 36533 |
| AstraZeneca PLC  | 194247 | 35779 |
| Pfizer, Inc.  | 1418993 | 35333 |
| Haleon PLC  | 6192098 | 31333 |
| Centene Corp. <sup>(a)</sup>  | 580852 | 23902 |
| Bayer AG  | 537074 | 23168 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 50179 | 19954 |
| Novo Nordisk AS, Class B  | 237847 | 12124 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 367000 | 11454 |
|  |  | 707273 |
| **Communication services 5.39%** |  |  |
| Meta Platforms, Inc., Class A  | 213121 | 140679 |
| Alphabet, Inc., Class A  | 269199 | 84259 |
| Spotify Technology SA <sup>(a)</sup>  | 118391 | 68751 |
| Publicis Groupe SA  | 549935 | 57051 |
| Bharti Airtel, Ltd.  | 2029589 | 47612 |
| Netflix, Inc. <sup>(a)</sup>  | 419340 | 39317 |
| Nintendo Co., Ltd.  | 566253 | 38250 |
| Tencent Holdings, Ltd.  | 213900 | 16391 |
|  |  | 492310 |
| **Consumer staples 3.33%** |  |  |
| Nestle SA  | 695583 | 69136 |
| Dollar General Corp.  | 408173 | 54193 |
| Costco Wholesale Corp.  | 44829 | 38658 |
| Carrefour SA, non-registered shares  | 2201230 | 36717 |
| Pernod Ricard SA  | 384768 | 32940 |
| Coca-Cola HBC AG (CDI) <sup>(a)</sup>  | 445087 | 23050 |
| Philip Morris International, Inc.  | 121081 | 19421 |
| Monster Beverage Corp. <sup>(a)</sup>  | 239297 | 18347 |
| Loblaw Cos., Ltd.  | 267760 | 12105 |
|  |  | 304567 |
| **Materials 2.48%** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 5358289 | 44201 |
| Agnico Eagle Mines, Ltd.  | 240735 | 40824 |
| Amcor PLC (CDI)  | 3567000 | 29808 |
| Linde PLC  | 63907 | 27249 |
| Sherwin-Williams Co.  | 81338 | 26356 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 802920 | 21527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Syensqo SA  | 168919 | $13566 |
| Ecolab, Inc.  | 46140 | 12113 |
| LyondellBasell Industries NV  | 250227 | 10835 |
|  |  | 226479 |
| **Energy 1.34%** |  |  |
| NAC Kazatomprom JSC (GDR)  | 673935 | 37443 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1066948 | 36139 |
| Tourmaline Oil Corp.  | 612792 | 27489 |
| Reliance Industries, Ltd.  | 789344 | 13778 |
| TotalEnergies SE (EUR denominated)  | 112486 | 7331 |
|  |  | 122180 |
| **Real estate 1.24%** |  |  |
| Mirvac Group REIT  | 25439540 | 34719 |
| Simon Property Group, Inc. REIT  | 168674 | 31223 |
| Sun Hung Kai Properties, Ltd.  | 2378500 | 28855 |
| Dexus REIT  | 3935855 | 18150 |
|  |  | 112947 |
| **Utilities 0.59%** |  |  |
| Oklo, Inc., Class A <sup>(a)(b)</sup>  | 258331 | 18538 |
| Veolia Environnement SA  | 429985 | 14981 |
| FirstEnergy Corp.  | 286296 | 12818 |
| NRG Energy, Inc.  | 50420 | 8029 |
|  |  | 54366 |
| **Total common stocks** (cost: $5,566,337,000) |  | 8851757 |
| Short-term securities 3.17% |  |  |
| **Money market investments 3.16%** | **Money market investments 3.16%** | **Money market investments 3.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2888549 | 288884 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 1098443 | 1098 |
| **Total short-term securities** (cost: $289,944,000) |  | 289982 |
| **Total investment securities 100.11%** (cost: $5,856,281,000) |  | 9141739 |
| Other assets less liabilities (0.11)% |  | (10393)<br>|
| **Net assets 100.00%** |  | $9131346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>4</sub>

------

Global Growth Fund (continued)

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.16%** |  |  |  |  |  |  |  |
| **Money market investments 3.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $1841815 | &nbsp;&nbsp; $1836409 | &nbsp;&nbsp; $(82)<br>| &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $288884 | &nbsp;&nbsp; $12461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% | Shares | Value<br> (000)<br>|
| **Industrials 21.20%** |  |  |
| International Container Terminal Services, Inc.  | 3664220 | $35133 |
| ATI, Inc. <sup>(a)</sup>  | 265862 | 30510 |
| Cleanaway Waste Management, Ltd.  | 17157789 | 29580 |
| Trelleborg AB, Class B  | 565261 | 23920 |
| Takasago Thermal Engineering Co., Ltd.  | 806148 | 22853 |
| Diploma PLC  | 300405 | 21440 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 212525 | 20815 |
| Adecco Group AG  | 694197 | 20168 |
| Nexans SA  | 134522 | 19782 |
| Modine Manufacturing Co. <sup>(a)</sup>  | 146345 | 19539 |
| UL Solutions, Inc., Class A  | 236384 | 18641 |
| Qantas Airways, Ltd.  | 2530925 | 17461 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 343688 | 17287 |
| CBIZ, Inc. <sup>(a)</sup>  | 340016 | 17154 |
| Carel Industries SpA  | 555967 | 16010 |
| Comfort Systems USA, Inc.  | 16788 | 15668 |
| VSE Corp.  | 90068 | 15561 |
| Oshkosh Corp.  | 106689 | 13403 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 12759 |
| Rumo SA  | 4373675 | 11683 |
| ICF International, Inc.  | 133699 | 11405 |
| Inox Wind, Ltd. <sup>(a)</sup>  | 7777781 | 10690 |
| Kandenko Co., Ltd.  | 327900 | 10538 |
| AFRY AB, Class B  | 642228 | 10430 |
| Badger Infrastructure Solutions, Ltd.  | 183079 | 9755 |
| Applied Industrial Technologies, Inc.  | 35926 | 9225 |
| Addtech AB, Class B  | 245222 | 8714 |
| Howden Joinery Group PLC  | 747163 | 8320 |
| Neway Valve (Suzhou) Co., Ltd., Class A  | 1107550 | 8219 |
| dormakaba Holding AG  | 97220 | 7861 |
| ESAB Corp.  | 68792 | 7685 |
| First Advantage Corp. <sup>(a)</sup>  | 528767 | 7683 |
| Sterling Infrastructure, Inc. <sup>(a)</sup>  | 24972 | 7647 |
| Beijer Ref AB, Class B  | 445805 | 7172 |
| Visional, Inc. <sup>(a)</sup>  | 105238 | 6730 |
| IMCD NV  | 71611 | 6515 |
| Sinfonia Technology Co., Ltd.  | 110986 | 6443 |
| Huber + Suhner AG  | 35267 | 6381 |
| Tetra Tech, Inc.  | 186785 | 6265 |
| Engcon AB, Class B  | 624455 | 5619 |
| Localiza Rent a Car SA, ordinary nominative shares  | 663945 | 5236 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 25536 | 194 |
| SATS, Ltd.  | 1817900 | 5378 |
| SPIE SA  | 90533 | 5211 |
| Rosebank Industries PLC <sup>(a)</sup>  | 1094795 | 5163 |
| WESCO International, Inc.  | 20529 | 5022 |
| XPO, Inc. <sup>(a)</sup>  | 35214 | 4786 |
| Saia, Inc. <sup>(a)</sup>  | 13577 | 4433 |
| RENK Group AG  | 60784 | 3806 |
| Hensoldt AG <sup>(b)</sup>  | 41633 | 3598 |
| Matson, Inc.  | 28475 | 3518 |
| Reliance Worldwide Corp., Ltd.  | 1357484 | 3485 |
| Takuma Co., Ltd.  | 204600 | 3237 |
| KEI Industries, Ltd.  | 64373 | 3195 |
| IndiaMart InterMesh, Ltd.  | 113259 | 2802 |
| Huaming Power Equipment Co., Ltd., Class A  | 647600 | 2314 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup>  | 98413 | 1652 |
| McGrath RentCorp  | 3980 | 418 |
|  |  | 626112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials 16.44%** |  |  |
| IIFL Finance, Ltd. <sup>(a)</sup>  | 4298688 | $29178 |
| Stifel Financial Corp.  | 224039 | 28054 |
| HDFC Asset Management Co., Ltd.  | 907132 | 26969 |
| SLM Corp.  | 972198 | 26308 |
| Porto Seguro SA  | 2915882 | 25720 |
| Glacier Bancorp, Inc.  | 577688 | 25447 |
| Cholamandalam Investment and Finance Co., Ltd.  | 1274960 | 24092 |
| First American Financial Corp.  | 379577 | 23321 |
| Vontobel Holding AG  | 257533 | 20820 |
| Max Financial Services, Ltd. <sup>(a)</sup>  | 975628 | 18142 |
| SiriusPoint, Ltd. <sup>(a)</sup>  | 767775 | 16807 |
| Kyoto Financial Group, Inc.  | 750000 | 16355 |
| Pluxee NV  | 1010488 | 15831 |
| Janus Henderson Group PLC  | 299721 | 14258 |
| Lazard, Inc., Class A  | 274252 | 13318 |
| Home BancShares, Inc.  | 449364 | 12483 |
| Gunma Bank, Ltd. (The)  | 1068100 | 11747 |
| Sprott, Inc.  | 109623 | 10737 |
| GQG Partners, Inc. (CDI)  | 9139164 | 10643 |
| Banco del Bajio SA  | 3890796 | 9827 |
| Asia Commercial Joint Stock Bank  | 10676850 | 9743 |
| SouthState Bank Corp.  | 94096 | 8855 |
| Eurobank SA  | 2174630 | 8716 |
| EFG International AG  | 334117 | 7988 |
| FirstCash Holdings, Inc.  | 48401 | 7714 |
| Hokuhoku Financial Group, Inc.  | 253900 | 7410 |
| IG Group Holdings PLC  | 382385 | 6778 |
| Patria Investments, Ltd., Class A  | 397904 | 6323 |
| Discovery, Ltd.  | 381042 | 5240 |
| JB Financial Group Co., Ltd.  | 282792 | 5023 |
| PJT Partners, Inc., Class A  | 28318 | 4735 |
| 360 ONE WAM, Ltd.  | 356178 | 4703 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 180849 | 4346 |
| CVB Financial Corp.  | 226040 | 4204 |
| Root, Inc., Class A <sup>(a)</sup>  | 53525 | 3866 |
| Pinnacle Investment Management Group, Ltd.  | 322427 | 3655 |
| Haci A–mer Sabanci Holding AS  | 1367842 | 2691 |
| Capitec Bank Holdings, Ltd.  | 8764 | 2201 |
| EZCORP, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 74602 | 1449 |
|  |  | 485697 |
| **Information technology 14.52%** |  |  |
| King Slide Works Co., Ltd.  | 253784 | 30159 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 80942 | 29834 |
| Semtech Corp. <sup>(a)</sup>  | 376056 | 27712 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 156241 | 26761 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 358889 | 26407 |
| Kokusai Electric Corp.  | 663891 | 23173 |
| Q2 Holdings, Inc. <sup>(a)</sup>  | 305539 | 22048 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 948877 | 17014 |
| CompoSecure, Inc., Class A <sup>(a)</sup>  | 145811 | 2811 |
| PAR Technology Corp. <sup>(a)(b)</sup>  | 466983 | 16942 |
| Silicon Laboratories, Inc. <sup>(a)</sup>  | 116697 | 15252 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 555183 | 14646 |
| Rogers Corp. <sup>(a)</sup>  | 147666 | 13522 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 92021 | 13241 |
| Unity Software, Inc. <sup>(a)</sup>  | 277946 | 12277 |
| Agilysys, Inc. <sup>(a)</sup>  | 96907 | 11516 |
| Maruwa Co., Ltd.  | 41254 | 11156 |
| Riken Keiki Co., Ltd.  | 530000 | 10840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| Pegasystems, Inc.  | 159265 | $9511 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 284599 | 9241 |
| Tokyo Seimitsu Co., Ltd.  | 124023 | 8770 |
| eMemory Technology, Inc.  | 157430 | 8595 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 14995 | 6827 |
| Soitec <sup>(a)</sup>  | 177920 | 4810 |
| Cellebrite DI, Ltd. <sup>(a)</sup>  | 253216 | 4565 |
| Netskope, Inc., Class A <sup>(a)(b)</sup>  | 251977 | 4420 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup>  | 141377 | 4101 |
| OBIC Business Consultants Co., Ltd.  | 73900 | 3990 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 47429 | 3864 |
| Softcat PLC  | 195529 | 3717 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 38110 | 3530 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 8355 | 3507 |
| Shibaura Mechatronics Corp.  | 26300 | 3190 |
| Commvault Systems, Inc. <sup>(a)</sup>  | 24418 | 3061 |
| HPSP Co., Ltd.  | 132490 | 3056 |
| Cipher Mining, Inc. <sup>(a)(b)</sup>  | 206487 | 3048 |
| MARA Holdings, Inc. <sup>(a)(b)</sup>  | 327085 | 2937 |
| ASMPT, Ltd.  | 293500 | 2921 |
| Domo, Inc., Class B <sup>(a)</sup>  | 300977 | 2537 |
| Wolfspeed, Inc. <sup>(a)(b)</sup>  | 89368 | 1556 |
| Hexaware Technologies, Ltd.  | 126699 | 1079 |
| Bitdeer Technologies Group, Class A <sup>(a)(b)</sup>  | 49512 | 555 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 265 |
|  |  | 428964 |
| **Consumer discretionary 11.70%** |  |  |
| CAVA Group, Inc. <sup>(a)(b)</sup>  | 547511 | 32133 |
| Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup>  | 266937 | 27998 |
| Entain PLC  | 2694154 | 27743 |
| TopBuild Corp. <sup>(a)</sup>  | 49920 | 20826 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 535848 | 18465 |
| Thor Industries, Inc.  | 170817 | 17538 |
| Champion Homes, Inc. <sup>(a)</sup>  | 182251 | 15400 |
| Sega Sammy Holdings, Inc.  | 878000 | 13727 |
| Wyndham Hotels & Resorts, Inc.  | 175062 | 13228 |
| Acushnet Holdings Corp.  | 165000 | 13170 |
| LKQ Corp.  | 420833 | 12709 |
| Patrick Industries, Inc.  | 96348 | 10447 |
| Guzman y Gomez, Ltd.  | 668245 | 9643 |
| Food & Life Cos., Ltd.  | 184900 | 9373 |
| Steven Madden, Ltd. <sup>(b)</sup>  | 208312 | 8674 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 74296 | 8144 |
| Aditya Vision, Ltd.  | 1363712 | 7408 |
| Cartrade Tech, Ltd. <sup>(a)</sup>  | 227495 | 7154 |
| tonies SE, Class A <sup>(a)</sup>  | 568903 | 6987 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 41039 | 6825 |
| Dominos Pizza Enterprises, Ltd.  | 486762 | 6810 |
| Lottomatica Group SpA  | 254958 | 6691 |
| MRF, Ltd.  | 3861 | 6567 |
| Yonex Co., Ltd.  | 300000 | 6362 |
| Boot Barn Holdings, Inc. <sup>(a)</sup>  | 33840 | 5972 |
| Inchcape PLC  | 420301 | 4357 |
| Camping World Holdings, Inc., Class A  | 426336 | 4148 |
| Cairn Homes PLC (EUR denominated)  | 1597882 | 3891 |
| Savers Value Village, Inc. <sup>(a)</sup>  | 367506 | 3433 |
| Zalando SE, non-registered shares <sup>(a)</sup>  | 115415 | 3427 |
| Smartfit Escola de Ginastica e Danca SA  | 677584 | 2865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Coats Group PLC  | 2231726 | $2529 |
| Groupe Dynamite, Inc.  | 8500 | 512 |
| Metaplanet, Inc. <sup>(a)</sup>  | 137850 | 350 |
|  |  | 345506 |
| **Health care 10.57%** |  |  |
| Insulet Corp. <sup>(a)</sup>  | 85352 | 24260 |
| Ensign Group, Inc. (The)  | 127853 | 22272 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 417299 | 19593 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup>  | 486851 | 16830 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup>  | 54843 | 16617 |
| Max Healthcare Institute, Ltd.  | 1220256 | 14191 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 125640 | 13492 |
| Kymera Therapeutics, Inc. <sup>(a)</sup>  | 171932 | 13378 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 112926 | 12088 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 873841 | 12047 |
| ADMA Biologics, Inc. <sup>(a)</sup>  | 596196 | 10875 |
| Vitrolife AB  | 730264 | 10864 |
| Bio-Techne Corp.  | 178365 | 10490 |
| Zealand Pharma AS <sup>(a)</sup>  | 132343 | 9631 |
| Masimo Corp. <sup>(a)(b)</sup>  | 72354 | 9410 |
| Vimian Group AB (publ) <sup>(a)(b)</sup>  | 2729438 | 8952 |
| Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 8829 |
| iRhythm Technologies, Inc. <sup>(a)</sup>  | 45776 | 8122 |
| Encompass Health Corp.  | 62771 | 6662 |
| BridgeBio Pharma, Inc. <sup>(a)</sup>  | 86007 | 6579 |
| Shanghai Conant Optical Co., Ltd., Class H  | 902000 | 6258 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 85657 | 6243 |
| Indegene, Ltd.  | 933888 | 5409 |
| Denali Therapeutics, Inc. <sup>(a)</sup>  | 315416 | 5208 |
| CONMED Corp.  | 124153 | 5041 |
| Dr. Lal PathLabs, Ltd.  | 301052 | 4966 |
| AddLife AB, Class B  | 285033 | 4923 |
| Aster DM Healthcare, Ltd.  | 688425 | 4725 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 53648 | 3310 |
| Inhibrx Biosciences, Inc. <sup>(a)(b)</sup>  | 41358 | 3267 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 138269 | 2129 |
| Waystar Holding Corp. <sup>(a)</sup>  | 59700 | 1955 |
| Biohaven, Ltd. <sup>(a)</sup>  | 164617 | 1859 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup>  | 12764 | 1660 |
|  |  | 312135 |
| **Materials 7.75%** |  |  |
| Resonac Holdings Co., Ltd.  | 1078714 | 45051 |
| Materion Corp.  | 237927 | 29579 |
| Sumitomo Bakelite Co., Ltd.  | 830059 | 27399 |
| Celanese Corp.  | 567064 | 23975 |
| Lundin Mining Corp.  | 1000000 | 21493 |
| Lundin Gold, Inc.  | 202100 | 16789 |
| Knife River Corp. <sup>(a)</sup>  | 174361 | 12266 |
| Dyno Nobel, Ltd.  | 5112453 | 10919 |
| Louisiana-Pacific Corp.  | 110000 | 8884 |
| Vicat SACA  | 85775 | 7625 |
| Acerinox SA  | 437480 | 6481 |
| Mitsui Kinzoku Co., Ltd.  | 41700 | 4711 |
| Umicore SA  | 168404 | 3515 |
| Cabot Corp.  | 48229 | 3197 |
| Huhtamaki OYJ  | 82277 | 2867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Arkema SA  | 34302 | $2098 |
| Mayr-Melnhof Karton AG, non-registered shares  | 17249 | 1882 |
| Titan SA  | 1455 | 90 |
|  |  | 228821 |
| **Communication services 3.97%** |  |  |
| Nippon Television Holdings, Inc.  | 986700 | 23925 |
| Magnite, Inc. <sup>(a)</sup>  | 1429601 | 23202 |
| Springer Nature AG & Co. KGaA, non-registered shares  | 593839 | 13346 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 900000 | 12177 |
| New York Times Co., Class A  | 175000 | 12149 |
| Indosat Tbk PT  | 85573409 | 11905 |
| Kadokawa Corp.  | 529800 | 10749 |
| Rightmove PLC  | 1080615 | 7555 |
| Bharti Hexacom, Ltd.  | 63232 | 1282 |
| Starz Entertainment Corp. <sup>(a)</sup>  | 82800 | 969 |
|  |  | 117259 |
| **Consumer staples 3.25%** |  |  |
| Raia Drogasil SA, ordinary nominative shares  | 7751754 | 33248 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 767003 | 25610 |
| Universal Robina Corp.  | 13048305 | 14887 |
| Lamb Weston Holdings, Inc.  | 320000 | 13405 |
| Apotea Sverige AB <sup>(a)</sup>  | 593629 | 5929 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 40599 | 3087 |
|  |  | 96166 |
| **Energy 2.66%** |  |  |
| Weatherford International  | 409326 | 32034 |
| CNX Resources Corp. <sup>(a)</sup>  | 525389 | 19319 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 207708 | 10107 |
| Aegis Logistics Ltd.  | 790464 | 6306 |
| Secure Waste Infrastructure Corp.  | 369037 | 4643 |
| Cactus, Inc., Class A  | 77043 | 3519 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 953011 | 2643 |
|  |  | 78571 |
| **Real estate 2.41%** |  |  |
| Charter Hall Group REIT  | 1491963 | 24257 |
| Embassy Office Parks REIT  | 4429528 | 21465 |
| Mindspace Business Parks REIT  | 1250000 | 6607 |
| NTT DC REIT <sup>(a)</sup>  | 5706900 | 5815 |
| Lodha Developers, Ltd.  | 442564 | 5226 |
| St. Joe Co.  | 70902 | 4209 |
| Altus Group, Ltd.  | 88775 | 3668 |
|  |  | 71247 |
| **Utilities 1.61%** |  |  |
| Black Hills Corp.  | 280286 | 19457 |
| Talen Energy Corp. <sup>(a)</sup>  | 23357 | 8755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Nippon Gas Co., Ltd.  | 364000 | $6893 |
| SembCorp Industries, Ltd.  | 1425500 | 6655 |
| IDACORP, Inc.  | 45900 | 5809 |
|  |  | 47569 |
| **Total common stocks** (cost: $2,108,611,000) | **Total common stocks** (cost: $2,108,611,000) | 2838047 |
| Preferred securities 0.66% |  |  |
| **Information technology 0.41%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 10054 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 842 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 112 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 107 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 72 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 35 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 30 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 16 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 13 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 807 |
|  |  | 12088 |
| **Financials 0.25%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 500000 | 7200 |
| **Total preferred securities** (cost: $27,808,000) | **Total preferred securities** (cost: $27,808,000) | 19288 |
| Rights & warrants 0.00% |  |  |
| **Consumer discretionary 0.00%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup>  | 21419 | 12 |
| Convertible bonds & notes 0.05% | Principal amount<br> (000)<br>|  |
| **Information technology 0.05%** |  |  |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031  | USD773 | 1149 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup>  | 291 | 432 |
| **Total convertible bonds & notes** (cost: $923,000) | **Total convertible bonds & notes** (cost: $923,000) | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
| **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** |
| **Information technology 0.03%** |  |  |
| Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup>  | 1173 | 945 |
| **Total bonds, notes & other debt instruments** (cost: $1,334,000) | **Total bonds, notes & other debt instruments** (cost: $1,334,000) | 945 |
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** | **Money market investments 2.90%** | **Money market investments 2.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup>  | 856817 | 85690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) |  | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | 55116990 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | 138082 | 13810 |
|  |  |  | 68927 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup>  | 3.214<br> %<br>| USD21,500 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup>  | 2.868 | 22500 | 22479 |
|  |  |  | 43943 |
| **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | 198560 |
| **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | 3058433 |
| Other assets less liabilities (3.54)% | Other assets less liabilities (3.54)% |  | (104630)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $2953803 |

---

**Investments in affiliates** <sup>(i)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(k)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 3.37%** |  |  |  |  |  |  |  |
| **Money market investments 2.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)</sup>  | 16001 | &nbsp;&nbsp; 781768 | &nbsp;&nbsp; 712093 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 85690 | &nbsp;&nbsp; 4646 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.47%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(l)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 99500 |  |
| **Total 3.37%** |  |  |  | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $(12785)<br>| &nbsp;&nbsp; $99500 | &nbsp;&nbsp; $4646 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $17554 | $17014 | 0.57<br> %<br>|
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 10054 | 0.34 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021 | 4748 | 842 | 0.03 |
| Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021 | 1418 | 265 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 602 | 112 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 573 | 107 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 384 | 72 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 187 | 35 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 30 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 16 | 0.00 <br><sup>(n)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>12</sub>

------

Global Small Capitalization Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | $71 | $13 | 0.00 %<sup>(n)</sup><br>|
| Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> <br>| 5/27/2021 | 4517 | 807 | 0.03 |
| **Total** |  | $44645 | $29367 | 0.99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund. 

<sup>(f)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(i)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(j)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2025.

<sup>(l)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(n)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% | Shares | Value<br> (000)<br>|
| **Information technology 30.03%** |  |  |
| NVIDIA Corp.  | 14633168 | $2729086 |
| Broadcom, Inc.  | 7127917 | 2466972 |
| Microsoft Corp.  | 4705891 | 2275863 |
| Micron Technology, Inc.  | 4145247 | 1183095 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 6681199 | 1075473 |
| Apple, Inc.  | 3469920 | 943333 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 3933670 | 775523 |
| Salesforce, Inc.  | 2329847 | 617200 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9590699 | 468538 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 178139 | 54135 |
| SK hynix, Inc.  | 1021431 | 462530 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 2430046 | 369246 |
| Constellation Software, Inc.  | 144522 | 347619 |
| Fair Isaac Corp. <sup>(a)</sup>  | 159463 | 269591 |
| Synopsys, Inc. <sup>(a)</sup>  | 548921 | 257839 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 321334 | 216521 |
| KLA Corp.  | 161842 | 196651 |
| Unity Software, Inc. <sup>(a)</sup>  | 4187714 | 184971 |
| Adobe, Inc. <sup>(a)</sup>  | 464126 | 162440 |
| Intel Corp. <sup>(a)</sup>  | 4381849 | 161690 |
| Amphenol Corp., Class A  | 1061587 | 143463 |
| ASML Holding NV (ADR)  | 121131 | 129593 |
| ASML Holding NV  | 11142 | 11910 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 3758673 | 122044 |
| Gartner, Inc. <sup>(a)</sup>  | 440392 | 111102 |
| DocuSign, Inc. <sup>(a)</sup>  | 1362952 | 93226 |
| Intuit, Inc.  | 109602 | 72603 |
| Fortinet, Inc. <sup>(a)</sup>  | 840566 | 66749 |
| Monday.com, Ltd. <sup>(a)</sup>  | 437980 | 64628 |
| HubSpot, Inc. <sup>(a)</sup>  | 133103 | 53414 |
| Accenture PLC, Class A  | 194545 | 52196 |
| Datadog, Inc., Class A <sup>(a)</sup>  | 322570 | 43866 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 42324 |
| Tower Semiconductor, Ltd. <sup>(a)</sup>  | 328759 | 38603 |
| Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 28449 |
| Applied Materials, Inc.  | 102877 | 26438 |
| Hewlett Packard Enterprise Co.  | 1097823 | 26370 |
| OpenAI Group PBC, Class A <sup>(a)(b)</sup>  | 35568 | 17228 |
| MKS, Inc.  | 101047 | 16147 |
| ServiceNow, Inc. <sup>(a)</sup>  | 100415 | 15383 |
| TE Connectivity PLC  | 58501 | 13310 |
| Stripe, Inc., Class B <sup>(a)(b)(c)</sup>  | 168598 | 6983 |
| Figma, Inc. <sup>(a)</sup>  | 181900 | 6798 |
|  |  | 16421143 |
| **Communication services 17.08%** |  |  |
| Meta Platforms, Inc., Class A  | 6338307 | 4183853 |
| Alphabet, Inc., Class A  | 5117670 | 1601831 |
| Alphabet, Inc., Class C  | 4890122 | 1534520 |
| Netflix, Inc. <sup>(a)</sup>  | 11967549 | 1122077 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1673146 | 238423 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 219504 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 2022582 | 163890 |
| Reddit, Inc., Class A <sup>(a)</sup>  | 385000 | 88500 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 257459 | 53745 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 205671 | 52658 |
| T-Mobile US, Inc.  | 142902 | 29015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| Nintendo Co., Ltd.  | 411400 | $27790 |
| Spotify Technology SA <sup>(a)</sup>  | 36511 | 21202 |
| Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup>  | 289405 | 3916 |
|  |  | 9340924 |
| **Consumer discretionary 15.69%** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 7508443 | 3376697 |
| Amazon.com, Inc. <sup>(a)</sup>  | 4731936 | 1092225 |
| Royal Caribbean Cruises, Ltd.  | 1873957 | 522684 |
| D.R. Horton, Inc.  | 3192890 | 459872 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 9143057 | 338293 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 1463440 | 331440 |
| NIKE, Inc., Class B  | 4175649 | 266031 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 1088583 | 234089 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 606948 | 175317 |
| Tractor Supply Co.  | 3325000 | 166283 |
| Hermes International  | 61000 | 150713 |
| Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 141183 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 136039 |
| Rivian Automotive, Inc., Class A <sup>(a)</sup>  | 6072024 | 119680 |
| Aramark  | 3218114 | 118620 |
| Home Depot, Inc.  | 315781 | 108660 |
| Texas Roadhouse, Inc.  | 569220 | 94491 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 103754 | 78220 |
| CAVA Group, Inc. <sup>(a)</sup>  | 1153603 | 67705 |
| Service Corp. International  | 848647 | 66169 |
| Amadeus IT Group SA, Class A, non-registered shares  | 900457 | 66047 |
| Five Below, Inc. <sup>(a)</sup>  | 252000 | 47467 |
| Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 46984 |
| TopBuild Corp. <sup>(a)</sup>  | 109349 | 45619 |
| Churchill Downs, Inc.  | 393735 | 44799 |
| Booking Holdings, Inc.  | 8123 | 43501 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 1260429 | 43434 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 690678 | 42055 |
| YUM! Brands, Inc.  | 246744 | 37327 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 310795 | 28348 |
| Polaris, Inc.  | 371000 | 23466 |
| Starbucks Corp.  | 250453 | 21091 |
| AutoZone, Inc. <sup>(a)</sup>  | 5049 | 17124 |
| Marriott International, Inc., Class A  | 46380 | 14389 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 8334 |
| Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 5729 |
|  |  | 8580125 |
| **Health care 10.98%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1128151 |
| Eli Lilly and Co.  | 939135 | 1009270 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1501764 | 680840 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1708686 | 679459 |
| HCA Healthcare, Inc.  | 627846 | 293116 |
| UnitedHealth Group, Inc.  | 835333 | 275752 |
| Thermo Fisher Scientific, Inc.  | 472926 | 274037 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2452163 | 233814 |
| Amgen, Inc.  | 520625 | 170406 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 132501 |
| Illumina, Inc. <sup>(a)</sup>  | 993454 | 130302 |
| Guardant Health, Inc. <sup>(a)</sup>  | 1005728 | 102725 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 94870 |
| Moderna, Inc. <sup>(a)</sup>  | 3047100 | 89859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | $86498 |
| Danaher Corp.  | 375705 | 86006 |
| Align Technology, Inc. <sup>(a)</sup>  | 540602 | 84415 |
| Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup>  | 2320554 | 75348 |
| Insmed, Inc. <sup>(a)</sup>  | 418330 | 72806 |
| EssilorLuxottica SA  | 229003 | 72405 |
| BioNTech SE (ADR) <sup>(a)</sup>  | 562734 | 53572 |
| Royalty Pharma PLC, Class A  | 955185 | 36908 |
| Abbott Laboratories  | 241437 | 30250 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 23781 |
| CRISPR Therapeutics AG <sup>(a)(d)</sup>  | 334619 | 17547 |
| Regeneron Pharmaceuticals, Inc.  | 21203 | 16366 |
| Humana, Inc.  | 52111 | 13347 |
| QIAGEN NV  | 294396 | 13239 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 41200 | 9197 |
| Verily Life Sciences, LLC <sup>(a)(b)(c)</sup>  | 300178 | 8789 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 172495 | 7638 |
|  |  | 6003214 |
| **Industrials 9.20%** |  |  |
| TransDigm Group, Inc.  | 716472 | 952800 |
| General Electric Co.  | 1458179 | 449163 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 3678126 | 300540 |
| Quanta Services, Inc.  | 656371 | 277028 |
| FTAI Aviation, Ltd.  | 1289761 | 253889 |
| Ingersoll-Rand, Inc.  | 3178452 | 251797 |
| ATI, Inc. <sup>(a)</sup>  | 2086140 | 239405 |
| Republic Services, Inc.  | 1037338 | 219843 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 1596411 | 178511 |
| Rocket Lab Corp. <sup>(a)</sup>  | 2320675 | 161890 |
| Northrop Grumman Corp.  | 202123 | 115253 |
| United Rentals, Inc.  | 132903 | 107561 |
| GE Vernova, Inc.  | 164046 | 107216 |
| Ryanair Holdings PLC (ADR)  | 1404492 | 101390 |
| Ryanair Holdings PLC  | 96554 | 3353 |
| Airbus SE, non-registered shares  | 426445 | 98915 |
| Copart, Inc. <sup>(a)</sup>  | 2348144 | 91930 |
| Saia, Inc. <sup>(a)</sup>  | 280378 | 91549 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 157223 | 89292 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 88133 |
| Old Dominion Freight Line, Inc.  | 490000 | 76832 |
| Tetra Tech, Inc.  | 2192104 | 73523 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 68673 |
| Equifax, Inc.  | 308063 | 66843 |
| Boeing Co. (The) <sup>(a)</sup>  | 307821 | 66834 |
| Willscot Holdings Corp., Class A  | 3295427 | 62053 |
| ITT, Inc.  | 343000 | 59514 |
| Rolls-Royce Holdings PLC  | 3673109 | 57092 |
| Loar Holdings, Inc. <sup>(a)</sup>  | 817165 | 55567 |
| HEICO Corp.  | 137622 | 44533 |
| Carrier Global Corp.  | 709345 | 37482 |
| XPO, Inc. <sup>(a)</sup>  | 263564 | 35821 |
| Enerpac Tool Group Corp., Class A  | 924087 | 35337 |
| Applied Industrial Technologies, Inc.  | 93197 | 23930 |
| Lennox International, Inc.  | 43370 | 21060 |
| Caterpillar, Inc.  | 30500 | 17472 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 160656 | 16530 |
| SPX Technologies, Inc. <sup>(a)</sup>  | 65962 | 13196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 31998 | $11135 |
| Einride AB <sup>(a)(b)(c)</sup>  | 128088 | 2621 |
| Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>  | 78648 | 1609 |
|  |  | 5027115 |
| **Financials 7.45%** |  |  |
| Visa, Inc., Class A  | 2133721 | 748317 |
| Bank of America Corp.  | 9094572 | 500202 |
| Toast, Inc., Class A <sup>(a)</sup>  | 8375874 | 297427 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 267628 |
| Mastercard, Inc., Class A  | 467855 | 267089 |
| Capital One Financial Corp.  | 955209 | 231504 |
| KKR & Co., Inc.  | 1738534 | 221628 |
| Apollo Asset Management, Inc.  | 1370731 | 198427 |
| LPL Financial Holdings, Inc.  | 477139 | 170420 |
| Block, Inc., Class A <sup>(a)</sup>  | 2393874 | 155817 |
| Brookfield Corp., Class A  | 3275187 | 150298 |
| American Express Co.  | 292646 | 108264 |
| UBS Group AG  | 2174000 | 100498 |
| Blue Owl Capital, Inc., Class A <sup>(d)</sup>  | 6686183 | 99892 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 330462 | 74731 |
| Progressive Corp.  | 307337 | 69987 |
| Truist Financial Corp.  | 1350366 | 66452 |
| Blackstone, Inc.  | 372497 | 57417 |
| Ares Management Corp., Class A  | 346466 | 55999 |
| Marsh & McLennan Cos., Inc.  | 267515 | 49629 |
| Brown & Brown, Inc.  | 598260 | 47681 |
| Ryan Specialty Holdings, Inc., Class A  | 870000 | 44918 |
| Kinsale Capital Group, Inc.  | 73584 | 28780 |
| Intercontinental Exchange, Inc.  | 176208 | 28539 |
| Aon PLC, Class A  | 57337 | 20233 |
| Tradeweb Markets, Inc., Class A  | 118829 | 12779 |
|  |  | 4074556 |
| **Consumer staples 1.87%** |  |  |
| Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 320070 |
| Costco Wholesale Corp.  | 303405 | 261638 |
| Philip Morris International, Inc.  | 1376564 | 220801 |
| Bunge Global SA  | 679809 | 60557 |
| Church & Dwight Co., Inc.  | 600863 | 50382 |
| Walmart, Inc.  | 421746 | 46987 |
| Dollar Tree Stores, Inc. <sup>(a)</sup>  | 326400 | 40151 |
| Estee Lauder Cos., Inc. (The), Class A  | 163107 | 17081 |
| JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup>  | 2496349 | 4743 |
|  |  | 1022410 |
| **Materials 1.79%** |  |  |
| Wheaton Precious Metals Corp.  | 2483836 | 291900 |
| Grupo Mexico, SAB de CV, Series B  | 19156155 | 180876 |
| Albemarle Corp.  | 1072000 | 151624 |
| Royal Gold, Inc.  | 551247 | 122537 |
| Barrick Mining Corp.  | 1945890 | 84743 |
| Franco-Nevada Corp. (CAD denominated)  | 323280 | 67011 |
| Glencore PLC  | 5275000 | 28695 |
| Linde PLC  | 61350 | 26159 |
| Ecolab, Inc.  | 93883 | 24646 |
|  |  | 978191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 1.55%** |  |  |
| EOG Resources, Inc.  | 2238224 | $235036 |
| Baker Hughes Co., Class A  | 3500000 | 159390 |
| TechnipFMC PLC  | 2000000 | 89120 |
| ConocoPhillips  | 815850 | 76372 |
| Viper Energy, Inc., Class A  | 1904761 | 73581 |
| Diamondback Energy, Inc.  | 325000 | 48857 |
| EQT Corp.  | 775751 | 41580 |
| Cenovus Energy, Inc. (CAD denominated)  | 2415901 | 40871 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1087226 | 36826 |
| Tourmaline Oil Corp.  | 596759 | 26769 |
| SLB, Ltd.  | 470914 | 18074 |
|  |  | 846476 |
| **Real estate 0.74%** |  |  |
| Welltower, Inc. REIT  | 908669 | 168658 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2105080 | 143609 |
| CoStar Group, Inc. <sup>(a)</sup>  | 1393047 | 93668 |
|  |  | 405935 |
| **Utilities 0.67%** |  |  |
| Constellation Energy Corp.  | 509942 | 180147 |
| NRG Energy, Inc.  | 505712 | 80530 |
| Vistra Corp.  | 455512 | 73488 |
| Southern Co. (The)  | 357034 | 31133 |
|  |  | 365298 |
| **Total common stocks** (cost: $21,705,770,000) |  | 53065387 |
| Preferred securities 0.58% |  |  |
| **Information technology 0.57%** |  |  |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup>  | 613792 | 154007 |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 2763342 | 114458 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 52656 | 2181 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup>  | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup>  | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup>  | 406310 | 1706 |
|  |  | 311948 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup>  | 154765 | 3167 |
| **Total preferred securities** (cost: $182,580,000) |  | 315115 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(f)</sup><br>|
| Convertible stocks 0.08% |  |  |
| **Information technology 0.07%** |  |  |
| OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup>  | 73144 | 35429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | $7644 |
| **Industrials 0.00%** |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 809003 | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 171920 | 113 |
|  |  | 647 |
| **Total convertible stocks** (cost: $32,010,000) |  | 43720 |
| Short-term securities 2.43% |  |  |
| **Money market investments 2.38%** | **Money market investments 2.38%** | **Money market investments 2.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup>  | 13034717 | 1303602 |
| **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup>  | 26762407 | 26762 |
| **Total short-term securities** (cost: $1,330,110,000) |  | 1330364 |
| **Total investment securities 100.14%** (cost: $23,250,470,000) |  | 54754586 |
| Other assets less liabilities (0.14)% |  | (75804)<br>|
| **Net assets 100.00%** |  | $54678782 |

---

**Investments in affiliates** <sup>(h)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.38%** |  |  |  |  |  |  |  |
| **Money market investments 2.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $5918652 | &nbsp;&nbsp; $5660837 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.38%** |  |  |  | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> <br>| 8/29/2025 | $86525 | $154007 | 0.28<br> %<br>|
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2023 | 55638 | 114458 | 0.21 |
| Stripe, Inc., Class B <sup>(a)(b)</sup> <br>| 5/6/'2021 | 6766 | 6983 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2021 | 2113 | 2181 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <br><sup>(l)</sup><br>|
| Verily Life Sciences, LLC <sup>(a)(b)</sup> <br>| 12/21/2018 | 37000 | 8789 | 0.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

Growth Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Einride AB, Series C, preferred shares <sup>(a)(b)</sup> <br>| 11/23/2022-8/1/2024 | $5262 | $3167 | 0.01<br> %<br>|
| Einride AB <sup>(a)(b)</sup> <br>| 7/14/2025 | 4355 | 2621 | 0.00 <br><sup>(l)</sup><br>|
| Einride AB (EUR denominated) <sup>(a)(b)</sup> <br>| 2/1/2023 | 2674 | 1609 | 0.00 <br><sup>(l)</sup><br>|
| JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup> <br>| 7/29/2024 | 19001 | 4743 | 0.01 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup> <br>| 12/1/2021 | 6956 | 1706 | 0.00 <br><sup>(l)</sup><br>|
| Long Wall Co., Class A-10, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 12/14/2023 | 1382 | 534 | 0.00 <br><sup>(l)</sup><br>|
| Long Wall Co., Class A-9, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 10/22/2021 | 10452 | 113 | 0.00 <br><sup>(l)</sup><br>|
| **Total** |  | $264210 | $340507 | 0.62<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(h)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% | Shares | Value<br> (000)<br>|
| **Financials 16.89%** |  |  |
| Standard Chartered PLC  | 11011203 | $268904 |
| 3i Group PLC  | 2897302 | 126054 |
| Banco Bilbao Vizcaya Argentaria SA  | 5332751 | 124734 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 6922206 | 115878 |
| KB Financial Group, Inc.  | 1185335 | 102470 |
| Mizuho Financial Group, Inc.  | 2515100 | 91328 |
| Banco Santander SA  | 6836212 | 80222 |
| Banco BPM SpA  | 3615692 | 54921 |
| AIA Group, Ltd.  | 5207391 | 53488 |
| ING Groep NV  | 1613867 | 45368 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 56655 | 37414 |
| Tokio Marine Holdings, Inc.  | 905800 | 33629 |
| Bank Central Asia Tbk PT  | 56767400 | 27401 |
| BPER Banca SpA <sup>(b)</sup>  | 1418221 | 19178 |
| NatWest Group PLC  | 1567793 | 13674 |
| Allianz SE  | 27705 | 12707 |
| Hana Financial Group, Inc.  | 186011 | 12133 |
| Brookfield Corp., Class A (CAD denominated)  | 233122 | 10704 |
| Japan Post Bank Co., Ltd.  | 619400 | 8711 |
| China Merchants Bank Co., Ltd., Class A  | 1205700 | 7264 |
| ICICI Bank, Ltd.  | 442491 | 6606 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 35499 | 5829 |
|  |  | 1258617 |
| **Industrials 16.27%** |  |  |
| Airbus SE, non-registered shares  | 1101390 | 255471 |
| Rolls-Royce Holdings PLC  | 8463724 | 131553 |
| Siemens AG  | 303400 | 85206 |
| MTU Aero Engines AG  | 179935 | 75054 |
| Recruit Holdings Co., Ltd.  | 1308162 | 74627 |
| Melrose Industries PLC  | 9427170 | 74169 |
| Techtronic Industries Co., Ltd.  | 5617550 | 64539 |
| Volvo AB, Class B  | 1368822 | 43876 |
| Diploma PLC  | 598717 | 42730 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5068783 | 39975 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 194953 | 1476 |
| WEG SA  | 3980205 | 35650 |
| ITOCHU Corp.  | 2657500 | 33545 |
| Marubeni Corp.  | 1159900 | 32276 |
| IHI Corp.  | 1824200 | 32164 |
| Hitachi, Ltd.  | 990979 | 30744 |
| Schneider Electric SE  | 95190 | 26092 |
| Rumo SA  | 9764390 | 26083 |
| Safran SA  | 56700 | 19730 |
| RELX PLC  | 379889 | 15366 |
| DSV A/S  | 50961 | 12824 |
| Bureau Veritas SA  | 386859 | 12320 |
| AtkinsRealis Group, Inc.  | 172152 | 11113 |
| Singapore Technologies Engineering, Ltd.  | 1674050 | 10922 |
| Experian PLC  | 236977 | 10718 |
| Larsen & Toubro, Ltd.  | 126454 | 5745 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 46865 | 4757 |
| Ashtead Group PLC  | 54171 | 3696 |
|  |  | 1212421 |
| **Information technology 15.10%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9377867 | 458141 |
| SK hynix, Inc.  | 314984 | 142633 |
| Tokyo Electron, Ltd.  | 647298 | 142158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| ASML Holding NV  | 120453 | $128754 |
| Samsung Electronics Co., Ltd.  | 1529763 | 127497 |
| Nebius Group NV, Class A <sup>(a)(b)</sup>  | 330786 | 27689 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 196800 | 21512 |
| SAP SE  | 74969 | 18343 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 1932600 | 9754 |
| NEC Corp.  | 244075 | 8230 |
| Infineon Technologies AG  | 183939 | 8150 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup>  | 4819 | 7933 |
| Elite Material Co., Ltd.  | 151233 | 7844 |
| Delta Electronics, Inc.  | 244000 | 7424 |
| Tata Consultancy Services, Ltd.  | 137136 | 4902 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 28772 | 4632 |
|  |  | 1125596 |
| **Materials 12.39%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 387610 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 8609925 | 97921 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup>  | 3675281 | 41799 |
| Grupo Mexico, SAB de CV, Series B  | 8937237 | 84387 |
| Nitto Denko Corp.  | 3520415 | 83649 |
| Anglo American PLC  | 1721774 | 70953 |
| Nippon Steel Corp.  | 9999000 | 40892 |
| Shin-Etsu Chemical Co., Ltd.  | 1077664 | 33513 |
| Air Liquide SA  | 118039 | 22213 |
| Antofagasta PLC  | 379688 | 16665 |
| Wheaton Precious Metals Corp.  | 88388 | 10387 |
| Smurfit Westrock PLC  | 247511 | 9571 |
| Nippon Sanso Holdings Corp.  | 304021 | 9078 |
| Akzo Nobel NV  | 88591 | 6153 |
| Buzzi SpA  | 87826 | 5339 |
| DSM-Firmenich AG  | 36039 | 2912 |
|  |  | 923042 |
| **Communication services 9.56%** |  |  |
| SoftBank Group Corp.  | 10784964 | 304053 |
| Tencent Holdings, Ltd.  | 1764115 | 135179 |
| Bharti Airtel, Ltd.  | 4398206 | 103178 |
| Singapore Telecommunications, Ltd.  | 11548300 | 40916 |
| Nintendo Co., Ltd.  | 536900 | 36267 |
| Deutsche Telekom AG  | 974869 | 31622 |
| NetEase, Inc.  | 734816 | 20222 |
| Universal Music Group NV  | 657391 | 17175 |
| Spotify Technology SA <sup>(a)</sup>  | 25659 | 14900 |
| Advanced Info Service PCL, foreign registered shares  | 867289 | 8614 |
|  |  | 712126 |
| **Consumer discretionary 9.04%** |  |  |
| Moncler SpA  | 1032407 | 66354 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 32883 | 66235 |
| Kering SA  | 179269 | 63257 |
| Compagnie Financiere Richemont SA, Class A  | 273347 | 58993 |
| Maruti Suzuki India, Ltd.  | 288268 | 53589 |
| Trip.com Group, Ltd.  | 580746 | 41659 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 313738 | 40023 |
| Prosus NV, Class N  | 643657 | 39754 |
| Industria de Diseno Textil SA  | 566003 | 37283 |
| Hyundai Motor Co.  | 162486 | 33269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Ferrari NV (EUR denominated)  | 87650 | $32635 |
| NEXT PLC  | 129015 | 23737 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 98385 | 21157 |
| Midea Group Co., Ltd., Class A  | 1128302 | 12614 |
| Fast Retailing Co., Ltd.  | 33500 | 12149 |
| Aristocrat Leisure, Ltd.  | 297447 | 11535 |
| Shimano, Inc. <sup>(b)</sup>  | 101600 | 10727 |
| Zensho Holdings Co., Ltd.  | 166100 | 9520 |
| Galaxy Entertainment Group, Ltd.  | 1925384 | 9443 |
| Compass Group PLC  | 292214 | 9297 |
| ANTA Sports Products, Ltd.  | 596775 | 6164 |
| Ryohin Keikaku Co., Ltd.  | 321757 | 5717 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 5799 | 4372 |
| Hermes International  | 1637 | 4044 |
|  |  | 673527 |
| **Health care 6.01%** |  |  |
| Novo Nordisk AS, Class B  | 3391577 | 172878 |
| Daiichi Sankyo Co., Ltd.  | 5868579 | 124987 |
| Zealand Pharma AS <sup>(a)</sup>  | 463564 | 33735 |
| Eurofins Scientific SE, non-registered shares  | 451508 | 33021 |
| AstraZeneca PLC  | 177294 | 32656 |
| EssilorLuxottica SA  | 70441 | 22272 |
| Sanofi  | 130708 | 12681 |
| Sandoz Group AG  | 159215 | 11604 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 274738 | 3788 |
|  |  | 447622 |
| **Energy 5.59%** |  |  |
| Reliance Industries, Ltd.  | 12131748 | 211754 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4062860 | 137614 |
| Cenovus Energy, Inc. (CAD denominated)  | 2880905 | 48738 |
| Shell PLC (GBP denominated)  | 316792 | 11637 |
| Neste OYJ  | 300618 | 6803 |
|  |  | 416546 |
| **Consumer staples 4.50%** |  |  |
| British American Tobacco PLC  | 2634440 | 149314 |
| Danone SA  | 659961 | 59548 |
| L'Oreal SA, non-registered shares  | 86941 | 37344 |
| JBS NV (BDR) <sup>(a)</sup>  | 2188693 | 31566 |
| Marks and Spencer Group PLC  | 4024381 | 17902 |
| Ajinomoto Co., Inc.  | 669004 | 14150 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 11052 |
| Kweichow Moutai Co., Ltd., Class A  | 46534 | 9164 |
| Imperial Brands PLC  | 136845 | 5753 |
|  |  | 335793 |
| **Utilities 2.81%** |  |  |
| Engie SA  | 2395754 | 62993 |
| Gulf Development PCL  | 27764456 | 36817 |
| E.ON SE  | 1586206 | 30069 |
| SSE PLC  | 987562 | 28958 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 783149 | 18770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| SembCorp Industries, Ltd.  | 2815100 | $13142 |
| National Grid PLC  | 702416 | 10825 |
| RWE AG  | 148645 | 7909 |
|  |  | 209483 |
| **Total common stocks** (cost: $4,876,359,000) |  | 7314773 |
| Preferred securities 0.46% |  |  |
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4652963 | 33353 |
| **Information technology 0.01%** |  |  |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 422 | 695 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 18 | 29 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 1 | 2 |
|  |  | 726 |
| **Total preferred securities** (cost: $27,145,000) |  | 34079 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 7730 | — <br><sup>(e)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(e)</sup><br>|
| Short-term securities 2.00% |  |  |
| **Money market investments 1.65%** | **Money market investments 1.65%** | **Money market investments 1.65%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 1227629 | 122775 |
| **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 26275215 | 26276 |
| **Total short-term securities** (cost: $149,031,000) |  | 149051 |
| **Total investment securities 100.62%** (cost: $5,052,535,000) |  | 7497903 |
| Other assets less liabilities (0.62)% |  | (45923)<br>|
| **Net assets 100.00%** |  | $7451980 |

---

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.65%** |  |  |  |  |  |  |  |
| **Money market investments 1.65%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $396476 | &nbsp;&nbsp; $1657364 | &nbsp;&nbsp; $1930982 | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

International Fund (continued)

**Investments in affiliates** <sup>(g)</sup> (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $1000 | &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $1000 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(j)</sup><br>|
| **Total 1.65%** |  |  | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $32962 | $41799 | 0.56<br> %<br>|
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup> <br>| 8/26/2021-11/04/2021 | 8215 | 7933 | 0.11 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 719 | 695 | 0.01 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 31 | 29 | 0.00 <br><sup>(k)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 2 | 2 | 0.00 <br><sup>(k)</sup><br>|
| **Total** |  | $41929 | $50458 | 0.68<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(k)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% | Shares | Value<br> (000)<br>|
| **Information technology 22.63%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 6571269 | $321028 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 11523 | 3502 |
| SK hynix, Inc.  | 251877 | 114056 |
| Microsoft Corp.  | 157353 | 76099 |
| Broadcom, Inc.  | 210679 | 72916 |
| NVIDIA Corp.  | 320938 | 59855 |
| ASML Holding NV  | 25289 | 27032 |
| ASML Holding NV (ADR)  | 8318 | 8899 |
| Tokyo Electron, Ltd.  | 162200 | 35622 |
| KLA Corp.  | 14976 | 18197 |
| Samsung Electronics Co., Ltd.  | 191723 | 15979 |
| MediaTek, Inc.  | 326000 | 14772 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 2534000 | 12789 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 59018 | 11635 |
| Elite Material Co., Ltd.  | 220800 | 11453 |
| Capgemini SE  | 66733 | 11052 |
| Accton Technology Corp.  | 248000 | 9289 |
| Apple, Inc.  | 28459 | 7737 |
| Intel Corp. <sup>(a)</sup>  | 194842 | 7190 |
| Jentech Precision Industrial Co., Ltd.  | 77000 | 6634 |
| SAP SE  | 21612 | 5288 |
| SAP SE (ADR)  | 4295 | 1043 |
| Corning, Inc.  | 63115 | 5526 |
| E Ink Holdings, Inc.  | 780000 | 4901 |
| Oracle Corp.  | 24649 | 4804 |
| Micron Technology, Inc.  | 16655 | 4753 |
| Baidu, Inc., Class A <sup>(a)</sup>  | 275000 | 4508 |
| Kokusai Electric Corp.  | 114900 | 4011 |
| TDK Corp.  | 234000 | 3311 |
| Synopsys, Inc. <sup>(a)</sup>  | 7030 | 3302 |
| eMemory Technology, Inc.  | 59000 | 3221 |
| Infineon Technologies AG  | 67805 | 3004 |
| Zhongji Innolight Co., Ltd., Class A  | 33800 | 2928 |
| Keyence Corp.  | 7900 | 2862 |
| Globant SA <sup>(a)</sup>  | 36120 | 2361 |
| Delta Electronics, Inc.  | 74000 | 2252 |
| Unity Software, Inc. <sup>(a)</sup>  | 47136 | 2082 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9701 | 1988 |
| ASE Technology Holding Co., Ltd.  | 242000 | 1918 |
| Tata Consultancy Services, Ltd.  | 40821 | 1459 |
| LITE-ON Technology Corp.  | 207000 | 1066 |
| HCL Technologies, Ltd.  | 51253 | 926 |
| Coforge, Ltd.  | 49378 | 914 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 5689 | 819 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup>  | 385 | 634 |
| Disco Corp.  | 1400 | 432 |
|  |  | 916049 |
| **Financials 17.42%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2139537 | 50044 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 2908006 | 48680 |
| Mastercard, Inc., Class A  | 56665 | 32349 |
| Standard Chartered PLC  | 1298185 | 31703 |
| Abu Dhabi Islamic Bank PJSC  | 4188342 | 23675 |
| AIA Group, Ltd.  | 2150600 | 22090 |
| Capitec Bank Holdings, Ltd.  | 84912 | 21323 |
| KB Financial Group, Inc.  | 241411 | 20869 |
| HDFC Bank, Ltd.  | 1864902 | 20607 |
| Kotak Mahindra Bank, Ltd.  | 836821 | 20495 |
| UniCredit SpA  | 246716 | 20481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 4059024 | $16268 |
| Hana Financial Group, Inc.  | 227598 | 14846 |
| Cholamandalam Investment and Finance Co., Ltd.  | 773211 | 14611 |
| PICC Property and Casualty Co., Ltd., Class H  | 6828947 | 14318 |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 549635 | 14288 |
| ICICI Bank, Ltd.  | 612943 | 9151 |
| ICICI Bank, Ltd. (ADR)  | 161921 | 4825 |
| Visa, Inc., Class A  | 39040 | 13692 |
| Banco Santander SA  | 1156519 | 13572 |
| XP, Inc., Class A  | 827903 | 13553 |
| Axis Bank, Ltd.  | 911541 | 12903 |
| PB Fintech, Ltd. <sup>(a)</sup>  | 622762 | 12650 |
| National Bank of Greece SA  | 658867 | 10036 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 1164044 | 9792 |
| Shriram Finance, Ltd.  | 879069 | 9744 |
| AU Small Finance Bank, Ltd.  | 854088 | 9451 |
| Emirates NBD Bank PJSC  | 1224960 | 9289 |
| Credicorp, Ltd.  | 29914 | 8585 |
| Saudi National Bank (The)  | 810380 | 8182 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 8799000 | 7605 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 44570 | 7319 |
| FirstRand, Ltd.  | 1266252 | 6927 |
| Brookfield Corp., Class A  | 149687 | 6869 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 721373 | 6687 |
| Banco BTG Pactual SA, units  | 690847 | 6593 |
| China Merchants Bank Co., Ltd., Class H  | 827000 | 5593 |
| China Merchants Bank Co., Ltd., Class A  | 145100 | 874 |
| Bank of the Philippine Islands  | 3172748 | 6261 |
| BSE, Ltd.  | 210546 | 6167 |
| Commercial International Bank - Egypt (CIB) SAE (GDR)  | 2846265 | 6083 |
| Samsung Life Insurance Co., Ltd.  | 53225 | 5796 |
| Hong Kong Exchanges and Clearing, Ltd.  | 103600 | 5413 |
| Prudential PLC  | 347501 | 5362 |
| Bajaj Finance, Ltd.  | 486776 | 5345 |
| Saudi Awwal Bank SJSC, non-registered shares  | 603009 | 5200 |
| Abu Dhabi Commercial Bank PJSC  | 1288462 | 5017 |
| Aon PLC, Class A  | 12683 | 4476 |
| Vietnam Technological and Commercial JSCB (The)  | 3227600 | 4279 |
| Kasikornbank PCL, foreign registered shares  | 680500 | 4204 |
| Bank Central Asia Tbk PT  | 8589523 | 4146 |
| Central Depository Services (India), Ltd.  | 257071 | 4129 |
| Banco Santander (Brasil) SA, units <sup>(a)</sup>  | 672725 | 4114 |
| Public Bank Bhd.  | 3623000 | 4054 |
| B3 SA - Brasil, Bolsa, Balcao  | 1469781 | 3826 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 10900 | 3757 |
| 3i Group PLC  | 85342 | 3713 |
| Qatar National Bank QPSC  | 621752 | 3186 |
| HSBC Holdings PLC (GBP denominated)  | 189882 | 2977 |
| Akbank TAS  | 1817792 | 2963 |
| OTP Bank PLC  | 25466 | 2729 |
| Discovery, Ltd.  | 193692 | 2664 |
| CVC Capital Partners PLC  | 158241 | 2650 |
| 360 ONE WAM, Ltd.  | 177690 | 2346 |
| Kaspi.kz JSC (ADR) <sup>(a)</sup>  | 28783 | 2249 |
| Bajaj Finserv, Ltd.  | 74043 | 1679 |
| Bank of Ningbo Co., Ltd., Class A  | 407300 | 1637 |
| Woori Financial Group, Inc.  | 80845 | 1573 |
| BDO Unibank, Inc.  | 685630 | 1563 |
| S&P Global, Inc.  | 2769 | 1447 |
| Wise PLC, Class A <sup>(a)</sup>  | 101638 | 1221 |
| Shinhan Financial Group Co., Ltd.  | 13940 | 744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Asia Commercial Joint Stock Bank  | 584970 | $534 |
| Edenred SA  | 18236 | 405 |
| Haci A–mer Sabanci Holding AS  | 140669 | 277 |
| Erste Group Bank AG  | 1804 | 217 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | — <br><sup>(d)</sup><br>|
|  |  | 704942 |
| **Consumer discretionary 12.67%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 33795 | 68072 |
| Trip.com Group, Ltd. (ADR)  | 474251 | 34103 |
| Trip.com Group, Ltd.  | 385395 | 27646 |
| Alibaba Group Holding, Ltd.  | 1441572 | 26383 |
| Alibaba Group Holding, Ltd. (ADR)  | 119790 | 17559 |
| Midea Group Co., Ltd., Class A  | 2890833 | 32318 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 40672 | 30663 |
| Eicher Motors, Ltd.  | 219346 | 17835 |
| Compagnie Financiere Richemont SA, Class A  | 81116 | 17506 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 168896 | 13870 |
| Prosus NV, Class N  | 213414 | 13181 |
| Maruti Suzuki India, Ltd.  | 69319 | 12886 |
| H World Group, Ltd. (ADR)  | 253777 | 11940 |
| H World Group, Ltd.  | 190600 | 901 |
| BYD Co., Ltd., Class A  | 722123 | 10082 |
| BYD Co., Ltd., Class H  | 211400 | 2574 |
| Galaxy Entertainment Group, Ltd.  | 2192000 | 10751 |
| Ryohin Keikaku Co., Ltd.  | 574800 | 10212 |
| Eternal, Ltd. <sup>(a)</sup>  | 3260114 | 10115 |
| Jumbo SA  | 289567 | 9514 |
| TVS Motor Co., Ltd.  | 204915 | 8475 |
| Vibra Energia SA  | 1778591 | 8364 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 65079 | 8302 |
| Hyundai Motor Co.  | 38193 | 7820 |
| Meituan, Class B <sup>(a)</sup>  | 464500 | 6129 |
| Naspers, Ltd., Class N  | 88840 | 5901 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 50247 | 5698 |
| Wynn Resorts, Ltd.  | 44454 | 5349 |
| Tesla, Inc. <sup>(a)</sup>  | 11561 | 5199 |
| Li Ning Co., Ltd.  | 2006155 | 4804 |
| Inchcape PLC  | 461897 | 4788 |
| Hermes International  | 1746 | 4314 |
| Moncler SpA  | 66313 | 4262 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 41403 | 3150 |
| Royal Caribbean Cruises, Ltd.  | 10578 | 2950 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 124997 | 2949 |
| Lenskart Solutions, Ltd. <sup>(a)</sup>  | 578142 | 2899 |
| YUM! Brands, Inc.  | 18610 | 2815 |
| Pepkor Holdings, Ltd.  | 1716852 | 2745 |
| Amadeus IT Group SA, Class A, non-registered shares  | 37373 | 2741 |
| ANTA Sports Products, Ltd.  | 239200 | 2471 |
| Swiggy, Ltd. <sup>(a)</sup>  | 550157 | 2364 |
| Marriott International, Inc., Class A  | 7554 | 2344 |
| Starbucks Corp.  | 27127 | 2284 |
| Shenzhou International Group Holdings, Ltd.  | 284200 | 2221 |
| Booking Holdings, Inc.  | 402 | 2153 |
| InterContinental Hotels Group PLC  | 15169 | 2125 |
| Mahindra & Mahindra, Ltd.  | 50625 | 2090 |
| adidas AG  | 10534 | 2074 |
| Ferrari NV (EUR denominated)  | 4981 | 1855 |
| Industria de Diseno Textil SA  | 27544 | 1814 |
| Fast Retailing Co., Ltd.  | 3900 | 1414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Sands China, Ltd.  | 496000 | $1250 |
| Laopu Gold Co., Ltd., Class H  | 15700 | 1245 |
| NIKE, Inc., Class B  | 18962 | 1208 |
| Shangri-La Asia, Ltd.  | 1774000 | 1083 |
| Tube Investments of India, Ltd.  | 36685 | 1067 |
| Renault SA  | 25328 | 1049 |
| Cyrela Brazil Realty SA, ordinary nominative shares  | 179166 | 984 |
| Kering SA  | 2102 | 742 |
| Hilton Worldwide Holdings, Inc.  | 2449 | 704 |
| Evolution AB  | 6810 | 463 |
| Compagnie Generale des Etablissements Michelin  | 1122 | 37 |
|  |  | 512806 |
| **Industrials 12.11%** |  |  |
| Airbus SE, non-registered shares  | 221232 | 51315 |
| International Container Terminal Services, Inc.  | 4053790 | 38869 |
| Rolls-Royce Holdings PLC  | 2174320 | 33796 |
| Hitachi, Ltd.  | 960800 | 29807 |
| General Electric Co.  | 84289 | 25964 |
| Kanzhun, Ltd., Class A (ADR)  | 932453 | 19003 |
| Kanzhun, Ltd., Class A  | 98200 | 994 |
| Copa Holdings SA, Class A  | 149024 | 17974 |
| Rumo SA  | 5874027 | 15691 |
| Safran SA  | 42173 | 14675 |
| Localiza Rent a Car SA, ordinary nominative shares  | 1712066 | 13502 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 65848 | 499 |
| IHI Corp.  | 716379 | 12631 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 230376 | 12061 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 1115202 | 11996 |
| DSV A/S  | 45402 | 11425 |
| Daikin Industries, Ltd.  | 78900 | 10129 |
| BAE Systems PLC  | 436368 | 10032 |
| WEG SA  | 1109286 | 9936 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 352685 | 9265 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR)  | 1043 | 275 |
| AGCO Corp.  | 88171 | 9198 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 112415 | 9185 |
| Leonardo SpA  | 157234 | 9007 |
| Aselan Elektronik Sanayi ve Ticaret AS  | 1557059 | 8420 |
| TransDigm Group, Inc.  | 6188 | 8229 |
| Siemens AG  | 28236 | 7930 |
| Mitsui & Co., Ltd.  | 242100 | 7155 |
| Techtronic Industries Co., Ltd.  | 620500 | 7129 |
| Weichai Power Co., Ltd., Class A  | 1977896 | 4847 |
| Weichai Power Co., Ltd., Class H  | 947000 | 2279 |
| Motiva Infraestrutura de Mobilidade SA  | 2511108 | 6872 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 399864 | 6272 |
| Hanwha Aerospace Co., Ltd.  | 9460 | 6155 |
| Larsen & Toubro, Ltd.  | 126929 | 5767 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 433721 | 4654 |
| Mitsubishi Heavy Industries, Ltd.  | 162100 | 3970 |
| Schneider Electric SE  | 14248 | 3905 |
| SM Investments Corp.  | 321280 | 3820 |
| Ayala Corp.  | 383020 | 3047 |
| GT Capital Holdings, Inc.  | 288570 | 2918 |
| Carrier Global Corp.  | 54462 | 2878 |
| InPost SA <sup>(a)(e)</sup>  | 218978 | 2682 |
| International Consolidated Airlines Group SA (CDI)  | 463348 | 2566 |
| Embraer SA  | 143113 | 2312 |
| Ingersoll-Rand, Inc.  | 25137 | 1991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Bureau Veritas SA  | 61362 | $1954 |
| Boeing Co. (The) <sup>(a)</sup>  | 7510 | 1631 |
| Turk Hava Yollari Anonim Ortakligi, non-registered shares  | 218301 | 1368 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 200986 | 1003 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 57166 | 983 |
| Haitian International Holdings, Ltd.  | 103146 | 293 |
|  |  | 490259 |
| **Communication services 9.72%** |  |  |
| Tencent Holdings, Ltd.  | 1429401 | 109531 |
| Alphabet, Inc., Class C  | 86392 | 27110 |
| Alphabet, Inc., Class A  | 82543 | 25836 |
| Bharti Airtel, Ltd.  | 2045799 | 47992 |
| Bharti Airtel, Ltd., interim shares  | 50511 | 952 |
| Meta Platforms, Inc., Class A  | 60664 | 40044 |
| NetEase, Inc.  | 1132600 | 31168 |
| MTN Group, Ltd.  | 2718770 | 27783 |
| KT Corp. (ADR)  | 648437 | 12301 |
| Netflix, Inc. <sup>(a)</sup>  | 118609 | 11121 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 43499200 | 9047 |
| America Movil, SAB de CV, Class B (ADR)  | 384073 | 7939 |
| True Corp. PCL, foreign registered shares  | 22087986 | 7629 |
| True Corp. PCL, nonvoting depository receipts  | 753600 | 260 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 56652 | 7402 |
| Spotify Technology SA <sup>(a)</sup>  | 10315 | 5990 |
| Tencent Music Entertainment Group, Class A (ADR)  | 338146 | 5928 |
| Orange  | 311481 | 5197 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 38832 | 3146 |
| Advanced Info Service PCL, foreign registered shares  | 267800 | 2660 |
| NAVER Corp.  | 9774 | 1638 |
| TIM SA  | 412735 | 1615 |
| Singapore Telecommunications, Ltd.  | 349300 | 1237 |
|  |  | 393526 |
| **Materials 6.40%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1702702 | 45652 |
| Grupo Mexico, SAB de CV, Series B  | 2472433 | 23345 |
| Barrick Mining Corp.  | 438294 | 19088 |
| Vale SA, ordinary nominative shares  | 1025947 | 13414 |
| Vale SA (ADR), ordinary nominative shares  | 205656 | 2680 |
| Glencore PLC  | 2503454 | 13618 |
| APL Apollo Tubes, Ltd.  | 546975 | 11649 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 128112 | 10846 |
| Valterra Platinum, Ltd. (ADR)  | 41308 | 578 |
| Amcor PLC (CDI)  | 1254386 | 10482 |
| Nitto Denko Corp.  | 428636 | 10185 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 436300 | 8156 |
| BASF SE  | 145775 | 7616 |
| Anhui Conch Cement Co., Ltd., Class H  | 2253000 | 6373 |
| Linde PLC  | 14574 | 6214 |
| Impala Platinum Holdings, Ltd.  | 375422 | 5913 |
| Saudi Basic Industries Corp. non-registered shares  | 353199 | 4829 |
| Nutrien, Ltd. (CAD denominated) <sup>(e)</sup>  | 71918 | 4439 |
| Siam Cement PCL, foreign registered shares  | 730100 | 4239 |
| Suzano SA  | 438657 | 4109 |
| Pan American Silver Corp.  | 77019 | 3990 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 344873 | 3922 |
| Southern Copper Corp.  | 25418 | 3647 |
| Wheaton Precious Metals Corp. (CAD denominated)  | 29705 | 3492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Anglo American PLC  | 79828 | $3290 |
| Sika AG  | 15591 | 3195 |
| Nippon Steel Corp.  | 776600 | 3176 |
| Freeport-McMoRan, Inc.  | 59811 | 3038 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212068 | 2746 |
| Antofagasta PLC  | 52060 | 2285 |
| Corteva, Inc.  | 31708 | 2125 |
| Asian Paints, Ltd.  | 66679 | 2054 |
| Ecolab, Inc.  | 7627 | 2002 |
| Heidelberg Materials AG, non-registered shares  | 6287 | 1646 |
| Syensqo SA  | 19822 | 1592 |
| SRF, Ltd.  | 41937 | 1435 |
| Arkema SA  | 17359 | 1062 |
| China Hongqiao Group Ltd. <sup>(a)</sup>  | 177000 | 736 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 1123215 | — <br><sup>(d)</sup><br>|
|  |  | 258858 |
| **Health care 5.19%** |  |  |
| Novo Nordisk AS, Class B  | 683766 | 34853 |
| Max Healthcare Institute, Ltd.  | 2447517 | 28464 |
| AstraZeneca PLC  | 113238 | 20858 |
| Laurus Labs, Ltd.  | 1535536 | 18916 |
| Eli Lilly and Co.  | 17384 | 18682 |
| Thermo Fisher Scientific, Inc.  | 25506 | 14779 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30544 | 9280 |
| BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 841 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 879888 | 7483 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 184800 | 1688 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 236793 | 7390 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 741373 | 7225 |
| EssilorLuxottica SA  | 18490 | 5846 |
| Abbott Laboratories  | 39403 | 4937 |
| Danaher Corp.  | 18692 | 4279 |
| Dr. Sulaiman Al Habib Medical Services Group Co.  | 52908 | 3625 |
| Rede D'Or Sao Luiz SA  | 427339 | 3164 |
| OdontoPrev SA  | 1320175 | 2690 |
| Align Technology, Inc. <sup>(a)</sup>  | 16246 | 2537 |
| bioMerieux SA  | 17603 | 2279 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1647 |
| Mankind Pharma, Ltd.  | 62374 | 1527 |
| Lupin, Ltd.  | 59641 | 1398 |
| WuXi AppTec Co., Ltd., Class H  | 107700 | 1357 |
| Asahi Intecc Co., Ltd.  | 71500 | 1339 |
| Alcon, Inc.  | 13781 | 1095 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 969 |
| Medtronic PLC  | 6899 | 663 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 161 |
|  |  | 209972 |
| **Consumer staples 4.47%** |  |  |
| Nestle SA  | 291813 | 29004 |
| Kweichow Moutai Co., Ltd., Class A  | 121770 | 23981 |
| Arca Continental, SAB de CV  | 1036505 | 11217 |
| JBS NV (BDR) <sup>(a)</sup>  | 641172 | 9247 |
| Carlsberg A/S, Class B  | 60316 | 7907 |
| Raia Drogasil SA, ordinary nominative shares  | 1634665 | 7011 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 161965 | 6814 |
| Shoprite Holdings, Ltd.  | 411541 | 6721 |
| ITC, Ltd.  | 1420089 | 6374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Anheuser-Busch InBev SA/NV  | 91753 | $5887 |
| KT&G Corp.  | 54838 | 5399 |
| Tsingtao Brewery Co., Ltd., Class H  | 782634 | 4891 |
| Philip Morris International, Inc.  | 29930 | 4801 |
| Dino Polska SA, non-registered shares <sup>(a)</sup>  | 398251 | 4585 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 4195 |
| Pernod Ricard SA  | 47700 | 4084 |
| Monster Beverage Corp. <sup>(a)</sup>  | 51591 | 3956 |
| Varun Beverages, Ltd.  | 712894 | 3882 |
| Wal-Mart de Mexico, SAB de CV, Series V  | 1180937 | 3681 |
| United Spirits, Ltd.  | 219491 | 3526 |
| British American Tobacco PLC  | 57337 | 3250 |
| PepsiCo, Inc.  | 18460 | 2649 |
| Danone SA  | 28109 | 2536 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 1141636 | 2434 |
| L'Oreal SA, non-registered shares  | 5436 | 2335 |
| Zabka Group <sup>(a)</sup>  | 321671 | 2049 |
| Coca-Cola Co.  | 27396 | 1915 |
| Walmart, Inc.  | 14179 | 1580 |
| Mondelez International, Inc., Class A  | 29118 | 1567 |
| WH Group, Ltd.  | 1189000 | 1324 |
| Godrej Consumer Products, Ltd.  | 85234 | 1159 |
| JD Health International, Inc. <sup>(a)</sup>  | 107650 | 765 |
|  |  | 180726 |
| **Energy 2.20%** |  |  |
| Reliance Industries, Ltd.  | 1530507 | 26714 |
| TotalEnergies SE (EUR denominated)  | 197891 | 12898 |
| ADNOC Drilling Co. PJSC  | 7034034 | 10228 |
| Adnoc Gas PLC  | 9312887 | 9002 |
| SLB, Ltd.  | 220133 | 8449 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 172702 | 8404 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 633133 | 7502 |
| Shell PLC (GBP denominated)  | 75967 | 2790 |
| Chevron Corp.  | 16599 | 2530 |
| Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 604 |
| Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | — <br><sup>(d)</sup><br>|
|  |  | 89121 |
| **Real estate 1.37%** |  |  |
| Lodha Developers, Ltd.  | 2449911 | 28933 |
| China Resources Mixc Lifestyle Services, Ltd.  | 1563200 | 8595 |
| China Resources Land, Ltd.  | 1570000 | 5468 |
| Emaar Properties PJSC  | 1141749 | 4368 |
| CK Asset Holdings, Ltd.  | 762500 | 3841 |
| SM Prime Holdings, Inc.  | 8122500 | 3133 |
| Fibra Uno Administracion REIT, SA de CV  | 300200 | 450 |
| Longfor Group Holdings, Ltd. <sup>(e)</sup>  | 336846 | 369 |
| ALLOS SA, ordinary nominative shares  | 60365 | 312 |
|  |  | 55469 |
| **Utilities 1.15%** |  |  |
| Power Grid Corp. of India, Ltd.  | 3911064 | 11505 |
| Gulf Development PCL  | 7715193 | 10231 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 401325 | 9618 |
| SembCorp Industries, Ltd.  | 1195100 | 5579 |
| Equatorial Energia SA  | 782855 | 5486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| CPFL Energia SA  | 251145 | $2438 |
| AES Corp.  | 74667 | 1071 |
| Engie SA  | 23878 | 628 |
|  |  | 46556 |
| **Total common stocks** (cost: $2,320,519,000) |  | 3858284 |
| Preferred securities 0.73% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 1332401 | 9540 |
| Itau Unibanco Holding SA, preferred nominative shares  | 459389 | 3293 |
|  |  | 12833 |
| **Real estate 0.20%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup>  | 32657 | 6550 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup>  | 8400 | 1685 |
|  |  | 8235 |
| **Information technology 0.16%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 104453 | 6410 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 34 | 56 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 6468 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup>  | 35497 | 1902 |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup>  | 915260 | 102 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup>  | 7768 | — <br><sup>(d)</sup><br>|
|  |  | 2004 |
| **Total preferred securities** (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 178 |
| Angola (Republic of) 8.25% 5/9/2028  | 600 | 604 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 435 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 273 |
| Asian Development Bank 5.25% 4/29/2035  | PHP25,800 | 432 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL13,989 | 2473 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup>  | 15081 | 2674 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 21 | 3 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 6065 | 973 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup>  | 3325 | 557 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 14543 | 2237 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 17300 | 2589 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup>  | 5298 | 842 |
| Chile (Republic of) 4.70% 9/1/2030  | CLP810,000 | 884 |
| Chile (Republic of) 5.30% 11/1/2037  | 425000 | 471 |
| Chile (Republic of) 4.34% 3/7/2042  | USD350 | 312 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | CNY5,610 | 830 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051  | 23270 | 4192 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 1250 | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054  | CNY4,480 | $668 |
| Colombia (Republic of) 3.25% 4/22/2032  | USD700 | 592 |
| Colombia (Republic of) 5.20% 5/15/2049  | 391 | 288 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP4,320,700 | 895 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 1734800 | 463 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 2054300 | 387 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 877300 | 217 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup>  | 6870 | 562 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 4146300 | 820 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 3235300 | 493 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | EUR150 | 171 |
| Czech Republic 3.50% 5/30/2035  | CZK15,840 | 713 |
| Czech Republic 1.95% 7/30/2037  | 17900 | 661 |
| Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 396 |
| Dominican Republic (Government of) 5.875% 1/30/2060  | 335 | 300 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 960 | 979 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | EGP33,072 | 715 |
| Egypt (Arab Republic of) 6.375% 4/11/2031  | EUR100 | 121 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | USD1,165 | 1246 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 400 | 393 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 386 | 392 |
| Gabonese (Republic of) 6.625% 2/6/2031  | 720 | 560 |
| Gabonese (Republic of) 7.00% 11/24/2031  | 500 | 383 |
| Honduras (Republic of) 6.25% 1/19/2027  | 875 | 885 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 279 |
| Hungary (Republic of) 2.00% 5/23/2029  | HUF255,550 | 684 |
| Hungary (Republic of) 6.75% 7/23/2031  | 433980 | 1347 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | USD330 | 353 |
| Hungary (Republic of) 4.75% 11/24/2032  | HUF180,830 | 498 |
| India (Republic of) 7.32% 11/13/2030  | INR3,480 | 40 |
| India (Republic of) 6.54% 1/17/2032  | 15620 | 174 |
| India (Republic of) 7.18% 7/24/2037  | 176070 | 2008 |
| India (Republic of) 7.09% 8/5/2054  | 280280 | 3044 |
| Indonesia (Republic of) 6.375% 4/15/2032  | IDR317,000 | 20 |
| Indonesia (Republic of) 7.50% 6/15/2035  | 7953000 | 522 |
| Indonesia (Republic of) 6.625% 2/17/2037  | USD300 | 343 |
| Indonesia (Republic of) 7.125% 6/15/2038  | IDR7,242,000 | 464 |
| Indonesia (Republic of) 7.50% 4/15/2040  | 8852000 | 581 |
| Indonesia (Republic of) 7.125% 8/15/2040  | 13148000 | 847 |
| Indonesia (Republic of) 7.125% 6/15/2042  | 8210000 | 522 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2341000 | 148 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 16818000 | 1062 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29553000 | 1834 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 976 |
| Kenya (Republic of) 6.30% 1/23/2034  | 645 | 591 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 593 |
| Kenya (Republic of) 9.50% 3/5/2036  | 330 | 353 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR8,766 | 2215 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 616 | 169 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 3245 | 824 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 2200 | 540 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 1030 | 283 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 2202 | 553 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 989 | 301 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054  | 1255 | 324 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD490 | 511 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR340 | 409 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 263 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR625 | 743 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 200 | 240 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD540 | 463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN730,360 | $534 |
| Nigeria (Republic of) 7.875% 2/16/2032  | USD280 | 293 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup>  | 390 | 419 |
| Oman (Sultanate of) 6.00% 8/1/2029  | 715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 485 | 535 |
| Panama (Republic of) 3.75% 4/17/2026  | 100 | 100 |
| Panama (Republic of) 7.875% 3/1/2057  | 600 | 701 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 320 | 325 |
| Peru (Republic of) 3.00% 1/15/2034  | 225 | 196 |
| Peru (Republic of) 6.55% 3/14/2037  | 360 | 399 |
| Peru (Republic of) 3.55% 3/10/2051  | 490 | 344 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 55 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 353 |
| Philippines (Republic of) 6.375% 7/27/2030  | PHP12,110 | 211 |
| Philippines (Republic of) 6.00% 8/20/2030  | 14790 | 253 |
| Philippines (Republic of) 6.75% 9/15/2032  | 41240 | 734 |
| Philippines (Republic of) 6.375% 10/23/2034  | USD145 | 163 |
| Philippines (Republic of) 3.95% 1/20/2040  | 500 | 443 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029  | PLN2,410 | 705 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | USD370 | 377 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN8,434 | 2514 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 6920 | 1921 |
| Romania (Republic of) 5.25% 5/30/2032  | EUR450 | 542 |
| Romania (Republic of) 5.25% 5/30/2032  | 230 | 277 |
| Romania (Republic of) 2.00% 4/14/2033  | 300 | 288 |
| Romania (Republic of) 5.625% 5/30/2037  | 390 | 448 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033  | USD480 | 488 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 2300 | 2277 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | EUR506 | 602 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | USD200 | 215 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR13,912 | 1061 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031  | 482 | 28 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 11495 | 711 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 8388 | 528 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 28192 | 1707 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 15670 | 906 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | THB40,963 | 1521 |
| Turkey (Republic of) 37.84% 7/14/2027  | TRY30,000 | 728 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD200 | 221 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY23,445 | 419 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030  | USD500 | 629 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 1710 | 1323 |
| United Mexican States 6.875% 5/13/2037  | 610 | 652 |
| United Mexican States 5.125% 3/19/2038  | EUR420 | 492 |
| United Mexican States 4.75% 3/8/2044  | USD800 | 661 |
| United Mexican States 3.75% 4/19/2071  | 200 | 119 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN29,350 | 1645 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 56500 | 3025 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 36500 | 1887 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 38324 | 1976 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21600 | 1126 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 20000 | 951 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 19887 | 943 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup>  | USD244 | 65 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup>  | 145 | 41 |
|  |  | 100414 |
| **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** |
| **Energy 0.07%** |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | USD255 | $252 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 610 | 591 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 200 | 191 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 318 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | 250 | 260 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup>  | 220 | 218 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 390 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 343 |
|  |  | 2992 |
| **Communication services 0.06%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,710 | 786 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 17130 | 969 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2820 | 166 |
| PLDT, Inc. 2.50% 1/23/2031  | USD210 | 192 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 273 |
|  |  | 2386 |
| **Consumer discretionary 0.05%** |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051  | 410 | 279 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 373 |
| Meituan 3.05% 10/28/2030  | 200 | 187 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 363 |
| MercadoLibre, Inc. 3.125% 1/14/2031  | 200 | 185 |
| Sands China, Ltd. 4.375% 6/18/2030  | 220 | 217 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 260 | 260 |
|  |  | 1864 |
| **Financials 0.04%** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(i)</sup>  | 400 | 380 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(f)(i)</sup>  | 340 | 376 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030  | 300 | 282 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup>  | 400 | 438 |
|  |  | 1476 |
| **Materials 0.03%** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 139 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 372 |
| PT Krakatau Posco 6.375% 6/11/2027  | 345 | 352 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup>  | 520 | 530 |
|  |  | 1393 |
| **Utilities 0.03%** |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 291 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 261 | 246 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 173 | 172 |
| Greenko Dutch BV 3.85% 3/29/2026  | 173 | 172 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup>  | 350 | 354 |
|  |  | 1235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials 0.02%** | **Industrials 0.02%** |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | USD335 | $346 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026  | Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 199 |
|  |  |  | 919 |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 200 | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | 200 | 200 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | 420 | 426 |
|  |  |  | 839 |
| **Health care 0.01%** | **Health care 0.01%** |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 280 | 273 |
| **Total corporate bonds and notes** | **Total corporate bonds and notes** |  | 13377 |
| **Total bonds, notes & other debt instruments** (cost: $110,411,000) | **Total bonds, notes & other debt instruments** (cost: $110,411,000) |  | 113791 |
| Short-term securities 1.66% |  | Shares |  |
| **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | 608937 | 60900 |
| **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | 5942714 | 5943 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 1/6/2026  | 19.531<br> %<br>| EGP12,600 | 264 |
| **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | 67107 |
| **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | 4068722 |
| Other assets less liabilities (0.53)% | Other assets less liabilities (0.53)% |  | (21354)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $4047368 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(417)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.50%** |  |  |  |  |  |  |  |
| **Money market investments 1.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $618645 | &nbsp;&nbsp; $652434 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $60900 | &nbsp;&nbsp; $5504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

New World Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> <br>| 5/26/2021  | $5258 | $6550 | 0.16<br> %<br>|
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> <br>| 12/20/2021  | 1716 | 1685 | 0.04 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 656 | 634 | 0.02 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 58 | 56 | 0.00 <br><sup>(m)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 2 | 2 | 0.00 <br><sup>(m)</sup><br>|
| Getir BV, Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/27/2021 | 3500 | — <br><sup>(d</sup>)<br>| 0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $11190 | $8927 | 0.22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| HUF = Hungarian forints |

---

---

| |
|:---|
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PHP = Philippine pesos |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value<br> (000)<br>|
| **Information technology 22.47%** |  |  |
| Broadcom, Inc.  | 2374965 | $821975 |
| Microsoft Corp.  | 1413570 | 683631 |
| Apple, Inc.  | 1139590 | 309809 |
| NVIDIA Corp.  | 1094267 | 204081 |
| KLA Corp.  | 103353 | 125582 |
| ASML Holding NV (ADR)  | 110497 | 118216 |
| International Business Machines Corp.  | 319206 | 94552 |
| Salesforce, Inc.  | 288774 | 76499 |
| Accenture PLC, Class A  | 257970 | 69213 |
| Intel Corp. <sup>(a)</sup>  | 943406 | 34812 |
| SAP SE (ADR) <sup>(b)</sup>  | 108684 | 26401 |
| Texas Instruments, Inc.  | 108648 | 18849 |
| Amphenol Corp., Class A  | 134593 | 18189 |
| Synopsys, Inc. <sup>(a)</sup>  | 31950 | 15008 |
| Applied Materials, Inc.  | 56534 | 14529 |
| TE Connectivity PLC  | 61452 | 13981 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8068 | 13640 |
| Adobe, Inc. <sup>(a)</sup>  | 34743 | 12160 |
| Hewlett Packard Enterprise Co.  | 406300 | 9759 |
| Motorola Solutions, Inc.  | 9895 | 3793 |
| Oracle Corp.  | 19421 | 3785 |
| ASM International NV (ADR) <sup>(b)</sup>  | 4561 | 2752 |
|  |  | 2691216 |
| **Financials 17.03%** |  |  |
| Marsh & McLennan Cos., Inc.  | 1130032 | 209644 |
| JPMorgan Chase & Co.  | 593105 | 191110 |
| Bank of America Corp.  | 3357568 | 184666 |
| Visa, Inc., Class A  | 493213 | 172975 |
| Capital One Financial Corp.  | 511844 | 124050 |
| BlackRock, Inc.  | 103920 | 111230 |
| Mastercard, Inc., Class A  | 191588 | 109374 |
| Truist Financial Corp.  | 1734572 | 85358 |
| Citizens Financial Group, Inc.  | 1377669 | 80470 |
| Arthur J. Gallagher & Co.  | 300484 | 77762 |
| KKR & Co., Inc.  | 535221 | 68230 |
| Wells Fargo & Co.  | 712560 | 66411 |
| Chubb, Ltd.  | 187408 | 58494 |
| Progressive Corp.  | 249074 | 56719 |
| Apollo Asset Management, Inc.  | 387751 | 56131 |
| Morgan Stanley  | 290174 | 51515 |
| American Express Co.  | 138945 | 51403 |
| Blackstone, Inc.  | 247025 | 38076 |
| CME Group, Inc., Class A  | 134353 | 36689 |
| Aon PLC, Class A  | 95985 | 33871 |
| S&P Global, Inc.  | 50609 | 26448 |
| Citigroup, Inc.  | 207496 | 24213 |
| KeyCorp  | 1068093 | 22045 |
| PNC Financial Services Group, Inc.  | 89774 | 18738 |
| Brookfield Asset Management, Ltd., Class A  | 345786 | 18116 |
| Goldman Sachs Group, Inc.  | 19811 | 17414 |
| Carlyle Group, Inc. (The)  | 270192 | 15971 |
| Equitable Holdings, Inc.  | 217170 | 10348 |
| Fifth Third Bancorp  | 178306 | 8346 |
| Intercontinental Exchange, Inc.  | 48480 | 7852 |
| Charles Schwab Corp. (The)  | 57745 | 5769 |
|  |  | 2039438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials 12.74%** |  |  |
| RTX Corp.  | 1032583 | $189376 |
| General Electric Co.  | 510619 | 157286 |
| Northrop Grumman Corp.  | 268954 | 153360 |
| Union Pacific Corp.  | 381988 | 88361 |
| Paychex, Inc.  | 783023 | 87839 |
| Caterpillar, Inc.  | 147575 | 84541 |
| Boeing Co. (The) <sup>(a)</sup>  | 371244 | 80604 |
| Deere & Co.  | 161235 | 75066 |
| L3Harris Technologies, Inc.  | 231680 | 68014 |
| 3M Co.  | 390205 | 62472 |
| Delta Air Lines, Inc.  | 807328 | 56029 |
| Parker-Hannifin Corp.  | 58375 | 51309 |
| Lennox International, Inc.  | 89406 | 43414 |
| Deutsche Post AG (ADR)  | 688904 | 37676 |
| Ingersoll-Rand, Inc.  | 459350 | 36390 |
| Verisk Analytics, Inc.  | 160459 | 35893 |
| Watsco, Inc.  | 93957 | 31659 |
| Siemens AG (ADR)  | 196210 | 27460 |
| Waste Connections, Inc.  | 130488 | 22882 |
| Johnson Controls International PLC  | 162195 | 19423 |
| FedEx Corp.  | 61924 | 17887 |
| HEICO Corp.  | 44486 | 14395 |
| Republic Services, Inc.  | 67539 | 14314 |
| Equifax, Inc.  | 60828 | 13198 |
| BAE Systems PLC (ADR)  | 136409 | 12670 |
| CSX Corp.  | 290528 | 10532 |
| RELX PLC (ADR)  | 231829 | 9371 |
| Waste Management, Inc.  | 40322 | 8859 |
| Applied Industrial Technologies, Inc.  | 22716 | 5833 |
| Trane Technologies PLC  | 14265 | 5552 |
| ITT, Inc.  | 20862 | 3620 |
|  |  | 1525285 |
| **Health care 12.16%** |  |  |
| Eli Lilly and Co.  | 244400 | 262652 |
| UnitedHealth Group, Inc.  | 621229 | 205074 |
| Amgen, Inc.  | 599792 | 196318 |
| Abbott Laboratories  | 1132764 | 141924 |
| CVS Health Corp.  | 1753200 | 139134 |
| AbbVie, Inc.  | 388820 | 88841 |
| Gilead Sciences, Inc.  | 687176 | 84344 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 137037 | 62127 |
| Johnson & Johnson  | 246753 | 51065 |
| Danaher Corp.  | 217204 | 49722 |
| Thermo Fisher Scientific, Inc.  | 84887 | 49188 |
| AstraZeneca PLC (ADR)  | 391907 | 36028 |
| Zimmer Biomet Holdings, Inc.  | 220098 | 19791 |
| Illumina, Inc. <sup>(a)</sup>  | 110721 | 14522 |
| Elevance Health, Inc.  | 39244 | 13757 |
| Humana, Inc.  | 47537 | 12176 |
| Novo Nordisk AS, Class B (ADR)  | 187415 | 9536 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 6547 |
| Bristol-Myers Squibb Co.  | 96148 | 5186 |
| McKesson Corp.  | 4752 | 3898 |
| Align Technology, Inc. <sup>(a)</sup>  | 15745 | 2459 |
| Cardinal Health, Inc.  | 6793 | 1396 |
|  |  | 1455685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples 8.25%** |  |  |
| Philip Morris International, Inc.  | 2510056 | $402613 |
| British American Tobacco PLC (ADR)  | 2455192 | 139013 |
| Keurig Dr Pepper, Inc.  | 2702930 | 75709 |
| Mondelez International, Inc., Class A  | 1268407 | 68278 |
| Coca-Cola Co.  | 758395 | 53020 |
| Constellation Brands, Inc., Class A  | 284585 | 39261 |
| Costco Wholesale Corp.  | 41990 | 36210 |
| Altria Group, Inc.  | 590291 | 34036 |
| Hershey Co.  | 124140 | 22591 |
| Nestle SA (ADR)  | 200456 | 19801 |
| Procter & Gamble Co.  | 136221 | 19522 |
| Church & Dwight Co., Inc.  | 227492 | 19075 |
| Walmart, Inc.  | 150441 | 16761 |
| Estee Lauder Cos., Inc. (The), Class A  | 152224 | 15941 |
| Kraft Heinz Co. (The)  | 413643 | 10031 |
| Target Corp.  | 98519 | 9630 |
| Bunge Global SA  | 74092 | 6600 |
|  |  | 988092 |
| **Consumer discretionary 6.88%** |  |  |
| Royal Caribbean Cruises, Ltd.  | 596363 | 166337 |
| Home Depot, Inc.  | 256784 | 88359 |
| Starbucks Corp.  | 1021649 | 86033 |
| Amazon.com, Inc. <sup>(a)</sup>  | 331292 | 76469 |
| YUM! Brands, Inc.  | 502512 | 76020 |
| D.R. Horton, Inc.  | 411529 | 59272 |
| TJX Cos., Inc. (The)  | 383447 | 58901 |
| Darden Restaurants, Inc.  | 317938 | 58507 |
| NIKE, Inc., Class B  | 537367 | 34236 |
| Marriott International, Inc., Class A  | 88679 | 27512 |
| General Motors Co.  | 276739 | 22504 |
| Vail Resorts, Inc.  | 149560 | 19862 |
| Tractor Supply Co.  | 373740 | 18691 |
| Toll Brothers, Inc.  | 81236 | 10985 |
| Texas Roadhouse, Inc.  | 43999 | 7304 |
| Sony Group Corp. (ADR)  | 268839 | 6882 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 6129 |
|  |  | 824003 |
| **Communication services 5.40%** |  |  |
| Alphabet, Inc., Class A  | 591527 | 185148 |
| Alphabet, Inc., Class C  | 565134 | 177339 |
| Meta Platforms, Inc., Class A  | 234761 | 154963 |
| Comcast Corp., Class A  | 3570517 | 106723 |
| Verizon Communications, Inc.  | 261888 | 10667 |
| Walt Disney Co. (The)  | 56380 | 6414 |
| AT&T, Inc.  | 210004 | 5217 |
|  |  | 646471 |
| **Utilities 4.03%** |  |  |
| Constellation Energy Corp.  | 322322 | 113867 |
| Sempra  | 1251080 | 110458 |
| Southern Co. (The)  | 946592 | 82543 |
| FirstEnergy Corp.  | 1218911 | 54571 |
| DTE Energy Co.  | 221096 | 28517 |
| Exelon Corp.  | 631441 | 27525 |
| Entergy Corp.  | 182766 | 16893 |
| CenterPoint Energy, Inc.  | 437803 | 16785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc.  | 184231 | $14794 |
| NextEra Energy, Inc.  | 125328 | 10061 |
| Atmos Energy Corp.  | 38564 | 6464 |
|  |  | 482478 |
| **Energy 2.92%** |  |  |
| Exxon Mobil Corp.  | 678218 | 81617 |
| ConocoPhillips  | 836045 | 78262 |
| Canadian Natural Resources, Ltd.  | 1659500 | 56174 |
| EOG Resources, Inc.  | 404283 | 42454 |
| Baker Hughes Co., Class A  | 572294 | 26062 |
| TC Energy Corp.  | 425469 | 23405 |
| Chevron Corp.  | 114799 | 17496 |
| Halliburton Co.  | 398694 | 11267 |
| SLB, Ltd.  | 216823 | 8322 |
| TotalEnergies SE <sup>(b)</sup>  | 65622 | 4293 |
|  |  | 349352 |
| **Real estate 2.59%** |  |  |
| Welltower, Inc. REIT  | 972251 | 180459 |
| Simon Property Group, Inc. REIT  | 158605 | 29359 |
| Public Storage REIT  | 107805 | 27975 |
| Prologis, Inc. REIT  | 200496 | 25595 |
| Ventas, Inc. REIT  | 219292 | 16969 |
| American Tower Corp. REIT  | 95755 | 16812 |
| Rexford Industrial Realty, Inc. REIT  | 156135 | 6046 |
| Extra Space Storage, Inc. REIT  | 42274 | 5505 |
| CoStar Group, Inc. <sup>(a)</sup>  | 23002 | 1547 |
|  |  | 310267 |
| **Materials 2.24%** |  |  |
| Air Products and Chemicals, Inc.  | 314661 | 77728 |
| Wheaton Precious Metals Corp.  | 558352 | 65618 |
| International Paper Co.  | 1327824 | 52303 |
| Linde PLC  | 63825 | 27214 |
| Royal Gold, Inc.  | 81893 | 18204 |
| Corteva, Inc.  | 260264 | 17445 |
| H.B. Fuller Co.  | 114890 | 6831 |
| Nucor Corp.  | 16976 | 2769 |
|  |  | 268112 |
| **Total common stocks** (cost: $7,030,725,000) |  | 11580399 |
| Convertible stocks 0.86% |  |  |
| **Industrials 0.36%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 627490 | 43334 |
| **Financials 0.33%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 590703 | 30622 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 116666 | 8811 |
|  |  | 39433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 0.17%** |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028  | 406324 | $20463 |
| **Total convertible stocks** (cost: $91,575,000) |  | 103230 |
| Short-term securities 2.29% |  |  |
| **Money market investments 2.28%** | **Money market investments 2.28%** | **Money market investments 2.28%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2725029 | 272530 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 776786 | 777 |
| **Total short-term securities** (cost: $273,250,000) |  | 273307 |
| **Total investment securities 99.86%** (cost: $7,395,550,000) |  | 11956936 |
| Other assets less liabilities 0.14% |  | 17120 |
| **Net assets 100.00%** |  | $11974056 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.28%** |  |  |  |  |  |  |  |
| **Money market investments 2.28%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $245250 | &nbsp;&nbsp; $1790503 | &nbsp;&nbsp; $1763183 | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(f)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(g)</sup><br>|
| **Total 2.28%** |  |  |  | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% | Shares | Value<br> (000)<br>|
| **Financials 23.78%** |  |  |
| Capital One Financial Corp.  | 12848 | $3114 |
| Brown & Brown, Inc.  | 29424 | 2345 |
| Fifth Third Bancorp  | 42787 | 2003 |
| RenaissanceRe Holdings, Ltd.  | 6629 | 1864 |
| Victory Capital Holdings, Inc., Class A  | 27021 | 1705 |
| LPL Financial Holdings, Inc.  | 3231 | 1154 |
| StepStone Group, Inc., Class A  | 17773 | 1140 |
| KeyCorp  | 47885 | 988 |
| Hamilton Lane, Inc., Class A  | 7175 | 964 |
| TPG, Inc., Class A  | 13727 | 876 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 11444 | 852 |
| WEX, Inc. <sup>(a)</sup>  | 5173 | 771 |
| Radian Group, Inc.  | 18868 | 679 |
| Kinsale Capital Group, Inc.  | 1670 | 653 |
| Fiserv, Inc. <sup>(a)</sup>  | 9281 | 623 |
| Ally Financial, Inc.  | 10613 | 481 |
| Ameriprise Financial, Inc.  | 957 | 469 |
| Accelerant Holdings, Class A <sup>(a)</sup>  | 27142 | 444 |
| Artisan Partners Asset Management, Inc., Class A  | 10148 | 413 |
| Tradeweb Markets, Inc., Class A  | 3687 | 396 |
| Arthur J. Gallagher & Co.  | 1462 | 378 |
| Citizens Financial Group, Inc.  | 6328 | 370 |
| Essent Group, Ltd.  | 4628 | 301 |
| Figure Technology Solutions, Inc. <sup>(a)</sup>  | 6252 | 255 |
| GQG Partners, Inc. (CDI)  | 195382 | 228 |
| Blue Owl Capital, Inc., Class A  | 15107 | 226 |
|  |  | 23692 |
| **Industrials 19.73%** |  |  |
| XPO, Inc. <sup>(a)</sup>  | 11702 | 1590 |
| Comfort Systems USA, Inc.  | 1510 | 1409 |
| Crane Co.  | 7592 | 1400 |
| Ingersoll-Rand, Inc.  | 16463 | 1304 |
| United Rentals, Inc.  | 1565 | 1267 |
| Karman Holdings, Inc. <sup>(a)</sup>  | 16913 | 1238 |
| AGCO Corp.  | 8507 | 887 |
| ATI, Inc. <sup>(a)</sup>  | 7165 | 822 |
| Bloom Energy Corp., Class A <sup>(a)</sup>  | 9349 | 812 |
| APi Group Corp. <sup>(a)</sup>  | 18288 | 700 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 5120 | 698 |
| AMETEK, Inc.  | 3100 | 637 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 5013 | 624 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 11721 | 609 |
| PACCAR, Inc.  | 4584 | 502 |
| Applied Industrial Technologies, Inc.  | 1852 | 476 |
| The Toro Co.  | 5383 | 424 |
| CSW Industrials, Inc.  | 1425 | 418 |
| FTAI Aviation, Ltd.  | 2030 | 400 |
| Copart, Inc. <sup>(a)</sup>  | 9486 | 371 |
| HEICO Corp.  | 1059 | 343 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 3265 | 336 |
| L3Harris Technologies, Inc.  | 1140 | 335 |
| Kadant, Inc.  | 1153 | 329 |
| ESCO Technologies, Inc.  | 1528 | 299 |
| VSE Corp.  | 1708 | 295 |
| Graco, Inc.  | 3172 | 260 |
| Oshkosh Corp.  | 1699 | 213 |
| Robert Half, Inc.  | 6882 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Fluor Corp. <sup>(a)</sup>  | 4663 | $185 |
| United Parcel Service, Inc., Class B  | 1684 | 167 |
| CBIZ, Inc. <sup>(a)</sup>  | 2383 | 120 |
|  |  | 19657 |
| **Consumer discretionary 15.60%** |  |  |
| Hilton Worldwide Holdings, Inc.  | 5955 | 1711 |
| YUM! Brands, Inc.  | 9944 | 1504 |
| Vail Resorts, Inc.  | 10303 | 1368 |
| LKQ Corp.  | 42592 | 1286 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 13584 | 1034 |
| General Motors Co.  | 11011 | 895 |
| Five Below, Inc. <sup>(a)</sup>  | 4322 | 814 |
| Adtalem Global Education, Inc. <sup>(a)</sup>  | 7439 | 770 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 5826 | 591 |
| TopBuild Corp. <sup>(a)</sup>  | 1258 | 525 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 2429 | 522 |
| Wingstop, Inc.  | 2071 | 494 |
| Darden Restaurants, Inc.  | 2559 | 471 |
| D.R. Horton, Inc.  | 3011 | 434 |
| Murphy USA, Inc.  | 927 | 374 |
| Toll Brothers, Inc.  | 2406 | 325 |
| Cavco Industries, Inc. <sup>(a)</sup>  | 546 | 322 |
| Royal Caribbean Cruises, Ltd.  | 1101 | 307 |
| Chewy, Inc., Class A <sup>(a)</sup>  | 8811 | 291 |
| Texas Roadhouse, Inc.  | 1657 | 275 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 7178 | 266 |
| Brinker International, Inc. <sup>(a)</sup>  | 1778 | 255 |
| SharkNinja, Inc. <sup>(a)</sup>  | 1946 | 218 |
| AutoZone, Inc. <sup>(a)</sup>  | 53 | 180 |
| Polaris, Inc.  | 2608 | 165 |
| CAVA Group, Inc. <sup>(a)</sup>  | 2391 | 140 |
|  |  | 15537 |
| **Information technology 11.44%** |  |  |
| Ingram Micro Holding Corp. <sup>(b)</sup>  | 64723 | 1381 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 3571 | 1316 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 2398 | 1092 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 4973 | 1010 |
| Ciena Corp. <sup>(a)</sup>  | 3954 | 925 |
| Flex, Ltd. <sup>(a)</sup>  | 13238 | 800 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 1765 | 741 |
| Procore Technologies, Inc. <sup>(a)</sup>  | 8507 | 619 |
| Vontier Corp.  | 16007 | 595 |
| Fair Isaac Corp. <sup>(a)</sup>  | 313 | 529 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 2395 | 472 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 20637 | 370 |
| Hewlett Packard Enterprise Co.  | 12286 | 295 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 1350 | 277 |
| Snowflake, Inc. <sup>(a)</sup>  | 1173 | 257 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 7980 | 230 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 8318 | 201 |
| CoreWeave, Inc., Class A <sup>(a)</sup>  | 1559 | 112 |
| Figma, Inc. <sup>(a)</sup>  | 2983 | 111 |
| Via Transportation, Inc., Class A <sup>(a)</sup>  | 2340 | 68 |
|  |  | 11401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 8.63%** |  |  |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 14469 | $1145 |
| Illumina, Inc. <sup>(a)</sup>  | 5359 | 703 |
| Align Technology, Inc. <sup>(a)</sup>  | 4477 | 699 |
| Medline, Inc., Class A <sup>(a)</sup>  | 14700 | 617 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 6773 | 555 |
| Exact Sciences Corp. <sup>(a)</sup>  | 4899 | 498 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 6858 | 462 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 8847 | 392 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 1752 | 391 |
| Penumbra, Inc. <sup>(a)</sup>  | 1219 | 379 |
| Natera, Inc. <sup>(a)</sup>  | 1649 | 378 |
| Alignment Healthcare, Inc. <sup>(a)</sup>  | 18667 | 369 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 10863 | 353 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 9798 | 344 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 1442 | 325 |
| Regeneron Pharmaceuticals, Inc.  | 376 | 290 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup>  | 9157 | 229 |
| Krystal Biotech, Inc. <sup>(a)</sup>  | 886 | 218 |
| Zimmer Biomet Holdings, Inc.  | 1962 | 176 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 200 | 79 |
|  |  | 8602 |
| **Consumer staples 7.13%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup>  | 29695 | 2237 |
| Monster Beverage Corp. <sup>(a)</sup>  | 16752 | 1284 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 11527 | 877 |
| Dollar General Corp.  | 4932 | 655 |
| Caseys General Stores, Inc.  | 1137 | 628 |
| Estee Lauder Cos., Inc. (The), Class A  | 4095 | 429 |
| Keurig Dr Pepper, Inc.  | 11715 | 328 |
| Maplebear, Inc. <sup>(a)</sup>  | 6897 | 310 |
| Constellation Brands, Inc., Class A  | 1758 | 243 |
| The Campbell's Co.  | 4131 | 115 |
|  |  | 7106 |
| **Energy 2.50%** |  |  |
| Diamondback Energy, Inc.  | 5754 | 865 |
| Baker Hughes Co., Class A  | 13613 | 620 |
| Viper Energy, Inc., Class A  | 8310 | 321 |
| Permian Resources Corp., Class A  | 18919 | 266 |
| SLB, Ltd.  | 6256 | 240 |
| EOG Resources, Inc.  | 1661 | 174 |
|  |  | 2486 |
| **Real estate 2.43%** |  |  |
| Simon Property Group, Inc. REIT  | 6717 | 1244 |
| Essex Property Trust, Inc. REIT  | 2217 | 580 |
| Crown Castle, Inc. REIT  | 5004 | 445 |
| Alexandria Real Estate Equities, Inc. REIT  | 3072 | 150 |
|  |  | 2419 |
| **Materials 2.29%** |  |  |
| International Paper Co.  | 19368 | 763 |
| Westlake Corp.  | 6765 | 500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Element Solutions, Inc.  | 17078 | $427 |
| Perpetua Resources Corp. <sup>(a)</sup>  | 16342 | 396 |
| Corteva, Inc.  | 2901 | 194 |
|  |  | 2280 |
| **Communication services 1.90%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 14370 | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3723 | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 761 | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 2858 | 39 |
|  |  | 1892 |
| **Utilities 1.89%** |  |  |
| Exelon Corp.  | 29519 | 1287 |
| NRG Energy, Inc.  | 3150 | 501 |
| FirstEnergy Corp.  | 2147 | 96 |
|  |  | 1884 |
| **Total common stocks** (cost: $93,297,000) |  | 96956 |
| Short-term securities 3.82% |  |  |
| **Money market investments 2.97%** | **Money market investments 2.97%** | **Money market investments 2.97%** |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup>  | 29620 | 2963 |
| **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup>  | 846291 | 846 |
| **Total short-term securities** (cost: $3,808,000) |  | 3809 |
| **Total investment securities 101.14%** (cost: $97,105,000) |  | 100765 |
| Other assets less liabilities (1.14)% |  | (1139)<br>|
| **Net assets 100.00%** |  | $99626 |

---

**Investments in affiliates** <sup>(e)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.97%** |  |  |  |  |  |  |  |
| **Money market investments 2.97%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(d)</sup>  | $288 | &nbsp;&nbsp; $29708 | &nbsp;&nbsp; $27033 | &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $2963 | &nbsp;&nbsp; $60 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $382 | $370 | 0.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(e)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% | Shares | Value<br> (000)<br>|
| **Information technology 23.97%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2005772 | $97989 |
| Broadcom, Inc.  | 268307 | 92861 |
| Microsoft Corp.  | 146416 | 70810 |
| NVIDIA Corp.  | 281180 | 52440 |
| Apple, Inc.  | 140959 | 38321 |
| Micron Technology, Inc.  | 111566 | 31842 |
| ASML Holding NV  | 16667 | 17815 |
| ASML Holding NV (ADR)  | 1512 | 1618 |
| International Business Machines Corp.  | 48120 | 14254 |
| Tokyo Electron, Ltd.  | 51975 | 11415 |
| Intel Corp. <sup>(a)</sup>  | 273031 | 10075 |
| MediaTek, Inc.  | 157094 | 7118 |
| Amphenol Corp., Class A  | 32412 | 4380 |
| Lenovo Group, Ltd.  | 3686000 | 4371 |
| Seagate Technology Holdings PLC  | 15867 | 4370 |
| Synopsys, Inc. <sup>(a)</sup>  | 8886 | 4174 |
| Applied Materials, Inc.  | 15190 | 3904 |
| Oracle Corp.  | 18982 | 3700 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 18872 | 3038 |
| Accenture PLC, Class A  | 10643 | 2855 |
| Samsung Electronics Co., Ltd.  | 33844 | 2821 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 12488 | 2462 |
| Capgemini SE  | 14098 | 2335 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 88141 | 2325 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9877 | 2024 |
| Constellation Software, Inc.  | 721 | 1734 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 2510 | 1691 |
| KLA Corp.  | 1314 | 1597 |
| Marvell Technology, Inc.  | 18061 | 1535 |
| Salesforce, Inc.  | 4029 | 1067 |
| SAP SE  | 3885 | 950 |
| Fair Isaac Corp. <sup>(a)</sup>  | 458 | 774 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 4258 | 647 |
| Corning, Inc.  | 7323 | 641 |
| Advantech Co., Ltd.  | 30098 | 274 |
|  |  | 500227 |
| **Industrials 16.25%** |  |  |
| General Electric Co.  | 80356 | 24752 |
| Airbus SE, non-registered shares  | 90056 | 20889 |
| BAE Systems PLC  | 890700 | 20476 |
| Siemens AG  | 64151 | 18016 |
| RTX Corp.  | 95086 | 17439 |
| TransDigm Group, Inc.  | 11792 | 15682 |
| Leonardo SpA  | 255861 | 14657 |
| Deere & Co.  | 29808 | 13878 |
| Volvo AB, Class B  | 391329 | 12544 |
| Melrose Industries PLC  | 1317195 | 10363 |
| Ryanair Holdings PLC (ADR)  | 143498 | 10359 |
| Hitachi, Ltd.  | 269600 | 8364 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 78427 | 7961 |
| Union Pacific Corp.  | 34166 | 7903 |
| Carrier Global Corp.  | 147179 | 7777 |
| Safran SA  | 22132 | 7701 |
| United Rentals, Inc.  | 9239 | 7477 |
| Mitsui & Co., Ltd.  | 252500 | 7463 |
| Rolls-Royce Holdings PLC  | 438695 | 6819 |
| Siemens Energy AG  | 41713 | 5895 |
| Ingersoll-Rand, Inc.  | 73089 | 5790 |
| L3Harris Technologies, Inc.  | 19651 | 5769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp.  | 5942 | $5223 |
| Deutsche Post AG  | 94991 | 5203 |
| Lockheed Martin Corp.  | 10189 | 4928 |
| ITOCHU Corp.  | 377000 | 4759 |
| Prysmian SpA  | 47580 | 4744 |
| RELX PLC  | 102326 | 4139 |
| Techtronic Industries Co., Ltd.  | 352500 | 4050 |
| IHI Corp.  | 204168 | 3600 |
| XPO, Inc. <sup>(a)</sup>  | 24624 | 3347 |
| Saab AB, Class B  | 50858 | 2958 |
| International Consolidated Airlines Group SA (CDI)  | 528593 | 2927 |
| GE Vernova, Inc.  | 4428 | 2894 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 54167 | 2815 |
| Bureau Veritas SA  | 84710 | 2698 |
| Weir Group PLC (The)  | 53913 | 2058 |
| MTU Aero Engines AG  | 4854 | 2025 |
| FTAI Aviation, Ltd.  | 9560 | 1882 |
| Crane Co.  | 9711 | 1791 |
| Marubeni Corp.  | 63000 | 1753 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 9858 | 1677 |
| Bouygues SA  | 30905 | 1602 |
| Comfort Systems USA, Inc.  | 1627 | 1518 |
| Recruit Holdings Co., Ltd.  | 25350 | 1446 |
| Bunzl PLC  | 42369 | 1182 |
| Randstad NV, non-registered shares  | 28055 | 1067 |
| Woodward, Inc.  | 3354 | 1014 |
| Vestas Wind Systems AS  | 35740 | 965 |
| SECOM Co., Ltd.  | 27100 | 963 |
| Howmet Aerospace, Inc.  | 4522 | 927 |
| Rocket Lab Corp. <sup>(a)</sup>  | 12810 | 894 |
| Boeing Co. (The) <sup>(a)</sup>  | 3785 | 822 |
| Diploma PLC  | 11469 | 818 |
| PACCAR, Inc.  | 7084 | 776 |
| Ferguson Enterprises, Inc.  | 2880 | 641 |
| Valmet OYJ  | 17763 | 588 |
| FedEx Corp.  | 1469 | 424 |
|  |  | 339092 |
| **Financials 14.57%** |  |  |
| Chubb, Ltd.  | 41141 | 12841 |
| Citigroup, Inc.  | 109791 | 12811 |
| NatWest Group PLC  | 1411295 | 12309 |
| Zurich Insurance Group AG  | 15887 | 12058 |
| JPMorgan Chase & Co.  | 36957 | 11908 |
| Capital One Financial Corp.  | 44690 | 10831 |
| Aviva PLC  | 1178167 | 10787 |
| Mastercard, Inc., Class A  | 18307 | 10451 |
| Apollo Asset Management, Inc.  | 66212 | 9585 |
| BPER Banca SpA  | 688480 | 9310 |
| Visa, Inc., Class A  | 23806 | 8349 |
| Bank of America Corp.  | 151204 | 8316 |
| American Express Co.  | 21561 | 7976 |
| Wells Fargo & Co.  | 73531 | 6853 |
| UniCredit SpA  | 82515 | 6850 |
| ING Groep NV  | 242789 | 6825 |
| BlackRock, Inc.  | 5785 | 6192 |
| Arthur J. Gallagher & Co.  | 22281 | 5766 |
| Banco Bilbao Vizcaya Argentaria SA  | 240821 | 5633 |
| Blackstone, Inc.  | 34103 | 5257 |
| Galaxy Digital, Inc., Class A <sup>(a)(b)</sup>  | 153894 | 3441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Galaxy Digital, Inc., Class A <sup>(a)</sup>  | 73055 | $1634 |
| AIA Group, Ltd.  | 489469 | 5028 |
| HDFC Life Insurance Co., Ltd.  | 586869 | 4905 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 7210 | 4761 |
| Mizuho Financial Group, Inc.  | 128300 | 4659 |
| 3i Group PLC  | 103448 | 4501 |
| Aon PLC, Class A  | 12706 | 4484 |
| Israel Discount Bank, Ltd., Class A  | 416534 | 4423 |
| Erste Group Bank AG  | 33771 | 4063 |
| Partners Group Holding AG  | 3097 | 3804 |
| Postal Savings Bank of China Co., Ltd., Class H  | 5553383 | 3790 |
| FinecoBank SpA  | 138712 | 3602 |
| BNP Paribas SA  | 36364 | 3441 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 404280 | 3401 |
| KB Financial Group, Inc.  | 39325 | 3400 |
| Blue Owl Capital, Inc., Class A  | 224513 | 3354 |
| Svenska Handelsbanken AB, Class A  | 226988 | 3310 |
| Progressive Corp.  | 13531 | 3081 |
| DBS Group Holdings, Ltd.  | 66200 | 2897 |
| Marsh & McLennan Cos., Inc.  | 14198 | 2634 |
| Danske Bank AS  | 52190 | 2603 |
| Ares Management Corp., Class A  | 14926 | 2412 |
| Morgan Stanley  | 13148 | 2334 |
| TPG, Inc., Class A  | 36181 | 2310 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 132234 | 2214 |
| HDFC Bank, Ltd.  | 127497 | 1409 |
| HDFC Bank, Ltd. (ADR)  | 17258 | 630 |
| HSBC Holdings PLC (HKD denominated)  | 130000 | 2036 |
| B3 SA - Brasil, Bolsa, Balcao  | 732050 | 1905 |
| AXA SA  | 39014 | 1876 |
| American International Group, Inc.  | 20908 | 1789 |
| Brown & Brown, Inc.  | 22407 | 1786 |
| Banco Comercial Portugues, SA  | 1692704 | 1774 |
| IG Group Holdings PLC  | 93625 | 1660 |
| CaixaBank SA, non-registered shares  | 125217 | 1529 |
| CVC Capital Partners PLC  | 88920 | 1489 |
| National Bank of Canada  | 11544 | 1452 |
| Skandinaviska Enskilda Banken AB, Class A  | 62547 | 1320 |
| Federal Home Loan Mortgage Corp. <sup>(a)</sup>  | 122752 | 1245 |
| Fannie Mae <sup>(a)</sup>  | 99902 | 1072 |
| Allianz SE  | 2300 | 1055 |
| Bank Hapoalim BM  | 46635 | 1055 |
| Credicorp, Ltd.  | 3392 | 973 |
| Abu Dhabi Islamic Bank PJSC  | 164126 | 928 |
| China Merchants Bank Co., Ltd., Class H  | 122403 | 828 |
| Goldman Sachs Group, Inc.  | 871 | 766 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)  | 14178 | 743 |
| LPL Financial Holdings, Inc.  | 2038 | 728 |
| Fidelity National Information Services, Inc.  | 10845 | 721 |
| Macquarie Group, Ltd.  | 4650 | 626 |
| XP, Inc., Class A  | 36512 | 598 |
| Standard Chartered PLC  | 19485 | 476 |
| Tokio Marine Holdings, Inc.  | 6000 | 223 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | — <br><sup>(d)</sup><br>|
|  |  | 304086 |
| **Communication services 9.18%** |  |  |
| Alphabet, Inc., Class A  | 119827 | 37506 |
| Alphabet, Inc., Class C  | 112570 | 35324 |
| Meta Platforms, Inc., Class A  | 40871 | 26979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| SoftBank Group Corp.  | 669268 | $18868 |
| Netflix, Inc. <sup>(a)</sup>  | 123855 | 11613 |
| Publicis Groupe SA  | 105250 | 10919 |
| Singapore Telecommunications, Ltd.  | 2193563 | 7772 |
| NetEase, Inc.  | 212900 | 5859 |
| NetEase, Inc. (ADR)  | 4006 | 551 |
| Orange  | 323745 | 5402 |
| Bharti Airtel, Ltd.  | 210509 | 4938 |
| Bharti Airtel, Ltd., interim shares  | 12466 | 235 |
| Tencent Holdings, Ltd.  | 58900 | 4513 |
| Comcast Corp., Class A  | 149929 | 4481 |
| Universal Music Group NV  | 157145 | 4106 |
| AT&T, Inc.  | 129224 | 3210 |
| Nintendo Co., Ltd.  | 38800 | 2621 |
| Spotify Technology SA <sup>(a)</sup>  | 4149 | 2409 |
| Omnicom Group, Inc.  | 25602 | 2067 |
| Walt Disney Co. (The)  | 10917 | 1242 |
| SoftBank Corp.  | 677450 | 930 |
|  |  | 191545 |
| **Consumer discretionary 8.32%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 144814 | 33426 |
| Industria de Diseno Textil SA  | 183973 | 12118 |
| Trip.com Group, Ltd. (ADR)  | 79347 | 5706 |
| Trip.com Group, Ltd.  | 77636 | 5569 |
| Compagnie Financiere Richemont SA, Class A  | 50205 | 10835 |
| Tesla, Inc. <sup>(a)</sup>  | 23878 | 10738 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 41831 | 8995 |
| Starbucks Corp.  | 104616 | 8810 |
| Royal Caribbean Cruises, Ltd.  | 31446 | 8771 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 4232 | 8524 |
| NEXT PLC  | 38851 | 7148 |
| Las Vegas Sands Corp.  | 94294 | 6138 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 7475 | 5635 |
| Booking Holdings, Inc.  | 927 | 4964 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 124254 | 4597 |
| D.R. Horton, Inc.  | 28110 | 4049 |
| Alibaba Group Holding, Ltd. (ADR)  | 20723 | 3038 |
| Hermes International  | 1159 | 2864 |
| Compagnie Generale des Etablissements Michelin  | 73679 | 2444 |
| Restaurant Brands International, Inc. (CAD denominated)  | 27334 | 1865 |
| Hyundai Motor Co.  | 8986 | 1840 |
| InterContinental Hotels Group PLC  | 12632 | 1769 |
| Moncler SpA  | 27170 | 1746 |
| Compass Group PLC  | 54547 | 1735 |
| Carvana Co., Class A <sup>(a)</sup>  | 3915 | 1652 |
| Suzuki Motor Corp.  | 98200 | 1459 |
| Aristocrat Leisure, Ltd.  | 34618 | 1343 |
| Midea Group Co., Ltd., Class A  | 113000 | 1263 |
| NIKE, Inc., Class B  | 16141 | 1028 |
| Accor SA  | 15785 | 894 |
| Zensho Holdings Co., Ltd.  | 14300 | 820 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 5758 | 735 |
| Dollarama, Inc.  | 4772 | 713 |
| Kering SA  | 1243 | 439 |
|  |  | 173670 |
| **Health care 8.25%** |  |  |
| Eli Lilly and Co.  | 36376 | 39093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 35954 | $16300 |
| Abbott Laboratories  | 108041 | 13536 |
| Medtronic PLC  | 125128 | 12020 |
| UnitedHealth Group, Inc.  | 24947 | 8235 |
| Novo Nordisk AS, Class B  | 160061 | 8159 |
| Johnson & Johnson  | 36478 | 7549 |
| Gilead Sciences, Inc.  | 57932 | 7111 |
| Stryker Corp.  | 17674 | 6212 |
| AstraZeneca PLC  | 32200 | 5931 |
| Takeda Pharmaceutical Co., Ltd.  | 189000 | 5872 |
| Sanofi  | 57677 | 5596 |
| Thermo Fisher Scientific, Inc.  | 9013 | 5223 |
| Daiichi Sankyo Co., Ltd.  | 225900 | 4811 |
| Amgen, Inc.  | 14470 | 4736 |
| EssilorLuxottica SA  | 14229 | 4499 |
| Insulet Corp. <sup>(a)</sup>  | 10684 | 3037 |
| AbbVie, Inc.  | 10898 | 2490 |
| GE HealthCare Technologies, Inc.  | 18849 | 1546 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 24993 | 1485 |
| CVS Health Corp.  | 17836 | 1415 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 7751 | 1345 |
| Haleon PLC  | 244709 | 1238 |
| Lonza Group AG  | 1598 | 1081 |
| Boston Scientific Corp. <sup>(a)</sup>  | 10853 | 1035 |
| Rede D'Or Sao Luiz SA  | 122458 | 907 |
| Chugai Pharmaceutical Co., Ltd.  | 17100 | 899 |
| Fresenius SE & Co. KGaA  | 11068 | 637 |
| agilon health, Inc. <sup>(a)</sup>  | 125582 | 86 |
|  |  | 172084 |
| **Materials 6.04%** |  |  |
| Vale SA, ordinary nominative shares  | 1042597 | 13632 |
| Vale SA (ADR), ordinary nominative shares  | 147928 | 1927 |
| Freeport-McMoRan, Inc.  | 290202 | 14739 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 356560 | 9560 |
| Heidelberg Materials AG, non-registered shares  | 31146 | 8156 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 626382 | 7124 |
| Anglo American PLC  | 157771 | 6502 |
| Glencore PLC  | 958289 | 5213 |
| Linde PLC  | 11690 | 4984 |
| Anglogold Ashanti PLC  | 58022 | 4948 |
| Air Products and Chemicals, Inc.  | 18354 | 4534 |
| Corteva, Inc.  | 64430 | 4319 |
| Antofagasta PLC  | 91571 | 4019 |
| Agnico Eagle Mines, Ltd.  | 23441 | 3975 |
| Nippon Steel Corp.  | 865000 | 3538 |
| Smurfit Westrock PLC  | 88600 | 3426 |
| CRH PLC  | 26681 | 3330 |
| Southern Copper Corp.  | 22583 | 3240 |
| Rio Tinto PLC  | 40408 | 3224 |
| Air Liquide SA  | 12636 | 2378 |
| Grupo Mexico, SAB de CV, Series B  | 249486 | 2356 |
| LyondellBasell Industries NV  | 51002 | 2208 |
| Lundin Mining Corp.  | 100869 | 2168 |
| Dow, Inc.  | 84972 | 1987 |
| Franco-Nevada Corp.  | 8714 | 1806 |
| Akzo Nobel NV  | 11772 | 818 |
| Shin-Etsu Chemical Co., Ltd.  | 26000 | 809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 76018 | $627 |
| BASF SE  | 6478 | 338 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 8900 | 166 |
|  |  | 126051 |
| **Consumer staples 4.82%** |  |  |
| Philip Morris International, Inc.  | 264831 | 42479 |
| British American Tobacco PLC  | 257586 | 14599 |
| Nestle SA  | 124694 | 12394 |
| Imperial Brands PLC  | 254415 | 10696 |
| JBS NV (BDR) <sup>(a)</sup>  | 221456 | 3194 |
| Ocado Group PLC <sup>(a)</sup>  | 792264 | 2515 |
| Danone SA  | 23736 | 2142 |
| Bunge Global SA  | 22247 | 1982 |
| Sysco Corp.  | 23248 | 1713 |
| Walmart, Inc.  | 12868 | 1434 |
| US Foods Holding Corp. <sup>(a)</sup>  | 14397 | 1084 |
| Ajinomoto Co., Inc.  | 49400 | 1045 |
| Procter & Gamble Co.  | 7275 | 1042 |
| Loblaw Cos., Ltd.  | 21096 | 954 |
| Arca Continental, SAB de CV  | 87378 | 946 |
| Keurig Dr Pepper, Inc.  | 29253 | 819 |
| Kweichow Moutai Co., Ltd., Class A  | 4100 | 807 |
| Coca-Cola Co.  | 10706 | 748 |
|  |  | 100593 |
| **Energy 3.72%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 482117 | 16330 |
| Cameco Corp. (CAD denominated)  | 118635 | 10863 |
| Cameco Corp.  | 46105 | 4218 |
| Shell PLC (GBP denominated)  | 341079 | 12530 |
| Shell PLC (EUR denominated)  | 14064 | 519 |
| EOG Resources, Inc.  | 110268 | 11579 |
| Baker Hughes Co., Class A  | 95061 | 4329 |
| TC Energy Corp. (CAD denominated)  | 74780 | 4118 |
| Neste OYJ  | 166062 | 3758 |
| BP PLC  | 633071 | 3675 |
| Suncor Energy, Inc.  | 68819 | 3055 |
| Expand Energy Corp.  | 12380 | 1366 |
| Tourmaline Oil Corp.  | 14829 | 665 |
| ADNOC Drilling Co. PJSC  | 381223 | 554 |
|  |  | 77559 |
| **Utilities 2.19%** |  |  |
| Engie SA  | 596827 | 15693 |
| Southern Co. (The)  | 61750 | 5385 |
| Iberdrola SA, non-registered shares  | 225821 | 4888 |
| Pinnacle West Capital Corp.  | 36700 | 3255 |
| NextEra Energy, Inc.  | 38632 | 3101 |
| E.ON SE  | 150047 | 2845 |
| National Grid PLC  | 154423 | 2380 |
| Dominion Energy, Inc.  | 39815 | 2333 |
| Duke Energy Corp.  | 18764 | 2199 |
| Constellation Energy Corp.  | 5656 | 1998 |
| DTE Energy Co.  | 10779 | 1390 |
| SSE PLC  | 5948 | 174 |
|  |  | 45641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.84%** |  |  |
| Prologis, Inc. REIT  | 48096 | $6140 |
| China Resources Mixc Lifestyle Services, Ltd.  | 924400 | 5083 |
| Mitsubishi Estate Co., Ltd.  | 73600 | 1793 |
| Simon Property Group, Inc. REIT  | 7706 | 1426 |
| UDR, Inc. REIT  | 32096 | 1177 |
| VICI Properties, Inc. REIT  | 39802 | 1119 |
| Goodman Logistics (HK), Ltd. REIT  | 40304 | 829 |
|  |  | 17567 |
| **Total common stocks** (cost: $1,169,007,000) |  | 2048115 |
| Preferred securities 0.30% |  |  |
| **Financials 0.30%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 330165 | 2367 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 226056 | 1618 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 80909 | 1232 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup>  | 69041 | 994 |
|  |  | 6211 |
| **Total preferred securities** (cost: $5,265,000) |  | 6211 |
| Bonds, notes & other debt instruments 0.05% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 584 |
| **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** |
| **Health care 0.02%** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | USD432 | 428 |
| **Total bonds, notes & other debt instruments** (cost: $967,000) |  | 1012 |
| Short-term securities 1.30% | Shares |  |
| **Money market investments 1.26%** | **Money market investments 1.26%** | **Money market investments 1.26%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 262010 | 26204 |
| **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 906417 | 906 |
| **Total short-term securities** (cost: $27,106,000) | **Total short-term securities** (cost: $27,106,000) | 27110 |
| **Total investment securities 99.80%** (cost: $1,202,345,000) | **Total investment securities 99.80%** (cost: $1,202,345,000) | 2082448 |
| Other assets less liabilities 0.20% |  | 4261 |
| **Net assets 100.00%** |  | $2086709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Capital World Growth and Income Fund (continued)

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.26%** |  |  |  |  |  |  |  |
| **Money market investments 1.26%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $46673 | &nbsp;&nbsp; $322340 | &nbsp;&nbsp; $342810 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp; $26204 | &nbsp;&nbsp; $2805 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Galaxy Digital, Inc., Class A <sup>(a)</sup> <br>| 10/10/2025 | $5540 | $3441 | 0.16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% | Shares | Value<br> (000)<br>|
| **Information technology 31.31%** |  |  |
| NVIDIA Corp.  | 16585113 | $3093124 |
| Microsoft Corp.  | 6355199 | 3073501 |
| Broadcom, Inc.  | 6636411 | 2296862 |
| Apple, Inc.  | 6072252 | 1650802 |
| Applied Materials, Inc.  | 3375839 | 867557 |
| Amphenol Corp., Class A  | 3401335 | 459656 |
| Oracle Corp.  | 1505598 | 293456 |
| Seagate Technology Holdings PLC  | 1046348 | 288154 |
| Cognizant Technology Solutions Corp., Class A  | 3381043 | 280627 |
| Accenture PLC, Class A  | 888876 | 238485 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 4102000 | 200397 |
| Arista Networks, Inc. <sup>(a)</sup>  | 1418856 | 185913 |
| Entegris, Inc.  | 1768942 | 149033 |
| Salesforce, Inc.  | 535038 | 141737 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 102313 | 68940 |
| Texas Instruments, Inc.  | 374945 | 65049 |
| Marvell Technology, Inc.  | 761477 | 64710 |
| Adobe, Inc. <sup>(a)</sup>  | 163526 | 57232 |
| Corning, Inc.  | 600000 | 52536 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 40626 |
| ASML Holding NV  | 28845 | 30833 |
| QUALCOMM, Inc.  | 141313 | 24172 |
| Micron Technology, Inc.  | 78021 | 22268 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8541 | 14440 |
|  |  | 13660110 |
| **Industrials 13.55%** |  |  |
| RTX Corp.  | 7418732 | 1360595 |
| Automatic Data Processing, Inc.  | 1993331 | 512745 |
| Airbus SE, non-registered shares  | 1921964 | 445806 |
| General Dynamics Corp.  | 1230528 | 414270 |
| GFL Environmental, Inc., subordinate voting shares  | 8706752 | 373955 |
| Carrier Global Corp.  | 6005807 | 317347 |
| General Electric Co.  | 1019662 | 314087 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 2826696 | 230969 |
| XPO, Inc. <sup>(a)</sup>  | 1695007 | 230368 |
| Union Pacific Corp.  | 862971 | 199622 |
| Ingersoll-Rand, Inc.  | 2494401 | 197606 |
| Caterpillar, Inc.  | 326877 | 187258 |
| Paychex, Inc.  | 1519430 | 170450 |
| Honeywell International, Inc.  | 828971 | 161724 |
| United Rentals, Inc.  | 188542 | 152591 |
| TransDigm Group, Inc.  | 113503 | 150942 |
| L3Harris Technologies, Inc.  | 459926 | 135020 |
| CSX Corp.  | 3114334 | 112895 |
| APi Group Corp. <sup>(a)</sup>  | 1733157 | 66311 |
| Waste Management, Inc.  | 284081 | 62415 |
| Woodward, Inc.  | 204293 | 61762 |
| Boeing Co. (The) <sup>(a)</sup>  | 238104 | 51697 |
|  |  | 5910435 |
| **Financials 11.99%** |  |  |
| JPMorgan Chase & Co.  | 2413448 | 777661 |
| Mastercard, Inc., Class A  | 1060909 | 605652 |
| BlackRock, Inc.  | 504695 | 540195 |
| Wells Fargo & Co.  | 5041337 | 469853 |
| Fidelity National Information Services, Inc.  | 6205397 | 412411 |
| Progressive Corp.  | 766051 | 174445 |
| Morgan Stanley  | 957257 | 169942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Capital One Financial Corp.  | 697472 | $169039 |
| Visa, Inc., Class A  | 445602 | 156277 |
| Chubb, Ltd.  | 495560 | 154674 |
| Goldman Sachs Group, Inc.  | 174257 | 153172 |
| Marsh & McLennan Cos., Inc.  | 798956 | 148222 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 135381 |
| B3 SA - Brasil, Bolsa, Balcao  | 44971737 | 117059 |
| American Express Co.  | 303325 | 112215 |
| PNC Financial Services Group, Inc.  | 520903 | 108728 |
| Pinnacle Financial Partners, Inc.  | 1131294 | 107937 |
| U.S. Bancorp  | 1948827 | 103989 |
| Arthur J. Gallagher & Co.  | 374193 | 96837 |
| Apollo Asset Management, Inc.  | 665703 | 96367 |
| State Street Corp.  | 681940 | 87977 |
| S&P Global, Inc.  | 165000 | 86227 |
| CME Group, Inc., Class A  | 292470 | 79868 |
| Blackstone, Inc.  | 400140 | 61678 |
| PayPal Holdings, Inc.  | 1053348 | 61495 |
| American International Group, Inc.  | 507353 | 43404 |
|  |  | 5230705 |
| **Health care 10.04%** |  |  |
| Eli Lilly and Co.  | 1648956 | 1772100 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1484547 | 673034 |
| AbbVie, Inc.  | 1684603 | 384915 |
| UnitedHealth Group, Inc.  | 1032933 | 340981 |
| Abbott Laboratories  | 2330871 | 292035 |
| Thermo Fisher Scientific, Inc.  | 277075 | 160551 |
| Cencora, Inc.  | 401982 | 135769 |
| Cigna Group (The)  | 321281 | 88426 |
| Johnson & Johnson  | 426488 | 88262 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 122132 | 69171 |
| Danaher Corp.  | 250263 | 57290 |
| Gilead Sciences, Inc.  | 430961 | 52896 |
| Amgen, Inc.  | 151000 | 49424 |
| GE HealthCare Technologies, Inc.  | 582499 | 47777 |
| Insulet Corp. <sup>(a)</sup>  | 162641 | 46229 |
| CVS Health Corp.  | 535085 | 42464 |
| Stryker Corp.  | 111700 | 39259 |
| Medtronic PLC  | 210000 | 20173 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 49075 | 19515 |
|  |  | 4380271 |
| **Consumer discretionary 10.04%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 8601419 | 1985379 |
| Starbucks Corp.  | 5641121 | 475039 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4910876 | 371066 |
| Royal Caribbean Cruises, Ltd.  | 1137038 | 317143 |
| Tesla, Inc. <sup>(a)</sup>  | 703606 | 316426 |
| Home Depot, Inc.  | 737552 | 253792 |
| Las Vegas Sands Corp.  | 2000000 | 130180 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 1559413 | 111358 |
| Carvana Co., Class A <sup>(a)</sup>  | 214692 | 90604 |
| Sony Group Corp.  | 3009200 | 76915 |
| TJX Cos., Inc. (The)  | 495864 | 76170 |
| Booking Holdings, Inc.  | 12304 | 65892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| YUM! Brands, Inc.  | 272921 | $41287 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 155002 | 35105 |
| Hilton Worldwide Holdings, Inc.  | 107229 | 30801 |
|  |  | 4377157 |
| **Communication services 8.04%** |  |  |
| Alphabet, Inc., Class A  | 3942665 | 1234054 |
| Alphabet, Inc., Class C  | 1489089 | 467276 |
| Meta Platforms, Inc., Class A  | 2114599 | 1395826 |
| Netflix, Inc. <sup>(a)</sup>  | 2229300 | 209019 |
| SoftBank Group Corp.  | 3459180 | 97522 |
| Universal Music Group NV  | 3239458 | 84633 |
| Comcast Corp., Class A  | 624053 | 18653 |
|  |  | 3506983 |
| **Energy 3.96%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 14093913 | 477379 |
| Baker Hughes Co., Class A  | 8127441 | 370124 |
| Exxon Mobil Corp.  | 2651600 | 319094 |
| Halliburton Co.  | 6689719 | 189051 |
| Expand Energy Corp.  | 1031973 | 113888 |
| TC Energy Corp.  | 1629755 | 89653 |
| Chevron Corp.  | 444985 | 67820 |
| EOG Resources, Inc.  | 575078 | 60389 |
| ConocoPhillips  | 434738 | 40696 |
|  |  | 1728094 |
| **Consumer staples 2.85%** |  |  |
| British American Tobacco PLC  | 9929507 | 562781 |
| Procter & Gamble Co.  | 1304474 | 186944 |
| Philip Morris International, Inc.  | 1042193 | 167168 |
| Coca-Cola Co.  | 1948634 | 136229 |
| Imperial Brands PLC  | 2747647 | 115516 |
| Mondelez International, Inc., Class A  | 791236 | 42592 |
| Keurig Dr Pepper, Inc.  | 1164623 | 32621 |
|  |  | 1243851 |
| **Materials 2.32%** |  |  |
| Air Products and Chemicals, Inc.  | 1408433 | 347911 |
| Linde PLC  | 650775 | 277484 |
| International Paper Co.  | 5806574 | 228721 |
| Eastman Chemical Co.  | 1101906 | 70335 |
| Freeport-McMoRan, Inc.  | 983347 | 49944 |
| LyondellBasell Industries NV  | 769974 | 33340 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup>  | 82401 | 4003 |
|  |  | 1011738 |
| **Utilities 2.06%** |  |  |
| Dominion Energy, Inc.  | 5379096 | 315161 |
| PG&E Corp.  | 12562973 | 201887 |
| CenterPoint Energy, Inc.  | 3037684 | 116465 |
| Entergy Corp.  | 1203020 | 111195 |
| NextEra Energy, Inc.  | 1051314 | 84400 |
| Sempra  | 800000 | 70632 |
|  |  | 899740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.23%** |  |  |
| Equinix, Inc. REIT  | 235188 | $180192 |
| VICI Properties, Inc. REIT  | 4092873 | 115092 |
| Prologis, Inc. REIT  | 866060 | 110561 |
| American Tower Corp. REIT  | 428106 | 75162 |
| Welltower, Inc. REIT  | 306310 | 56854 |
|  |  | 537861 |
| **Total common stocks** (cost: $21,697,459,000) | **Total common stocks** (cost: $21,697,459,000) | 42486945 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | USD827 | 828 |
| **Total bonds, notes & other debt instruments** (cost: $823,000) | **Total bonds, notes & other debt instruments** (cost: $823,000) | 828 |
| Short-term securities 2.57% | Shares |  |
| **Money market investments 2.57%** | **Money market investments 2.57%** | **Money market investments 2.57%** |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup>  | 11226233 | 1122736 |
| **Total short-term securities** (cost: $1,122,564,000) | **Total short-term securities** (cost: $1,122,564,000) | 1122736 |
| **Total investment securities 99.96%** (cost: $22,820,846,000) | **Total investment securities 99.96%** (cost: $22,820,846,000) | 43610509 |
| Other assets less liabilities 0.04% |  | 16802 |
| **Net assets 100.00%** |  | $43627311 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.85%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $16347 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(128676)<br>| &nbsp;&nbsp; $371066 | &nbsp;&nbsp; $7713 |
| **Short-term securities 2.57%** |  |  |  |  |  |  |  |
| **Money market investments 2.57%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 7003318 | &nbsp;&nbsp; 7352457 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 1122736 | &nbsp;&nbsp; 58916 |
| **Total 3.42%** |  |  |  | &nbsp;&nbsp; $6384 | &nbsp;&nbsp; $(128689)<br>| &nbsp;&nbsp; $1493802 | &nbsp;&nbsp; $66629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended. <br> <sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% | Shares | Value<br> (000)<br>|
| **Financials 23.17%** |  |  |
| Societe Generale  | 71822 | $5787 |
| UniCredit SpA  | 64734 | 5374 |
| Banco Bilbao Vizcaya Argentaria SA  | 180709 | 4227 |
| CaixaBank SA, non-registered shares  | 322031 | 3933 |
| Skandinaviska Enskilda Banken AB, Class A  | 181807 | 3838 |
| AIA Group, Ltd.  | 315000 | 3235 |
| AXA SA  | 55165 | 2653 |
| Prudential PLC  | 167374 | 2582 |
| Zurich Insurance Group AG  | 3392 | 2575 |
| HSBC Holdings PLC (GBP denominated)  | 106640 | 1672 |
| HSBC Holdings PLC (HKD denominated)  | 54400 | 852 |
| KB Financial Group, Inc.  | 27563 | 2383 |
| NatWest Group PLC  | 257839 | 2249 |
| Bank Hapoalim BM  | 94366 | 2135 |
| DBS Group Holdings, Ltd.  | 48424 | 2119 |
| London Stock Exchange Group PLC  | 17476 | 2104 |
| Banco Santander SA  | 179202 | 2103 |
| Aviva PLC  | 203542 | 1864 |
| Euronext NV  | 12370 | 1857 |
| HDFC Bank, Ltd.  | 165124 | 1825 |
| Bank Leumi le-Israel BM  | 80689 | 1779 |
| PICC Property and Casualty Co., Ltd., Class H  | 814000 | 1707 |
| Resona Holdings, Inc.  | 177400 | 1682 |
| Allianz SE  | 3484 | 1598 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 188500 | 1586 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2235 | 1476 |
| Japan Post Bank Co., Ltd.  | 101247 | 1424 |
| Kotak Mahindra Bank, Ltd.  | 51877 | 1270 |
| Axis Bank, Ltd.  | 82195 | 1163 |
| Tokio Marine Holdings, Inc.  | 29600 | 1099 |
| Deutsche Bank AG  | 26134 | 1016 |
| Aon PLC, Class A  | 2825 | 997 |
| 3i Group PLC  | 20568 | 895 |
| Hiscox, Ltd.  | 46402 | 885 |
| Pluxee NV  | 55838 | 875 |
| Mizuho Financial Group, Inc.  | 23000 | 835 |
| Standard Chartered PLC  | 33124 | 809 |
| Canadian Imperial Bank of Commerce  | 8888 | 806 |
| Tryg A/S  | 30239 | 791 |
| CVC Capital Partners PLC  | 45723 | 766 |
| ING Groep NV  | 27110 | 762 |
| Credicorp, Ltd.  | 2641 | 758 |
| Abu Dhabi Islamic Bank PJSC  | 132924 | 751 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 862000 | 745 |
| Plus500, Ltd.  | 15229 | 743 |
| T&D Holdings, Inc.  | 30700 | 707 |
| Adyen NV <sup>(a)</sup>  | 440 | 706 |
| XP, Inc., Class A  | 37915 | 621 |
| Etoro Group, Ltd., Class A <sup>(a)</sup>  | 17585 | 618 |
| Rakuten Bank, Ltd. <sup>(a)</sup>  | 14100 | 617 |
| Macquarie Group, Ltd.  | 4442 | 598 |
| Partners Group Holding AG  | 481 | 591 |
| Hana Financial Group, Inc.  | 8229 | 537 |
| Brookfield Corp., Class A (CAD denominated)  | 11523 | 529 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 53789 | 499 |
| Abu Dhabi Commercial Bank PJSC  | 117171 | 456 |
| Samsung Life Insurance Co., Ltd.  | 4190 | 456 |
| Saudi National Bank (The)  | 43606 | 440 |
| Intesa Sanpaolo SpA  | 62539 | 433 |
| Sampo Oyj, Class A  | 35512 | 430 |
| Royal Bank of Canada  | 2381 | 406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Banca Generali SpA  | 5981 | $401 |
| MS&AD Insurance Group Holdings, Inc.  | 15900 | 374 |
| Hong Kong Exchanges and Clearing, Ltd.  | 6400 | 334 |
| Grupo Financiero Inbursa, SAB de CV  | 133251 | 322 |
| FirstRand, Ltd.  | 55703 | 305 |
| BAWAG Group AG <sup>(a)</sup>  | 2019 | 303 |
| Bank Central Asia Tbk PT  | 602500 | 291 |
| Medibank Private, Ltd.  | 34548 | 110 |
| Edenred SA  | 3313 | 74 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 476388 | — <br><sup>(c)</sup><br>|
|  |  | 93743 |
| **Industrials 14.36%** |  |  |
| Airbus SE, non-registered shares  | 28600 | 6634 |
| BAE Systems PLC  | 270689 | 6223 |
| Ryanair Holdings PLC (ADR)  | 73850 | 5331 |
| Siemens AG  | 11417 | 3206 |
| Deutsche Post AG  | 42158 | 2309 |
| Hitachi, Ltd.  | 69400 | 2153 |
| RELX PLC  | 45021 | 1821 |
| DSV A/S  | 6897 | 1736 |
| Safran SA  | 4958 | 1725 |
| ABB, Ltd.  | 21982 | 1625 |
| ITOCHU Corp.  | 103000 | 1300 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 12706 | 1290 |
| Canadian National Railway Co. (CAD denominated)  | 12406 | 1227 |
| Diploma PLC  | 17130 | 1223 |
| Deutsche Lufthansa AG  | 118669 | 1173 |
| Copa Holdings SA, Class A  | 9695 | 1169 |
| ASSA ABLOY AB, Class B  | 29656 | 1150 |
| Alliance Global Group, Inc.  | 7546600 | 1051 |
| Singapore Technologies Engineering, Ltd.  | 158800 | 1036 |
| Motiva Infraestrutura de Mobilidade SA  | 334768 | 916 |
| Epiroc AB, Class B  | 32965 | 665 |
| Epiroc AB, Class A  | 9201 | 208 |
| Rolls-Royce Holdings PLC  | 55860 | 868 |
| SPIE SA  | 15016 | 864 |
| Mitsui & Co., Ltd.  | 29200 | 863 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4769 | 811 |
| IHI Corp.  | 45641 | 805 |
| Wolters Kluwer NV  | 7371 | 765 |
| Kanzhun, Ltd., Class A (ADR)  | 27807 | 567 |
| Kanzhun, Ltd., Class A  | 16700 | 169 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 68004 | 730 |
| SGH, Ltd.  | 21792 | 672 |
| Caterpillar, Inc.  | 1129 | 647 |
| Komatsu, Ltd.  | 19300 | 617 |
| Volvo AB, Class B  | 17440 | 559 |
| Kingspan Group PLC  | 5764 | 498 |
| Daikin Industries, Ltd.  | 3800 | 488 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 18040 | 474 |
| Recruit Holdings Co., Ltd.  | 8000 | 456 |
| SMC Corp.  | 1200 | 418 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 22500 | 353 |
| International Consolidated Airlines Group SA (CDI)  | 62974 | 349 |
| Brambles, Ltd.  | 20392 | 313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Ashtead Group PLC  | 4377 | $299 |
| International Container Terminal Services, Inc.  | 30700 | 294 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 3748 | 64 |
|  |  | 58114 |
| **Information technology 13.46%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 383000 | 18711 |
| ASML Holding NV  | 7692 | 8222 |
| Samsung Electronics Co., Ltd.  | 65385 | 5449 |
| MediaTek, Inc.  | 91000 | 4123 |
| SK hynix, Inc.  | 6576 | 2978 |
| Broadcom, Inc.  | 7657 | 2650 |
| SAP SE  | 8332 | 2039 |
| NEC Corp.  | 53700 | 1811 |
| ASMPT, Ltd.  | 128900 | 1283 |
| Tokyo Electron, Ltd.  | 5400 | 1186 |
| Sage Group PLC (The)  | 61338 | 893 |
| Capgemini SE  | 4775 | 791 |
| Accton Technology Corp.  | 21000 | 786 |
| Halma PLC  | 13514 | 640 |
| Bechtle AG, non-registered shares  | 11841 | 608 |
| Lenovo Group, Ltd.  | 422000 | 500 |
| Fujitsu, Ltd.  | 14800 | 406 |
| ASM International NV  | 605 | 365 |
| Jentech Precision Industrial Co., Ltd.  | 4000 | 345 |
| Lumine Group, Inc., subordinate voting shares <sup>(a)</sup>  | 10019 | 198 |
| Keyence Corp.  | 500 | 181 |
| eMemory Technology, Inc.  | 3000 | 164 |
| Newgen Software Technologies, Ltd.  | 13433 | 126 |
|  |  | 54455 |
| **Consumer discretionary 9.16%** |  |  |
| Industria de Diseno Textil SA  | 84429 | 5561 |
| Trip.com Group, Ltd. (ADR)  | 34793 | 2502 |
| Trip.com Group, Ltd.  | 9800 | 703 |
| Prosus NV, Class N  | 46295 | 2859 |
| Renault SA  | 63846 | 2643 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 2789 | 2103 |
| MGM China Holdings, Ltd.  | 1130400 | 1897 |
| H World Group, Ltd. (ADR)  | 27339 | 1286 |
| Nitori Holdings Co., Ltd.  | 68900 | 1206 |
| Amadeus IT Group SA, Class A, non-registered shares  | 16285 | 1195 |
| Moncler SpA  | 17462 | 1122 |
| Midea Group Co., Ltd., Class A  | 88300 | 987 |
| Hyundai Motor Co.  | 4578 | 937 |
| Entain PLC  | 90259 | 930 |
| ANTA Sports Products, Ltd.  | 88200 | 911 |
| Compagnie Financiere Richemont SA, Class A  | 3955 | 854 |
| Evolution AB  | 12432 | 846 |
| InterContinental Hotels Group PLC  | 5768 | 808 |
| Suzuki Motor Corp.  | 48300 | 717 |
| Games Workshop Group PLC  | 2550 | 647 |
| B&M European Value Retail SA  | 255033 | 580 |
| Accor SA  | 9477 | 537 |
| Berkeley Group Holdings PLC  | 9423 | 495 |
| Restaurant Brands International, Inc. (CAD denominated)  | 7186 | 490 |
| Meituan, Class B <sup>(a)</sup>  | 36700 | 484 |
| Compagnie Generale des Etablissements Michelin  | 13559 | 450 |
| Galaxy Entertainment Group, Ltd.  | 87361 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Paltac Corp.  | 13700 | $422 |
| Dixon Technologies (India), Ltd.  | 3136 | 422 |
| D'Ieteren Group  | 2336 | 421 |
| Aristocrat Leisure, Ltd.  | 9860 | 383 |
| Maruti Suzuki India, Ltd.  | 1900 | 353 |
| Alibaba Group Holding, Ltd. (ADR)  | 2241 | 329 |
| Amber Enterprises India, Ltd. <sup>(a)</sup>  | 4286 | 305 |
| BYD Co., Ltd., Class A  | 17800 | 249 |
|  |  | 37063 |
| **Consumer staples 8.06%** |  |  |
| British American Tobacco PLC  | 121643 | 6894 |
| Nestle SA  | 48668 | 4837 |
| Philip Morris International, Inc.  | 23763 | 3812 |
| Pernod Ricard SA  | 31124 | 2665 |
| Imperial Brands PLC  | 47541 | 1999 |
| Carlsberg A/S, Class B  | 13206 | 1731 |
| Carrefour SA, non-registered shares  | 87378 | 1458 |
| KT&G Corp.  | 13480 | 1327 |
| Arca Continental, SAB de CV  | 122057 | 1321 |
| L'Oreal SA, non-registered shares  | 2952 | 1268 |
| Danone SA  | 12837 | 1158 |
| Anheuser-Busch InBev SA/NV  | 14891 | 955 |
| Yamazaki Baking Co., Ltd.  | 38000 | 800 |
| Kweichow Moutai Co., Ltd., Class A  | 2990 | 589 |
| Ocado Group PLC <sup>(a)</sup>  | 168153 | 534 |
| Unilever PLC  | 7516 | 491 |
| Tsingtao Brewery Co., Ltd., Class H  | 65738 | 411 |
| United Spirits, Ltd.  | 23192 | 373 |
|  |  | 32623 |
| **Materials 7.38%** |  |  |
| Barrick Mining Corp.  | 84106 | 3663 |
| Glencore PLC  | 562062 | 3057 |
| BASF SE  | 43621 | 2279 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 21023 | 1780 |
| Valterra Platinum, Ltd. (GBP denominated)  | 1235 | 102 |
| Agnico Eagle Mines, Ltd.  | 10958 | 1858 |
| Heidelberg Materials AG, non-registered shares  | 7035 | 1842 |
| Amcor PLC  | 111303 | 928 |
| Amcor PLC (CDI)  | 83938 | 702 |
| Vale SA (ADR), ordinary nominative shares  | 71119 | 927 |
| Vale SA, ordinary nominative shares  | 31452 | 411 |
| Linde PLC  | 2521 | 1075 |
| Norsk Hydro ASA  | 136521 | 1055 |
| Anhui Conch Cement Co., Ltd., Class H  | 364000 | 1030 |
| Southern Copper Corp.  | 7079 | 1016 |
| Impala Platinum Holdings, Ltd.  | 60988 | 960 |
| Grupo Mexico, SAB de CV, Series B  | 96492 | 911 |
| Mitsubishi Chemical Group Corp.  | 148200 | 866 |
| Nutrien, Ltd. (CAD denominated) <sup>(d)</sup>  | 12924 | 798 |
| Air Liquide SA  | 3291 | 619 |
| Pan American Silver Corp.  | 10970 | 568 |
| Franco-Nevada Corp. (CAD denominated)  | 2507 | 520 |
| Shin-Etsu Chemical Co., Ltd.  | 15900 | 494 |
| Holcim, Ltd.  | 4384 | 430 |
| Saudi Basic Industries Corp. non-registered shares  | 30558 | 418 |
| Rio Tinto PLC  | 4810 | 384 |
| Fortescue, Ltd.  | 23214 | 339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Smurfit Westrock PLC  | 6985 | $270 |
| Givaudan SA  | 43 | 171 |
| Freeport-McMoRan, Inc.  | 2750 | 140 |
| Antofagasta PLC  | 3109 | 136 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 5700 | 107 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 53607 | — <br><sup>(c)</sup><br>|
|  |  | 29856 |
| **Health care 7.34%** |  |  |
| AstraZeneca PLC  | 38403 | 7074 |
| Sanofi  | 69990 | 6790 |
| Novo Nordisk AS, Class B  | 53114 | 2707 |
| Roche Holding AG, nonvoting non-registered shares  | 6476 | 2676 |
| EssilorLuxottica SA  | 7815 | 2471 |
| Bayer AG  | 41796 | 1803 |
| Chugai Pharmaceutical Co., Ltd.  | 23600 | 1241 |
| Grifols SA, Class B (ADR)  | 111869 | 1046 |
| bioMerieux SA  | 7827 | 1013 |
| Haleon PLC  | 171515 | 868 |
| Genus PLC  | 14818 | 516 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 39000 | 356 |
| Max Healthcare Institute, Ltd.  | 29463 | 343 |
| Fresenius SE & Co. KGaA  | 5932 | 341 |
| Daiichi Sankyo Co., Ltd.  | 13300 | 283 |
| HOYA Corp.  | 1100 | 167 |
| Euroapi SA <sup>(a)</sup>  | 1412 | 4 |
|  |  | 29699 |
| **Communication services 6.89%** |  |  |
| Koninklijke KPN NV  | 788424 | 3688 |
| Tencent Holdings, Ltd.  | 41600 | 3188 |
| Singapore Telecommunications, Ltd.  | 888400 | 3148 |
| Orange  | 157504 | 2628 |
| Publicis Groupe SA  | 23008 | 2387 |
| Bharti Airtel, Ltd.  | 87940 | 2063 |
| BT Group PLC  | 457419 | 1131 |
| Nintendo Co., Ltd.  | 15800 | 1067 |
| MTN Group, Ltd.  | 99852 | 1020 |
| Nippon Television Holdings, Inc.  | 40600 | 984 |
| Swisscom AG <sup>(a)</sup>  | 1279 | 929 |
| NetEase, Inc.  | 32700 | 900 |
| HYBE Co., Ltd.  | 3482 | 794 |
| Advanced Info Service PCL, foreign registered shares  | 79600 | 791 |
| America Movil, SAB de CV, Class B (ADR)  | 28591 | 591 |
| Universal Music Group NV  | 19644 | 513 |
| Indus Towers, Ltd. <sup>(a)</sup>  | 95111 | 443 |
| Spotify Technology SA <sup>(a)</sup>  | 718 | 417 |
| Bezeq - The Israel Telecommunication Corp., Ltd.  | 179312 | 400 |
| KT Corp. (ADR)  | 21009 | 399 |
| Deutsche Telekom AG  | 11484 | 373 |
|  |  | 27854 |
| **Energy 4.09%** |  |  |
| TotalEnergies SE (EUR denominated)  | 61065 | 3980 |
| Cameco Corp. (CAD denominated)  | 30495 | 2792 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 55772 | 1889 |
| Shell PLC (GBP denominated)  | 47821 | 1757 |
| Cenovus Energy, Inc. (CAD denominated)  | 82434 | 1395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Cenovus Energy, Inc.  | 12261 | $207 |
| SLB, Ltd.  | 31870 | 1223 |
| Gaztransport & Technigaz SA  | 3851 | 706 |
| TC Energy Corp. (CAD denominated)  | 12547 | 691 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 44300 | 525 |
| BP PLC  | 80418 | 467 |
| ADNOC Drilling Co. PJSC  | 255406 | 371 |
| Tourmaline Oil Corp.  | 5853 | 263 |
| Adnoc Gas PLC  | 236746 | 229 |
| South Bow Corp.  | 2470 | 68 |
| Sovcomflot PAO <sup>(a)(b)</sup>  | 356717 | — <br><sup>(c)</sup><br>|
|  |  | 16563 |
| **Utilities 2.82%** |  |  |
| Engie SA  | 109339 | 2875 |
| RWE AG  | 42284 | 2250 |
| SSE PLC  | 76631 | 2247 |
| Iberdrola SA, non-registered shares  | 103600 | 2242 |
| Brookfield Infrastructure Partners, LP  | 17993 | 625 |
| Snam SpA  | 79832 | 530 |
| CPFL Energia SA  | 44362 | 431 |
| Veolia Environnement SA  | 6331 | 221 |
|  |  | 11421 |
| **Real estate 1.49%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 76900 | 1873 |
| Prologis Property Mexico, SA de CV, REIT  | 183868 | 770 |
| CK Asset Holdings, Ltd.  | 120500 | 607 |
| Henderson Land Development Co., Ltd.  | 162000 | 585 |
| China Resources Land, Ltd.  | 152500 | 531 |
| Link REIT  | 91068 | 406 |
| Sun Hung Kai Properties, Ltd.  | 33000 | 400 |
| CapitaLand Integrated Commercial Trust REIT  | 207700 | 385 |
| Longfor Group Holdings, Ltd. <sup>(d)</sup>  | 236242 | 259 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 215 |
|  |  | 6031 |
| **Total common stocks** (cost: $267,862,000) |  | 397422 |
| Preferred securities 0.05% |  |  |
| **Materials 0.05%** |  |  |
| Gerdau SA, preferred nominative shares  | 54142 | 201 |
| **Total preferred securities** (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** | **Money market investments 1.35%** | **Money market investments 1.35%** |
| Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup>  | 54405 | 5441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup>  | 762897 | $763 |
| **Total short-term securities** (cost: $6,203,000) |  | 6204 |
| **Total investment securities 99.81%** (cost: $274,268,000) |  | 403827 |
| Other assets less liabilities 0.19% |  | 788 |
| **Net assets 100.00%** |  | $404615 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.35%** |  |  |  |  |  |  |  |
| **Money market investments 1.35%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $93352 | &nbsp;&nbsp; $99583 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $5441 | &nbsp;&nbsp; $489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(f)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% | Shares | Value<br> (000)<br>|
| **Financials 16.08%** |  |  |
| JPMorgan Chase & Co.  | 79207 | $25522 |
| NatWest Group PLC  | 1731569 | 15103 |
| Morgan Stanley  | 85027 | 15095 |
| Zurich Insurance Group AG  | 15915 | 12080 |
| Wells Fargo & Co.  | 121236 | 11299 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 15382 | 10158 |
| BlackRock, Inc.  | 9038 | 9674 |
| ING Groep NV  | 336786 | 9467 |
| DBS Group Holdings, Ltd.  | 201816 | 8832 |
| PNC Financial Services Group, Inc.  | 42111 | 8790 |
| Progressive Corp.  | 31499 | 7173 |
| Truist Financial Corp.  | 133958 | 6592 |
| Banco Santander SA  | 543341 | 6376 |
| Tokio Marine Holdings, Inc.  | 169500 | 6293 |
| Banco Bilbao Vizcaya Argentaria SA  | 255877 | 5985 |
| KB Financial Group, Inc.  | 67948 | 5874 |
| American International Group, Inc.  | 61289 | 5243 |
| AIA Group, Ltd.  | 475600 | 4885 |
| TPG, Inc., Class A  | 74597 | 4762 |
| Sampo Oyj, Class A  | 382120 | 4632 |
| National Bank of Canada  | 34385 | 4324 |
| Power Corp. of Canada, subordinate voting shares  | 73430 | 3903 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 39762 | 3747 |
| East West Bancorp, Inc.  | 32600 | 3664 |
| UniCredit SpA  | 43377 | 3601 |
| Intact Financial Corp.  | 16137 | 3359 |
| Euronext NV  | 21230 | 3186 |
| Hana Financial Group, Inc.  | 48224 | 3146 |
| 360 ONE WAM, Ltd.  | 229493 | 3031 |
| EFG International AG  | 108196 | 2587 |
| BNP Paribas SA  | 25427 | 2406 |
| PICC Property and Casualty Co., Ltd., Class H  | 1138000 | 2386 |
| Mizuho Financial Group, Inc.  | 64500 | 2342 |
| Skandinaviska Enskilda Banken AB, Class A  | 108326 | 2287 |
| 3i Group PLC  | 51598 | 2245 |
| Webster Financial Corp.  | 35040 | 2205 |
| Apollo Asset Management, Inc.  | 13850 | 2005 |
| Marsh & McLennan Cos., Inc.  | 10553 | 1958 |
| Banco BPM SpA  | 128347 | 1950 |
| London Stock Exchange Group PLC  | 15893 | 1914 |
| Deutsche Bank AG  | 49165 | 1912 |
| BPER Banca SpA  | 141331 | 1911 |
| Swiss Re AG  | 10507 | 1752 |
| State Street Corp.  | 12200 | 1574 |
| CME Group, Inc., Class A  | 5612 | 1533 |
| Bank Central Asia Tbk PT  | 2982500 | 1440 |
| Standard Chartered PLC  | 56936 | 1390 |
| Japan Post Bank Co., Ltd.  | 98700 | 1388 |
| Western Union Co. <sup>(a)</sup>  | 142256 | 1324 |
| Allianz SE  | 2883 | 1322 |
| Hong Kong Exchanges and Clearing, Ltd.  | 22700 | 1186 |
| Bank of America Corp.  | 21552 | 1185 |
| Canadian Imperial Bank of Commerce  | 12297 | 1115 |
| Patria Investments, Ltd., Class A  | 70098 | 1114 |
| Blackstone, Inc.  | 7179 | 1107 |
| Citizens Financial Group, Inc.  | 18221 | 1064 |
| SouthState Bank Corp.  | 10883 | 1024 |
| Vontobel Holding AG  | 10189 | 824 |
| Equitable Holdings, Inc.  | 16750 | 798 |
| Resona Holdings, Inc.  | 62400 | 592 |
| Houlihan Lokey, Inc., Class A  | 2796 | 487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| T&D Holdings, Inc.  | 21000 | $484 |
| Medibank Private, Ltd.  | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 267037 |
| **Information technology 10.58%** |  |  |
| Broadcom, Inc.  | 198986 | 68869 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 857800 | 41907 |
| Microsoft Corp.  | 48647 | 23527 |
| Accenture PLC, Class A  | 42563 | 11420 |
| Seagate Technology Holdings PLC  | 21770 | 5995 |
| KLA Corp.  | 3790 | 4605 |
| Texas Instruments, Inc.  | 19132 | 3319 |
| Tokyo Electron, Ltd.  | 14700 | 3228 |
| TE Connectivity PLC  | 11194 | 2547 |
| MediaTek, Inc.  | 52000 | 2356 |
| TDK Corp.  | 145400 | 2057 |
| SAP SE  | 8376 | 2049 |
| Analog Devices, Inc.  | 5814 | 1577 |
| Skyworks Solutions, Inc.  | 17043 | 1081 |
| Samsung Electronics Co., Ltd.  | 7752 | 646 |
| Capgemini SE  | 2465 | 408 |
|  |  | 175591 |
| **Health care 8.92%** |  |  |
| AbbVie, Inc.  | 110866 | 25332 |
| AstraZeneca PLC  | 95762 | 17638 |
| Abbott Laboratories  | 132522 | 16604 |
| Amgen, Inc.  | 48793 | 15970 |
| Gilead Sciences, Inc.  | 110674 | 13584 |
| Sanofi  | 116243 | 11278 |
| Johnson & Johnson  | 38511 | 7970 |
| UnitedHealth Group, Inc.  | 22859 | 7546 |
| Medtronic PLC  | 77419 | 7437 |
| Novo Nordisk AS, Class B  | 120968 | 6166 |
| CVS Health Corp.  | 46518 | 3692 |
| Takeda Pharmaceutical Co., Ltd.  | 108825 | 3381 |
| Bristol-Myers Squibb Co.  | 51448 | 2775 |
| Merck & Co., Inc.  | 20750 | 2184 |
| Sandoz Group AG  | 19286 | 1406 |
| EBOS Group, Ltd.  | 82604 | 1302 |
| Roche Holding AG, nonvoting non-registered shares  | 2615 | 1081 |
| GSK PLC  | 43796 | 1076 |
| Royalty Pharma PLC, Class A  | 24004 | 927 |
| EssilorLuxottica SA  | 2582 | 816 |
|  |  | 148165 |
| **Industrials 8.89%** |  |  |
| RTX Corp.  | 170579 | 31284 |
| Volvo AB, Class B  | 337790 | 10827 |
| Siemens AG  | 32234 | 9052 |
| Marubeni Corp.  | 248100 | 6904 |
| BAE Systems PLC  | 262306 | 6030 |
| Deutsche Post AG  | 105963 | 5804 |
| RELX PLC  | 135157 | 5467 |
| Mitsubishi Corp.  | 214081 | 4906 |
| Union Pacific Corp.  | 20631 | 4772 |
| Singapore Technologies Engineering, Ltd.  | 657600 | 4290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| ITOCHU Corp.  | 307500 | $3881 |
| Bouygues SA  | 71499 | 3706 |
| Northrop Grumman Corp.  | 6044 | 3446 |
| Honeywell International, Inc.  | 17528 | 3420 |
| Paychex, Inc.  | 29637 | 3325 |
| Automatic Data Processing, Inc.  | 12517 | 3220 |
| Airbus SE, non-registered shares  | 12478 | 2894 |
| FedEx Corp.  | 9893 | 2858 |
| Watsco, Inc.  | 8477 | 2856 |
| Schneider Electric SE  | 9854 | 2701 |
| Broadridge Financial Solutions, Inc.  | 11281 | 2518 |
| Localiza Rent a Car SA, ordinary nominative shares  | 281769 | 2222 |
| Localiza Rent a Car SA <sup>(d)</sup>  | 10837 | 82 |
| Hikari Tsushin, Inc.  | 7100 | 1984 |
| Bureau Veritas SA  | 60554 | 1928 |
| Trinity Industries, Inc.  | 71017 | 1878 |
| Canadian National Railway Co. (CAD denominated)  | 17596 | 1740 |
| Wolters Kluwer NV  | 14975 | 1555 |
| Epiroc AB, Class A  | 60943 | 1379 |
| Epiroc AB, Class B  | 4933 | 100 |
| SPIE SA  | 24869 | 1432 |
| PACCAR, Inc.  | 12078 | 1323 |
| Ryanair Holdings PLC (ADR)  | 18149 | 1310 |
| UL Solutions, Inc., Class A  | 16361 | 1290 |
| Carrier Global Corp.  | 23347 | 1234 |
| Transurban Group  | 121112 | 1145 |
| Sulzer AG  | 3498 | 649 |
| Brambles, Ltd.  | 40982 | 628 |
| Caterpillar, Inc.  | 1059 | 607 |
| Computershare Ltd.  | 22570 | 513 |
| Robert Half, Inc.  | 16144 | 438 |
|  |  | 147598 |
| **Consumer staples 8.01%** |  |  |
| Philip Morris International, Inc.  | 243788 | 39104 |
| British American Tobacco PLC  | 522457 | 29612 |
| British American Tobacco PLC (ADR)  | 42214 | 2390 |
| Mondelez International, Inc., Class A  | 238135 | 12819 |
| Imperial Brands PLC  | 193418 | 8132 |
| Nestle SA  | 56409 | 5607 |
| Sysco Corp.  | 57332 | 4225 |
| Danone SA  | 46784 | 4221 |
| Coca-Cola Co.  | 50926 | 3560 |
| Altria Group, Inc.  | 60789 | 3505 |
| Procter & Gamble Co.  | 18551 | 2658 |
| Carlsberg A/S, Class B  | 18209 | 2387 |
| Kimberly-Clark Corp.  | 20235 | 2041 |
| WH Group, Ltd.  | 1742500 | 1940 |
| General Mills, Inc.  | 39690 | 1846 |
| Unilever PLC  | 23728 | 1551 |
| Marks and Spencer Group PLC  | 341848 | 1521 |
| PepsiCo, Inc.  | 8237 | 1182 |
| Dollar General Corp.  | 8654 | 1149 |
| Anheuser-Busch InBev SA/NV  | 12119 | 777 |
| ITC, Ltd.  | 169385 | 760 |
| Pernod Ricard SA  | 8821 | 755 |
| Molson Coors Beverage Co., Class B, restricted voting shares  | 15116 | 706 |
| Constellation Brands, Inc., Class A  | 4173 | 576 |
|  |  | 133024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 5.67%** |  |  |
| Dominion Energy, Inc.  | 193401 | $11331 |
| National Grid PLC  | 593470 | 9146 |
| SSE PLC  | 303935 | 8912 |
| Engie SA  | 334941 | 8807 |
| Iberdrola SA, non-registered shares  | 368808 | 7983 |
| E.ON SE  | 279307 | 5295 |
| Pinnacle West Capital Corp.  | 58731 | 5209 |
| DTE Energy Co.  | 38794 | 5004 |
| CenterPoint Energy, Inc.  | 126239 | 4840 |
| Sempra  | 49773 | 4395 |
| Duke Energy Corp.  | 33977 | 3982 |
| RWE AG  | 59273 | 3154 |
| Atmos Energy Corp.  | 16350 | 2741 |
| Exelon Corp.  | 62697 | 2733 |
| AES Corp.  | 138163 | 1981 |
| Power Grid Corp. of India, Ltd.  | 637504 | 1875 |
| Entergy Corp.  | 17392 | 1608 |
| NextEra Energy, Inc.  | 19324 | 1551 |
| Southern Co. (The)  | 17393 | 1517 |
| SembCorp Industries, Ltd.  | 268900 | 1255 |
| Power Assets Holdings, Ltd.  | 127000 | 900 |
|  |  | 94219 |
| **Consumer discretionary 5.15%** |  |  |
| Industria de Diseno Textil SA  | 200194 | 13187 |
| McDonald's Corp.  | 28168 | 8609 |
| Starbucks Corp.  | 98994 | 8336 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 9855 | 7430 |
| Home Depot, Inc.  | 19641 | 6758 |
| YUM! Brands, Inc.  | 38261 | 5788 |
| Midea Group Co., Ltd., Class A  | 497866 | 5566 |
| Compagnie Generale des Etablissements Michelin  | 154783 | 5133 |
| Royal Caribbean Cruises, Ltd.  | 18121 | 5054 |
| Evolution AB  | 62107 | 4227 |
| Amadeus IT Group SA, Class A, non-registered shares  | 44461 | 3261 |
| Compagnie Financiere Richemont SA, Class A  | 11721 | 2530 |
| Tractor Supply Co.  | 38329 | 1917 |
| Restaurant Brands International, Inc.  | 27181 | 1855 |
| NEXT PLC  | 9190 | 1691 |
| Galaxy Entertainment Group, Ltd.  | 288000 | 1413 |
| Vail Resorts, Inc.  | 8836 | 1173 |
| Darden Restaurants, Inc.  | 3355 | 617 |
| Jumbo SA  | 15226 | 500 |
| Aristocrat Leisure, Ltd.  | 11598 | 450 |
|  |  | 85495 |
| **Energy 4.71%** |  |  |
| Exxon Mobil Corp.  | 138000 | 16607 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 426351 | 14441 |
| Canadian Natural Resources, Ltd.  | 19944 | 675 |
| Shell PLC (GBP denominated)  | 231846 | 8517 |
| Shell PLC (ADR)  | 9821 | 721 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 133821 | 7369 |
| TotalEnergies SE (EUR denominated)  | 92774 | 6047 |
| ConocoPhillips  | 50076 | 4688 |
| South Bow Corp. <sup>(a)</sup>  | 155157 | 4267 |
| EQT Corp.  | 64885 | 3478 |
| EOG Resources, Inc.  | 28657 | 3009 |
| Chevron Corp.  | 18330 | 2794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| ONEOK, Inc.  | 35701 | $2624 |
| DT Midstream, Inc.  | 10692 | 1280 |
| Cenovus Energy, Inc.  | 62889 | 1064 |
| Adnoc Gas PLC  | 656312 | 634 |
|  |  | 78215 |
| **Materials 3.55%** |  |  |
| Air Products and Chemicals, Inc.  | 30617 | 7563 |
| Smurfit Westrock PLC  | 158869 | 6143 |
| Nitto Denko Corp.  | 245538 | 5834 |
| Rio Tinto PLC  | 66849 | 5334 |
| International Paper Co.  | 134100 | 5282 |
| Barrick Mining Corp.  | 106459 | 4636 |
| Anglo American PLC  | 103247 | 4255 |
| Vale SA, ordinary nominative shares  | 217725 | 2847 |
| Vale SA (ADR), ordinary nominative shares  | 96273 | 1254 |
| Shin-Etsu Chemical Co., Ltd.  | 121262 | 3771 |
| Linde PLC  | 8159 | 3479 |
| Amcor PLC  | 301316 | 2513 |
| BASF SE  | 44227 | 2311 |
| Antofagasta PLC  | 51846 | 2276 |
| Eastman Chemical Co.  | 8693 | 555 |
| Air Liquide SA  | 2512 | 473 |
| Givaudan SA  | 110 | 437 |
|  |  | 58963 |
| **Communication services 3.52%** |  |  |
| Singapore Telecommunications, Ltd.  | 3937700 | 13951 |
| T-Mobile US, Inc.  | 38544 | 7826 |
| Publicis Groupe SA  | 68287 | 7084 |
| AT&T, Inc.  | 248999 | 6185 |
| Koninklijke KPN NV  | 1163701 | 5444 |
| Comcast Corp., Class A  | 134482 | 4020 |
| Verizon Communications, Inc.  | 67668 | 2756 |
| NetEase, Inc.  | 97400 | 2680 |
| Omnicom Group, Inc.  | 26622 | 2150 |
| Nintendo Co., Ltd.  | 23700 | 1601 |
| HKT Trust and HKT, Ltd., units  | 1023240 | 1512 |
| Deutsche Telekom AG  | 44105 | 1431 |
| America Movil, SAB de CV, Class B (ADR)  | 38200 | 790 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2512000 | 523 |
| Swisscom AG <sup>(d)</sup>  | 566 | 411 |
|  |  | 58364 |
| **Real estate 2.76%** |  |  |
| Welltower, Inc. REIT  | 58648 | 10886 |
| Prologis, Inc. REIT  | 38994 | 4978 |
| American Tower Corp. REIT  | 26189 | 4598 |
| VICI Properties, Inc. REIT  | 160317 | 4508 |
| Rexford Industrial Realty, Inc. REIT  | 98470 | 3813 |
| Extra Space Storage, Inc. REIT  | 19058 | 2482 |
| Public Storage REIT  | 8874 | 2303 |
| Mindspace Business Parks REIT  | 413863 | 2187 |
| UDR, Inc. REIT  | 48752 | 1788 |
| CK Asset Holdings, Ltd.  | 328500 | 1655 |
| Equinix, Inc. REIT  | 1780 | 1364 |
| Link REIT  | 302148 | 1346 |
| CTP NV  | 56484 | 1183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate (continued)** |  |  |
| Sun Communities, Inc. REIT  | 5902 | $731 |
| Embassy Office Parks REIT  | 140661 | 681 |
| SBA Communications Corp. REIT, Class A  | 2744 | 531 |
| Longfor Group Holdings, Ltd.  | 357634 | 392 |
| Lineage, Inc. REIT  | 7600 | 266 |
| Kimco Realty Corp. REIT  | 5095 | 103 |
|  |  | 45795 |
| **Total common stocks** (cost: $866,080,000) |  | 1292466 |
| Convertible stocks 0.29% |  |  |
| **Information technology 0.16%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028  | 44749 | 2608 |
| **Utilities 0.09%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 31400 | 1531 |
| **Financials 0.04%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 13000 | 674 |
| **Total convertible stocks** (cost: $4,335,000) |  | 4813 |
| Bonds, notes & other debt instruments 14.62% | Principal amount<br> (000)<br>|  |
| **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** |
| **U.S. Treasury 5.92%** |  |  |
| U.S. Treasury 4.00% 2/15/2026  | USD2,369 | 2370 |
| U.S. Treasury 0.75% 3/31/2026  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026  | 3850 | 3806 |
| U.S. Treasury 1.875% 6/30/2026  | 3855 | 3825 |
| U.S. Treasury 1.125% 10/31/2026  | 995 | 975 |
| U.S. Treasury 2.00% 11/15/2026  | 2800 | 2763 |
| U.S. Treasury 4.625% 11/15/2026  | 1200 | 1211 |
| U.S. Treasury 4.00% 1/15/2027  | 6541 | 6573 |
| U.S. Treasury 0.50% 4/30/2027  | 2375 | 2284 |
| U.S. Treasury 2.625% 5/31/2027  | 80 | 79 |
| U.S. Treasury 3.50% 9/30/2027  | 1811 | 1812 |
| U.S. Treasury 3.375% 11/30/2027  | 9 | 9 |
| U.S. Treasury 3.375% 12/31/2027  | 17721 | 17687 |
| U.S. Treasury 4.00% 2/29/2028  | 745 | 753 |
| U.S. Treasury 1.25% 3/31/2028  | 1350 | 1285 |
| U.S. Treasury 3.625% 3/31/2028  | 3 | 4 |
| U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup>  | 10891 | 10878 |
| U.S. Treasury 4.00% 7/31/2029  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030  | 345 | 381 |
| U.S. Treasury 3.625% 9/30/2030  | 809 | 806 |
| U.S. Treasury 3.625% 12/31/2030  | 12352 | 12295 |
| U.S. Treasury 3.75% 8/31/2031  | 297 | 296 |
| U.S. Treasury 4.125% 11/15/2032  | 9 | 9 |
| U.S. Treasury 3.875% 12/31/2032  | 6955 | 6927 |
| U.S. Treasury 4.375% 5/15/2034  | 18 | 18 |
| U.S. Treasury 4.00% 11/15/2035  | 6687 | 6596 |
| U.S. Treasury 4.50% 8/15/2039  | 1045 | 1048 |
| U.S. Treasury 4.75% 2/15/2041  | 1730 | 1764 |
| U.S. Treasury 2.00% 11/15/2041  | 300 | 210 |
| U.S. Treasury 4.625% 11/15/2045  | 679 | 664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.375% 5/15/2051  | USD196 | $124 |
| U.S. Treasury 4.00% 11/15/2052  | 152 | 132 |
| U.S. Treasury 4.75% 8/15/2055  | 8884 | 8753 |
| U.S. Treasury 4.625% 11/15/2055  | 2038 | 1968 |
| **Total U.S. Treasury bonds & notes** |  | 98331 |
| **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** |
| **Federal agency mortgage-backed obligations 4.20%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup>  | 729 | 697 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup>  | 254 | 240 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup>  | 1 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup>  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup>  | 14 | 14 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup>  | 20 | 19 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup>  | 28 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup>  | 154 | 145 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup>  | 1759 | 1653 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup>  | 2453 | 2212 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup>  | 281 | 256 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup>  | 111 | 98 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup>  | 74 | 66 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup>  | 40 | 36 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup>  | 11 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup>  | 117 | 104 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup>  | 78 | 70 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup>  | 119 | 107 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup>  | 179 | 145 |
| Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup>  | 50 | 41 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup>  | 21 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup>  | 151 | 135 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup>  | 18 | 16 |
| Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup>  | 151 | 134 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup>  | 14 | 12 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup>  | 104 | 94 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup>  | 167 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup>  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup>  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup>  | 70 | 65 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup>  | 148 | 126 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup>  | 768 | 695 |
| Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup>  | 99 | 88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup>  | USD443 | $393 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup>  | 254 | 237 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup>  | 214 | 182 |
| Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup>  | 129 | 110 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup>  | 100 | 96 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup>  | 172 | 146 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup>  | 143 | 121 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup>  | 615 | 545 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup>  | 49 | 50 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup>  | 145 | 118 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup>  | 103 | 105 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup>  | 86 | 87 |
| Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup>  | 174 | 154 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup>  | 762 | 726 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup>  | 223 | 224 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup>  | 57 | 57 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup>  | 233 | 237 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup>  | 1222 | 1261 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup>  | 287 | 293 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup>  | 335 | 345 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup>  | 211 | 218 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup>  | 155 | 160 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup>  | 258 | 245 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup>  | 95 | 93 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup>  | 117 | 117 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup>  | 755 | 768 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup>  | 355 | 366 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup>  | 876 | 833 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup>  | 39 | 40 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup>  | 586 | 604 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup>  | 57 | 60 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup>  | 22 | 23 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup>  | 396 | 417 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup>  | 23 | 25 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup>  | 790 | 804 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup>  | 106 | 109 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup>  | 54 | 56 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup>  | 884 | 904 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup>  | 99 | 101 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup>  | 65 | 66 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup>  | 362 | 376 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup>  | 105 | 108 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup>  | 17 | 18 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup>  | 40 | 41 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup>  | 143 | 146 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup>  | 701 | 720 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup>  | 164 | 169 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup>  | 153 | 158 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup>  | 89 | 93 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup>  | 2561 | 2660 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup>  | 299 | 308 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup>  | USD9 | $9 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup>  | 217 | 220 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup>  | 94 | 97 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup>  | 226 | 230 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup>  | 553 | 543 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup>  | 192 | 191 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup>  | 302 | 286 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup>  | 65 | 62 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup>  | 422 | 412 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup>  | 524 | 538 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup>  | 309 | 302 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup>  | 31 | 32 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup>  | 421 | 437 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup>  | 236 | 246 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup>  | 2011 | 2115 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup>  | 247 | 234 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup>  | 327 | 319 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup>  | 178 | 183 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup>  | 13 | 13 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup>  | 911 | 936 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup>  | 855 | 888 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup>  | 169 | 175 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup>  | 150 | 152 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup>  | 104 | 108 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup>  | 768 | 808 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup>  | 246 | 250 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup>  | 311 | 322 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup>  | 213 | 218 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup>  | 505 | 496 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup>  | 356 | 310 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup>  | 379 | 359 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup>  | 105 | 100 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup>  | 59 | 51 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup>  | 102 | 89 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup>  | 171 | 166 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup>  | 894 | 890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup>  | USD11 | $10 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup>  | 129 | 115 |
| Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup>  | 67 | 55 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup>  | 60 | 54 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup>  | 120 | 107 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup>  | 46 | 39 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup>  | 11 | 10 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup>  | 101 | 90 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup>  | 235 | 191 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup>  | 7 | 6 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup>  | 440 | 374 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup>  | 733 | 651 |
| Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup>  | 217 | 201 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup>  | 439 | 389 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup>  | 284 | 271 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup>  | 710 | 696 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup>  | 765 | 648 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup>  | 354 | 300 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup>  | 141 | 125 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup>  | 42 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup>  | 159 | 157 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup>  | 536 | 537 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup>  | 266 | 271 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup>  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup>  | 2337 | 2167 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup>  | 98 | 100 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup>  | 22 | 19 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup>  | 415 | 406 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup>  | 727 | 694 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup>  | 88 | 88 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup>  | 480 | 488 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup>  | 362 | 369 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup>  | 906 | 921 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup>  | 71 | 74 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup>  | 17 | 18 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup>  | 198 | 201 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup>  | 587 | 588 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup>  | 42 | 43 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup>  | 51 | 49 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup>  | 1009 | 1038 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup>  | 802 | 814 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup>  | 419 | 434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup>  | USD8 | $8 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup>  | 261 | 267 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup>  | 45 | 46 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup>  | 89 | 90 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup>  | 72 | 73 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup>  | 58 | 59 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup>  | 272 | 284 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup>  | 235 | 243 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup>  | 79 | 81 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup>  | 68 | 70 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup>  | 134 | 139 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup>  | 146 | 150 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup>  | 5 | 5 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup>  | 111 | 116 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup>  | 35 | 37 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup>  | 44 | 45 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup>  | 104 | 106 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup>  | 80 | 78 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup>  | 51 | 51 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup>  | 60 | 61 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup>  | 15 | 16 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup>  | 320 | 325 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup>  | 46 | 48 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup>  | 452 | 476 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup>  | 36 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup>  | 160 | 165 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup>  | 85 | 87 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup>  | 97 | 100 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup>  | 132 | 137 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup>  | 387 | 398 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup>  | 293 | 301 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup>  | 36 | 37 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup>  | 552 | 574 |
| Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup>  | 261 | 271 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup>  | 492 | 491 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup>  | 228 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup>  | 324 | 333 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup>  | 132 | 138 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup>  | 450 | 467 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup>  | 37 | 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup>  | USD160 | $161 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup>  | 85 | 81 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup>  | 177 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup>  | 170 | 162 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup>  | 78 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup>  | 65 | 60 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup>  | 13 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup>  | 808 | 726 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup>  | 268 | 262 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup>  | 426 | 415 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup>  | 11 | 11 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup>  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup>  | 644 | 634 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup>  | 927 | 893 |
| Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 48 | 47 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup>  | 151 | 150 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup>  | 2647 | 2523 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup>  | 56 | 53 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup>  | 358 | 359 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup>  | 963 | 965 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup>  | 24 | 23 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup>  | 432 | 437 |
| Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup>  | 95 | 96 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup>  | 212 | 171 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup>  | 261 | 231 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup>  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 248 | 242 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup>  | 78 | 78 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup>  | 403 | 419 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup>  | 1166 | 1227 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup>  | 173 | 160 |
|  |  | 69743 |
| **Commercial mortgage-backed securities 0.45%** |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup>  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup>  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup>  | 122 | 128 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(f)(g)(i)</sup>  | 332 | 333 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup>  | 106 | 106 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup>  | 79 | 79 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup>  | 78 | 78 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup>  | 590 | 599 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup>  | 169 | 170 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup>  | 732 | 734 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(g)(i)</sup>  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup>  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup>  | 237 | 244 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup>  | 574 | 589 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 213 | 214 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup>  | USD100 | $100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup>  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup>  | 592 | 599 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup>  | 329 | 342 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup>  | 243 | 247 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup>  | 541 | 561 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(f)(g)(i)</sup>  | 108 | 110 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup>  | 312 | 313 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.391% 2/15/2042 <sup>(f)(g)(i)</sup>  | 597 | 593 |
|  |  | 7427 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup>  | 72 | 66 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 489 | 479 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup>  | 56 | 53 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup>  | 142 | 141 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup>  | 358 | 352 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup>  | 131 | 125 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup>  | 6 | 5 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(f)(g)(i)</sup>  | 25 | 25 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(f)(g)(i)</sup>  | 187 | 188 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(f)(g)(i)</sup>  | 58 | 58 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(f)(g)(i)</sup>  | 38 | 38 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(f)(g)(i)</sup>  | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup>  | 7 | 7 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup>  | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup>  | 160 | 160 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup>  | 90 | 90 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 81 | 81 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup>  | 48 | 48 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 670 | 677 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup>  | 54 | 54 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup>  | 90 | 90 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 392 | 393 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(i)(j)</sup>  | 101 | 102 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup>  | 138 | 138 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup>  | 141 | 143 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 317 | 321 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 814 | 823 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup>  | 554 | 527 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup>  | 95 | 94 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(g)(i)</sup>  | 140 | 140 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup>  | 13 | 13 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup>  | 11 | 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup>  | USD6 | $6 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup>  | 304 | 279 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup>  | 195 | 193 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup>  | 167 | 167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 64 | 65 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup>  | 87 | 88 |
|  |  | 6494 |
| **Total mortgage-backed obligations** |  | 83664 |
| **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** |
| **Financials 0.49%** |  |  |
| American Express Co. 4.90% 2/13/2026  | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup>  | 50 | 52 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup>  | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030  | 685 | 703 |
| American International Group, Inc. 5.125% 3/27/2033  | 17 | 18 |
| Aon Corp. 5.35% 2/28/2033  | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 125 | 128 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 50 | 51 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup>  | 22 | 20 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup>  | 238 | 213 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup>  | 118 | 122 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup>  | 75 | 78 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup>  | 400 | 416 |
| CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup>  | 200 | 213 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup>  | 45 | 49 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup>  | 95 | 101 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup>  | 86 | 88 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup>  | 35 | 32 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup>  | 44 | 46 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup>  | 55 | 56 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 180 | 177 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(i)(j)</sup>  | 200 | 200 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup>  | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup>  | 150 | 152 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup>  | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup>  | 45 | 46 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup>  | 60 | 63 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup>  | 40 | 40 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup>  | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup>  | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup>  | 198 | 203 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup>  | 52 | 52 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup>  | 20 | 18 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup>  | 328 | 339 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup>  | 412 | 432 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028  | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup>  | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup>  | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup>  | 140 | 146 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup>  | 488 | 494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup>  | USD35 | $36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup>  | 57 | 59 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup>  | 129 | 128 |
| Navient Corp. 5.00% 3/15/2027  | 150 | 150 |
| Navient Corp. 5.625% 8/1/2033  | 125 | 114 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup>  | 150 | 147 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 540 | 560 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup>  | 25 | 26 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup>  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup>  | 100 | 102 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup>  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup>  | 50 | 52 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup>  | 10 | 11 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup>  | 40 | 42 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup>  | 97 | 96 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup>  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup>  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup>  | 200 | 209 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup>  | 374 | 371 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup>  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup>  | 55 | 57 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup>  | 104 | 115 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup>  | 80 | 84 |
|  |  | 8142 |
| **Health care 0.36%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 175 | 180 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 5.15% 3/2/2028  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029  | 100 | 100 |
| Amgen, Inc. 5.25% 3/2/2030  | 124 | 129 |
| Amgen, Inc. 4.20% 3/1/2033  | 133 | 130 |
| Amgen, Inc. 5.25% 3/2/2033  | 71 | 74 |
| Amgen, Inc. 5.60% 3/2/2043  | 105 | 106 |
| Amgen, Inc. 4.20% 2/22/2052  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 50 | 52 |
| Baxter International, Inc. 4.45% 2/15/2029  | 271 | 272 |
| Baxter International, Inc. 4.90% 12/15/2030  | 338 | 341 |
| Baxter International, Inc. 3.132% 12/1/2051  | 25 | 16 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 260 | 271 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 295 | 307 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 325 | 319 |
| Centene Corp. 4.625% 12/15/2029  | 530 | 515 |
| Centene Corp. 2.625% 8/1/2031  | 40 | 35 |
| CVS Health Corp. 5.125% 2/21/2030  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033  | 23 | 24 |
| CVS Health Corp. 5.70% 6/1/2034  | 97 | 102 |
| CVS Health Corp. 6.00% 6/1/2044  | 50 | 50 |
| CVS Health Corp. 6.05% 6/1/2054  | 50 | 50 |
| CVS Health Corp. 6.20% 9/15/2055  | 50 | 51 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 30 | 31 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 13 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Gilead Sciences, Inc. 1.65% 10/1/2030  | USD8 | $7 |
| HCA, Inc. 2.375% 7/15/2031  | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029  | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031  | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup>  | 380 | 393 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 118 | 115 |
| Merck & Co., Inc. 3.40% 3/7/2029  | 110 | 108 |
| Merck & Co., Inc. 4.50% 5/17/2033  | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044  | 35 | 33 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup>  | 290 | 285 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup>  | 40 | 36 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup>  | 105 | 67 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030  | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 17 | 16 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 362 | 366 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 600 | 661 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 89 | 67 |
|  |  | 6025 |
| **Communication services 0.34%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 22 | 22 |
| Alphabet, Inc. 4.70% 11/15/2035  | 28 | 28 |
| America Movil, SAB de CV, 8.46% 12/18/2036  | MXN1,300 | 65 |
| AT&T, Inc. 3.50% 6/1/2041  | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup>  | 25 | 23 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup>  | 655 | 558 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 41 | 43 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 17 | 17 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 10 | 10 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 42 | 37 |
| EchoStar Corp. 10.75% 11/30/2029  | 64 | 71 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup>  | 313 | 321 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup>  | 195 | 203 |
| Meta Platforms, Inc. 4.30% 8/15/2029  | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 53 | 53 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 325 | 325 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 134 | 130 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 29 | 27 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 287 | 276 |
| Meta Platforms, Inc. 5.55% 8/15/2064  | 40 | 37 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 138 | 132 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup>  | 253 | 248 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup>  | 780 | 763 |
| TEGNA, Inc. 5.00% 9/15/2029  | 360 | 357 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 625 | 615 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 203 | 185 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup>  | 340 | 347 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 142 | 125 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 250 | 232 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 374 | 264 |
|  |  | 5683 |
| **Industrials 0.26%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup>  | 200 | 207 |
| Boeing Co. (The) 2.75% 2/1/2026  | 91 | 91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.259% 5/1/2027  | USD376 | $386 |
| Boeing Co. (The) 6.298% 5/1/2029  | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 92 | 100 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1291 | 1429 |
| Boeing Co. (The) 5.805% 5/1/2050  | 136 | 134 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 25 | 19 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048  | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052  | 35 | 30 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup>  | 430 | 455 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup>  | 90 | 95 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 440 | 434 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053  | 13 | 13 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 15 | 16 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup>  | 55 | 54 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup>  | 190 | 199 |
| Republic Services, Inc. 5.00% 4/1/2034  | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031  | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034  | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054  | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032  | 17 | 16 |
| Union Pacific Corp. 3.50% 2/14/2053  | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030  | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035  | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054  | 25 | 24 |
|  |  | 4247 |
| **Consumer discretionary 0.25%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 8 | 7 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 7 | 6 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 34 | 34 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 155 | 151 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 70 | 68 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup>  | 290 | 288 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup>  | 25 | 24 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup>  | 310 | 319 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup>  | 175 | 181 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 306 | 303 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 604 | 607 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 622 | 637 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 210 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 970 | 916 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 11 | 11 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035  | 16 | 17 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup>  | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052  | 10 | 9 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 160 | 157 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup>  | 150 | 150 |
|  |  | 4151 |
| **Information technology 0.23%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027  | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup>  | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| Broadcom, Inc. 5.15% 11/15/2031  | USD104 | $108 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup>  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup>  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064  | 11 | 10 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup>  | 200 | 209 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup>  | 250 | 267 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup>  | 100 | 103 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 832 | 796 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 58 | 53 |
| Intel Corp. 3.05% 8/12/2051  | 10 | 6 |
| Intel Corp. 5.60% 2/21/2054  | 42 | 39 |
| Intel Corp. 3.10% 2/15/2060  | 110 | 62 |
| Oracle Corp. 4.80% 9/26/2032  | 55 | 53 |
| Oracle Corp. 5.50% 8/3/2035  | 18 | 18 |
| Oracle Corp. 5.20% 9/26/2035  | 405 | 388 |
| Oracle Corp. 5.875% 9/26/2045  | 40 | 36 |
| Oracle Corp. 6.00% 8/3/2055  | 110 | 97 |
| Oracle Corp. 5.95% 9/26/2055  | 95 | 84 |
| Oracle Corp. 6.10% 9/26/2065  | 40 | 35 |
| Synopsys, Inc. 4.65% 4/1/2028  | 40 | 41 |
| Synopsys, Inc. 4.85% 4/1/2030  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032  | 40 | 41 |
| Synopsys, Inc. 5.15% 4/1/2035  | 780 | 793 |
| Synopsys, Inc. 5.70% 4/1/2055  | 380 | 377 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup>  | 75 | 77 |
|  |  | 3886 |
| **Energy 0.23%** |  |  |
| APA Corp. 4.25% 1/15/2030  | 385 | 379 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup>  | 300 | 302 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 44 | 40 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup>  | 9 | 10 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 50 | 48 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup>  | 270 | 256 |
| Energy Transfer, LP 6.10% 12/1/2028  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030  | 365 | 340 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 210 | 151 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup>  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup>  | 400 | 375 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup>  | 148 | 43 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 124 | 127 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 177 | 189 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 300 | 305 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup>  | 20 | 20 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup>  | 20 | 20 |
| TotalEnergies Capital SA 4.724% 9/10/2034  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup>  | 595 | 542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup>  | USD195 | $200 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup>  | 100 | 102 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup>  | 75 | 82 |
|  |  | 3826 |
| **Utilities 0.21%** |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032  | 42 | 39 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 25 | 26 |
| Edison International 4.125% 3/15/2028  | 132 | 131 |
| Edison International 5.45% 6/15/2029  | 100 | 102 |
| Edison International 5.25% 3/15/2032  | 389 | 389 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup>  | 200 | 233 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 393 | 367 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 107 | 97 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 97 | 97 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 105 | 104 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 284 | 286 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 375 | 338 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 50 | 54 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 377 | 388 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 162 | 137 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 256 | 173 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 25 | 24 |
| PacifiCorp 5.50% 5/15/2054  | 95 | 85 |
| PacifiCorp 5.80% 1/15/2055  | 25 | 23 |
| Southern California Edison Co. 5.20% 6/1/2034  | 40 | 40 |
| Southern California Edison Co. 3.60% 2/1/2045  | 206 | 149 |
| Southern California Edison Co. 5.90% 3/1/2055  | 30 | 29 |
| Union Electric Co. 3.90% 4/1/2052  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027  | 25 | 26 |
|  |  | 3449 |
| **Real estate 0.18%** |  |  |
| American Tower Corp. 4.05% 3/15/2032  | 11 | 11 |
| Boston Properties, LP 2.45% 10/1/2033  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035  | 95 | 98 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 54 | 55 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup>  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 550 | 518 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup>  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 475 | 460 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 99 | 100 |
| Prologis, LP 5.00% 3/15/2034  | 40 | 41 |
| Service Properties Trust 0% 9/30/2027 <sup>(i)</sup>  | 45 | 41 |
| Service Properties Trust 3.95% 1/15/2028  | 480 | 453 |
| Service Properties Trust 8.375% 6/15/2029  | 680 | 684 |
|  |  | 3034 |
| **Consumer staples 0.17%** |  |  |
| Altria Group, Inc. 4.875% 2/4/2028  | 13 | 13 |
| Altria Group, Inc. 5.25% 8/6/2035  | 48 | 49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup>  | USD260 | $256 |
| BAT Capital Corp. 6.343% 8/2/2030  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032  | 413 | 430 |
| BAT Capital Corp. 6.421% 8/2/2033  | 38 | 42 |
| BAT Capital Corp. 7.079% 8/2/2043  | 31 | 35 |
| BAT Capital Corp. 4.54% 8/15/2047  | 55 | 46 |
| BAT Capital Corp. 4.758% 9/6/2049  | 121 | 102 |
| BAT Capital Corp. 7.081% 8/2/2053  | 69 | 78 |
| BAT International Finance PLC 4.448% 3/16/2028  | 150 | 151 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup>  | 119 | 120 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup>  | 25 | 26 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup>  | 165 | 170 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup>  | 71 | 72 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup>  | 145 | 144 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup>  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 127 | 127 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 70 | 74 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 55 | 57 |
| Philip Morris International, Inc. 5.625% 9/7/2033  | 30 | 32 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 90 | 91 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup>  | 330 | 334 |
|  |  | 2828 |
| **Materials 0.12%** |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7 | 7 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 60 | 61 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 27 | 29 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 23 | 24 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup>  | 545 | 575 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup>  | 40 | 42 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup>  | 750 | 488 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 7 | 7 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 4 | 4 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 15 | 13 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 75 | 49 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 63 | 55 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 2 | 2 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 5 | 5 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 32 | 32 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 102 | 66 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup>  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup>  | 325 | 318 |
|  |  | 1929 |
| **Total corporate bonds and notes** |  | 47200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** |
| **Other asset-backed securities 0.39%** |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup>  | USD100 | $100 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup>  | 215 | 215 |
| Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup>  | 61 | 61 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup>  | 277 | 281 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup>  | 42 | 43 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup>  | 554 | 565 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup>  | 347 | 294 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup>  | 86 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 57 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 58 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup>  | 312 | 254 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup>  | 483 | 477 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup>  | 181 | 182 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup>  | 134 | 135 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup>  | 322 | 309 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup>  | 60 | 56 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup>  | 73 | 72 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup>  | 278 | 267 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup>  | 354 | 359 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup>  | 138 | 139 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup>  | 935 | 783 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup>  | 315 | 317 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup>  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup>  | 127 | 128 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup>  | 20 | 19 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup>  | 85 | 85 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup>  | 139 | 141 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup>  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup>  | 175 | 176 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup>  | 45 | 46 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup>  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup>  | 28 | 28 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup>  | 72 | 70 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup>  | 189 | 190 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup>  | 69 | 70 |
|  |  | 6421 |
| **Auto loan 0.27%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup>  | 66 | 66 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup>  | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup>  | 339 | 353 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup>  | 497 | 499 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup>  | 11 | 11 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup>  | 185 | 185 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup>  | 150 | 151 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup>  | 273 | 275 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup>  | 176 | 180 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup>  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup>  | 188 | 189 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup>  | 65 | 65 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup>  | 285 | 293 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup>  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup>  | 10 | 10 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup>  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup>  | 268 | 263 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup>  | 187 | 191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup>  | USD5 | $5 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup>  | 28 | 28 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup>  | 335 | 334 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup>  | 632 | 639 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup>  | 188 | 190 |
|  |  | 4582 |
| **Credit card 0.04%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup>  | 400 | 401 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup>  | 246 | 248 |
|  |  | 649 |
| **Student loan 0.03%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup>  | 23 | 21 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup>  | 42 | 39 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup>  | 94 | 89 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup>  | 188 | 178 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(f)(g)(i)</sup>  | 98 | 98 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup>  | 39 | 35 |
|  |  | 460 |
| **Total asset-backed obligations** |  | 12112 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
| **Mexico 0.03%** |  |  |
| United Mexican States 3.25% 4/16/2030  | 200 | 189 |
| United Mexican States 7.375% 5/13/2055  | 245 | 265 |
|  |  | 454 |
| **Saudi Arabia 0.01%** |  |  |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028  | 200 | 198 |
| **Peru 0.01%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031  | 190 | 176 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 828 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 196 | 201 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 135 | 140 |
| **Total municipals** |  | 341 |
| **Loans 0.02%** | **Loans 0.02%** | **Loans 0.02%** |
| **Financials 0.02%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(g)(i)(m)</sup>  | 221 | 220 |
| **Total bonds, notes & other debt instruments** (cost: $243,321,000) |  | 242696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Investment funds 2.29% | Shares | Value<br> (000)<br>|
| Capital Group Central Corporate Bond Fund <sup>(n)</sup>  | 4482146 | $38098 |
| **Total investment funds** (cost: $40,853,000) |  | 38098 |
| Short-term securities 5.53% |  |  |
| **Money market investments 4.90%** | **Money market investments 4.90%** | **Money market investments 4.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup>  | 814073 | 81415 |
| **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup>  | 10408626 | 10409 |
| **Total short-term securities** (cost: $91,803,000) |  | 91824 |
| **Total investment securities 100.57%** (cost: $1,246,392,000) |  | 1669897 |
| Other assets less liabilities (0.57)% |  | (9521)<br>|
| **Net assets 100.00%** |  | $1660376 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD81,219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2361)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4601)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(279)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD338 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139 |
| SOFR | Annual | 4.1275% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD310 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $260 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,044 | &nbsp;&nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|

---

**Investments in affiliates** <sup>(n)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.29%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $6389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $38098 | &nbsp;&nbsp; $1550 |
| **Short-term securities 4.90%** |  |  |  |  |  |  |  |
| **Money market investments 4.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | 60575 | &nbsp;&nbsp; 370953 | &nbsp;&nbsp; 350129 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81415 | &nbsp;&nbsp; 4186 |
| **Total 7.19%** |  |  |  | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $119513 | &nbsp;&nbsp; $5736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund. 

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund. 

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

<sup>(k)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund. 

<sup>(n)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CME = CME Group |
| CPI = Consumer Price Index |

---

---

| |
|:---|
| EUR = Euros |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000)<br>|
| **Information technology 17.87%** |  |  |
| Broadcom, Inc.  | 3822547 | $1322984 |
| Microsoft Corp.  | 2068123 | 1000186 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 2399280 | 729117 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2384000 | 116467 |
| NVIDIA Corp.  | 2011419 | 375130 |
| Apple, Inc.  | 1295354 | 352155 |
| Micron Technology, Inc.  | 764060 | 218070 |
| Intel Corp. <sup>(a)</sup>  | 5553952 | 204941 |
| Salesforce, Inc.  | 503780 | 133456 |
| International Business Machines Corp.  | 427285 | 126566 |
| ASML Holding NV (ADR)  | 93894 | 100453 |
| KLA Corp.  | 77592 | 94280 |
| Hewlett Packard Enterprise Co.  | 2023462 | 48604 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 295563 | 44911 |
| Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 36181 |
| Adobe, Inc. <sup>(a)</sup>  | 62600 | 21909 |
| Applied Materials, Inc.  | 79781 | 20503 |
|  |  | 4945913 |
| **Financials 10.49%** |  |  |
| Apollo Asset Management, Inc.  | 1920083 | 277951 |
| Arthur J. Gallagher & Co.  | 854008 | 221009 |
| Mastercard, Inc., Class A  | 361601 | 206431 |
| Synchrony Financial  | 2440754 | 203632 |
| Aon PLC, Class A  | 569972 | 201132 |
| Visa, Inc., Class A  | 553014 | 193948 |
| Bank of America Corp.  | 3142147 | 172818 |
| Capital One Financial Corp.  | 702338 | 170219 |
| Blue Owl Capital, Inc., Class A <sup>(b)</sup>  | 9813216 | 146609 |
| Ares Management Corp., Class A  | 845012 | 136579 |
| American Express Co.  | 337999 | 125043 |
| Wells Fargo & Co.  | 1334032 | 124332 |
| JPMorgan Chase & Co.  | 295492 | 95213 |
| Fiserv, Inc. <sup>(a)</sup>  | 1269859 | 85296 |
| Brookfield Corp., Class A  | 1805226 | 82842 |
| Citigroup, Inc.  | 700000 | 81683 |
| Brown & Brown, Inc.  | 964468 | 76868 |
| Chubb, Ltd.  | 235906 | 73631 |
| Progressive Corp.  | 280641 | 63908 |
| Intercontinental Exchange, Inc.  | 374162 | 60599 |
| Blackstone, Inc.  | 320000 | 49325 |
| Kinsale Capital Group, Inc.  | 65779 | 25728 |
| Goldman Sachs Group, Inc.  | 24707 | 21717 |
| Figure Technology Solutions, Inc. <sup>(a)(b)</sup>  | 152555 | 6230 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 8880000 | — <br><sup>(d)</sup><br>|
|  |  | 2902743 |
| **Industrials 9.72%** |  |  |
| ATI, Inc. <sup>(a)</sup>  | 3475291 | 398824 |
| Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 294198 |
| TransDigm Group, Inc.  | 160869 | 213932 |
| L3Harris Technologies, Inc.  | 644021 | 189065 |
| General Electric Co.  | 602503 | 185589 |
| Deere & Co.  | 377997 | 175984 |
| Parker-Hannifin Corp.  | 183536 | 161321 |
| Union Pacific Corp.  | 677572 | 156736 |
| Caterpillar, Inc.  | 190000 | 108845 |
| Safran SA  | 312100 | 108605 |
| United Rentals, Inc.  | 125193 | 101321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Northrop Grumman Corp.  | 173106 | $98707 |
| GE Vernova, Inc.  | 150939 | 98649 |
| Ingersoll-Rand, Inc.  | 1177013 | 93243 |
| Quanta Services, Inc.  | 152260 | 64263 |
| Airbus SE, non-registered shares  | 230632 | 53496 |
| Trane Technologies PLC  | 137366 | 53463 |
| FTAI Aviation, Ltd.  | 249989 | 49210 |
| CSX Corp.  | 1000000 | 36250 |
| Copart, Inc. <sup>(a)</sup>  | 835833 | 32723 |
| Carrier Global Corp.  | 283011 | 14954 |
|  |  | 2689378 |
| **Health care 6.97%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 720148 | 326486 |
| Gilead Sciences, Inc.  | 1904140 | 233714 |
| Eli Lilly and Co.  | 186995 | 200960 |
| UnitedHealth Group, Inc.  | 596573 | 196935 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 405917 | 161413 |
| Amgen, Inc.  | 441538 | 144520 |
| Thermo Fisher Scientific, Inc.  | 217042 | 125765 |
| CVS Health Corp.  | 1451353 | 115179 |
| Illumina, Inc. <sup>(a)</sup>  | 699527 | 91750 |
| Abbott Laboratories  | 637270 | 79844 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 889428 | 72897 |
| Johnson & Johnson  | 311733 | 64513 |
| AbbVie, Inc.  | 129914 | 29684 |
| Boston Scientific Corp. <sup>(a)</sup>  | 300752 | 28677 |
| Centene Corp. <sup>(a)</sup>  | 675000 | 27776 |
| Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup>  | 184138 | 12613 |
| Medline, Inc., Class A <sup>(a)(b)</sup>  | 272900 | 11462 |
| Mallinckrodt PLC <sup>(a)</sup>  | 36079 | 3227 |
| Par Health, Inc. <sup>(a)(f)</sup>  | 36079 | 338 |
| Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup>  | 4955500 | 50 |
|  |  | 1927803 |
| **Consumer discretionary 5.73%** |  |  |
| Booking Holdings, Inc.  | 52599 | 281685 |
| Royal Caribbean Cruises, Ltd.  | 648815 | 180967 |
| Amazon.com, Inc. <sup>(a)</sup>  | 780642 | 180188 |
| Starbucks Corp.  | 1513090 | 127417 |
| D.R. Horton, Inc.  | 700917 | 100953 |
| NIKE, Inc., Class B  | 1525710 | 97203 |
| Carnival Corp.  | 2758206 | 84236 |
| Darden Restaurants, Inc.  | 424583 | 78132 |
| Compagnie Financiere Richemont SA, Class A  | 346887 | 74864 |
| Home Depot, Inc.  | 191765 | 65986 |
| Texas Roadhouse, Inc.  | 385658 | 64019 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1692984 | 62640 |
| Tesla, Inc. <sup>(a)</sup>  | 94134 | 42334 |
| Hilton Worldwide Holdings, Inc.  | 122663 | 35235 |
| Toll Brothers, Inc.  | 246730 | 33363 |
| Restaurant Brands International, Inc.  | 461542 | 31491 |
| AutoZone, Inc. <sup>(a)</sup>  | 7013 | 23785 |
| YUM! Brands, Inc.  | 91381 | 13824 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 237954 | 8200 |
| Aimbridge Topco, LLC <sup>(a)(c)</sup>  | 10722 | 793 |
|  |  | 1587315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 4.71%** |  |  |
| Alphabet, Inc., Class C  | 1147684 | $360143 |
| Alphabet, Inc., Class A  | 1068646 | 334486 |
| Meta Platforms, Inc., Class A  | 553906 | 365628 |
| Comcast Corp., Class A  | 6199119 | 185292 |
| Netflix, Inc. <sup>(a)</sup>  | 346997 | 32534 |
| Tencent Holdings, Ltd.  | 321500 | 24636 |
|  |  | 1302719 |
| **Materials 4.10%** |  |  |
| Royal Gold, Inc.  | 1301065 | 289214 |
| Wheaton Precious Metals Corp.  | 2388702 | 280720 |
| Franco-Nevada Corp. (CAD denominated)  | 1179377 | 244468 |
| Lundin Mining Corp.  | 7678233 | 165027 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 3889750 | 104290 |
| Corteva, Inc.  | 466775 | 31288 |
| Air Products and Chemicals, Inc.  | 45664 | 11280 |
| Agnico Eagle Mines, Ltd.  | 56110 | 9515 |
| Venator Materials PLC <sup>(a)(c)</sup>  | 4096 | — <br><sup>(d)</sup><br>|
|  |  | 1135802 |
| **Consumer staples 3.48%** |  |  |
| Philip Morris International, Inc.  | 3615272 | 579890 |
| Constellation Brands, Inc., Class A  | 629955 | 86909 |
| Keurig Dr Pepper, Inc.  | 3042963 | 85233 |
| Nestle SA  | 617055 | 61331 |
| Costco Wholesale Corp.  | 69889 | 60268 |
| US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 38785 |
| Estee Lauder Cos., Inc. (The), Class A  | 275858 | 28888 |
| Coca-Cola Co.  | 160431 | 11216 |
| Procter & Gamble Co.  | 75358 | 10799 |
|  |  | 963319 |
| **Utilities 1.01%** |  |  |
| Southern Co. (The)  | 1503479 | 131104 |
| DTE Energy Co.  | 848144 | 109394 |
| Vistra Corp.  | 144910 | 23378 |
| FirstEnergy Corp.  | 323684 | 14491 |
|  |  | 278367 |
| **Energy 0.92%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 3480603 | 117892 |
| ConocoPhillips  | 824000 | 77135 |
| EOG Resources, Inc.  | 222924 | 23409 |
| Halliburton Co.  | 593792 | 16781 |
| SLB, Ltd.  | 286500 | 10996 |
| Exxon Mobil Corp.  | 58185 | 7002 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 76004 | 897 |
| Altera Infrastructure, LP <sup>(c)</sup>  | 16129 | 655 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 171 |
| Expand Energy Corp.  | 636 | 70 |
|  |  | 255008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.21%** |  |  |
| American Tower Corp. REIT  | 136942 | $24043 |
| Simon Property Group, Inc. REIT  | 114326 | 21163 |
| Crown Castle, Inc. REIT  | 134329 | 11938 |
|  |  | 57144 |
| **Total common stocks** (cost: $10,036,058,000) |  | 18045511 |
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup>  | 450 | 755 |
| **Total preferred securities** (cost: $465,000) |  | 755 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 1201 | 119 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup>  | 4 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $875,000) |  | 119 |
| Convertible stocks 0.12% |  |  |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 262145 | 18104 |
| **Information technology 0.05%** |  |  |
| Strategy, Inc. 8.00% perpetual convertible preferred shares  | 189521 | 14926 |
| **Total convertible stocks** (cost: $30,331,000) |  | 33030 |
| Convertible bonds & notes 0.10% | Principal amount<br> (000)<br>|  |
| **Information technology 0.03%** |  |  |
| Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026  | USD1,529 | 3180 |
| Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028  | 536 | 1803 |
| Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup>  | 1739 | 2060 |
| Western Digital Corp., convertible notes, 3.00% 11/15/2028  | 416 | 1908 |
|  |  | 8951 |
| **Communication services 0.02%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | 1290 | 4312 |
| Spotify USA, Inc., convertible notes, 0% 3/15/2026  | 1800 | 2048 |
|  |  | 6360 |
| **Real estate 0.02%** |  |  |
| Ventas Realty, LP, convertible notes, 3.75% 6/1/2026  | 1873 | 2649 |
| Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup>  | 1422 | 2789 |
|  |  | 5438 |
| **Utilities 0.01%** |  |  |
| CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup>  | 2785 | 2822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Health care 0.01%** |  |  |
| Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028  | USD1,818 | $2417 |
| **Industrials 0.01%** |  |  |
| Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027  | 692 | 1743 |
| **Total convertible bonds & notes** (cost: $25,052,000) |  | 27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |
| **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** |
| **Federal agency mortgage-backed obligations 9.21%** |  |  |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup>  | 5 | 5 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup>  | 120 | 124 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup>  | 76 | 78 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup>  | 209 | 210 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup>  | 221 | 211 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup>  | 240 | 250 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup>  | 475 | 503 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup>  | 121 | 128 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup>  | 3745 | 3567 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup>  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup>  | 39 | 42 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup>  | 343 | 363 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup>  | 62 | 64 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup>  | 116 | 110 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup>  | 37 | 38 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup>  | 565 | 598 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup>  | 213 | 225 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup>  | 663 | 703 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup>  | 208 | 221 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup>  | 135 | 142 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup>  | 12 | 13 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup>  | 467 | 495 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup>  | 65 | 68 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup>  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup>  | 43 | 46 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup>  | 128 | 136 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup>  | 155 | 162 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup>  | 324 | 342 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup>  | 5259 | 4598 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup>  | 16006 | 13515 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup>  | 2339 | 2240 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup>  | 1283 | 1254 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup>  | 725 | 709 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup>  | 690 | 675 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup>  | 4040 | 3856 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup>  | 6624 | 6291 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup>  | 931 | 885 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup>  | 2088 | 1982 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup>  | 79 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup>  | 273 | 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup>  | USD1,089 | $1053 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup>  | 1207 | 1137 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup>  | 1785 | 1685 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup>  | 358 | 328 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup>  | 1182 | 1110 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup>  | 1788 | 1734 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup>  | 8 | 7 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup>  | 12659 | 11913 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup>  | 1711 | 1626 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup>  | 1341 | 1215 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup>  | 30 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup>  | 4327 | 3740 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup>  | 414 | 351 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup>  | 298 | 253 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup>  | 9745 | 8426 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup>  | 515 | 418 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup>  | 286 | 256 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup>  | 1134 | 960 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup>  | 2292 | 1856 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup>  | 7872 | 6762 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup>  | 1248 | 1082 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup>  | 685 | 581 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup>  | 38 | 33 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup>  | 10867 | 9832 |
| Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup>  | 3688 | 2993 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup>  | 1924 | 1559 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup>  | 1584 | 1285 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup>  | 920 | 914 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup>  | 4967 | 4057 |
| Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup>  | 196 | 159 |
| Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup>  | 1079 | 916 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup>  | 759 | 643 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup>  | 28 | 23 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup>  | 5851 | 4750 |
| Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup>  | 1860 | 1506 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup>  | 1806 | 1467 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup>  | 328 | 265 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup>  | 3067 | 2642 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup>  | 370 | 314 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup>  | 59 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup>  | 3989 | 3253 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup>  | 1708 | 1383 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup>  | 93 | 79 |
| Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup>  | 5630 | 4987 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup>  | 4366 | 3899 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup>  | 529 | 473 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup>  | 1943 | 1573 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup>  | 1933 | 1565 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup>  | 4751 | 4022 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup>  | 1336 | 1131 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup>  | 365 | 309 |
| Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup>  | 227 | 192 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup>  | 137 | 116 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup>  | 2078 | 1682 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup>  | 33828 | 28636 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup>  | 9006 | 7624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup>  | USD397 | $354 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup>  | 149 | 121 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup>  | 1988 | 1683 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup>  | 1226 | 1038 |
| Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup>  | 942 | 798 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup>  | 3723 | 3377 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup>  | 67 | 59 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup>  | 1898 | 1536 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup>  | 3960 | 3365 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup>  | 1498 | 1268 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup>  | 655 | 556 |
| Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup>  | 301 | 255 |
| Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup>  | 197 | 167 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup>  | 34 | 28 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup>  | 1462 | 1237 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup>  | 766 | 648 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup>  | 516 | 438 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup>  | 131 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup>  | 86 | 73 |
| Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup>  | 11198 | 9064 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup>  | 7447 | 6051 |
| Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup>  | 4515 | 3655 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup>  | 2938 | 2487 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup>  | 998 | 845 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup>  | 7616 | 6799 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup>  | 2352 | 1910 |
| Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup>  | 174 | 141 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup>  | 41191 | 34868 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup>  | 13649 | 11740 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup>  | 6406 | 5514 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup>  | 155 | 133 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup>  | 2869 | 2331 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup>  | 1189 | 965 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup>  | 7061 | 5977 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup>  | 982 | 831 |
| Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup>  | 713 | 605 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup>  | 695 | 589 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup>  | 405 | 343 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup>  | 119 | 101 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup>  | 63 | 53 |
| Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup>  | 23 | 20 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup>  | 22 | 18 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup>  | 9435 | 8425 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup>  | 6414 | 5193 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup>  | 4953 | 4020 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup>  | 1800 | 1458 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup>  | 963 | 780 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup>  | 8024 | 6805 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup>  | 1897 | 1606 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup>  | 949 | 805 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup>  | 675 | 574 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup>  | 657 | 557 |
| Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup>  | 548 | 465 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup>  | 141 | 120 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup>  | 51302 | 46443 |
| Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup>  | 2077 | 1926 |
| Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup>  | 38 | 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup>  | USD2,845 | $2303 |
| Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup>  | 2578 | 2092 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup>  | 2382 | 1932 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup>  | 1765 | 1432 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup>  | 1261 | 1021 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup>  | 1255 | 1016 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup>  | 4296 | 3636 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup>  | 786 | 669 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup>  | 769 | 653 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup>  | 611 | 520 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup>  | 158 | 135 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup>  | 336 | 298 |
| Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup>  | 40 | 37 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup>  | 5722 | 4643 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup>  | 2913 | 2363 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup>  | 2069 | 1675 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup>  | 871 | 741 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup>  | 857 | 729 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup>  | 856 | 728 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup>  | 157 | 134 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup>  | 134 | 114 |
| Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup>  | 23 | 21 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup>  | 615 | 587 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup>  | 9376 | 7619 |
| Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup>  | 998 | 808 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup>  | 898 | 764 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup>  | 836 | 711 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup>  | 110 | 93 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup>  | 2584 | 2396 |
| Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup>  | 44 | 41 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup>  | 2335 | 1892 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup>  | 1940 | 1571 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup>  | 690 | 559 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup>  | 1413 | 1202 |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup>  | 324 | 287 |
| Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup>  | 38 | 35 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup>  | 5004 | 4778 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup>  | 1272 | 1214 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup>  | 4482 | 4398 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup>  | 4816 | 3904 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup>  | 59903 | 50708 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup>  | 14208 | 12049 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup>  | 162 | 138 |
| Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup>  | 99 | 88 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup>  | 22 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup>  | 154 | 131 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup>  | 92 | 79 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup>  | 2291 | 2029 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup>  | 545 | 537 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup>  | 862 | 868 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 15984 | 12983 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup>  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup>  | 9021 | 8845 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup>  | 832 | 817 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup>  | 388 | 390 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup>  | 866 | 826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup>  | USD862 | $823 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 9335 | 9152 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup>  | 2582 | 2534 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup>  | 873 | 740 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup>  | 2212 | 2255 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup>  | 21 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup>  | 2562 | 2512 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup>  | 560 | 535 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup>  | 907 | 921 |
| Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup>  | 282 | 261 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup>  | 887 | 847 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 2321 | 2372 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup>  | 301 | 287 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 2028 | 2032 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup>  | 6645 | 6336 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup>  | 10165 | 10195 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup>  | 662 | 665 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup>  | 896 | 910 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup>  | 157 | 160 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup>  | 211 | 220 |
| Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup>  | 290 | 245 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup>  | 279 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup>  | 22288 | 22347 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup>  | 564 | 574 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup>  | 1105 | 1158 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup>  | 402 | 419 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup>  | 312 | 327 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup>  | 11111 | 9008 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup>  | 811 | 688 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup>  | 758 | 643 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup>  | 8193 | 7791 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup>  | 13301 | 13030 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup>  | 2137 | 2174 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup>  | 93 | 95 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 5144 | 5247 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup>  | 17413 | 17924 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup>  | 1621 | 1649 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup>  | 3950 | 4066 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup>  | 13131 | 12499 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup>  | 12922 | 12314 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup>  | 3788 | 3852 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 6118 | 6297 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup>  | 27 | 28 |
| Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup>  | 33 | 31 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup>  | 10954 | 10413 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup>  | 260 | 264 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup>  | 144 | 148 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup>  | 6339 | 6599 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 1895 | 1987 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup>  | 12268 | 11652 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup>  | 1869 | 1783 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup>  | 504 | 512 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup>  | 3043 | 3135 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup>  | 1800 | 1871 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 10411 | 10571 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup>  | 4423 | 4499 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup>  | 805 | 831 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 783 | 805 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup>  | 8 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup>  | USD6,917 | $7037 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup>  | 1025 | 1040 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup>  | 1833 | 1885 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 936 | 972 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup>  | 931 | 960 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup>  | 831 | 857 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup>  | 754 | 781 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup>  | 1843 | 1916 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup>  | 909 | 948 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup>  | 51 | 54 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup>  | 5332 | 5414 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 2307 | 2353 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup>  | 1398 | 1426 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup>  | 10396 | 10680 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup>  | 1133 | 1164 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup>  | 646 | 667 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 415 | 428 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup>  | 112 | 115 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup>  | 4088 | 4294 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup>  | 3177 | 3327 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup>  | 1383 | 1448 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup>  | 379 | 396 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup>  | 229 | 240 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup>  | 401 | 402 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 1368 | 1391 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup>  | 7916 | 8133 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 2684 | 2787 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 1347 | 1388 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 1197 | 1234 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 1088 | 1125 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup>  | 1053 | 1082 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup>  | 854 | 877 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup>  | 308 | 319 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup>  | 260 | 270 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup>  | 248 | 259 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup>  | 3859 | 4011 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup>  | 1451 | 1518 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup>  | 1212 | 1270 |
| Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup>  | 1162 | 1103 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup>  | 3687 | 3744 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup>  | 2297 | 2345 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup>  | 2080 | 2120 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup>  | 1072 | 1088 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 2704 | 2796 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup>  | 372 | 382 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup>  | 183 | 188 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup>  | 11790 | 12256 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup>  | 2115 | 2008 |
| Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup>  | 494 | 470 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup>  | 492 | 506 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup>  | 114 | 117 |
| Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup>  | 905 | 839 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup>  | 1665 | 1585 |
| Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup>  | 1059 | 1006 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup>  | 1812 | 1846 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup>  | 498 | 505 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 285 | 289 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup>  | 980 | 983 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 83 | 83 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup>  | 1406 | 1432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup>  | USD23,968 | $24641 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup>  | 2749 | 2824 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup>  | 273 | 281 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup>  | 822 | 780 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup>  | 13465 | 13156 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup>  | 1773 | 1779 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup>  | 4294 | 4412 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup>  | 2640 | 2712 |
| Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup>  | 214 | 209 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 1673 | 1698 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 18858 | 19373 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup>  | 1500 | 1424 |
| Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup>  | 910 | 864 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 11592 | 11326 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 6556 | 6736 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup>  | 40481 | 42078 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup>  | 29589 | 30774 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup>  | 4987 | 4735 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 12283 | 12001 |
| Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup>  | 190 | 193 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 8403 | 8634 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup>  | 282 | 290 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup>  | 277 | 285 |
| Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup>  | 414 | 393 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup>  | 162 | 154 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 16971 | 17438 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 5642 | 5726 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup>  | 2388 | 2454 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup>  | 1206 | 1239 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup>  | 957 | 984 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 14216 | 14775 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup>  | 9839 | 10233 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup>  | 1763 | 1788 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup>  | 2066 | 2123 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup>  | 1184 | 1232 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup>  | 2000 | 1854 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup>  | 4496 | 4562 |
| Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup>  | 592 | 562 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup>  | 1294 | 1228 |
| Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup>  | 550 | 522 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup>  | 447 | 424 |
| Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup>  | 442 | 419 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup>  | 5242 | 4991 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup>  | 9003 | 8883 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup>  | 3211 | 2799 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup>  | 8932 | 7368 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup>  | 731 | 632 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup>  | 3094 | 2816 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup>  | 3366 | 3175 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup>  | 18 | 19 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup>  | 50 | 52 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup>  | 23 | 21 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup>  | 6741 | 6425 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup>  | 173 | 163 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup>  | 48 | 45 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup>  | 282 | 290 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup>  | 35 | 38 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup>  | 41 | 42 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup>  | 17345 | 15228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup>  | USD398 | $410 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup>  | 1161 | 1138 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup>  | 776 | 760 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup>  | 510 | 499 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup>  | 135 | 135 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup>  | 3402 | 3305 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup>  | 3205 | 3122 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup>  | 3124 | 2905 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup>  | 169 | 168 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup>  | 149 | 149 |
| Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup>  | 320 | 315 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup>  | 1036 | 979 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup>  | 1757 | 1699 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup>  | 1496 | 1489 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup>  | 724 | 614 |
| Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup>  | 2467 | 2095 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup>  | 279 | 249 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup>  | 24391 | 19925 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup>  | 14020 | 11609 |
| Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup>  | 1958 | 1589 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup>  | 1755 | 1420 |
| Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup>  | 2154 | 1743 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup>  | 56 | 47 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup>  | 23 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup>  | 57 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup>  | 25274 | 20734 |
| Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup>  | 1958 | 1585 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 51 | 41 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup>  | 396 | 336 |
| Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup>  | 51 | 43 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup>  | 640 | 542 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup>  | 318 | 287 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup>  | 764 | 622 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup>  | 857 | 725 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup>  | 322 | 286 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup>  | 7934 | 6858 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup>  | 5449 | 4723 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup>  | 1377 | 1166 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup>  | 1093 | 925 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup>  | 46 | 39 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup>  | 5282 | 4768 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup>  | 600 | 532 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup>  | 93 | 83 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup>  | 6616 | 5600 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup>  | 298 | 252 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup>  | 144 | 130 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup>  | 3564 | 2888 |
| Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup>  | 781 | 693 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup>  | 1565 | 1270 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup>  | 16714 | 14149 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup>  | 5300 | 4562 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup>  | 2929 | 2485 |
| Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup>  | 206 | 166 |
| Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup>  | 74 | 60 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup>  | 2530 | 2148 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup>  | 1888 | 1631 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup>  | 882 | 751 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup>  | 1983 | 1759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup>  | USD269 | $242 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup>  | 4236 | 3429 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup>  | 1623 | 1315 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup>  | 1548 | 1253 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup>  | 829 | 671 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup>  | 512 | 436 |
| Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup>  | 66 | 56 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup>  | 813 | 757 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup>  | 7311 | 5925 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup>  | 3659 | 2966 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup>  | 2808 | 2279 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup>  | 1702 | 1378 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup>  | 1054 | 855 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup>  | 823 | 667 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup>  | 249 | 201 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup>  | 54 | 44 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup>  | 775 | 659 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup>  | 28 | 24 |
| Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup>  | 456 | 423 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup>  | 2852 | 2314 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup>  | 1682 | 1362 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup>  | 1527 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup>  | 1023 | 828 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup>  | 762 | 649 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup>  | 577 | 490 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup>  | 335 | 284 |
| Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup>  | 133 | 112 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup>  | 107 | 91 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup>  | 73 | 63 |
| Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup>  | 27 | 23 |
| Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup>  | 349 | 323 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup>  | 802 | 682 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup>  | 113 | 96 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup>  | 28843 | 25619 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup>  | 3427 | 2786 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup>  | 14498 | 12856 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup>  | 282 | 250 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup>  | 1748 | 1669 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup>  | 10697 | 9055 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup>  | 2478 | 2102 |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup>  | 336 | 285 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup>  | 28640 | 25396 |
| Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup>  | 36 | 34 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup>  | 1110 | 994 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup>  | 34523 | 34040 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup>  | 157 | 154 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup>  | 839 | 713 |
| Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup>  | 712 | 607 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup>  | 96 | 82 |
| Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup>  | 1857 | 1646 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup>  | 687 | 674 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup>  | 161 | 158 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup>  | 101 | 99 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup>  | 875 | 879 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup>  | 28 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup>  | 997 | 978 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup>  | 67 | 66 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | USD2,573 | $2523 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup>  | 4928 | 4937 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup>  | 221 | 187 |
| Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup>  | 68 | 58 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | 11528 | 11302 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup>  | 916 | 777 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup>  | 1774 | 1685 |
| Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup>  | 655 | 556 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup>  | 2159 | 2061 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup>  | 1008 | 1013 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup>  | 9888 | 9394 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup>  | 69 | 68 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup>  | 9024 | 9040 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup>  | 2887 | 2743 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup>  | 3457 | 3462 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup>  | 2536 | 2580 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup>  | 531 | 556 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup>  | 461 | 483 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup>  | 437 | 462 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup>  | 430 | 453 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup>  | 301 | 318 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup>  | 241 | 254 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup>  | 147 | 153 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup>  | 136 | 146 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup>  | 844 | 717 |
| Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup>  | 1684 | 1492 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup>  | 7856 | 7462 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup>  | 27 | 27 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup>  | 7840 | 7977 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup>  | 654 | 682 |
| Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup>  | 252 | 234 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup>  | 339 | 326 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup>  | 24494 | 24916 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup>  | 812 | 689 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup>  | 99 | 84 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup>  | 4194 | 4321 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup>  | 24 | 23 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 83473 | 83578 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup>  | 21615 | 21935 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 670 | 698 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup>  | 35 | 36 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup>  | 42 | 44 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup>  | 494 | 516 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup>  | 264 | 275 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 399 | 406 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup>  | 10952 | 11261 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup>  | 299 | 284 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 10736 | 10901 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup>  | 101 | 105 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup>  | 664 | 630 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup>  | 1452 | 1484 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup>  | 1070 | 1088 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup>  | 343 | 357 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup>  | 14898 | 15226 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup>  | 7316 | 7436 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup>  | 2917 | 2965 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup>  | 484 | 504 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 413 | 422 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup>  | 1550 | 1604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | USD1,097 | $1141 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup>  | 1489 | 1550 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup>  | 454 | 479 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup>  | 1882 | 1880 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup>  | 932 | 946 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup>  | 705 | 719 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 611 | 623 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 5767 | 5925 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 2703 | 2789 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup>  | 614 | 633 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 179 | 184 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup>  | 9848 | 10237 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup>  | 4305 | 4481 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup>  | 1824 | 1910 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup>  | 335 | 336 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup>  | 238 | 238 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup>  | 213 | 213 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup>  | 5901 | 6000 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup>  | 3678 | 3742 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup>  | 3436 | 3499 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup>  | 1078 | 1102 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup>  | 618 | 630 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 5363 | 5510 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup>  | 2685 | 2796 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup>  | 2546 | 2624 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 1659 | 1715 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup>  | 860 | 885 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup>  | 208 | 214 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup>  | 2356 | 2449 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup>  | 1562 | 1635 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup>  | 1234 | 1290 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup>  | 678 | 708 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup>  | 3467 | 3526 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup>  | 2735 | 2799 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup>  | 2212 | 2246 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 2189 | 2226 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup>  | 1461 | 1496 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup>  | 1324 | 1348 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 1071 | 1087 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 5690 | 5867 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 3067 | 3171 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 2911 | 3030 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 2831 | 2946 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 1661 | 1712 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup>  | 1611 | 1655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup>  | 1050 | 1097 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup>  | 532 | 558 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup>  | 340 | 354 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup>  | 200 | 209 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup>  | 99 | 103 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 1457 | 1479 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup>  | 2016 | 1981 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 116 | 114 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup>  | 5046 | 5041 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 6112 | 6202 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup>  | 5252 | 5339 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup>  | 5602 | 5591 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup>  | 3365 | 3378 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup>  | 849 | 852 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup>  | 277 | 278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | USD3,023 | $3068 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup>  | 1208 | 1231 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 277 | 281 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup>  | 4043 | 4103 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup>  | 9673 | 9938 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup>  | 1671 | 1717 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup>  | 3031 | 2878 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup>  | 3536 | 3454 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup>  | 165 | 168 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 28738 | 29525 |
| Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup>  | 231 | 214 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 987 | 1002 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup>  | 2499 | 2567 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup>  | 13606 | 14143 |
| Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup>  | 1683 | 1597 |
| Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup>  | 470 | 446 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 1655 | 1654 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup>  | 4818 | 4951 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 3113 | 3199 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup>  | 84 | 86 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup>  | 4230 | 4398 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup>  | 3077 | 3122 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup>  | 61437 | 63132 |
| Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup>  | 4291 | 4410 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup>  | 664 | 682 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup>  | 616 | 633 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup>  | 190 | 195 |
| Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup>  | 1558 | 1479 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup>  | 526 | 499 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 75 | 76 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup>  | 7332 | 7621 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup>  | 331 | 314 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup>  | 3943 | 3935 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup>  | 4154 | 4214 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup>  | 90173 | 92616 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup>  | 415 | 427 |
| Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup>  | 1072 | 1115 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup>  | 2884 | 2962 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup>  | 297 | 301 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup>  | 253 | 260 |
| Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup>  | 1706 | 1619 |
| Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup>  | 139 | 129 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup>  | 10192 | 10682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup>  | 1948 | 1862 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup>  | 833 | 804 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup>  | 3860 | 3666 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup>  | 3708 | 3540 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup>  | 737 | 674 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup>  | 614 | 561 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup>  | 1159 | 1139 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup>  | 1582 | 1425 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup>  | 6428 | 6267 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup>  | 3766 | 3548 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup>  | 1503 | 1481 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup>  | 2920 | 2874 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup>  | 2455 | 2396 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup>  | 1831 | 1742 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup>  | 269 | 255 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup>  | 241 | 239 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup>  | 144 | 142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup>  | USD6,356 | $5271 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup>  | 63574 | 52712 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup>  | 1236 | 1226 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup>  | 344 | 342 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup>  | 132 | 114 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup>  | 18684 | 16136 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup>  | 4536 | 3918 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup>  | 17043 | 15345 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup>  | 733 | 633 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup>  | 12969 | 11676 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup>  | 122 | 112 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup>  | 771 | 669 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup>  | 600 | 554 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup>  | 9110 | 8671 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup>  | 28825 | 26445 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup>  | 2027 | 1753 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup>  | 1747 | 1512 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup>  | 2799 | 2742 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup>  | 23698 | 23224 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup>  | 5029 | 4780 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup>  | 1995 | 1489 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup>  | 1152 | 932 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup>  | 4130 | 3654 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup>  | 1189 | 1099 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup>  | 14723 | 13967 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup>  | 4947 | 4830 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup>  | 29825 | 30627 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup>  | 9035 | 9391 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup>  | 10503 | 8490 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup>  | 113416 | 104506 |
|  |  | 2549588 |
| **Commercial mortgage-backed securities 0.76%** |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup>  | 1400 | 1376 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup>  | 645 | 660 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup>  | 5368 | 5651 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup>  | 857 | 914 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup>  | 4615 | 4806 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup>  | 1380 | 1446 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup>  | 4062 | 4274 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup>  | 1914 | 2003 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup>  | 2909 | 2672 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup>  | 490 | 487 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup>  | 3006 | 3120 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup>  | 1792 | 1930 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup>  | 1828 | 1896 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup>  | 1000 | 991 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup>  | 2960 | 2679 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup>  | 750 | 754 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup>  | 2112 | 2196 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup>  | 590 | 615 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup>  | 618 | 637 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup>  | 1750 | 1776 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup>  | 1117 | 1171 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup>  | 6990 | 7282 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup>  | 1450 | 1508 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup>  | 3334 | 3493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) <br> 5.45% 12/15/2042 <sup>(f)(h)(i)</sup>  | USD3,083 | $3092 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup>  | 5525 | 5513 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4099 | 4097 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup>  | 6334 | 6332 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup>  | 4009 | 4017 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup>  | 11410 | 11577 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup>  | 7395 | 7419 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1414 | 1420 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup>  | 5162 | 5161 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup>  | 3606 | 3718 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup>  | 3677 | 3789 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup>  | 5942 | 6067 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(f)(h)(i)</sup>  | 2748 | 2757 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup>  | 3795 | 3409 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% <br> 5/15/2041 <sup>(f)(h)(i)</sup>  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup>  | 1214 | 1215 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup>  | 2489 | 2292 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(f)(h)(i)</sup>  | 2059 | 2064 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup>  | 5246 | 5445 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup>  | 10151 | 10533 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup>  | 1522 | 1378 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup>  | 578 | 523 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup>  | 100 | 84 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup>  | 1960 | 1966 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup>  | 13772 | 13256 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup>  | 370 | 349 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(f)(h)(i)</sup>  | 577 | 580 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup>  | 627 | 629 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup>  | 1543 | 1548 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(f)(h)(i)</sup>  | 3964 | 3963 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup>  | 2194 | 1964 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + <br> 1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup>  | 10709 | 10712 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(f)(h)(i)</sup>  | 9322 | 9250 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup>  | 345 | 349 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup>  | 1620 | 1553 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup>  | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + <br> 2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup>  | 5000 | 5040 |
|  |  | 211372 |
| **Collateralized mortgage-backed obligations (privately originated) 0.25%** |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup>  | 5331 | 5374 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup>  | 563 | 510 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(f)(h)(l)</sup>  | 461 | 465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup>  | USD5,105 | $5011 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup>  | 1487 | 1483 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup>  | 2457 | 2474 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup>  | 104 | 106 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup>  | 6393 | 6198 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup>  | 180 | 181 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup>  | 3385 | 3399 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup>  | 3062 | 2999 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup>  | 6890 | 7081 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup>  | 180 | 180 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1943 | 1950 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(h)(l)</sup>  | 2073 | 2101 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(f)(h)(l)</sup>  | 567 | 572 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup>  | 4261 | 4237 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1833 | 1843 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup>  | 2436 | 2405 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup>  | 2635 | 2513 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(h)(i)</sup>  | 4921 | 4941 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(f)(h)(i)</sup>  | 674 | 675 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup>  | 2312 | 2250 |
| Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1048 | 1056 |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup>  | 1616 | 1623 |
| Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup>  | 1754 | 1757 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup>  | 1104 | 1114 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup>  | 492 | 494 |
| Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup>  | 2504 | 2507 |
|  |  | 67499 |
| **Total mortgage-backed obligations** |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** |
| **U.S. Treasury 8.20%** |  |  |
| U.S. Treasury 0.50% 2/28/2026  | 42515 | 42299 |
| U.S. Treasury 4.625% 2/28/2026  | 1878 | 1881 |
| U.S. Treasury 3.625% 5/15/2026  | 1071 | 1071 |
| U.S. Treasury 4.625% 6/30/2026  | 17210 | 17301 |
| U.S. Treasury 4.125% 2/15/2027  | 1258 | 1266 |
| U.S. Treasury 2.625% 5/31/2027  | 96250 | 95098 |
| U.S. Treasury 0.50% 6/30/2027  | 28098 | 26887 |
| U.S. Treasury 3.75% 6/30/2027  | 18100 | 18170 |
| U.S. Treasury 4.125% 9/30/2027  | 90000 | 90969 |
| U.S. Treasury 3.375% 11/30/2027  | 118 | 118 |
| U.S. Treasury 4.00% 12/15/2027  | 40000 | 40391 |
| U.S. Treasury 3.375% 12/31/2027  | 233676 | 233229 |
| U.S. Treasury 4.00% 2/29/2028  | 46200 | 46687 |
| U.S. Treasury 3.625% 3/31/2028  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028  | 5600 | 5599 |
| U.S. Treasury 3.50% 12/15/2028  | 66245 | 66170 |
| U.S. Treasury 4.00% 1/31/2029  | 8844 | 8958 |
| U.S. Treasury 2.875% 4/30/2029  | 50000 | 48902 |
| U.S. Treasury 4.25% 6/30/2029  | 28885 | 29502 |
| U.S. Treasury 4.00% 3/31/2030  | 83865 | 84946 |
| U.S. Treasury 0.625% 5/15/2030  | 9358 | 8214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | USD21,920 | $22087 |
| U.S. Treasury 4.00% 7/31/2030  | 8160 | 8265 |
| U.S. Treasury 4.875% 10/31/2030  | 35491 | 37293 |
| U.S. Treasury 3.50% 11/30/2030  | 7890 | 7813 |
| U.S. Treasury 3.625% 12/31/2030  | 426135 | 424188 |
| U.S. Treasury 4.25% 6/30/2031  | 17165 | 17561 |
| U.S. Treasury 2.875% 5/15/2032  | 50000 | 47164 |
| U.S. Treasury 4.00% 6/30/2032  | 17325 | 17435 |
| U.S. Treasury 4.125% 11/15/2032  | 648 | 656 |
| U.S. Treasury 3.875% 12/31/2032  | 97124 | 96737 |
| U.S. Treasury 3.50% 2/15/2033  | 27034 | 26284 |
| U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup>  | 114911 | 114031 |
| U.S. Treasury 4.375% 5/15/2034  | 14285 | 14611 |
| U.S. Treasury 4.25% 11/15/2034  | 2075 | 2098 |
| U.S. Treasury 4.00% 11/15/2035  | 126327 | 124610 |
| U.S. Treasury 1.375% 11/15/2040  | 51338 | 33394 |
| U.S. Treasury 1.75% 8/15/2041  | 24960 | 16877 |
| U.S. Treasury 2.00% 11/15/2041  | 1058 | 740 |
| U.S. Treasury 4.625% 5/15/2044  | 14927 | 14680 |
| U.S. Treasury 5.00% 5/15/2045  | 3325 | 3418 |
| U.S. Treasury 4.625% 11/15/2045  | 100612 | 98443 |
| U.S. Treasury 2.50% 2/15/2046  | 3365 | 2347 |
| U.S. Treasury 3.00% 5/15/2047  | 8383 | 6305 |
| U.S. Treasury 3.00% 2/15/2048  | 301 | 225 |
| U.S. Treasury 2.25% 2/15/2052  | 72025 | 43815 |
| U.S. Treasury 4.00% 11/15/2052  | 5700 | 4953 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup>  | 121025 | 98188 |
| U.S. Treasury 3.625% 5/15/2053  | 18989 | 15393 |
| U.S. Treasury 4.25% 2/15/2054  | 17191 | 15578 |
| U.S. Treasury 4.25% 8/15/2054  | 37315 | 33817 |
| U.S. Treasury 4.625% 2/15/2055  | 6175 | 5961 |
| U.S. Treasury 4.75% 8/15/2055  | 46670 | 45984 |
|  |  | 2268618 |
| **U.S. Treasury inflation-protected securities 0.04%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup>  | 12655 | 12008 |
| **Total U.S. Treasury bonds & notes** |  | 2280626 |
| **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** |
| **Financials 1.38%** |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 4890 | 4825 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup>  | 4470 | 4505 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup>  | 1940 | 1936 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup>  | 2295 | 2305 |
| Ally Financial, Inc. 8.00% 11/1/2031  | 2688 | 3054 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup>  | 2407 | 2630 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup>  | 2885 | 2998 |
| American International Group, Inc. 5.125% 3/27/2033  | 2187 | 2252 |
| American International Group, Inc. 5.45% 5/7/2035  | 530 | 552 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup>  | 1348 | 1327 |
| Aon North America, Inc. 5.45% 3/1/2034  | 600 | 624 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup>  | 2415 | 2520 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup>  | 1250 | 1261 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 3194 | 3229 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 567 | 545 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup>  | 3600 | 3737 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 770 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(l)</sup>  | USD2,176 | $2066 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup>  | 485 | 463 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup>  | 5533 | 5776 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup>  | 1000 | 895 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup>  | 4064 | 4185 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup>  | 2000 | 2005 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(f)(l)</sup>  | 2220 | 2337 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026  | 448 | 447 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 8721 | 8902 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 2020 | 2041 |
| Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup>  | 2110 | 2154 |
| Block, Inc. 3.50% 6/1/2031  | 2325 | 2187 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 1230 | 1226 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 800 | 825 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup>  | 2535 | 2400 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup>  | 1150 | 1223 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup>  | 8155 | 8527 |
| Brown & Brown, Inc. 4.60% 12/23/2026  | 1250 | 1257 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 358 | 367 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7665 | 7864 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 5952 | 6197 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup>  | 938 | 975 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 880 | 878 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4623 | 4731 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035  | 600 | 603 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 400 | 350 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup>  | 1845 | 1881 |
| Citibank, NA 4.914% 5/29/2030  | 4825 | 4965 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup>  | 6497 | 6591 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup>  | 2242 | 2301 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup>  | 4257 | 4294 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup>  | 53 | 49 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup>  | 2506 | 2246 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup>  | 1299 | 1361 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup>  | 1551 | 1587 |
| CME Group, Inc. 3.75% 6/15/2028  | 3069 | 3074 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup>  | 6514 | 6211 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup>  | 5766 | 5145 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 914 | 909 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 556 | 547 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 315 | 299 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 182 | 156 |
| Corebridge Financial, Inc. 4.40% 4/5/2052  | 438 | 356 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup>  | 6650 | 6542 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup>  | 1109 | 1127 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup>  | 2016 | 2111 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup>  | 750 | 801 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup>  | 300 | 286 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup>  | 3600 | 3604 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup>  | 1970 | 1937 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup>  | 3584 | 3529 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup>  | 1375 | 1437 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup>  | 2184 | 2214 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup>  | 5033 | 5022 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup>  | 1443 | 1433 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup>  | 1792 | 1389 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup>  | 937 | 858 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup>  | 873 | 794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup>  | USD15,084 | $15569 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup>  | 809 | 855 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup>  | 480 | 481 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup>  | 537 | 589 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup>  | 690 | 725 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 2020 | 2117 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% <br> on 11/21/2032) <sup>(f)(l)</sup>  | 4122 | 4869 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup>  | 560 | 568 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup>  | 1485 | 1411 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup>  | 4700 | 4909 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup>  | 330 | 347 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup>  | 2666 | 2659 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup>  | 1066 | 1077 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup>  | 1550 | 1557 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup>  | 3351 | 3395 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup>  | 3630 | 3666 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup>  | 4250 | 4478 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup>  | 927 | 967 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup>  | 4261 | 4322 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup>  | 2360 | 2105 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup>  | 1081 | 1116 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup>  | 2931 | 3076 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(l)</sup>  | 1222 | 1207 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029  | 1705 | 1723 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 7000 | 7184 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2250 | 2280 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049  | 719 | 652 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051  | 920 | 586 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2000 | 1927 |
| Mastercard, Inc. 4.35% 1/15/2032  | 551 | 554 |
| Mastercard, Inc. 4.85% 3/9/2033  | 258 | 265 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup>  | 1600 | 1647 |
| Morgan Stanley 3.125% 7/27/2026  | 325 | 324 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup>  | 2013 | 2053 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup>  | 3995 | 4086 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup>  | 1547 | 1597 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup>  | 3121 | 3201 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup>  | 875 | 903 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup>  | 575 | 540 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup>  | 410 | 423 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup>  | 3906 | 3894 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup>  | 6468 | 6413 |
| Navient Corp. 6.75% 6/15/2026  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029  | 11105 | 11032 |
| Navient Corp. 11.50% 3/15/2031  | 4860 | 5447 |
| Navient Corp. 7.875% 6/15/2032  | 1095 | 1147 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup>  | 529 | 525 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup>  | 1132 | 1129 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup>  | 2240 | 2194 |
| PayPal Holdings, Inc. 2.65% 10/1/2026  | 593 | 588 |
| PayPal Holdings, Inc. 2.30% 6/1/2030  | 552 | 511 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup>  | 1375 | 1436 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup>  | 221 | 233 |
| PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup>  | 1720 | 1723 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup>  | 442 | 455 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup>  | 596 | 622 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028  | 383 | 392 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 350 | 368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | USD554 | $554 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030  | 1213 | 1183 |
| Prudential Financial, Inc. 4.35% 2/25/2050  | 1976 | 1644 |
| Prudential Financial, Inc. 3.70% 3/13/2051  | 677 | 507 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup>  | 1230 | 1295 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup>  | 2110 | 2081 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup>  | 1505 | 1455 |
| SLM Corp. 6.50% 1/31/2030  | 1460 | 1513 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup>  | 3580 | 3560 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup>  | 4650 | 4701 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup>  | 970 | 1026 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.582% on 4/2/2029) <sup>(f)(l)</sup>  | 1000 | 1008 |
| Travelers Cos., Inc. 4.00% 5/30/2047  | 771 | 629 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup>  | 2000 | 2004 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup>  | 1677 | 1809 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup>  | 506 | 520 |
| U.S. Bancorp 2.375% 7/22/2026  | 3584 | 3558 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup>  | 3808 | 3959 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup>  | 800 | 796 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(f)(l)</sup>  | 3575 | 3699 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup>  | 625 | 629 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup>  | 5950 | 6317 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup>  | 6295 | 6426 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup>  | 358 | 350 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup>  | 6474 | 6842 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup>  | 3360 | 3721 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 11/15/2030) <sup>(l)</sup>  | 2980 | 2701 |
| Westpac Banking Corp. 2.963% 11/16/2040  | 1344 | 1025 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup>  | 1025 | 1053 |
|  |  | 381858 |
| **Communication services 1.00%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 177 | 178 |
| Alphabet, Inc. 4.70% 11/15/2035  | 4643 | 4646 |
| Alphabet, Inc. 5.25% 5/15/2055  | 4660 | 4467 |
| Alphabet, Inc. 5.45% 11/15/2055  | 7155 | 7024 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1654 | 1557 |
| Altice France 6.50% 4/15/2032 <sup>(f)</sup>  | 3440 | 3300 |
| AT&T, Inc. 3.50% 9/15/2053  | 5140 | 3442 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup>  | 3200 | 3197 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup>  | 1350 | 1290 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup>  | 3115 | 2849 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 7189 | 6457 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup>  | 2085 | 1828 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup>  | 3260 | 2775 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 4823 | 3627 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 5493 | 3471 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 11863 | 7667 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 4965 | 3933 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1048 | 1006 |
| Comcast Corp. 2.35% 1/15/2027  | 57 | 56 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup>  | 8125 | 8629 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup>  | 1400 | 1201 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup>  | 2352 | 2367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup>  | USD2,825 | $2862 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 1100 | 1064 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup>  | 10154 | 10574 |
| EchoStar Corp. 10.75% 11/30/2029  | 6925 | 7663 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 3759 | 3855 |
| Embarq, LLC 7.995% 6/1/2036  | 8084 | 3355 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup>  | 6550 | 6604 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 5591 | 5663 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup>  | 3196 | 3253 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup>  | 1100 | 1150 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup>  | 6574 | 7081 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup>  | 1656 | 1286 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup>  | 4790 | 3596 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup>  | 495 | 514 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup>  | 7520 | 1918 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup>  | 815 | 851 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 10688 | 10777 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 11777 | 11766 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 3092 | 3004 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 7084 | 6596 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 4890 | 4697 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 3180 | 3036 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup>  | 1875 | 1886 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup>  | 2950 | 2930 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup>  | 7802 | 7635 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup>  | 1375 | 1437 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup>  | 6650 | 6509 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup>  | 7282 | 6931 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup>  | 7547 | 6955 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032  | 2185 | 2120 |
| T-Mobile USA, Inc. 1.50% 2/15/2026  | 52 | 52 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | 34 | 33 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 1918 | 1955 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 416 | 424 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 3347 | 3433 |
| T-Mobile USA, Inc. 4.95% 11/15/2035  | 833 | 828 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup>  | 300 | 311 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup>  | 6234 | 5993 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup>  | 1216 | 1240 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup>  | 1375 | 1479 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 410 | 375 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4078 | 3595 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 3196 | 3194 |
| Verizon Communications, Inc. 5.05% 5/9/2033  | 1946 | 1997 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 5810 | 5907 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 6873 | 6817 |
| Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup>  | 181 | 183 |
| Verizon Communications, Inc. 2.85% 9/3/2041  | 238 | 172 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 1493 | 1483 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 2781 | 2750 |
| Verizon Communications, Inc. 2.987% 10/30/2056  | 1537 | 916 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 1681 | 1661 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup>  | 1445 | 1492 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 2163 | 2152 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 825 | 803 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 6050 | 5318 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 9640 | 6808 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1425 | 942 |
|  |  | 275790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary 0.91%** |  |  |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | USD501 | $455 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034  | 766 | 757 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 184 |
| Amazon.com, Inc. 4.10% 11/20/2030  | 1700 | 1702 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 7700 | 7672 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 6392 | 6243 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup>  | 2115 | 2081 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup>  | 7125 | 7871 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup>  | 2375 | 2341 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup>  | 1500 | 1517 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup>  | 1270 | 1312 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup>  | 6570 | 6672 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup>  | 604 | 616 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup>  | 1350 | 1285 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup>  | 3281 | 3370 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup>  | 8140 | 8387 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup>  | 5937 | 6023 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP1,700 | 2312 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | USD2,111 | 2215 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3385 | 3460 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 6830 | 7014 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 6818 | 6926 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 4600 | 4813 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 1425 | 1531 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 10930 | 11111 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 4800 | 4975 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 16021 | 15829 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10705 | 11058 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 5417 | 5651 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup>  | 3525 | 3563 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup>  | 1385 | 1428 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup>  | 1885 | 1806 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup>  | 3580 | 3480 |
| Home Depot, Inc. 1.50% 9/15/2028  | 3000 | 2832 |
| Home Depot, Inc. 3.90% 12/6/2028  | 825 | 828 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1174 | 1136 |
| Home Depot, Inc. 1.875% 9/15/2031  | 3000 | 2646 |
| Home Depot, Inc. 4.50% 12/6/2048  | 428 | 370 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3000 | 2872 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 3726 | 3796 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 3520 | 3690 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup>  | 762 | 753 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup>  | 3905 | 3929 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup>  | 1334 | 1349 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup>  | 6273 | 6381 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup>  | 2311 | 2244 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup>  | 4992 | 5071 |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup>  | 2756 | 2608 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup>  | 10081 | 10392 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup>  | 4980 | 5098 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup>  | 991 | 1024 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup>  | 2445 | 2448 |
| KB Home 7.25% 7/15/2030  | 1295 | 1339 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup>  | 440 | 434 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup>  | 1025 | 1085 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup>  | 2900 | 2806 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup>  | 1025 | 986 |
| Marriott International, Inc. 4.90% 4/15/2029  | 1207 | 1236 |
| Marriott International, Inc. 2.75% 10/15/2033  | 2500 | 2188 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup>  | 528 | 505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| McDonald's Corp. 4.60% 9/9/2032  | USD642 | $654 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup>  | 1710 | 1711 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup>  | 715 | 751 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 1850 | 1846 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 535 | 523 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 385 | 374 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 1025 | 964 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 475 | 397 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup>  | 320 | 313 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup>  | 1940 | 2037 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup>  | 1600 | 1701 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup>  | 1220 | 1297 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup>  | 1355 | 27 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup>  | 910 | 917 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup>  | 1030 | 1059 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 6767 | 6798 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 920 | 962 |
| Sands China, Ltd. 2.30% 3/8/2027  | 1859 | 1817 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup>  | 530 | 471 |
| Starbucks Corp. 5.00% 2/15/2034  | 1457 | 1489 |
| Starbucks Corp. 5.40% 5/15/2035  | 2997 | 3118 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026  | 384 | 384 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 2240 | 2199 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup>  | 2100 | 2057 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup>  | 1475 | 1449 |
|  |  | 251021 |
| **Health care 0.80%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup>  | 5606 | 5834 |
| AbbVie, Inc. 5.20% 3/15/2035  | 3056 | 3166 |
| AbbVie, Inc. 5.40% 3/15/2054  | 4085 | 3975 |
| AbbVie, Inc. 5.60% 3/15/2055  | 2261 | 2268 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup>  | 545 | 551 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup>  | 1990 | 1937 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup>  | 945 | 926 |
| Amgen, Inc. 5.25% 3/2/2030  | 129 | 134 |
| Amgen, Inc. 5.25% 3/2/2033  | 4050 | 4194 |
| Amgen, Inc. 5.60% 3/2/2043  | 1500 | 1510 |
| Amgen, Inc. 5.65% 3/2/2053  | 2464 | 2414 |
| Amgen, Inc. 4.40% 2/22/2062  | 1521 | 1190 |
| Amgen, Inc. 5.75% 3/2/2063  | 231 | 226 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028  | 1677 | 1603 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031  | 1658 | 1717 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031  | 665 | 606 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 3181 | 3293 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup>  | 4000 | 3964 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup>  | 1236 | 1107 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(f)</sup>  | 620 | 643 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup>  | 1000 | 656 |
| Baxter International, Inc. 1.915% 2/1/2027  | 2061 | 2012 |
| Baxter International, Inc. 2.272% 12/1/2028  | 3180 | 3003 |
| Baxter International, Inc. 4.45% 2/15/2029  | 259 | 260 |
| Baxter International, Inc. 4.90% 12/15/2030  | 941 | 949 |
| Baxter International, Inc. 5.65% 12/15/2035  | 682 | 690 |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup>  | 5419 | 5498 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup>  | 3092 | 3254 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 187 | 195 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 825 | 858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup>  | USD1,750 | $1756 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup>  | 257 | 281 |
| Cigna Group (The) 5.25% 1/15/2036  | 7390 | 7528 |
| Cigna Group (The) 6.00% 1/15/2056  | 4957 | 5101 |
| CVS Health Corp. 5.00% 1/30/2029  | 3831 | 3913 |
| CVS Health Corp. 5.40% 6/1/2029  | 4144 | 4294 |
| CVS Health Corp. 5.55% 6/1/2031  | 3039 | 3182 |
| CVS Health Corp. 5.70% 6/1/2034  | 4053 | 4249 |
| CVS Health Corp. 6.20% 9/15/2055  | 4630 | 4704 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup>  | 2865 | 2653 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup>  | 810 | 844 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup>  | 1600 | 1660 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 610 | 624 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 308 | 279 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 7000 | 6863 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 8075 | 8351 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup>  | 2200 | 2328 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 1522 | 1556 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 2642 | 2777 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 500 | 513 |
| Humana, Inc. 5.375% 4/15/2031  | 2862 | 2960 |
| Humana, Inc. 5.55% 5/1/2035  | 6289 | 6424 |
| Humana, Inc. 5.75% 4/15/2054  | 1359 | 1284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup>  | 2885 | 3018 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup>  | 2050 | 2122 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028  | 1983 | 1998 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup>  | 545 | 536 |
| Novant Health, Inc. 3.168% 11/1/2051  | 3360 | 2246 |
| Novartis Capital Corp. 2.00% 2/14/2027  | 570 | 560 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup>  | 6269 | 4260 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup>  | 2300 | 1470 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 1000 | 947 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup>  | 4445 | 4649 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup>  | 3450 | 3476 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup>  | 2244 | 2240 |
| Summa Health 3.511% 11/15/2051  | 1483 | 1200 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 8987 | 9158 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 656 | 664 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 645 | 649 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1975 | 1947 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5360 | 5310 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 11995 | 12140 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2000 | 2305 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 5863 | 6012 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 3650 | 3740 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 5621 | 5822 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 5400 | 5303 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 4549 | 4674 |
| Viatris, Inc. 4.00% 6/22/2050  | 2937 | 1957 |
|  |  | 221160 |
| **Information technology 0.67%** |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031  | 4734 | 4740 |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4453 | 4393 |
| Amphenol Corp. 3.90% 11/15/2028  | 1500 | 1499 |
| Amphenol Corp. 4.40% 2/15/2033  | 743 | 735 |
| Amphenol Corp. 4.625% 2/15/2036  | 12046 | 11806 |
| Amphenol Corp. 5.30% 11/15/2055  | 5758 | 5505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup>  | USD1,340 | $1430 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1148 | 1187 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 1579 | 1521 |
| Broadcom, Inc. 5.20% 7/15/2035  | 190 | 195 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(f)</sup>  | 600 | 517 |
| Broadcom, Inc. 4.90% 2/15/2038  | 6167 | 6049 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 8669 | 8911 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup>  | 4125 | 4182 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup>  | 3750 | 3908 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup>  | 2975 | 3111 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup>  | 5703 | 5694 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup>  | 1527 | 1540 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup>  | 1973 | 1985 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup>  | 325 | 329 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup>  | 7575 | 8080 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup>  | 1050 | 1039 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup>  | 3925 | 4044 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup>  | 1375 | 1424 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 12971 | 12405 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 9228 | 8437 |
| Intel Corp. 3.05% 8/12/2051  | 3212 | 1977 |
| Intel Corp. 5.60% 2/21/2054  | 6636 | 6131 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 2688 | 2744 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup>  | 4144 | 4500 |
| Oracle Corp. 5.25% 2/3/2032  | 493 | 493 |
| Oracle Corp. 5.50% 8/3/2035  | 647 | 634 |
| Oracle Corp. 5.20% 9/26/2035  | 7845 | 7519 |
| Oracle Corp. 5.875% 9/26/2045  | 280 | 253 |
| Oracle Corp. 6.00% 8/3/2055  | 4451 | 3929 |
| Oracle Corp. 5.95% 9/26/2055  | 4112 | 3646 |
| Oracle Corp. 6.10% 9/26/2065  | 3733 | 3295 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup>  | 3700 | 3231 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 357 | 360 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup>  | 2400 | 2479 |
| Synopsys, Inc. 5.15% 4/1/2035  | 4181 | 4251 |
| Synopsys, Inc. 5.70% 4/1/2055  | 2521 | 2503 |
| Texas Instruments, Inc. 4.60% 2/8/2029  | 2222 | 2271 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 1203 | 1234 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 4500 | 4642 |
| Texas Instruments, Inc. 5.15% 2/8/2054  | 4750 | 4495 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup>  | 950 | 977 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup>  | 1228 | 1259 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup>  | 6733 | 6748 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup>  | 1900 | 1849 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup>  | 3626 | 3452 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup>  | 945 | 1030 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup>  | 2770 | 2856 |
| X.AI Corp. 12.50% 6/30/2030  | 2485 | 2651 |
|  |  | 186075 |
| **Energy 0.54%** |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup>  | 2390 | 2392 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup>  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup>  | 1270 | 1278 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup>  | 510 | 529 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup>  | 430 | 445 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup>  | 2960 | 2979 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup>  | 203 | 203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047  | USD1,397 | $1235 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup>  | 1325 | 1371 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup>  | 480 | 480 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup>  | 2780 | 2868 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup>  | 525 | 551 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup>  | 735 | 763 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup>  | 1055 | 1028 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup>  | 2675 | 2696 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup>  | 553 | 575 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup>  | 1180 | 1233 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup>  | 2320 | 2415 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup>  | 1510 | 1465 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup>  | 1210 | 1149 |
| Devon Energy Corp. 5.20% 9/15/2034  | 1933 | 1925 |
| Devon Energy Corp. 5.75% 9/15/2054  | 7476 | 6874 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 2481 | 2347 |
| Enbridge, Inc. 3.70% 7/15/2027  | 56 | 56 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026  | 3153 | 3153 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 987 | 1005 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046  | 448 | 406 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 410 | 415 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 3079 | 3014 |
| EQT Corp. 7.50% 6/1/2030  | 642 | 707 |
| EQT Corp. 4.75% 1/15/2031  | 1635 | 1646 |
| Equinor ASA 4.25% 11/23/2041  | 1792 | 1593 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup>  | 7225 | 1 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup>  | 790 | 790 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1645 | 1668 |
| Expand Energy Corp. 4.75% 2/1/2032  | 810 | 799 |
| Exxon Mobil Corp. 2.44% 8/16/2029  | 213 | 204 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 555 | 399 |
| Genesis Energy, LP 7.75% 2/1/2028  | 350 | 352 |
| Genesis Energy, LP 8.25% 1/15/2029  | 670 | 702 |
| Genesis Energy, LP 8.875% 4/15/2030  | 884 | 934 |
| Genesis Energy, LP 7.875% 5/15/2032  | 1120 | 1168 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup>  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup>  | 190 | 198 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup>  | 750 | 767 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup>  | 1655 | 1663 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup>  | 960 | 942 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup>  | 400 | 407 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup>  | 465 | 454 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup>  | 540 | 515 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup>  | 475 | 487 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup>  | 1325 | 1345 |
| MPLX, LP 4.125% 3/1/2027  | 448 | 448 |
| MPLX, LP 5.40% 9/15/2035  | 1329 | 1339 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup>  | 1745 | 1831 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup>  | 1375 | 106 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup>  | 20423 | 5923 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup>  | 300 | 303 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup>  | 725 | 706 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 2268 | 2353 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 6482 | 6203 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup>  | 586 | 632 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup>  | 1020 | 1067 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup>  | 800 | 821 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 5550 | 5446 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1925 | 1956 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1925 | 1864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Petroleos Mexicanos 6.50% 6/2/2041  | USD41 | $36 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 16 | 13 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 139 | 114 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 23 | 18 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 2548 | 2285 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 163 | 133 |
| Plains All American Pipeline, LP 3.80% 9/15/2030  | 101 | 98 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup>  | 3799 | 3711 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup>  | 625 | 650 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029  | 1668 | 1693 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup>  | 1550 | 1559 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup>  | 1475 | 1527 |
| Sunoco, LP 4.50% 5/15/2029  | 925 | 909 |
| Sunoco, LP 4.50% 4/30/2030  | 1105 | 1080 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup>  | 510 | 496 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup>  | 550 | 554 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup>  | 530 | 543 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup>  | 580 | 580 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup>  | 1470 | 1511 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup>  | 500 | 521 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup>  | 85 | 89 |
| TGS ASA 8.50% 1/15/2030 <sup>(f)</sup>  | 1235 | 1294 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup>  | 445 | 478 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3750 | 3527 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028  | 977 | 979 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030  | 536 | 530 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup>  | 1125 | 1180 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup>  | 358 | 366 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup>  | 2000 | 1982 |
| Valero Energy Corp. 4.00% 4/1/2029  | 3584 | 3558 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup>  | 3625 | 3674 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup>  | 3680 | 3662 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup>  | 2000 | 1581 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup>  | 925 | 942 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup>  | 5730 | 5872 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup>  | 2035 | 2085 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup>  | 3298 | 3383 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup>  | 3030 | 3105 |
|  |  | 150515 |
| **Industrials 0.49%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup>  | 167 | 168 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup>  | 3525 | 3693 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup>  | 5175 | 5355 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup>  | 5835 | 6095 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup>  | 3403 | 3502 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup>  | 2663 | 2769 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup>  | 2772 | 2872 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup>  | 599 | 603 |
| Boeing Co. (The) 3.10% 5/1/2026  | 251 | 250 |
| Boeing Co. (The) 3.25% 2/1/2028  | 2000 | 1968 |
| Boeing Co. (The) 5.15% 5/1/2030  | 945 | 971 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 227 | 246 |
| Boeing Co. (The) 3.60% 5/1/2034  | 2500 | 2276 |
| Boeing Co. (The) 6.528% 5/1/2034  | 6029 | 6672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 5.805% 5/1/2050  | USD3,605 | $3551 |
| Boeing Co. (The) 6.858% 5/1/2054  | 2113 | 2375 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1301 | 1484 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup>  | 2385 | 2386 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup>  | 485 | 502 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup>  | 850 | 890 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1385 | 1358 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 2705 | 2786 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 209 | 157 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 653 | 434 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup>  | 1795 | 1825 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup>  | 1347 | 1406 |
| CSX Corp. 4.25% 3/15/2029  | 1062 | 1072 |
| CSX Corp. 5.05% 6/15/2035  | 6111 | 6218 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup>  | 1540 | 1545 |
| General Electric Co. 4.90% 1/29/2036  | 1627 | 1653 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup>  | 1510 | 1590 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup>  | 505 | 536 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 2500 | 2166 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 4059 | 4229 |
| Lockheed Martin Corp. 5.70% 11/15/2054  | 1657 | 1675 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1515 | 1511 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 2842 | 2912 |
| Norfolk Southern Corp. 3.05% 5/15/2050  | 2746 | 1813 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028  | 3132 | 3093 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup>  | 1125 | 1205 |
| Otis Worldwide Corp. 2.293% 4/5/2027  | 1913 | 1875 |
| Paychex, Inc. 5.60% 4/15/2035  | 427 | 447 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup>  | 1455 | 1521 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup>  | 1035 | 996 |
| RTX Corp. 5.15% 2/27/2033  | 2669 | 2758 |
| RTX Corp. 5.375% 2/27/2053  | 3950 | 3816 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup>  | 480 | 487 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup>  | 6288 | 6588 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup>  | 5581 | 5861 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup>  | 2480 | 2535 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup>  | 393 | 393 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup>  | 1485 | 1547 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup>  | 4100 | 4257 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup>  | 2625 | 2736 |
| Union Pacific Corp. 2.40% 2/5/2030  | 2163 | 2026 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2865 | 2958 |
| Union Pacific Corp. 3.50% 2/14/2053  | 42 | 30 |
| Union Pacific Corp. 5.60% 12/1/2054  | 2614 | 2609 |
| Union Pacific Corp. 3.839% 3/20/2060  | 546 | 395 |
| Union Pacific Corp. 3.799% 4/6/2071  | 545 | 375 |
|  |  | 136147 |
| **Consumer staples 0.37%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup>  | 739 | 736 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(f)</sup>  | 1000 | 993 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup>  | 2960 | 2995 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup>  | 2750 | 2765 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2090 | 2049 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup>  | 2010 | 1980 |
| BAT Capital Corp. 6.343% 8/2/2030  | 124 | 134 |
| BAT Capital Corp. 4.625% 3/22/2033  | 2026 | 2015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| BAT Capital Corp. 6.421% 8/2/2033  | USD134 | $148 |
| BAT Capital Corp. 5.625% 8/15/2035  | 631 | 658 |
| BAT Capital Corp. 4.54% 8/15/2047  | 627 | 521 |
| BAT Capital Corp. 6.25% 8/15/2055  | 6250 | 6482 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 952 | 920 |
| Coca-Cola Co. 1.00% 3/15/2028  | 842 | 795 |
| Constellation Brands, Inc. 3.60% 2/15/2028  | 560 | 555 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1333 | 1183 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup>  | 507 | 512 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup>  | 400 | 420 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup>  | 1400 | 1412 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup>  | 2250 | 2314 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup>  | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028  | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033  | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043  | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053  | 806 | 873 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup>  | 3408 | 3483 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup>  | 1855 | 1913 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup>  | 385 | 396 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup>  | 6678 | 6657 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2176 | 2227 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 319 | 326 |
| Philip Morris International, Inc. 4.875% 2/15/2028  | 623 | 635 |
| Philip Morris International, Inc. 4.625% 11/1/2029  | 703 | 716 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 154 | 162 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 433 | 448 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 2275 | 2359 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 6194 | 6328 |
| Philip Morris International, Inc. 4.25% 10/29/2032  | 770 | 758 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 6755 | 6812 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 6407 | 6431 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 5859 | 5735 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup>  | 2886 | 2813 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup>  | 13279 | 13660 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup>  | 1115 | 1045 |
| Reynolds American, Inc. 5.85% 8/15/2045  | 2030 | 2004 |
|  |  | 101947 |
| **Real estate 0.35%** |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026  | 282 | 282 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028  | 1093 | 1089 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029  | 1738 | 1632 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031  | 1183 | 1107 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033  | 3670 | 3011 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049  | 367 | 311 |
| American Tower Corp. 1.45% 9/15/2026  | 246 | 242 |
| American Tower Corp. 3.55% 7/15/2027  | 1277 | 1268 |
| American Tower Corp. 3.60% 1/15/2028  | 896 | 888 |
| American Tower Corp. 1.50% 1/31/2028  | 2240 | 2128 |
| American Tower Corp. 2.30% 9/15/2031  | 1344 | 1194 |
| American Tower Corp. 2.95% 1/15/2051  | 1792 | 1146 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup>  | 3040 | 2955 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup>  | 1975 | 1975 |
| Boston Properties, LP 6.50% 1/15/2034  | 2223 | 2395 |
| Boston Properties, LP 5.75% 1/15/2035  | 3143 | 3234 |
| Extra Space Storage, LP 2.35% 3/15/2032  | 1241 | 1087 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup>  | 1705 | 1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Real estate (continued)** |  |  |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup>  | USD2,855 | $2777 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup>  | 3900 | 3716 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031  | 2152 | 1883 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup>  | 3785 | 3742 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup>  | 2650 | 2528 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1884 | 1929 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 5137 | 4979 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 630 | 528 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup>  | 3968 | 4240 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup>  | 2280 | 2228 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup>  | 1000 | 1030 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 101 | 102 |
| Prologis, LP 4.875% 6/15/2028  | 1357 | 1390 |
| Prologis, LP 4.75% 6/15/2033  | 2359 | 2383 |
| Prologis, LP 5.00% 3/15/2034  | 1850 | 1887 |
| Prologis, LP 5.00% 1/31/2035  | 1033 | 1048 |
| Public Storage Operating Co. 1.85% 5/1/2028  | 2231 | 2131 |
| Public Storage Operating Co. 1.95% 11/9/2028  | 1816 | 1721 |
| Public Storage Operating Co. 2.30% 5/1/2031  | 644 | 583 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup>  | 2178 | 2169 |
| Service Properties Trust 0% 9/30/2027 <sup>(f)</sup>  | 1000 | 905 |
| Service Properties Trust 5.50% 12/15/2027  | 655 | 647 |
| Service Properties Trust 3.95% 1/15/2028  | 1815 | 1715 |
| Service Properties Trust 8.375% 6/15/2029  | 4228 | 4254 |
| Service Properties Trust 4.95% 10/1/2029  | 2715 | 2368 |
| Service Properties Trust 4.375% 2/15/2030  | 705 | 598 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup>  | 6775 | 7130 |
| Service Properties Trust 8.875% 6/15/2032  | 4628 | 4569 |
| Sun Communities Operating, LP 2.30% 11/1/2028  | 1653 | 1574 |
| Sun Communities Operating, LP 2.70% 7/15/2031  | 785 | 714 |
| Trust 2401 7.70% 1/23/2032 <sup>(f)</sup>  | 396 | 438 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup>  | 789 | 865 |
| UDR, Inc. 2.95% 9/1/2026  | 681 | 677 |
|  |  | 97105 |
| **Materials 0.33%** |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup>  | 855 | 884 |
| Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup>  | 170 | 175 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 2648 | 2703 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 1996 | 2059 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 2501 | 2637 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 705 | 722 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1618 | 1711 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup>  | 1300 | 1341 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup>  | 3625 | 3573 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup>  | 1650 | 1710 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup>  | 2275 | 2342 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup>  | 775 | 747 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup>  | 2000 | 2111 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup>  | 2695 | 2766 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup>  | 900 | 941 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup>  | 1480 | 1048 |
| Dow Chemical Co. (The) 4.80% 1/15/2031  | 1290 | 1283 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 1735 | 1720 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 920 | 917 |
| Dow Chemical Co. (The) 4.80% 5/15/2049  | 435 | 343 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 1057 | 683 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 4720 | 4299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup>  | USD5,370 | $5661 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup>  | 2659 | 1516 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup>  | 4548 | 4093 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup>  | 1406 | 1350 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup>  | 1700 | 1738 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup>  | 1335 | 1371 |
| Linde, Inc. 1.10% 8/10/2030  | 2633 | 2314 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 778 | 770 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 560 | 574 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5842 | 5817 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup>  | 6734 | 6976 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup>  | 945 | 993 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup>  | 1525 | 1587 |
| Mosaic Co. 4.05% 11/15/2027  | 941 | 941 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup>  | 1270 | 1243 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup>  | 3775 | 4036 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup>  | 1130 | 1207 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup>  | 1050 | 1097 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1339 | 1380 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 3244 | 3312 |
| Sherwin-Williams Co. 5.15% 8/15/2035  | 473 | 482 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup>  | 1290 | 1302 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup>  | 1110 | 1154 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup>  | 640 | 689 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup>  | 2212 | 2265 |
| Westlake Corp. 4.375% 11/15/2047  | 448 | 348 |
|  |  | 90931 |
| **Utilities 0.31%** |  |  |
| Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup>  | 1975 | 1910 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(l)</sup>  | 1375 | 1415 |
| Commonwealth Edison Co. 4.35% 11/15/2045  | 972 | 827 |
| Commonwealth Edison Co. 3.85% 3/15/2052  | 2330 | 1755 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034  | 1837 | 1856 |
| Consumers Energy Co. 5.05% 5/15/2035  | 525 | 534 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 2725 | 2714 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049  | 850 | 582 |
| Duke Energy Progress, LLC 3.70% 10/15/2046  | 457 | 350 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 202 | 118 |
| Duke Energy Progress, LLC 2.90% 8/15/2051  | 91 | 58 |
| Edison International 4.125% 3/15/2028  | 1225 | 1212 |
| Edison International 5.25% 11/15/2028  | 1537 | 1558 |
| Edison International 5.45% 6/15/2029  | 1419 | 1446 |
| Edison International 6.95% 11/15/2029  | 2280 | 2430 |
| Edison International 6.25% 3/15/2030  | 3493 | 3655 |
| Edison International 5.25% 3/15/2032  | 6672 | 6680 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup>  | 1075 | 1165 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup>  | 1475 | 1721 |
| Emera US Finance, LP 3.55% 6/15/2026  | 287 | 286 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup>  | 1280 | 1275 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(l)</sup>  | 1000 | 1041 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup>  | 605 | 585 |
| Florida Power & Light Co. 4.70% 2/15/2036  | 1525 | 1511 |
| Florida Power & Light Co. 5.60% 2/15/2066  | 100 | 99 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup>  | 1000 | 1036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| MidAmerican Energy Co. 5.85% 9/15/2054  | USD875 | $904 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 700 | 709 |
| Northern States Power Co. 5.40% 3/15/2054  | 175 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 125 | 121 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 450 | 437 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 192 | 207 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 4588 | 5106 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 5359 | 5513 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 4962 | 5219 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 90 | 68 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 2744 | 2322 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 206 | 139 |
| PacifiCorp 5.30% 2/15/2031  | 1258 | 1296 |
| PacifiCorp 5.45% 2/15/2034  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053  | 3298 | 2900 |
| PacifiCorp 5.80% 1/15/2055  | 575 | 537 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047  | 548 | 413 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup>  | 2689 | 2685 |
| Southern California Edison Co. 2.85% 8/1/2029  | 3988 | 3783 |
| Southern California Edison Co. 2.50% 6/1/2031  | 260 | 233 |
| Southern California Edison Co. 5.45% 6/1/2031  | 2240 | 2319 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2260 | 2273 |
| Southern California Edison Co. 5.75% 4/1/2035  | 605 | 625 |
| Southern California Edison Co. 5.35% 7/15/2035  | 2688 | 2707 |
| Southern California Edison Co. 4.50% 9/1/2040  | 452 | 396 |
| Southern California Edison Co. 3.65% 2/1/2050  | 693 | 485 |
| Southern California Edison Co. 2.95% 2/1/2051  | 128 | 78 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup>  | 400 | 424 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2307 | 2055 |
| Wisconsin Electric Power Co. 4.15% 10/15/2030  | 2000 | 2000 |
| Xcel Energy, Inc. 5.60% 4/15/2035  | 23 | 24 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup>  | 1150 | 1209 |
|  |  | 85985 |
| **Total corporate bonds and notes** |  | 1978534 |
| **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** |
| **Auto loan 0.84%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup>  | 76 | 76 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup>  | 1131 | 1133 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup>  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup>  | 3332 | 3365 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup>  | 1005 | 1011 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup>  | 6748 | 6735 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup>  | 46 | 46 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup>  | 10410 | 10290 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup>  | 29013 | 29532 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup>  | 4960 | 5164 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup>  | 2074 | 2096 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup>  | 52 | 52 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup>  | 950 | 952 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup>  | 856 | 858 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup>  | 1679 | 1687 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup>  | 48 | 48 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup>  | 8604 | 8712 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup>  | 193 | 193 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup>  | 359 | 360 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup>  | 174 | 174 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup>  | 5309 | 5362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup>  | USD4,257 | $4308 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup>  | 161 | 161 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup>  | 1025 | 1030 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup>  | 317 | 318 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup>  | 1744 | 1750 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup>  | 136 | 136 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup>  | 458 | 460 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup>  | 249 | 249 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup>  | 930 | 932 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup>  | 5998 | 6205 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup>  | 13442 | 13799 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup>  | 3235 | 3263 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup>  | 7319 | 7350 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup>  | 364 | 365 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup>  | 667 | 669 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup>  | 623 | 628 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup>  | 8654 | 9090 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup>  | 6768 | 6887 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup>  | 1762 | 1774 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup>  | 4391 | 4291 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup>  | 4445 | 4423 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup>  | 4585 | 4807 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup>  | 9236 | 9064 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup>  | 685 | 672 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup>  | 429 | 421 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup>  | 4771 | 4875 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup>  | 1448 | 1467 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup>  | 1610 | 1609 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup>  | 238 | 239 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup>  | 3179 | 3207 |
| Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup>  | 3632 | 3636 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup>  | 448 | 449 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup>  | 249 | 250 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup>  | 954 | 958 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup>  | 504 | 509 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup>  | 117 | 117 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup>  | 2889 | 2899 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup>  | 5062 | 5111 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup>  | 4123 | 4134 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup>  | 695 | 696 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup>  | 1037 | 1042 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup>  | 498 | 499 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup>  | 1713 | 1725 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup>  | 401 | 402 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup>  | 2966 | 2987 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup>  | 6503 | 6475 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup>  | 2960 | 2977 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup>  | 1822 | 1851 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup>  | 864 | 866 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup>  | 156 | 156 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup>  | 3372 | 3379 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup>  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup>  | 2142 | 2149 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup>  | 1052 | 1055 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup>  | 2001 | 2005 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup>  | 6520 | 6550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup>  | USD1,973 | $1995 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup>  | 285 | 285 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup>  | 4143 | 4165 |
|  |  | 232227 |
| **Other asset-backed securities 0.81%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup>  | 10457 | 10487 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup>  | 1923 | 1931 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup>  | 2962 | 2967 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup>  | 109 | 109 |
| Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup>  | 2934 | 2944 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup>  | 1870 | 1878 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup>  | 6878 | 6906 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup>  | 3772 | 3802 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup>  | 58 | 58 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup>  | 826 | 793 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup>  | 3998 | 3794 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup>  | 36 | 36 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup>  | 4526 | 4605 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup>  | 5080 | 4316 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup>  | 1686 | 1426 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup>  | 5962 | 4846 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup>  | 872 | 824 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup>  | 3301 | 3119 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup>  | 689 | 652 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup>  | 940 | 876 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup>  | 680 | 681 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup>  | 2518 | 2540 |
| Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup>  | 320 | 320 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup>  | 192 | 180 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup>  | 2350 | 2386 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup>  | 862 | 868 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup>  | 388 | 373 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup>  | 175 | 167 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup>  | 4277 | 4314 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup>  | 6241 | 6258 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup>  | 1344 | 1319 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup>  | 5750 | 5527 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup>  | 7403 | 7120 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup>  | 2510 | 2351 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup>  | 3708 | 3495 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup>  | 293 | 274 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup>  | 2453 | 2483 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup>  | 2894 | 2920 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup>  | 118 | 119 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup>  | 4586 | 4385 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup>  | 26263 | 22003 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup>  | 677 | 680 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup>  | 1069 | 1076 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup>  | 5298 | 5323 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup>  | 2442 | 2380 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup>  | 418 | 420 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% <br>9/15/2039 <sup>(f)(h)(i)</sup>  | 496 | 502 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup>  | 682 | 698 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup>  | 2586 | 2470 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup>  | 1636 | 1602 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup>  | 1440 | 1420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup>  | USD843 | $823 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup>  | 691 | 674 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup>  | 5226 | 5217 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup>  | 6170 | 6132 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup>  | 1132 | 1106 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup>  | 2840 | 2864 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup>  | 4155 | 4229 |
| Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup>  | 5377 | 5406 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup>  | 1069 | 1025 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup>  | 497 | 472 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup>  | 664 | 626 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup>  | 1924 | 1825 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup>  | 1947 | 1959 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup>  | 5582 | 5617 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup>  | 7083 | 6693 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup>  | 1277 | 1189 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup>  | 1660 | 1670 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup>  | 623 | 626 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup>  | 941 | 960 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup>  | 6704 | 6706 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup>  | 9409 | 9597 |
| Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup>  | 1462 | 1470 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup>  | 8048 | 8195 |
| Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup>  | 4253 | 4268 |
| Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup>  | 934 | 964 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup>  | 1879 | 1883 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup>  | 389 | 391 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup>  | 137 | 137 |
|  |  | 225747 |
| **Credit card 0.14%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup>  | 8500 | 8521 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup>  | 4100 | 4115 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup>  | 2715 | 2733 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup>  | 4171 | 4182 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup>  | 4558 | 4652 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup>  | 3970 | 4050 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup>  | 2043 | 2049 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup>  | 404 | 406 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup>  | 7030 | 7058 |
|  |  | 37766 |
| **Student loan 0.08%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup>  | 2480 | 2510 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup>  | 2485 | 2281 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup>  | 3240 | 2947 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup>  | 4222 | 3968 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup>  | 2626 | 2485 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup>  | 4441 | 4213 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 4.595% 1/15/2053 <sup>(f)(h)(i)</sup>  | 3493 | 3462 |
|  |  | 21866 |
| **Collateralized loan obligations 0.04%** |  |  |
| Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% <br> 7/15/2036 <sup>(f)(h)(i)</sup>  | 3240 | 3246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations (continued)** |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(f)(h)(i)</sup>  | USD321 | $322 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + <br> 1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup>  | 3469 | 3470 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% <br> 4/15/2034 <sup>(f)(h)(i)</sup>  | 3229 | 3231 |
| Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% <br>4/25/2033 <sup>(f)(h)(i)</sup>  | 1285 | 1286 |
|  |  | 11555 |
| **Total asset-backed obligations** |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |
| **Mexico 0.16%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 18285 | 18648 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 10645 | 10856 |
| United Mexican States 4.75% 4/27/2032  | 2305 | 2249 |
| United Mexican States 5.375% 3/22/2033  | 1295 | 1288 |
| United Mexican States 3.50% 2/12/2034  | 1790 | 1552 |
| United Mexican States 6.875% 5/13/2037  | 2720 | 2909 |
| United Mexican States 6.625% 1/29/2038  | 200 | 209 |
| United Mexican States 7.375% 5/13/2055  | 4235 | 4573 |
| United Mexican States 3.771% 5/24/2061  | 1528 | 946 |
|  |  | 43230 |
| **Canada 0.07%** |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup>  | 5914 | 5824 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup>  | 3867 | 3719 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup>  | 3867 | 2980 |
| Ontario (Province of) 3.90% 9/4/2030  | 8228 | 8238 |
|  |  | 20761 |
| **Kuwait 0.04%** |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup>  | 11750 | 11764 |
| **Peru 0.02%** |  |  |
| Peru (Republic of) 1.862% 12/1/2032  | 2525 | 2091 |
| Peru (Republic of) 5.875% 8/8/2054  | 2310 | 2294 |
| Peru (Republic of) 2.78% 12/1/2060  | 3383 | 1845 |
|  |  | 6230 |
| **Panama 0.02%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | 1765 | 1961 |
| Panama (Republic of) 2.252% 9/29/2032  | 4306 | 3568 |
|  |  | 5529 |
| **Qatar 0.01%** |  |  |
| Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup>  | 745 | 748 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup>  | 750 | 708 |
|  |  | 1456 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 88970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans 0.15%** | **Loans 0.15%** | **Loans 0.15%** |
| **Communication services 0.05%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup>  | USD2,344 | $2344 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup>  | 967 | 847 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup>  | 22 | 22 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup>  | 2157 | 2157 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup>  | 2285 | 1812 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup>  | 1280 | 1283 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup>  | 2675 | 2671 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup>  | 2762 | 2718 |
|  |  | 13854 |
| **Information technology 0.04%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup>  | 485 | 487 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup>  | 225 | 227 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup>  | 724 | 729 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup>  | 2180 | 2138 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup>  | 1737 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup>  | 900 | 882 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup>  | 4031 | 4026 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup>  | 105 | 104 |
|  |  | 10333 |
| **Financials 0.03%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup>  | 4566 | 4532 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup>  | 2190 | 2223 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup>  | 2036 | 2064 |
|  |  | 8819 |
| **Health care 0.01%** |  |  |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup>  | 2543 | 2527 |
| **Consumer discretionary 0.01%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(c)(i)(o)</sup>  | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup>  | 120 | 120 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup>  | 2109 | 2113 |
|  |  | 2360 |
| **Materials 0.01%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 797 | 252 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 802 | 254 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup>  | 1319 | 418 |
|  |  | 924 |
| **Industrials 0.00%** |  |  |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup>  | 982 | 914 |
| **Total loans** |  | 39731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | USD4,781 | $4639 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 4808 | 4426 |
|  |  | 9065 |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 3224 | 3312 |
| **Ohio 0.02%** |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), <br> Series 2021, 4.425% 5/1/2031  | 4930 | 4480 |
| **Puerto Rico 0.00%** |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 418 | 274 |
| **Wisconsin 0.02%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 5735 | 5696 |
| **Total municipals** |  | 22827 |
| **Total bonds, notes & other debt instruments** (cost: $7,832,741,000) |  | 7768308 |
| Investment funds 3.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup>  | 99619082 | 846762 |
| **Total investment funds** (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** | **Money market investments 3.63%** | **Money market investments 3.63%** |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup>  | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup>  | 18905590 | 18905 |
| **Total short-term securities** (cost: $1,023,511,000) |  | 1023715 |
| **Total investment securities 100.26%** (cost: $19,813,803,000) |  | 27745931 |
| Other assets less liabilities (0.26)% |  | (70891)<br>|
| **Net assets 100.00%** |  | $27675040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,844,860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1134)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2694)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1838)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93692)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4144)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.473% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD112,900 | &nbsp;&nbsp;&nbsp;&nbsp; $814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814 |
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD37,800 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,601 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,612 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,286 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD74,795 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| SOFR | Annual | 3.6385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,884 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,754 | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,430 | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3543 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3543 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,826 | &nbsp;&nbsp;&nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 38950 | &nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(435)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(p)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 3.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $95934 | &nbsp;&nbsp; $634718 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $154242 | &nbsp;&nbsp; $846762 | &nbsp;&nbsp; $47796 |
| **Short-term securities 3.63%** |  |  |  |  |  |  |  |
| **Money market investments 3.63%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(q)</sup>  | 855747 | &nbsp;&nbsp; 6829389 | &nbsp;&nbsp; 6680500 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 1004810 | &nbsp;&nbsp; 61071 |
| **Total 6.69%** |  |  |  | &nbsp;&nbsp; $(136545)<br>| &nbsp;&nbsp; $154231 | &nbsp;&nbsp; $1851572 | &nbsp;&nbsp; $108867 |

---

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(a)(c)</sup> <br>| 8/22/2014 | $6949 | $12613 | 0.05<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> <br>| 9/29/2025 | 937 | 1030 | 0.00 <br><sup>(s)</sup><br>|
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(i)(o)</sup> <br>| 9/13/2023 | 714 | 729 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $8600 | $14372 | 0.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund. 

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund. 

<sup>(p)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |

---

---

| |
|:---|
| DAC = Designated Activity Company |
| Fin. = Finance |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value<br> (000)<br>|
| **Information technology 11.69%** |  |  |
| Broadcom, Inc.  | 34396 | $11904 |
| Microsoft Corp.  | 21713 | 10501 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 214000 | 10455 |
| NVIDIA Corp.  | 54735 | 10208 |
| Apple, Inc.  | 13709 | 3727 |
| Corning, Inc.  | 37498 | 3283 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 9479 | 1036 |
| Applied Materials, Inc.  | 3494 | 898 |
| Accenture PLC, Class A  | 2486 | 667 |
|  |  | 52679 |
| **Financials 10.05%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao  | 1689969 | 4399 |
| Standard Chartered PLC  | 149081 | 3641 |
| ING Groep NV  | 129152 | 3631 |
| Banco Bilbao Vizcaya Argentaria SA  | 138658 | 3243 |
| JPMorgan Chase & Co.  | 9865 | 3179 |
| Chubb, Ltd.  | 9664 | 3016 |
| Marsh & McLennan Cos., Inc.  | 13476 | 2500 |
| HDFC Bank, Ltd. (ADR)  | 49471 | 1808 |
| HDFC Bank, Ltd.  | 46716 | 516 |
| Morgan Stanley  | 10778 | 1913 |
| Mastercard, Inc., Class A  | 3306 | 1887 |
| BlackRock, Inc.  | 1721 | 1842 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2492 | 1646 |
| Zurich Insurance Group AG  | 1994 | 1513 |
| Banco BPM SpA  | 95108 | 1445 |
| NatWest Group PLC  | 154953 | 1351 |
| Mizuho Financial Group, Inc.  | 34600 | 1256 |
| BNP Paribas SA  | 10716 | 1014 |
| Swiss Re AG  | 5412 | 902 |
| AIA Group, Ltd.  | 74200 | 762 |
| Wells Fargo & Co.  | 7990 | 745 |
| PICC Property and Casualty Co., Ltd., Class H  | 320000 | 671 |
| 3i Group PLC  | 15320 | 667 |
| U.S. Bancorp  | 12427 | 663 |
| BPER Banca SpA  | 39690 | 537 |
| Hannover Rueck SE  | 1705 | 533 |
|  |  | 45280 |
| **Industrials 9.63%** |  |  |
| RTX Corp.  | 46281 | 8488 |
| IHI Corp.  | 186108 | 3282 |
| Hitachi, Ltd.  | 82300 | 2553 |
| Volvo AB, Class B  | 76848 | 2463 |
| General Dynamics Corp.  | 7150 | 2407 |
| TransDigm Group, Inc.  | 1573 | 2092 |
| BAE Systems PLC  | 85249 | 1960 |
| Deutsche Post AG  | 35349 | 1936 |
| Union Pacific Corp.  | 8297 | 1919 |
| Airbus SE, non-registered shares  | 7673 | 1780 |
| Waste Management, Inc.  | 7570 | 1663 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 20061 | 1639 |
| ITOCHU Corp.  | 128500 | 1622 |
| Rolls-Royce Holdings PLC  | 90309 | 1404 |
| Automatic Data Processing, Inc.  | 4193 | 1079 |
| Ryanair Holdings PLC  | 21391 | 743 |
| Bouygues SA  | 13919 | 722 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4123 | 701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 1987 | $691 |
| PACCAR, Inc.  | 6185 | 677 |
| Qantas Airways, Ltd.  | 97783 | 675 |
| United Rentals, Inc.  | 817 | 661 |
| Paychex, Inc.  | 5809 | 652 |
| Caterpillar, Inc.  | 1022 | 585 |
| GFL Environmental, Inc., subordinate voting shares  | 11594 | 498 |
| AtkinsRealis Group, Inc.  | 7290 | 471 |
|  |  | 43363 |
| **Health care 7.73%** |  |  |
| Eli Lilly and Co.  | 7436 | 7991 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 11410 | 5173 |
| Novo Nordisk AS, Class B  | 67966 | 3464 |
| Abbott Laboratories  | 27403 | 3433 |
| Sanofi  | 25714 | 2495 |
| Gilead Sciences, Inc.  | 18827 | 2311 |
| UnitedHealth Group, Inc.  | 6188 | 2043 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 3997 | 1589 |
| Medtronic PLC  | 13170 | 1265 |
| Stryker Corp.  | 3371 | 1185 |
| AbbVie, Inc.  | 5175 | 1183 |
| AstraZeneca PLC  | 3470 | 639 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 10659 | 634 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 620 |
| GE HealthCare Technologies, Inc.  | 5321 | 436 |
| Cencora, Inc.  | 1074 | 363 |
|  |  | 34824 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 28311 | 6535 |
| Ferrari NV  | 3878 | 1433 |
| Ferrari NV (EUR denominated)  | 1664 | 620 |
| Starbucks Corp.  | 23917 | 2014 |
| Midea Group Co., Ltd., Class A  | 166950 | 1866 |
| Maruti Suzuki India, Ltd.  | 9473 | 1761 |
| Compagnie Financiere Richemont SA, Class A  | 6565 | 1417 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 1773 | 1337 |
| Compagnie Generale des Etablissements Michelin  | 33369 | 1107 |
| Royal Caribbean Cruises, Ltd.  | 3526 | 983 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 9998 | 714 |
| Compass Group PLC  | 21303 | 678 |
| Accor SA  | 10541 | 597 |
|  |  | 21062 |
| **Materials 4.32%** |  |  |
| Nitto Denko Corp.  | 122500 | 2911 |
| Grupo Mexico, SAB de CV, Series B  | 295899 | 2794 |
| Lundin Gold, Inc.  | 31847 | 2645 |
| Vale SA, ordinary nominative shares  | 120881 | 1581 |
| Vale SA (ADR), ordinary nominative shares  | 53750 | 700 |
| Franco-Nevada Corp.  | 5241 | 1086 |
| Franco-Nevada Corp. (CAD denominated)  | 4075 | 845 |
| Anglo American PLC  | 43941 | 1811 |
| Smurfit Westrock PLC  | 40261 | 1557 |
| Air Products and Chemicals, Inc.  | 4593 | 1134 |
| Freeport-McMoRan, Inc.  | 19198 | 975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Newmont Corp.  | 7198 | $719 |
| Air Liquide SA  | 2774 | 522 |
| Celanese Corp.  | 4784 | 202 |
|  |  | 19482 |
| **Communication services 4.18%** |  |  |
| Alphabet, Inc., Class A  | 19544 | 6117 |
| Alphabet, Inc., Class C  | 6924 | 2173 |
| AT&T, Inc.  | 134741 | 3347 |
| Meta Platforms, Inc., Class A  | 4442 | 2932 |
| Comcast Corp., Class A  | 41626 | 1244 |
| Omnicom Group, Inc.  | 12053 | 973 |
| Netflix, Inc. <sup>(a)</sup>  | 9170 | 860 |
| SoftBank Group Corp.  | 21252 | 599 |
| Nintendo Co., Ltd.  | 8400 | 568 |
|  |  | 18813 |
| **Utilities 4.00%** |  |  |
| Dominion Energy, Inc.  | 72580 | 4252 |
| DTE Energy Co.  | 17918 | 2311 |
| National Grid PLC  | 125726 | 1938 |
| Power Grid Corp. of India, Ltd.  | 588187 | 1730 |
| Duke Energy Corp.  | 14059 | 1648 |
| E.ON SE  | 67347 | 1277 |
| PG&E Corp.  | 78708 | 1265 |
| Constellation Energy Corp.  | 3350 | 1183 |
| Pinnacle West Capital Corp.  | 12517 | 1110 |
| NextEra Energy, Inc.  | 12754 | 1024 |
| SembCorp Industries, Ltd.  | 57400 | 268 |
|  |  | 18006 |
| **Consumer staples 3.38%** |  |  |
| Philip Morris International, Inc.  | 28949 | 4643 |
| Imperial Brands PLC  | 108137 | 4546 |
| British American Tobacco PLC  | 75162 | 4260 |
| Nestle SA  | 9977 | 992 |
| Sysco Corp.  | 10540 | 777 |
|  |  | 15218 |
| **Energy 2.76%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 245684 | 8321 |
| Shell PLC (GBP denominated)  | 45924 | 1687 |
| Chevron Corp.  | 6750 | 1029 |
| Cameco Corp. (CAD denominated)  | 7668 | 702 |
| Expand Energy Corp.  | 6349 | 701 |
|  |  | 12440 |
| **Real estate 0.58%** |  |  |
| CTP NV  | 50979 | 1068 |
| Embassy Office Parks REIT  | 181378 | 879 |
| Goodman Logistics (HK), Ltd. REIT  | 31735 | 652 |
|  |  | 2599 |
| **Total common stocks** (cost: $198,233,000) |  | 283766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.65% | Shares | Value<br> (000)<br>|
| **Financials 0.35%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 20865 | $1576 |
| **Utilities 0.30%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 27600 | 1345 |
| **Total convertible stocks** (cost: $2,894,000) |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |
| **Japan 2.26%** |  |  |
| Japan, Series 150, 0.005% 12/20/2026  | JPY84,950 | 538 |
| Japan, Series 346, 0.10% 3/20/2027  | 134150 | 848 |
| Japan, Series 474, 0.70% 7/1/2027  | 106550 | 677 |
| Japan, Series 358, 0.10% 3/20/2030  | 37400 | 225 |
| Japan, Series 363, 0.10% 6/20/2031  | 174700 | 1028 |
| Japan, Series 373, 0.60% 12/20/2033  | 55750 | 323 |
| Japan, Series 152, 1.20% 3/20/2035  | 465250 | 2774 |
| Japan, Series 173, 0.40% 6/20/2040  | 50350 | 238 |
| Japan, Series 176, 0.50% 3/20/2041  | 109950 | 516 |
| Japan, Series 179, 0.50% 12/20/2041  | 50500 | 231 |
| Japan, Series 42, 1.70% 3/20/2044  | 86550 | 463 |
| Japan, Series 192, 2.40% 3/20/2045  | 165550 | 979 |
| Japan, Series 37, 0.60% 6/20/2050  | 26950 | 95 |
| Japan, Series 74, 1.00% 3/20/2052  | 84000 | 316 |
| Japan, Series 76, 1.40% 9/20/2052  | 41100 | 172 |
| Japan, Series 77, 1.60% 12/20/2052  | 76750 | 337 |
| Japan, Series 84, 2.10% 9/20/2054  | 82450 | 404 |
|  |  | 10164 |
| **China 1.23%** |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029  | CNY550 | 83 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028  | 4100 | 602 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | 3860 | 568 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030  | 6220 | 930 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 2870 | 443 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 2410 | 357 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035  | 3980 | 560 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 360 | 58 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 1520 | 201 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027  | 1060 | 155 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 8580 | 1259 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028  | 2040 | 311 |
|  |  | 5527 |
| **Supra National 1.07%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR18,000 | 201 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 10100 | 111 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 4300 | 48 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 43800 | 487 |
| European Investment Bank 0.375% 9/15/2027  | EUR110 | 126 |
| European Investment Bank 6.95% 3/1/2029  | INR5,700 | 64 |
| European Investment Bank 0.25% 1/20/2032  | EUR860 | 873 |
| European Investment Bank 7.40% 10/23/2033  | INR19,300 | 222 |
| European Investment Bank 2.875% 1/15/2035  | EUR45 | 52 |
| European Union 2.50% 10/14/2030  | 80 | 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Supra National (continued)** |  |  |
| European Union 2.75% 12/13/2032  | EUR70 | $82 |
| European Union 3.375% 10/4/2039  | 40 | 46 |
| European Union 3.625% 12/12/2040  | 1475 | 1728 |
| European Union 4.00% 10/12/2055  | 215 | 249 |
| Inter-American Development Bank 7.00% 1/25/2029  | INR22,000 | 247 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 16200 | 181 |
|  |  | 4810 |
| **Germany 1.05%** |  |  |
| Germany (Federal Republic of) 0% 8/15/2030  | EUR2,459 | 2592 |
| Germany (Federal Republic of) 0% 2/15/2032  | 540 | 544 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 674 | 750 |
| Germany (Federal Republic of) 2.30% 2/15/2033  | 300 | 345 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 130 | 149 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 180 | 166 |
| Germany (Federal Republic of) 0% 8/15/2050  | 300 | 152 |
| Germany (Federal Republic of) 0% 8/15/2052  | 80 | 38 |
|  |  | 4736 |
| **United Kingdom 1.00%** |  |  |
| United Kingdom 1.25% 7/22/2027  | GBP410 | 533 |
| United Kingdom 0.375% 10/22/2030  | 210 | 240 |
| United Kingdom 1.00% 1/31/2032  | 750 | 845 |
| United Kingdom 4.25% 6/7/2032  | 785 | 1068 |
| United Kingdom 3.25% 1/31/2033  | 330 | 418 |
| United Kingdom 3.25% 1/22/2044  | 644 | 680 |
| United Kingdom 1.25% 7/31/2051  | 413 | 247 |
| United Kingdom 4.375% 7/31/2054  | 205 | 242 |
| United Kingdom 2.50% 7/22/2065  | 340 | 256 |
|  |  | 4529 |
| **Italy 0.84%** |  |  |
| Italy (Republic of) 1.35% 4/1/2030  | EUR250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033  | 740 | 937 |
| Italy (Republic of) 4.20% 3/1/2034  | 900 | 1127 |
| Italy (Republic of) 3.65% 8/1/2035  | 795 | 949 |
| Italy (Republic of) 4.50% 10/1/2053  | 210 | 253 |
| Italy (Republic of) 4.30% 10/1/2054  | 200 | 233 |
|  |  | 3791 |
| **Brazil 0.77%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL10,887 | 1985 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 2230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 1142 | 183 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 4075 | 610 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup>  | 229 | 37 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup>  | 1653 | 263 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup>  | 229 | 36 |
|  |  | 3491 |
| **France 0.66%** |  |  |
| French Republic O.A.T. 0.75% 2/25/2028  | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030  | 1320 | 1355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **France (continued)** |  |  |
| French Republic O.A.T. 2.00% 11/25/2032  | EUR610 | $667 |
| French Republic O.A.T. 3.25% 5/25/2045  | 160 | 166 |
| French Republic O.A.T. 3.75% 5/25/2056  | 295 | 305 |
|  |  | 2959 |
| **Hungary 0.56%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF548,270 | 1456 |
| Hungary (Republic of) 4.50% 5/27/2032  | 336000 | 920 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | EUR100 | 126 |
|  |  | 2502 |
| **Spain 0.53%** |  |  |
| Spain (Kingdom of) 0% 1/31/2027  | 335 | 385 |
| Spain (Kingdom of) 0.80% 7/30/2027  | 490 | 564 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 165 | 171 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 317 | 376 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 370 | 450 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 120 | 142 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 240 | 288 |
|  |  | 2376 |
| **South Korea 0.46%** |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW348,590 | 240 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 1830410 | 1339 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 688360 | 474 |
|  |  | 2053 |
| **Australia 0.45%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD115 | 66 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033  | 725 | 433 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 905 | 567 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 340 | 208 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 813 | 530 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | EUR200 | 231 |
|  |  | 2035 |
| **Malaysia 0.36%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR3,466 | 876 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 601 | 152 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 180 | 48 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 653 | 170 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 1307 | 336 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 93 | 26 |
|  |  | 1608 |
| **Canada 0.31%** |  |  |
| Canada (Government) 0.25% 3/1/2026  | CAD246 | 179 |
| Canada (Government) 3.50% 3/1/2028  | 1119 | 830 |
| Canada (Government) 1.50% 12/1/2031  | 60 | 40 |
| Nova Scotia (Province of) 3.15% 12/1/2051  | 170 | 95 |
| Ontario (Province of) 3.25% 7/3/2035  | EUR200 | 233 |
|  |  | 1377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Panama 0.18%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | USD560 | $622 |
| Panama (Republic of) 6.40% 2/14/2035  | 200 | 212 |
|  |  | 834 |
| **Greece 0.17%** |  |  |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | EUR65 | 79 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 530 | 578 |
|  |  | 758 |
| **Mexico 0.15%** |  |  |
| United Mexican States, Series M, 5.75% 3/5/2026  | MXN10,710 | 593 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 881 | 42 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup>  | 543 | 28 |
|  |  | 663 |
| **Republic of Austria 0.14%** |  |  |
| Austria (Republic of) 0% 2/20/2031  | EUR500 | 514 |
| Austria (Republic of) 2.90% 2/20/2034  | 120 | 140 |
|  |  | 654 |
| **Indonesia 0.11%** |  |  |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031  | IDR1,253,000 | 77 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 2543000 | 161 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 1026000 | 64 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 2889000 | 182 |
|  |  | 484 |
| **Colombia 0.08%** |  |  |
| Colombia (Republic of) 7.375% 4/25/2030  | USD335 | 355 |
| **Belgium 0.07%** |  |  |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033  | EUR270 | 316 |
| **Turkey 0.05%** |  |  |
| Turkey (Republic of) 7.125% 7/17/2032  | USD200 | 212 |
| **Ireland 0.04%** |  |  |
| Ireland (Republic of) 2.60% 10/18/2034  | EUR100 | 114 |
| Ireland (Republic of) 3.00% 10/18/2043  | 80 | 88 |
|  |  | 202 |
| **Estonia 0.04%** |  |  |
| Estonia (Republic of) 3.25% 1/17/2034  | 160 | 187 |
| **Bulgaria 0.03%** |  |  |
| Bulgaria (Republic of) 4.50% 1/27/2033  | 120 | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Portugal 0.03%** |  |  |
| Portugal (Republic of) 0.475% 10/18/2030  | EUR50 | $53 |
| Portugal (Republic of) 3.375% 6/15/2040  | 5 | 6 |
| Portugal (Republic of) 3.625% 6/12/2054  | 70 | 77 |
|  |  | 136 |
| **Philippines 0.03%** |  |  |
| Philippines (Republic of) 0.875% 5/17/2027  | 110 | 126 |
| **Netherlands 0.03%** |  |  |
| Netherlands (Kingdom of the) 5.50% 1/15/2028  | 100 | 125 |
| **Poland 0.02%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN410 | 108 |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.70% 9/1/2030  | CLP55,000 | 60 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 57330 |
| **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** |
| **U.S. Treasury 5.05%** |  |  |
| U.S. Treasury 4.50% 4/15/2027  | USD1,160 | 1174 |
| U.S. Treasury 3.75% 4/30/2027  | 1710 | 1715 |
| U.S. Treasury 3.75% 6/30/2027  | 1510 | 1516 |
| U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup>  | 4484 | 4537 |
| U.S. Treasury 4.625% 9/30/2028  | 1875 | 1928 |
| U.S. Treasury 4.125% 3/31/2029  | 822 | 836 |
| U.S. Treasury 3.50% 9/30/2029  | 755 | 752 |
| U.S. Treasury 4.00% 2/28/2030  | 1094 | 1108 |
| U.S. Treasury 4.00% 5/31/2030  | 1090 | 1104 |
| U.S. Treasury 3.875% 6/30/2030  | 2117 | 2133 |
| U.S. Treasury 3.50% 11/30/2030  | 210 | 208 |
| U.S. Treasury 2.875% 5/15/2032  | 306 | 289 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup>  | 1544 | 1604 |
| U.S. Treasury 4.25% 5/15/2035  | 326 | 329 |
| U.S. Treasury 4.00% 11/15/2035  | 390 | 385 |
| U.S. Treasury 1.875% 2/15/2041  | 285 | 199 |
| U.S. Treasury 2.25% 5/15/2041  | 873 | 643 |
| U.S. Treasury 2.875% 11/15/2046  | 200 | 148 |
| U.S. Treasury 1.25% 5/15/2050  | 1155 | 554 |
| U.S. Treasury 1.375% 8/15/2050  | 570 | 281 |
| U.S. Treasury 2.375% 5/15/2051  | 510 | 322 |
| U.S. Treasury 2.00% 8/15/2051  | 560 | 322 |
| U.S. Treasury 4.00% 11/15/2052  | 270 | 235 |
| U.S. Treasury 3.625% 2/15/2053  | 149 | 121 |
| U.S. Treasury 4.25% 8/15/2054  | 320 | 290 |
|  |  | 22733 |
| **U.S. Treasury inflation-protected securities 0.48%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup>  | 377 | 373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup>  | USD698 | $719 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup>  | 272 | 196 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup>  | 934 | 886 |
|  |  | 2174 |
| **Total U.S. Treasury bonds & notes** |  | 24907 |
| **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** |
| **Federal agency mortgage-backed obligations 4.11%** |  |  |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 32 | 31 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 242 | 248 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 64 | 67 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 86 | 79 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 319 | 325 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 387 | 398 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 2458 | 2526 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 88 | 90 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 68 | 71 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup>  | 467 | 475 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup>  | 178 | 182 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 133 | 135 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 94 | 97 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 85 | 86 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 51 | 53 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 6 | 7 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup>  | 316 | 320 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup>  | 999 | 1026 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 84 | 87 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 14 | 15 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 10 | 10 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup>  | 281 | 275 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup>  | 177 | 168 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 395 | 386 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup>  | 99 | 101 |
| Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup>  | 931 | 883 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup>  | 39 | 40 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 1470 | 1547 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 38 | 36 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 57 | 54 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 98 | 98 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 50 | 50 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 41 | 43 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 235 | 238 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup>  | 155 | 147 |
| Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup>  | 81 | 86 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup>  | 323 | 262 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup>  | 66 | 61 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 95 | 93 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 53 | 52 |
| Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 448 | 455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | USD195 | $198 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 26 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 40 | 41 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup>  | 78 | 81 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 35 | 35 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 102 | 106 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 64 | 66 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 52 | 54 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 151 | 156 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 76 | 79 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 75 | 78 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup>  | 175 | 166 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 72 | 70 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup>  | 94 | 89 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 205 | 205 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 60 | 61 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 1 | 1 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 330 | 347 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup>  | 961 | 975 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 89 | 89 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 237 | 237 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 874 | 873 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup>  | 1030 | 833 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup>  | 7 | 7 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup>  | 485 | 460 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup>  | 338 | 330 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup>  | 483 | 490 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup>  | 20 | 20 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup>  | 392 | 361 |
|  |  | 18493 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup>  | 55 | 57 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup>  | 140 | 144 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup>  | 335 | 339 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup>  | 298 | 299 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup>  | 100 | 104 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup>  | 135 | 139 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(f)(g)</sup>  | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup>  | 157 | 163 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup>  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup>  | 131 | 136 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 295 | 296 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(f)(g)</sup>  | 139 | 139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(f)(g)</sup>  | USD50 | $51 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup>  | 128 | 128 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(f)(g)</sup>  | 555 | 551 |
|  |  | 2771 |
| **Collateralized mortgage-backed obligations (privately originated) 0.49%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup>  | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(f)(g)</sup>  | 122 | 124 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(f)(g)</sup>  | 35 | 35 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(d)(f)(g)</sup>  | 36 | 36 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(f)(g)</sup>  | 121 | 122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(f)(g)</sup>  | 20 | 20 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(f)(g)</sup>  | 35 | 36 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup>  | 23 | 23 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 189 | 191 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 99 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup>  | 96 | 97 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup>  | 82 | 77 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup>  | 70 | 70 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup>  | 136 | 138 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup>  | 180 | 182 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(d)(g)(h)</sup>  | 197 | 198 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 196 | 199 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 100 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup>  | 84 | 84 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup>  | 120 | 120 |
|  |  | 2227 |
| **Other mortgage-backed securities 0.22%** |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup>  | DKK397 | 58 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup>  | 1054 | 151 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | 4925 | 637 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup>  | 438 | 50 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup>  | 530 | 65 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 176 | 22 |
|  |  | 983 |
| **Total mortgage-backed obligations** |  | 24474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** |
| **Financials 1.32%** |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup>  | USD100 | $100 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup>  | EUR230 | 257 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup>  | 100 | 125 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup>  | 100 | 123 |
| Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup>  | 100 | 124 |
| Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup>  | GBP100 | 143 |
| Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup>  | EUR100 | 121 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(h)</sup>  | USD200 | 221 |
| BPCE SA 4.50% 1/13/2033  | EUR100 | 123 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | USD7 | 7 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup>  | 200 | 208 |
| CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup>  | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup>  | 70 | 71 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 59 | 56 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup>  | 160 | 157 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup>  | EUR200 | 222 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup>  | GBP100 | 135 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup>  | USD135 | 141 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup>  | 360 | 381 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup>  | 200 | 201 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup>  | 290 | 331 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup>  | EUR100 | 130 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup>  | USD85 | 86 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup>  | 280 | 250 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup>  | 220 | 231 |
| Mastercard, Inc. 2.00% 11/18/2031  | 102 | 91 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(h)</sup>  | 294 | 306 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup>  | 150 | 156 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup>  | EUR175 | 192 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup>  | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup>  | 65 | 74 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup>  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 280 | 287 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(g)(h)</sup>  | 330 | 340 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030  | 75 | 77 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup>  | EUR150 | 181 |
|  |  | 5960 |
| **Utilities 0.61%** |  |  |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | USD197 | 159 |
| CMS Energy Corp. 3.00% 5/15/2026  | 180 | 179 |
| Duke Energy Corp. 3.75% 4/1/2031  | EUR100 | 119 |
| Electricite de France SA 4.25% 1/25/2032  | 100 | 123 |
| Electricite de France SA 4.00% 5/7/2037  | 100 | 117 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(h)</sup>  | 200 | 230 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(h)</sup>  | 200 | 256 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup>  | USD200 | 190 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 200 | 186 |
| Engie SA 7.00% 10/30/2028  | GBP50 | 72 |
| Exelon Corp. 3.40% 4/15/2026  | USD75 | 75 |
| Interstate Power and Light Co. 2.30% 6/1/2030  | 50 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Pacific Gas and Electric Co. 6.15% 1/15/2033  | USD78 | $83 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 120 | 126 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 120 | 102 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 137 | 93 |
| Public Service Co. of Colorado 2.70% 1/15/2051  | 125 | 76 |
| Southern California Edison Co. 5.45% 3/1/2035  | 150 | 152 |
| Southern California Edison Co. 6.20% 9/15/2055  | 60 | 61 |
| SP Transmission PLC 2.00% 11/13/2031  | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026  | USD200 | 199 |
|  |  | 2761 |
| **Energy 0.59%** |  |  |
| Ecopetrol SA 8.625% 1/19/2029  | 125 | 134 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup>  | 200 | 210 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup>  | 225 | 236 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1455 | 1479 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 80 | 65 |
| Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup>  | 320 | 247 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup>  | 200 | 163 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 85 | 82 |
|  |  | 2641 |
| **Communication services 0.57%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN9,100 | 522 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 2000 | 113 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2000 | 117 |
| AT&T, Inc. 2.75% 6/1/2031  | USD165 | 152 |
| AT&T, Inc. 5.20% 11/18/2033  | GBP100 | 136 |
| AT&T, Inc. 2.55% 12/1/2033  | USD64 | 55 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup>  | 75 | 64 |
| Comcast Corp. 3.55% 5/1/2028  | 70 | 69 |
| Comcast Corp. 0.25% 9/14/2029  | EUR250 | 267 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | USD45 | 56 |
| Orange 3.625% 11/16/2031  | EUR100 | 120 |
| Orange 5.625% 1/23/2034  | GBP90 | 127 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | USD200 | 192 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | EUR100 | 116 |
| T-Mobile USA, Inc. 5.15% 4/15/2034  | USD115 | 118 |
| Verizon Communications, Inc. 0.375% 3/22/2029  | EUR140 | 152 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | USD100 | 88 |
| Verizon Communications, Inc. 0.75% 3/22/2032  | EUR100 | 101 |
|  |  | 2565 |
| **Industrials 0.43%** |  |  |
| Boeing Co. (The) 6.298% 5/1/2029  | USD95 | 101 |
| Boeing Co. (The) 6.528% 5/1/2034  | 604 | 668 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 42 | 32 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 129 | 86 |
| Carrier Global Corp. 2.493% 2/15/2027  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051  | 75 | 45 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035  | 200 | 195 |
| Honeywell International, Inc. 3.75% 3/1/2036  | EUR100 | 116 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup>  | USD76 | 79 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup>  | 200 | 199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| RTX Corp. 4.125% 11/16/2028  | USD100 | $100 |
| RTX Corp. 6.10% 3/15/2034  | 55 | 60 |
| RTX Corp. 4.50% 6/1/2042  | 70 | 63 |
| Veralto Corp. 4.15% 9/19/2031  | EUR100 | 122 |
| Veralto Corp. 5.45% 9/18/2033  | USD40 | 42 |
|  |  | 1920 |
| **Consumer discretionary 0.33%** |  |  |
| BMW International Investment BV 4.75% 9/4/2030  | GBP100 | 137 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | EUR200 | 237 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | USD200 | 203 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 200 | 207 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 140 | 146 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup>  | 100 | 99 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup>  | 72 | 74 |
| Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup>  | 100 | 100 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup>  | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030  | USD200 | 197 |
|  |  | 1509 |
| **Health care 0.33%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 25 | 26 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027  | 200 | 196 |
| Amgen, Inc. 4.20% 3/1/2033  | 200 | 196 |
| Amgen, Inc. 5.65% 3/2/2053  | 300 | 294 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 60 | 59 |
| CVS Health Corp. 5.40% 6/1/2029  | 125 | 129 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 33 | 34 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 107 | 108 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 21 | 20 |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026  | EUR100 | 117 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029  | USD150 | 150 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 65 | 64 |
|  |  | 1466 |
| **Consumer staples 0.32%** |  |  |
| Altria Group, Inc. 2.20% 6/15/2027  | EUR170 | 199 |
| BAT Capital Corp. 3.215% 9/6/2026  | USD62 | 62 |
| BAT Capital Corp. 3.557% 8/15/2027  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029  | 75 | 73 |
| BAT Capital Corp. 5.625% 8/15/2035  | 243 | 253 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034  | 61 | 62 |
| Coca-Cola Co. 3.75% 8/15/2053  | EUR125 | 133 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup>  | USD105 | 108 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 200 | 219 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 60 | 60 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 110 | 118 |
|  |  | 1436 |
| **Materials 0.30%** |  |  |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 220 | 86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | USD400 | $157 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup>  | 250 | 263 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup>  | 200 | 208 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup>  | 276 | 280 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup>  | 46 | 47 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 94 | 91 |
| Verallia SAS 3.875% 11/4/2032  | EUR200 | 229 |
|  |  | 1361 |
| **Information technology 0.15%** |  |  |
| Amphenol Corp. 3.125% 6/16/2032  | 100 | 116 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup>  | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030  | 30 | 30 |
| Broadcom, Inc. 3.469% 4/15/2034  | 123 | 112 |
| Oracle Corp. 2.65% 7/15/2026  | 216 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026  | 200 | 200 |
|  |  | 693 |
| **Real estate 0.10%** |  |  |
| American Tower Corp. 0.875% 5/21/2029  | EUR130 | 143 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034  | USD100 | 103 |
| Equinix, Inc. 2.15% 7/15/2030  | 176 | 160 |
| Essex Portfolio, LP 3.375% 4/15/2026  | 40 | 40 |
|  |  | 446 |
| **Total corporate bonds and notes** |  | 22758 |
| **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** |
| **Other asset-backed securities 0.29%** |  |  |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup>  | 323 | 324 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 93 | 95 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup>  | 76 | 76 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup>  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup>  | 100 | 101 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 86 | 87 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup>  | 231 | 236 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup>  | 161 | 162 |
|  |  | 1292 |
| **Credit card 0.11%** |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup>  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup>  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup>  | 100 | 101 |
|  |  | 516 |
| **Auto loan 0.09%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup>  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 148 | 154 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 100 | 101 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup>  | 10 | 10 |
|  |  | 391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations 0.04%** |  |  |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(f)(g)</sup>  | USD181 | $180 |
| **Student loan 0.01%** |  |  |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(f)(g)</sup>  | 62 | 63 |
| **Total asset-backed obligations** |  | 2442 |
| **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 200 | 208 |
| Korea Development Bank 6.75% 7/1/2030  | INR10,000 | 110 |
|  |  | 318 |
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| **Ohio 0.02%** |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | USD100 | 74 |
| **Texas 0.01%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 80 | 55 |
| **Total municipals** |  | 129 |
| **Total bonds, notes & other debt instruments** (cost: $134,692,000) |  | 132358 |
| Investment funds 0.94% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(k)</sup>  | 499957 | 4250 |
| **Total investment funds** (cost: $3,967,000) |  | 4250 |
| Short-term securities 6.16% |  |  |
| **Money market investments 6.16%** | **Money market investments 6.16%** | **Money market investments 6.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 277543 | 27757 |
| **Total short-term securities** (cost: $27,752,000) |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style)\* |  | 2 |
| **Total options purchased (equity style)** (cost: $10,000) |  | 2 |
| **Total investment securities 100.13%** (cost: $367,548,000) |  | 451054 |
| Other assets less liabilities (0.13)% |  | (587)<br>|
| **Net assets 100.00%** |  | $450467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(1,800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month CORRA Futures | Long | 96 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD17,086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52 |
| 3 Month CORRA Futures | Short | 4 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2761)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year French Government Bond Futures | Short | 3 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

American Funds Global Balanced Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2536)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| 10 Year UK Gilt Futures | Short | 2 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 78 | COP | 300000 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 606 | EUR | 520 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 71 | RON | 310 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 123 | SGD | 160 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(52)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | &nbsp;&nbsp; 1/13/2026 | &nbsp;&nbsp; USD865 | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP70 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD8,340 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>|
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD8,510 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.98038% | Annual | SONIA | Annual | &nbsp;&nbsp; 6/21/2028 | &nbsp;&nbsp; GBP267 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| SOFR | Annual | 3.29015% | Annual | &nbsp;&nbsp; 1/13/2030 | &nbsp;&nbsp; USD2,870 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK3,700 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK1,500 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK960 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK970 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK3,540 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK2,420 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK1,220 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| SONIA | Annual | 4.36738% | Annual | &nbsp;&nbsp; 6/21/2033 | &nbsp;&nbsp; GBP62 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR180 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD940 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
|  |  |  |  |  |  | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,530 | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,520 | &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,928 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 0.94%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Investments in affiliates** <sup>(k)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| **Money market investments 6.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $22187 | &nbsp;&nbsp; $115565 | &nbsp;&nbsp; $109995 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $27757 | &nbsp;&nbsp; $1158 |
| **Total 7.10%** |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $104 | &nbsp;&nbsp; $32007 | &nbsp;&nbsp; $1353 |

---

**Restricted securities** <sup>(i)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(h)</sup> <br>| 12/4/2024 | $163 | $181 | 0.04<br> %<br>|
| McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 104 | 109 | 0.02 |
| **Total** |  | $267 | $290 | 0.06<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund. 

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(m)</sup> Amount less than one thousand.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DKK = Danish kroner |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| ILS = Israeli shekels |
| INR = Indian rupees |
| JPY = Japanese yen |

---

---

| |
|:---|
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| OIS = Overnight Index Swap |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| SONIO/N = Sonio O/N Deposit Rates Swap |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** |
| **Federal agency mortgage-backed obligations 25.58%** |  |  |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | USD17 | $17 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 22 | 22 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 1896 | 1813 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 93 | 88 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 29 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1645 | 1557 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 677 | 640 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 316 | 334 |
| Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup>  | 125 | 127 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 140 | 146 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 594 | 620 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 134 | 138 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 671 | 686 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 666 | 685 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 102235 | 89225 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 639 | 658 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 322 | 331 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 292 | 300 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 161 | 166 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 38 | 37 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1540 | 1462 |
| Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup>  | 231 | 243 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 667 | 633 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 727 | 703 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 115 | 111 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4084 | 3963 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 289 | 276 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 702 | 681 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 31 | 30 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3647 | 3424 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1721 | 1668 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 64 | 62 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 1995 | 1983 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1043 | 979 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5216 | 4728 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 3839 | 3614 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 16627 | 16110 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 15508 | 14679 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 399 | 379 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1046 | 951 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 703 | 640 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2075 | 1957 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 16776 | 16198 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 11941 | 11207 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3203 | 2996 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5177 | 4840 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 23734 | 22304 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 249 | 212 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4712 | 4072 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 520 | 441 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 14584 | 13192 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 4986 | 4532 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1623 | 1441 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4629 | 3931 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 926 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | USD595 | $505 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 927 | 824 |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | 1561 | 1277 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 16492 | 13964 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2472 | 2140 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 854 | 739 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 405 | 343 |
| Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup>  | 56 | 48 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 289 | 258 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 872 | 738 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 241 | 209 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 185 | 158 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 174 | 148 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1369 | 1216 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1748 | 1418 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 5795 | 5023 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1078 | 916 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 650 | 551 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 14135 | 12789 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1008 | 823 |
| Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup>  | 925 | 786 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 979 | 870 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6320 | 5161 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 4745 | 3878 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 20212 | 17285 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1512 | 1282 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 886 | 751 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 62 | 55 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3228 | 2613 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 693 | 561 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 364 | 300 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 4808 | 4141 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3395 | 2880 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 342 | 277 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7274 | 6157 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1651 | 1398 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 938 | 794 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8416 | 6815 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1803 | 1460 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 563 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 27 | 22 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4788 | 4053 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4506 | 3814 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2365 | 2020 |
| Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup>  | 415 | 353 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 313 | 265 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 168 | 142 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 2923 | 2610 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 354 | 317 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10452 | 8460 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1714 | 1387 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1856 | 1578 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1744 | 1476 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 573 | 485 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 464 | 393 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 157 | 133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | USD32 | $27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 26 | 22 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1826 | 1478 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 480 | 397 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 1359 | 1150 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 756 | 640 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | 265 | 237 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 188 | 168 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 74 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8398 | 7214 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4659 | 3954 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4300 | 3640 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 2294 | 1942 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 950 | 808 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 545 | 462 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 408 | 353 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 204 | 174 |
| Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup>  | 1940 | 1718 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup>  | 764 | 647 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup>  | 191 | 162 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1275 | 1129 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3030 | 2565 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1894 | 1607 |
| Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup>  | 1343 | 1139 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 991 | 849 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 467 | 398 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 423 | 358 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 297 | 253 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 289 | 245 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 54 | 46 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 1890 | 1600 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 309 | 261 |
| Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 2949 | 2633 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4282 | 3479 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 125 | 102 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup>  | 1978 | 1674 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 92 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 843 | 751 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 784 | 637 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup>  | 31768 | 26892 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1865 | 1583 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup>  | 1577 | 1335 |
| Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup>  | 300 | 254 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup>  | 27 | 24 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 20 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1799 | 1462 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup>  | 5999 | 5078 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup>  | 5816 | 4923 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4273 | 3623 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2043 | 1729 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup>  | 1913 | 1622 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup>  | 1695 | 1435 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup>  | 1120 | 948 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1086 | 919 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 329 | 279 |
| Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup>  | 295 | 251 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 897 | 803 |
| Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup>  | 568 | 503 |
| Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup>  | 540 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | USD14,514 | $11751 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2418 | 1962 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 787 | 637 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1624 | 1383 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 1367 | 1160 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 849 | 723 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 712 | 603 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 490 | 416 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 473 | 401 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 253 | 215 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup>  | 30 | 26 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 31130 | 28182 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1510 | 1222 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1214 | 985 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1039 | 842 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 841 | 681 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2639 | 2238 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1681 | 1431 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 849 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 627 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 377 | 321 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 34 | 29 |
| Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup>  | 4985 | 4417 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 973 | 862 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup>  | 5431 | 4396 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1603 | 1300 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 724 | 587 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 30865 | 26126 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | 1508 | 1282 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup>  | 161 | 137 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1361 | 1301 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 251 | 240 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3598 | 2923 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20039 | 17013 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2089 | 1778 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup>  | 1000 | 851 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 931 | 792 |
| Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup>  | 6239 | 5526 |
| Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup>  | 1992 | 1847 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup>  | 1366 | 1157 |
| Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup>  | 941 | 798 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 144 | 123 |
| Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup>  | 128 | 113 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 2816 | 2689 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3048 | 3051 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1360 | 1364 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 11030 | 9354 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 2866 | 2426 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 713 | 606 |
| Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup>  | 486 | 412 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 416 | 354 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 131 | 112 |
| Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup>  | 133 | 123 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2763 | 2770 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup>  | 4079 | 3613 |
| Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup>  | 988 | 917 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 521 | 527 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 436 | 371 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup>  | 97 | 86 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 246 | 243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | USD57 | $56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8089 | 8150 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 8787 | 7137 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9197 | 9018 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2496 | 2452 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2325 | 2333 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2676 | 2726 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2446 | 2492 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 203 | 212 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 747 | 732 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 132 | 132 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup>  | 571 | 506 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 269 | 257 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 19964 | 20043 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 666 | 566 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4448 | 4245 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 562 | 563 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 292 | 279 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 146 | 146 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 3619 | 3693 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 391 | 399 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 771 | 800 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup>  | 415 | 352 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4195 | 3985 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 630 | 616 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 14804 | 14830 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 79 | 79 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 900 | 917 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 16585 | 17191 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4543 | 4332 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 398 | 380 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 29 | 28 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2798 | 2811 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2618 | 2626 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5432 | 5531 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 6260 | 6463 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 602 | 534 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2798 | 2740 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 5834 | 5938 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 4483 | 4552 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 307 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 3478 | 3580 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2196 | 2263 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1608 | 1666 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 5869 | 4759 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3516 | 2981 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 147 | 125 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 74 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19056 | 18668 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 573 | 575 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 93 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3147 | 3203 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 6667 | 6985 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 16853 | 17147 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 11483 | 11698 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 5803 | 5912 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 499 | 509 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 4344 | 4471 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 12932 | 13443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | USD7,282 | $6932 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11429 | 11637 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6228 | 6344 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 122 | 126 |
| Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup>  | 996 | 924 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 59822 | 59898 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 1777 | 1855 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 26 | 27 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1830 | 1859 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 692 | 728 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 4556 | 4777 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1089 | 1134 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2852 | 2787 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2362 | 2399 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1652 | 1678 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 6318 | 6548 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1519 | 1563 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 24 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 13809 | 13524 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 17416 | 17717 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1474 | 1497 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 4540 | 4705 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3068 | 3162 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1522 | 1564 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 3733 | 3921 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4653 | 4755 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5114 | 5317 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 508 | 517 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 330 | 339 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 180 | 185 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2472 | 2509 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1796 | 1836 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 17336 | 18002 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1183 | 1220 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 988 | 1017 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 9692 | 10110 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1788 | 1858 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6662 | 6796 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1423 | 1454 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 22751 | 23374 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 4671 | 4862 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 2409 | 2490 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2072 | 2152 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1995 | 2050 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1192 | 1228 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1039 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 476 | 489 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 14751 | 15441 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4002 | 4177 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2375 | 2495 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 132 | 135 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 37577 | 38607 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1276 | 1312 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1163 | 1195 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 805 | 828 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 211 | 219 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 98 | 101 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 91 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2102 | 2201 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 1776 | 1858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | USD83 | $86 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3274 | 3323 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1600 | 1639 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1203 | 1229 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 362 | 372 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 212 | 218 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 177 | 182 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 85 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 254 | 264 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 765 | 786 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 1794 | 1791 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4170 | 4231 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3008 | 3091 |
| Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup>  | 9840 | 9342 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 263 | 257 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 89 | 87 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 31 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 137 | 137 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 3685 | 3821 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1407 | 1451 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 426 | 437 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 320 | 329 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 286 | 295 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 726 | 754 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1747 | 1772 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1418 | 1464 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 408 | 419 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1703 | 1774 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1201 | 1259 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup>  | 2295 | 2242 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2689 | 2729 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 11644 | 11962 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 4785 | 4916 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 3293 | 3423 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 638 | 664 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 24751 | 26039 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 7959 | 7557 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 4581 | 4707 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 273 | 281 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 271 | 278 |
| Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1057 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup>  | 1744 | 1656 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 271 | 271 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 4402 | 4523 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1000 | 1053 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 9433 | 9573 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 9679 | 9946 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup>  | 4428 | 4550 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 1916 | 1993 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 1720 | 1788 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 5302 | 5379 |
| Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup>  | 3902 | 3991 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 2134 | 2221 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 266 | 273 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup>  | 7268 | 7648 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1778 | 1804 |
| Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup>  | 3032 | 2878 |
| Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup>  | 117 | 108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | USD64 | $60 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9299 | 8557 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 6890 | 6331 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 14526 | 12733 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 17453 | 15210 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 955 | 934 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4507 | 4102 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 13 | 14 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup>  | 14 | 14 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 645 | 639 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 29 | 28 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2359 | 2233 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 35 | 37 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 27 | 28 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 50 | 52 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 165 | 172 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1723 | 1512 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5103 | 4420 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 8835 | 7709 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 284 | 296 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 14578 | 13555 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 86 | 77 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 764 | 737 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 467 | 454 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 3819 | 3493 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 9857 | 9326 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 722 | 698 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 229 | 216 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 927 | 898 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 489 | 459 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1487 | 1395 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 7977 | 7515 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 21733 | 19714 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4364 | 3777 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 26 | 22 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 281 | 251 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1774 | 1506 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup>  | 62 | 52 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1677 | 1497 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5209 | 4516 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1176 | 997 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 54 | 46 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 20 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1866 | 1581 |
| Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup>  | 929 | 794 |
| Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup>  | 627 | 556 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1676 | 1360 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 402 | 331 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 95 | 77 |
| Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup>  | 110 | 93 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 60614 | 49440 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1716 | 1391 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2236 | 1893 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2150 | 1751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | USD217 | $183 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 156 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1783 | 1443 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1748 | 1415 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1566 | 1268 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1219 | 1000 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1050 | 937 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1882 | 1523 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2221 | 1918 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 736 | 623 |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup>  | 65 | 56 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup>  | 57 | 48 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1869 | 1583 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 539 | 458 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5474 | 4938 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | 752 | 612 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 9553 | 8201 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7375 | 6243 |
| Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup>  | 2089 | 1768 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1784 | 1515 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 869 | 736 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 445 | 377 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 49 | 42 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup>  | 1824 | 1616 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 966 | 863 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1848 | 1568 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6114 | 5458 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1727 | 1557 |
| Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup>  | 1991 | 1854 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2230 | 1807 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup>  | 2658 | 2250 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1316 | 1138 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup>  | 101 | 85 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1081 | 966 |
| Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup>  | 519 | 460 |
| Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup>  | 1638 | 1329 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 782 | 635 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 5000 | 4242 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup>  | 2487 | 2105 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1071 | 910 |
| Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup>  | 625 | 529 |
| Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 3958 | 3360 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2538 | 2162 |
| Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup>  | 656 | 555 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 481 | 409 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 461 | 393 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup>  | 9 | 7 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3749 | 3379 |
| Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup>  | 620 | 550 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1583 | 1281 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 962 | 816 |
| Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup>  | 681 | 577 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 386 | 328 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 221 | 188 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 163 | 139 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 59 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | USD590 | $549 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2211 | 1793 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1749 | 1419 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 823 | 666 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 477 | 387 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 166 | 134 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 777 | 661 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 719 | 612 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 69 | 58 |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup>  | 985 | 914 |
| Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup>  | 968 | 897 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1222 | 992 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1649 | 1396 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 536 | 454 |
| Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup>  | 249 | 212 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 217 | 184 |
| Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup>  | 189 | 160 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 101 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 116 | 99 |
| Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup>  | 1386 | 1286 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1626 | 1383 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 359 | 305 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 40800 | 36239 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3495 | 3099 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 46 | 41 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 743 | 689 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 96 | 101 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 63490 | 53744 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup>  | 8319 | 7055 |
| Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup>  | 1927 | 1631 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 856 | 724 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 462 | 392 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 184 | 156 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4157 | 3686 |
| Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup>  | 825 | 732 |
| Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup>  | 165 | 153 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 1534 | 1538 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 86 | 70 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 185 | 158 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | 534 | 478 |
| Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup>  | 382 | 354 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 71 | 70 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 3868 | 3430 |
| Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup>  |  | — <br><sup>(c)</sup><br>|
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 310 | 304 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 283 | 277 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 73 | 71 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 46 | 45 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 30 | 30 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5497 | 5618 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 15322 | 14777 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5294 | 5128 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 15567 | 15265 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3449 | 3457 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3079 | 3086 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1951 | 1987 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 37 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | USD1,005 | $891 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 970 | 926 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 509 | 485 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1035 | 1077 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14659 | 14371 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 184 | 184 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 2713 | 2812 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2093 | 2097 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 35993 | 36698 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 22138 | 22561 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 12706 | 13106 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2564 | 2443 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1624 | 1544 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 72 | 69 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2530 | 2414 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 186 | 182 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4268 | 4289 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 576 | 577 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 516 | 515 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 185 | 177 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 31 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 7837 | 7851 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 7503 | 7638 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3211 | 3279 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2167 | 2199 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 12391 | 12781 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 572 | 544 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5257 | 5265 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 17958 | 18267 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 5679 | 5852 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2746 | 2829 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 604 | 633 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 523 | 548 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 497 | 524 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 489 | 515 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 343 | 362 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 275 | 289 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 166 | 173 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 155 | 166 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5072 | 4841 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 537 | 510 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 65 | 62 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 243 | 243 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 6917 | 7046 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 456 | 465 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 7709 | 7974 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2669 | 2751 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 471 | 448 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 393 | 373 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2170 | 2208 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2138 | 2177 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 1725 | 1755 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1330 | 1355 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4095 | 4223 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 8774 | 9055 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1324 | 1374 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1002 | 1042 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 45147 | 46931 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 761 | 762 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 12533 | 12903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | USD3,006 | $3128 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 572 | 573 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 17181 | 17495 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 1888 | 1942 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 11557 | 12126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1610 | 1678 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 4609 | 4749 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2681 | 2790 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup>  | 108 | 91 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 543 | 566 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 184 | 176 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 703 | 714 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4478 | 4607 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3302 | 3400 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 164 | 169 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4155 | 4351 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 376 | 382 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2336 | 2388 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1714 | 1742 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 7087 | 7322 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 4925 | 5097 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4176 | 4339 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1879 | 1956 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 145 | 150 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 20 | 21 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 5247 | 5510 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1868 | 1865 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 35963 | 36756 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4545 | 4653 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 2621 | 2693 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 5138 | 5371 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2633 | 2689 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 925 | 946 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 22984 | 23769 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 103 | 106 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5550 | 5829 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1766 | 1801 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 19112 | 19635 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 12328 | 12863 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 2726 | 2810 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2538 | 2625 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 207 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 6231 | 6477 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2247 | 2358 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2034 | 2044 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1389 | 1392 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1302 | 1302 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 7892 | 8108 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 4491 | 4623 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2184 | 2252 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 523 | 539 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 128 | 133 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 11370 | 11901 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 10081 | 10552 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 6028 | 6266 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4125 | 4326 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 2688 | 2815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | USD1,700 | $1776 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 887 | 925 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4124 | 4292 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 453 | 467 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 237 | 245 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 224 | 233 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 216 | 225 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 42 | 43 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4015 | 4192 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2325 | 2430 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 1696 | 1770 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1067 | 1109 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 922 | 967 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 955 | 969 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 144 | 149 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 4703 | 4900 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 123 | 128 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4196 | 3984 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4697 | 4590 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 2596 | 2593 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 10494 | 10659 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 10239 | 10390 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 2822 | 2904 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 3344 | 3338 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 253 | 256 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 260 | 268 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 673 | 700 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1300 | 1319 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5110 | 5292 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2130 | 2217 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 2041 | 2097 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1547 | 1603 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 517 | 531 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 5331 | 5609 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4537 | 4432 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2707 | 2781 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1637 | 1692 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 4159 | 4273 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 6166 | 6409 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 6852 | 7040 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 749 | 770 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1061 |
| Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1056 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 190 | 190 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup>  | 5143 | 5218 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 3005 | 3088 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 859 | 858 |
| Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup>  | 222 | 225 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup>  | 3937 | 3929 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 11844 | 12016 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 17994 | 18482 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 640 | 658 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 2080 | 2162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | USD7,619 | $7826 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup>  | 3830 | 3935 |
| Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup>  | 1894 | 1921 |
| Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup>  | 949 | 880 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup>  | 4000 | 3796 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 33 | 34 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 88 | 92 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3484 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 77 | 68 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 69 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup>  | 5318 | 5222 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1306 | 1273 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7344 | 7165 |
| Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 6176 | 5117 |
| Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup>  | 4300 | 3710 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 135 | 135 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 8842 | 8480 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 24 | 24 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3633 | 3619 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8144 | 7513 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1845 | 1530 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3200 | 2653 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7322 | 6269 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2712 | 2317 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2624 | 2247 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 3845 | 3320 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3308 | 2836 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 214 | 193 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 165 | 149 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4422 | 4076 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4579 | 4123 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3773 | 3460 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 20329 | 18786 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7218 | 6880 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5056 | 4813 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3238 | 3176 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 11481 | 11248 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 2951 | 2958 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7397 | 7249 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12305 | 12036 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1705 | 1621 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 20281 | 19787 |
| Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup>  | 3466 | 3505 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 2039 | 2062 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 7908 | 7992 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 12832 | 12970 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1451 | 1083 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup>  | 5845 | 5413 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 53078 | 42918 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup>  | 4335 | 3835 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup>  | 154 | 142 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup>  | 20135 | 19659 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 23668 | 23607 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup>  | 1089 | 1132 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup>  | 12098 | 12733 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup>  | 27516 | 25355 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup>  | 17770 | 16847 |
|  |  | 2904435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities 3.57%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup>  | USD11,443 | $11504 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11486 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1254 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 764 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 98 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 731 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 534 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3702 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 121 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 965 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 271 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2522 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 785 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup>  | 3361 | 3507 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup>  | 2174 | 2275 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2910 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup>  | 7780 | 8150 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8500 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10664 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup>  | 2778 | 2783 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 7785 | 7782 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup>  | 264 | 264 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup>  | 78 | 78 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8597 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27302 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup>  | 7715 | 7740 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup>  | 28535 | 28830 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup>  | 25957 | 26020 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5460 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19637 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | 244 | 243 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9165 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup>  | 966 | 996 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup>  | 1121 | 1157 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup>  | 862 | 893 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 198 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup>  | 7301 | 7455 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% <br> 10/15/2042 <sup>(a)(b)(e)</sup>  | 9486 | 9514 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup>  | 2432 | 2494 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(a)(b)(e)</sup>  | 1508 | 1513 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10568 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 395 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 98 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1414 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8278 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15694 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1497 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25650 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28487 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | USD240 | $236 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6204 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% <br> 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2024 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13015 | 13029 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 59 | 58 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 243 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup>  | 4409 | 4422 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3847 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3639 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26674 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2540 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 975 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup>  | 5667 | 5970 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 204 |
|  |  | 405804 |
| **Collateralized mortgage-backed obligations (privately originated) 2.87%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1464 | 1328 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 49 | 47 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 3728 | 3648 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11242 | 11004 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | 532 | 504 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 159 | 157 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 631 | 582 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 1869 | 1865 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 12435 | 12207 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 4882 | 4673 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 107 | 101 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 969 | 884 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(a)(b)(e)</sup>  | 411 | 420 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2028 | 2067 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1083 | 1091 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(a)(b)(e)</sup>  | 517 | 519 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 1/25/2044 <sup>(a)(b)(e)</sup>  | 2503 | 2501 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 511 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 2/25/2044 <sup>(a)(b)(e)</sup>  | 242 | 242 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1060 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(a)(b)(e)</sup>  | 1578 | 1577 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 9/25/2044 <sup>(a)(b)(e)</sup>  | 167 | 167 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(a)(b)(e)</sup>  | USD1,955 | $1959 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(a)(b)(e)</sup>  | 3390 | 3397 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) <br> 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 5187 | 5202 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1632 | 1365 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1791 | 1498 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup>  | 101 | 103 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup>  | 123 | 124 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1585 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average <br> USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup>  | 2438 | 2440 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup>  | 10256 | 10273 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average <br> USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup>  | 62 | 62 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1648 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2282 | 2288 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6559 | 6560 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 3684 | 3725 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | 1568 | 1444 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on <br>2/1/2028) <sup>(a)(e)(f)</sup>  | 655 | 644 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 3828 | 3748 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 13470 | 13613 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 537 | 548 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup>  | 1805 | 1808 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 1819 | 1679 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 17976 | 18016 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup>  | 3098 | 3108 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2237 | 2233 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1698 | 1685 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 5345 | 5395 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 2650 | 2674 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 5910 | 5981 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 5619 | 5690 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 14545 | 14727 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 4358 | 4369 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 16390 | 16559 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup>  | 7668 | 7687 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1245 | 1117 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1077 | 1063 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 1005 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14298 | 13641 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup>  | 4038 | 3852 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 2983 | 2892 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(a)(b)(e)</sup>  | 6364 | 6389 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 6910 | 6344 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3039 | 3071 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1368 | 1368 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5017 | 4955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | USD8,559 | $8592 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7453 | 7456 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3343 | 3324 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 12295 | 12443 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 5466 | 5541 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 11832 | 11940 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 3935 | 3959 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 19755 | 19928 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup>  | 4404 | 4425 |
|  |  | 326475 |
| **Total mortgage-backed obligations** |  | 3636714 |
| **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** |
| **Financials 9.16%** |  |  |
| AerCap Ireland Capital DAC 1.75% 1/30/2026  | 2841 | 2836 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 10289 | 10152 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027  | 3994 | 4104 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1696 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2109 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 524 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3647 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5061 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | USD359 | 392 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1661 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | 4927 | 5120 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2603 |
| American International Group, Inc. 4.85% 5/7/2030  | 24445 | 25070 |
| American International Group, Inc. 5.125% 3/27/2033  | 2749 | 2831 |
| Aon Corp. 5.35% 2/28/2033  | 1083 | 1128 |
| Aon North America, Inc. 5.15% 3/1/2029  | 3015 | 3103 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1005 | 1048 |
| Aon North America, Inc. 5.45% 3/1/2034  | 2550 | 2651 |
| Aon North America, Inc. 5.75% 3/1/2054  | 1163 | 1158 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3140 | 3215 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 1845 | 1866 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1845 | 1772 |
| Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on <br> 9/14/2026) <sup>(f)</sup>  | 1400 | 1377 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4226 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2646 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3055 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 354 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1144 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 24072 | 21536 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 41179 | 36834 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028  | 1370 | 1411 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026  | JPY300,000 | 1909 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2617 |
| Block, Inc. 2.75% 6/1/2026  | 1975 | 1964 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 1735 | 1771 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12934 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3403 |
| BPCE SA 0.895% 12/14/2026  | JPY100,000 | 636 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2151 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5307 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on <br> 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1331 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1929 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **175** | American Funds Insurance Series |

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------

The Bond Fund of America (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | USD3,814 | $3917 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4698 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11375 |
| CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2121 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 529 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1302 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3110 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2539 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 526 | 483 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 2020 | 2017 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4400 | 4503 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 2015 | 1761 |
| Citibank, NA 5.803% 9/29/2028  | 4100 | 4300 |
| Citigroup, Inc. 4.60% 3/9/2026  | 1800 | 1801 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 8006 |
| Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup>  | 933 | 933 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 20610 | 21059 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup>  | 3937 | 3574 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 907 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2951 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 129 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1918 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 3913 | 3890 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 3534 | 3479 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 3964 | 3764 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 361 | 310 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2445 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on <br> 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2940 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2982 |
| Deutsche Bank AG 4.10% 1/13/2026  | 7305 | 7305 |
| Deutsche Bank AG 4.10% 1/13/2026  | 857 | 857 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17308 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 1590 | 1518 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3265 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on <br>5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1188 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2165 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4954 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4900 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15267 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 487 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 2000 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11964 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 3015 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 13046 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12780 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3646 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5505 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4952 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 20687 | 21617 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 14659 | 15144 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup>  | 12107 | 12081 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2319 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13551 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8581 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2064 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1703 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **176** |

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------

The Bond Fund of America (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | USD15,400 | $15408 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | 6250 | 6235 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1973 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 6064 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 673 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 322 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1422 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20213 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2732 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8805 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 12022 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6762 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 11012 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6643 |
| JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup>  | 3870 | 4001 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup>  | 700 | 698 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 791 | 706 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4796 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 19889 | 20526 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 51163 | 53698 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2386 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1643 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2084 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2285 | 2316 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 250 | 245 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2060 | 1985 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% <br> on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1559 |
| MetLife, Inc. 5.375% 7/15/2033  | 1279 | 1349 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 870 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2093 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 637 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6114 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2185 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1472 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 784 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1349 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1769 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2090 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 13148 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 357 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22369 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22702 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | 1704 | 1725 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4810 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **177** | American Funds Insurance Series |

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------

The Bond Fund of America (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | USD3,031 | $2665 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11773 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3160 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup>  | 23571 | 23371 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026  | 2775 | 2817 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 624 |
| NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on <br> 3/2/2026) <sup>(f)</sup>  | 3555 | 3565 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 3/1/2027) <sup>(f)</sup>  | 2170 | 2209 |
| Navient Corp. 5.625% 8/1/2033  | 2470 | 2260 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2139 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 709 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 202 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1742 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4766 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13887 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 670 |
| Royal Bank of Canada 4.95% 2/1/2029  | 1360 | 1397 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5316 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3792 |
| Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% <br> on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 577 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026  | 1429 | 1443 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027  | 1100 | 1080 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033  | 373 | 398 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1459 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2131 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1381 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2647 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2585 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1803 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4866 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1688 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2568 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2142 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7562 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2861 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1827 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 11169 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on <br>8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6519 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(e)(f)</sup>  | 17490 | 18094 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15109 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9548 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1235 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18972 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br>2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3623 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | 1395 | 1404 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 462 | 462 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6573 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11384 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 980 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8452 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | USD7,187 | $7420 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6271 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4499 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4925 |
|  |  | 1040334 |
| **Health care 4.08%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 18501 | 19019 |
| AbbVie, Inc. 5.35% 3/15/2044  | 800 | 791 |
| AbbVie, Inc. 5.40% 3/15/2054  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064  | 550 | 535 |
| Amgen, Inc. 5.15% 3/2/2028  | 5326 | 5452 |
| Amgen, Inc. 4.05% 8/18/2029  | 7429 | 7425 |
| Amgen, Inc. 2.45% 2/21/2030  | 5131 | 4787 |
| Amgen, Inc. 5.25% 3/2/2030  | 2854 | 2964 |
| Amgen, Inc. 4.20% 3/1/2033  | 8502 | 8314 |
| Amgen, Inc. 5.25% 3/2/2033  | 20793 | 21530 |
| Amgen, Inc. 4.875% 3/1/2053  | 3360 | 2960 |
| Amgen, Inc. 4.40% 2/22/2062  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 6925 | 7170 |
| Baxter International, Inc. 4.45% 2/15/2029  | 9503 | 9539 |
| Baxter International, Inc. 2.539% 2/1/2032  | 3906 | 3405 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 3990 | 4156 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 22685 | 23590 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 425 | 426 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050  | 2113 | 1252 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052  | 2197 | 1616 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 12840 | 12619 |
| Centene Corp. 4.25% 12/15/2027  | 14860 | 14782 |
| Centene Corp. 2.45% 7/15/2028  | 12410 | 11630 |
| Centene Corp. 4.625% 12/15/2029  | 14945 | 14506 |
| Centene Corp. 3.375% 2/15/2030  | 15718 | 14489 |
| Cigna Group (The) 5.125% 5/15/2031  | 2095 | 2166 |
| Cigna Group (The) 5.25% 2/15/2034  | 3745 | 3858 |
| Cigna Group (The) 6.00% 1/15/2056  | 1600 | 1646 |
| CVS Health Corp. 5.125% 2/21/2030  | 1720 | 1768 |
| CVS Health Corp. 5.25% 1/30/2031  | 960 | 992 |
| CVS Health Corp. 5.55% 6/1/2031  | 3707 | 3881 |
| CVS Health Corp. 5.00% 9/15/2032  | 5853 | 5976 |
| CVS Health Corp. 5.25% 2/21/2033  | 2122 | 2185 |
| CVS Health Corp. 5.70% 6/1/2034  | 7706 | 8078 |
| CVS Health Corp. 5.45% 9/15/2035  | 4471 | 4578 |
| CVS Health Corp. 6.05% 6/1/2054  | 1995 | 1985 |
| CVS Health Corp. 6.20% 9/15/2055  | 6535 | 6640 |
| CVS Health Corp. 6.00% 6/1/2063  | 1076 | 1044 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 2322 | 2377 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 7577 | 7746 |
| Elevance Health, Inc. 4.55% 5/15/2052  | 271 | 226 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 784 | 710 |
| Elevance Health, Inc. 5.70% 2/15/2055  | 995 | 973 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 23057 | 23845 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 7907 | 7923 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 3340 | 3511 |
| HCA, Inc. 5.20% 6/1/2028  | 4165 | 4268 |
| HCA, Inc. 2.375% 7/15/2031  | 2233 | 2005 |
| HCA, Inc. 3.625% 3/15/2032  | 2400 | 2270 |
| HCA, Inc. 4.625% 3/15/2052  | 226 | 185 |
| Humana, Inc. 5.375% 4/15/2031  | 5530 | 5719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Humana, Inc. 5.55% 5/1/2035  | USD1,735 | $1772 |
| Humana, Inc. 5.75% 4/15/2054  | 954 | 902 |
| Johnson & Johnson 4.80% 6/1/2029  | 3970 | 4101 |
| Johnson & Johnson 4.90% 6/1/2031  | 4175 | 4361 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 3093 | 3014 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 1375 | 1393 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 7942 | 8029 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 5622 | 5327 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7164 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | 765 | 763 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 306 | 304 |
| Stryker Corp. 4.85% 2/10/2030  | 1235 | 1269 |
| Stryker Corp. 5.20% 2/10/2035  | 1110 | 1140 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 12074 | 12303 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 28059 | 29142 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 4431 | 4485 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 3720 | 4097 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2935 | 3383 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 725 | 761 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 26266 | 19898 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030  | 395 | 405 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 466 | 425 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 1910 | 1958 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1654 | 1633 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 15956 | 16348 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041  | 1300 | 986 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048  | 960 | 786 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 572 | 388 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 10472 | 10283 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 69 | 60 |
| Viatris, Inc. 4.00% 6/22/2050  | 1761 | 1173 |
|  |  | 463458 |
| **Consumer discretionary 3.73%** |  |  |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup>  | 3110 | 3124 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 331 |
| Amazon.com, Inc. 1.65% 5/12/2028  | 3860 | 3685 |
| Amazon.com, Inc. 3.45% 4/13/2029  | 600 | 593 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 4048 | 4033 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 10475 | 10231 |
| Amazon.com, Inc. 3.25% 5/12/2061  | 4100 | 2625 |
| Amazon.com, Inc. 4.10% 4/13/2062  | 470 | 363 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 4765 | 4626 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1069 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1286 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup>  | 3500 | 3541 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup>  | 5880 | 6042 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4251 |
| Ford Motor Co. 3.25% 2/12/2032  | 620 | 547 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026  | 855 | 857 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026  | 755 | 762 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026  | 4795 | 4822 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 13882 | 13815 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027  | 3145 | 3185 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 1940 | 1971 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027  | 37170 | 36884 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 3990 | 3931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | USD1,674 | $1748 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 24035 | 24608 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028  | 2030 | 2119 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 762 | 800 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1065 | 1001 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 6740 | 6889 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9854 | 9872 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029  | 5407 | 5452 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030  | 10668 | 11454 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 1015 | 1089 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 18420 | 17402 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 12074 | 12420 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 3037 | 2784 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031  | 19460 | 19961 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 3167 | 3403 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 12096 | 12297 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026  | 6712 | 6637 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027  | 9771 | 9579 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030  | 8013 | 8324 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 1201 | 1251 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 2888 | 3013 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1966 | 1903 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2559 | 2647 |
| Home Depot, Inc. 4.95% 6/25/2034  | 4749 | 4859 |
| Home Depot, Inc. 4.50% 12/6/2048  | 1915 | 1655 |
| Home Depot, Inc. 5.30% 6/25/2054  | 2234 | 2138 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 8567 | 8728 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5997 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 707 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7390 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7158 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8903 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1678 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7325 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1426 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1568 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26370 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3484 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3684 |
| Marriott International, Inc. 5.00% 10/15/2027  | 4470 | 4549 |
| Marriott International, Inc. 4.90% 4/15/2029  | 653 | 668 |
| Marriott International, Inc. 5.35% 3/15/2035  | 1365 | 1405 |
| McDonald's Corp. 5.00% 5/17/2029  | 1305 | 1344 |
| McDonald's Corp. 4.95% 3/3/2035  | 786 | 797 |
| McDonald's Corp. 4.45% 3/1/2047  | 3535 | 3027 |
| McDonald's Corp. 3.625% 9/1/2049  | 2938 | 2165 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 252 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 8860 | 9423 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 10252 | 10299 |
| Sands China, Ltd. 2.30% 3/8/2027  | 2368 | 2314 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 4954 | 4824 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030  | 1625 | 1655 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030  | 690 | 732 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 682 |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | 1635 | 1657 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5577 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 413 |
|  |  | 424080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities 3.30%** |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051  | USD1,380 | $937 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 1075 | 1111 |
| Alabama Power Co. 3.00% 3/15/2052  | 3219 | 2095 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 410 | 331 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052  | 525 | 445 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045  | 5895 | 5127 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053  | 1017 | 857 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2361 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3623 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031  | 1775 | 1581 |
| DTE Energy Co. 5.10% 3/1/2029  | 7900 | 8098 |
| DTE Energy Co. 3.00% 3/1/2032  | 259 | 240 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 332 | 320 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 370 | 400 |
| Duke Energy Florida, LLC 3.40% 10/1/2046  | 5669 | 4158 |
| Duke Energy Florida, LLC 3.00% 12/15/2051  | 293 | 191 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 575 | 597 |
| Duke Energy Progress, LLC 3.70% 9/1/2028  | 3750 | 3738 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 1775 | 1577 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 644 | 377 |
| Edison International 4.125% 3/15/2028  | 6768 | 6696 |
| Edison International 6.95% 11/15/2029  | 1575 | 1678 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1479 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3217 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1838 |
| Emera US Finance, LP 2.639% 6/15/2031  | 4400 | 3984 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1302 |
| Entergy Louisiana, LLC 4.20% 9/1/2048  | 5637 | 4561 |
| Eversource Energy 5.00% 1/1/2027  | 3415 | 3446 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 12602 | 11418 |
| Florida Power & Light Co. 4.40% 5/15/2028  | 1655 | 1677 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 7431 | 7711 |
| Florida Power & Light Co. 4.80% 5/15/2033  | 2929 | 2987 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 1255 | 1203 |
| Georgia Power Co. 4.95% 5/17/2033  | 1845 | 1882 |
| Georgia Power Co. 5.25% 3/15/2034  | 3200 | 3305 |
| Georgia Power Co. 3.70% 1/30/2050  | 190 | 143 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | 525 | 472 |
| NiSource, Inc. 5.40% 6/30/2033  | 650 | 675 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 27543 | 27543 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 10850 | 10824 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 2026 | 1965 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 7105 | 7000 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 2542 | 2466 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 13760 | 13595 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 7900 | 7960 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 35449 | 35312 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 21597 | 19464 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 11619 | 12552 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 1294 | 1440 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034  | 3581 | 3721 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 10340 | 7854 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 15807 | 10679 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 2410 | 2321 |
| PacifiCorp 3.30% 3/15/2051  | 325 | 209 |
| PacifiCorp 2.90% 6/15/2052  | 586 | 344 |
| PacifiCorp 5.80% 1/15/2055  | 7735 | 7224 |
| PECO Energy Co. 5.25% 9/15/2054  | 1775 | 1680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Public Service Electric and Gas Co. 3.20% 5/15/2029  | USD6,000 | $5850 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033  | 1200 | 1246 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055  | 1503 | 1476 |
| Southern California Edison Co. 4.90% 6/1/2026  | 1177 | 1179 |
| Southern California Edison Co. 3.65% 3/1/2028  | 225 | 222 |
| Southern California Edison Co. 5.30% 3/1/2028  | 3601 | 3679 |
| Southern California Edison Co. 4.20% 3/1/2029  | 7286 | 7244 |
| Southern California Edison Co. 2.85% 8/1/2029  | 7498 | 7112 |
| Southern California Edison Co. 5.25% 3/15/2030  | 19378 | 19884 |
| Southern California Edison Co. 2.50% 6/1/2031  | 5044 | 4527 |
| Southern California Edison Co. 5.45% 6/1/2031  | 8795 | 9106 |
| Southern California Edison Co. 5.20% 6/1/2034  | 5196 | 5226 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1845 | 1872 |
| Southern California Edison Co. 5.75% 4/1/2035  | 4549 | 4702 |
| Southern California Edison Co. 5.35% 7/15/2035  | 6450 | 6496 |
| Southern California Edison Co. 5.625% 2/1/2036  | 7051 | 7138 |
| Southern California Edison Co. 3.60% 2/1/2045  | 2417 | 1748 |
| Southern California Edison Co. 2.95% 2/1/2051  | 738 | 451 |
| Southwestern Electric Power Co. 1.65% 3/15/2026  | 3550 | 3531 |
| Southwestern Electric Power Co. 3.25% 11/1/2051  | 2075 | 1372 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2575 | 2294 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 525 | 461 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050  | 1075 | 785 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051  | 375 | 238 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 4230 | 4370 |
|  |  | 374200 |
| **Communication services 2.48%** |  |  |
| Alphabet, Inc. 4.70% 11/15/2035  | 2576 | 2578 |
| Alphabet, Inc. 5.35% 11/15/2045  | 2455 | 2441 |
| Alphabet, Inc. 5.45% 11/15/2055  | 5534 | 5433 |
| Alphabet, Inc. 5.70% 11/15/2075  | 6080 | 5989 |
| AT&T, Inc. 1.70% 3/25/2026  | 17807 | 17718 |
| AT&T, Inc. 1.65% 2/1/2028  | 4700 | 4481 |
| AT&T, Inc. 4.30% 2/15/2030  | 15940 | 15966 |
| AT&T, Inc. 2.55% 12/1/2033  | 12748 | 10884 |
| AT&T, Inc. 5.40% 2/15/2034  | 442 | 458 |
| AT&T, Inc. 4.50% 5/15/2035  | 174 | 167 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 9505 | 9497 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1157 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3299 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 1360 | 1420 |
| Charter Communications Operating, LLC 2.80% 4/1/2031  | 6057 | 5453 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 1302 | 1299 |
| Charter Communications Operating, LLC 5.75% 4/1/2048  | 5000 | 4270 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5134 | 3860 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2519 | 1592 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 6148 | 3974 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 1065 | 844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1058 | 1015 |
| Comcast Corp. 3.15% 2/15/2028  | 7200 | 7088 |
| Comcast Corp. 4.55% 1/15/2029  | 1610 | 1636 |
| Comcast Corp. 4.80% 5/15/2033  | 1841 | 1857 |
| Comcast Corp. 2.887% 11/1/2051  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054  | 3313 | 3108 |
| Comcast Corp. 5.50% 5/15/2064  | 250 | 224 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 1125 | 979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Meta Platforms, Inc. 4.20% 11/15/2030  | USD152 | $152 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 11473 | 11569 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 13299 | 13286 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 4233 | 4113 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 9090 | 8731 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 4352 | 4155 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1282 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6596 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 661 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 11059 |
| T-Mobile USA, Inc. 2.625% 4/15/2026  | 4416 | 4399 |
| T-Mobile USA, Inc. 3.75% 4/15/2027  | 5000 | 4986 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 705 | 719 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 175 | 178 |
| T-Mobile USA, Inc. 4.85% 1/15/2029  | 2725 | 2784 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 4500 | 4426 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 14691 | 13643 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 4970 | 5117 |
| T-Mobile USA, Inc. 5.05% 7/15/2033  | 832 | 849 |
| T-Mobile USA, Inc. 5.75% 1/15/2034  | 730 | 775 |
| T-Mobile USA, Inc. 3.00% 2/15/2041  | 2100 | 1566 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 920 | 940 |
| T-Mobile USA, Inc. 5.50% 1/15/2055  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 9144 | 8053 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 5047 | 4611 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4786 | 4219 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 7614 | 7610 |
| Verizon Communications, Inc. 4.78% 2/15/2035  | 1552 | 1529 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 625 | 444 |
| Verizon Communications, Inc. 3.875% 3/1/2052  | 4006 | 2970 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 356 | 354 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 22605 | 19871 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 12281 | 8674 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1030 | 681 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 385 |
|  |  | 281499 |
| **Industrials 1.78%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 499 |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 613 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 460 |
| Air Lease Corp. 2.875% 1/15/2026  | 10172 | 10167 |
| Air Lease Corp. 2.20% 1/15/2027  | 4341 | 4254 |
| Air Lease Corp. 5.20% 7/15/2031  | 3650 | 3711 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1215 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3584 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2242 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 590 |
| Boeing Co. (The) 2.75% 2/1/2026  | 11211 | 11198 |
| Boeing Co. (The) 2.196% 2/4/2026  | 9781 | 9763 |
| Boeing Co. (The) 2.70% 2/1/2027  | 6473 | 6382 |
| Boeing Co. (The) 5.04% 5/1/2027  | 13539 | 13683 |
| Boeing Co. (The) 6.259% 5/1/2027  | 4214 | 4326 |
| Boeing Co. (The) 3.25% 2/1/2028  | 11810 | 11618 |
| Boeing Co. (The) 3.25% 3/1/2028  | 1925 | 1891 |
| Boeing Co. (The) 6.298% 5/1/2029  | 1507 | 1600 |
| Boeing Co. (The) 5.15% 5/1/2030  | 25342 | 26048 |
| Boeing Co. (The) 3.625% 2/1/2031  | 751 | 722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.388% 5/1/2031  | USD5,632 | $6114 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1381 | 1528 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 578 | 434 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1801 | 1196 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1280 |
| CSX Corp. 4.10% 11/15/2032  | 1886 | 1852 |
| CSX Corp. 5.20% 11/15/2033  | 1333 | 1388 |
| CSX Corp. 4.50% 11/15/2052  | 4470 | 3797 |
| General Dynamics Corp. 3.75% 5/15/2028  | 479 | 480 |
| General Dynamics Corp. 3.625% 4/1/2030  | 387 | 380 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 1126 | 1173 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13464 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2674 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 1734 | 1798 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033  | 2909 | 2938 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 1124 | 1014 |
| Republic Services, Inc. 2.375% 3/15/2033  | 1635 | 1428 |
| Republic Services, Inc. 5.00% 4/1/2034  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026  | 550 | 558 |
| RTX Corp. 3.125% 5/4/2027  | 4551 | 4505 |
| RTX Corp. 4.125% 11/16/2028  | 4974 | 4995 |
| RTX Corp. 5.75% 1/15/2029  | 410 | 429 |
| RTX Corp. 6.00% 3/15/2031  | 550 | 593 |
| RTX Corp. 2.375% 3/15/2032  | 451 | 403 |
| RTX Corp. 6.10% 3/15/2034  | 401 | 439 |
| RTX Corp. 2.82% 9/1/2051  | 665 | 415 |
| RTX Corp. 3.03% 3/15/2052  | 1190 | 777 |
| RTX Corp. 6.40% 3/15/2054  | 1006 | 1108 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | 2550 | 2319 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup>  | 2405 | 2497 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2240 |
| Union Pacific Corp. 2.15% 2/5/2027  | 2213 | 2174 |
| Union Pacific Corp. 2.40% 2/5/2030  | 4454 | 4173 |
| Union Pacific Corp. 2.375% 5/20/2031  | 2298 | 2108 |
| Union Pacific Corp. 2.80% 2/14/2032  | 5244 | 4824 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2104 | 2172 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1405 | 898 |
| Union Pacific Corp. 5.60% 12/1/2054  | 470 | 469 |
| Waste Management, Inc. 1.50% 3/15/2031  | 419 | 366 |
| Waste Management, Inc. 4.80% 3/15/2032  | 4135 | 4234 |
|  |  | 201609 |
| **Energy 1.64%** |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 284 |
| APA Corp. 4.25% 1/15/2030  | 2465 | 2423 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 409 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026  | 1136 | 1117 |
| Cenovus Energy, Inc. 2.65% 1/15/2032  | 2969 | 2640 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 289 | 281 |
| Cenovus Energy, Inc. 3.75% 2/15/2052  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026  | 3365 | 3355 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 23266 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 284 |
| Devon Energy Corp. 5.75% 9/15/2054  | 2068 | 1902 |
| Ecopetrol SA 8.875% 1/13/2033  | 15325 | 16377 |
| Energy Transfer, LP 5.25% 7/1/2029  | 979 | 1008 |
| Energy Transfer, LP 6.40% 12/1/2030  | 479 | 518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Enterprise Products Operating, LLC 4.60% 1/15/2031  | USD5,332 | $5399 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 1465 | 1483 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028  | 4928 | 4916 |
| Equinor ASA 3.125% 4/6/2030  | 20000 | 19285 |
| Equinor ASA 3.25% 11/18/2049  | 5687 | 3970 |
| Exxon Mobil Corp. 3.043% 3/1/2026  | 4625 | 4619 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6510 | 4676 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 7490 | 7844 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1503 |
| Occidental Petroleum Corp. 6.625% 9/1/2030  | 5120 | 5516 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 5200 | 5307 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1693 |
| Oleoducto Central SA 4.00% 7/14/2027  | 350 | 346 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 22614 | 22990 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 14185 | 15216 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 11164 | 11344 |
| Shell Finance US, Inc. 2.75% 4/6/2030  | 377 | 358 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027  | 809 | 817 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup>  | 595 | 600 |
| TotalEnergies Capital International SA 3.455% 2/19/2029  | 885 | 872 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 6805 | 6400 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup>  | 2395 | 2448 |
|  |  | 186662 |
| **Consumer staples 1.60%** |  |  |
| Altria Group, Inc. 4.40% 2/14/2026  | 4585 | 4585 |
| Altria Group, Inc. 4.875% 2/4/2028  | 1330 | 1352 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049  | 4715 | 4710 |
| BAT Capital Corp. 3.557% 8/15/2027  | 9271 | 9206 |
| BAT Capital Corp. 2.259% 3/25/2028  | 2353 | 2265 |
| BAT Capital Corp. 6.343% 8/2/2030  | 2210 | 2391 |
| BAT Capital Corp. 4.742% 3/16/2032  | 2675 | 2701 |
| BAT Capital Corp. 5.35% 8/15/2032  | 18664 | 19427 |
| BAT Capital Corp. 6.421% 8/2/2033  | 4665 | 5153 |
| BAT Capital Corp. 5.625% 8/15/2035  | 12170 | 12684 |
| BAT Capital Corp. 7.079% 8/2/2043  | 1323 | 1492 |
| BAT Capital Corp. 5.65% 3/16/2052  | 120 | 114 |
| BAT International Finance PLC 1.668% 3/25/2026  | 4070 | 4048 |
| BAT International Finance PLC 4.448% 3/16/2028  | 2925 | 2949 |
| Constellation Brands, Inc. 3.50% 5/9/2027  | 7500 | 7449 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 890 | 894 |
| Constellation Brands, Inc. 4.80% 5/1/2030  | 1618 | 1646 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1320 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 1978 | 1987 |
| Constellation Brands, Inc. 4.90% 5/1/2033  | 2807 | 2822 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 2726 | 2753 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 2725 | 2346 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 24345 | 24547 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 3110 | 2926 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 685 | 589 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4774 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3753 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 16112 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2391 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13193 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 5520 | 5509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 5.25% 9/7/2028  | USD2,800 | $2894 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 982 | 1015 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 4565 | 4805 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 830 | 848 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1644 | 1720 |
| Walmart, Inc. 4.90% 4/28/2035  | 1013 | 1042 |
| Walmart, Inc. 4.50% 4/15/2053  | 1416 | 1253 |
|  |  | 181665 |
| **Information technology 1.06%** |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031  | 270 | 240 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 717 | 741 |
| Analog Devices, Inc. 2.80% 10/1/2041  | 521 | 385 |
| Broadcom, Inc. 5.05% 7/12/2027  | 2545 | 2592 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 607 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2177 | 2242 |
| Broadcom, Inc. 5.15% 11/15/2031  | 5186 | 5383 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 617 |
| Broadcom, Inc. 3.469% 4/15/2034  | 11652 | 10628 |
| Broadcom, Inc. 4.80% 10/15/2034  | 1063 | 1065 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 730 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2843 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 991 | 1028 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 843 | 868 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 2675 | 2750 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 784 | 752 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1339 |
| Intel Corp. 3.05% 8/12/2051  | 1530 | 942 |
| Intel Corp. 5.60% 2/21/2054  | 7880 | 7280 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4350 | 4441 |
| Oracle Corp. 1.65% 3/25/2026  | 4867 | 4837 |
| Oracle Corp. 4.80% 8/3/2028  | 615 | 618 |
| Oracle Corp. 4.45% 9/26/2030  | 2610 | 2554 |
| Oracle Corp. 5.25% 2/3/2032  | 1340 | 1340 |
| Oracle Corp. 4.80% 9/26/2032  | 5105 | 4930 |
| Oracle Corp. 5.50% 8/3/2035  | 2374 | 2327 |
| Oracle Corp. 5.20% 9/26/2035  | 6715 | 6436 |
| Oracle Corp. 5.875% 9/26/2045  | 2800 | 2530 |
| Oracle Corp. 6.00% 8/3/2055  | 5970 | 5269 |
| Oracle Corp. 5.95% 9/26/2055  | 9220 | 8175 |
| Oracle Corp. 6.10% 9/26/2065  | 2295 | 2026 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 1813 | 1827 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21470 | 21829 |
| Synopsys, Inc. 5.70% 4/1/2055  | 8055 | 7999 |
|  |  | 120170 |
| **Materials 0.72%** |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040  | 2911 | 2192 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 138 | 143 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 4050 | 4134 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 272 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 6297 | 6495 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 3575 | 3743 |
| Celanese US Holdings, LLC 6.83% 7/15/2029  | 13862 | 14553 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 4530 | 4777 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 800 | 833 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1031 | 1090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | USD834 | $845 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup>  | 7250 | 7653 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 129 | 128 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 66 | 66 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 142 | 125 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 62 | 64 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 764 | 665 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 469 | 471 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 745 | 737 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5210 | 5188 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 215 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 300 | 294 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 768 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030  | 25776 | 26494 |
|  |  | 81945 |
| **Real estate 0.66%** |  |  |
| American Tower Corp. 3.65% 3/15/2027  | 1375 | 1370 |
| Boston Properties, LP 2.90% 3/15/2030  | 4630 | 4346 |
| Boston Properties, LP 3.25% 1/30/2031  | 463 | 435 |
| Boston Properties, LP 2.55% 4/1/2032  | 1674 | 1462 |
| Boston Properties, LP 2.45% 10/1/2033  | 1335 | 1105 |
| Boston Properties, LP 6.50% 1/15/2034  | 10849 | 11689 |
| Boston Properties, LP 5.75% 1/15/2035  | 11874 | 12219 |
| COPT Defense Properties, LP 2.00% 1/15/2029  | 1139 | 1064 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1547 | 1412 |
| COPT Defense Properties, LP 2.90% 12/1/2033  | 564 | 482 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 368 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 4874 | 4953 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1301 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1763 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2680 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2987 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3038 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 667 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 2097 | 2147 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4969 |
| Prologis, LP 4.875% 6/15/2028  | 1040 | 1066 |
| Prologis, LP 4.75% 6/15/2033  | 1409 | 1423 |
| Prologis, LP 5.125% 1/15/2034  | 6175 | 6350 |
| Prologis, LP 5.00% 3/15/2034  | 360 | 367 |
| Prologis, LP 5.25% 6/15/2053  | 117 | 112 |
| Service Properties Trust 3.95% 1/15/2028  | 1710 | 1616 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3199 |
|  |  | 74590 |
| **Total corporate bonds and notes** |  | 3430212 |
| **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** |
| **U.S. Treasury 24.19%** |  |  |
| U.S. Treasury 3.625% 5/15/2026  | 1926 | 1927 |
| U.S. Treasury 4.625% 6/30/2026  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026  | 8871 | 8710 |
| U.S. Treasury 4.625% 11/15/2026  | 3589 | 3621 |
| U.S. Treasury 4.00% 1/15/2027  | 3741 | 3759 |
| U.S. Treasury 1.875% 2/28/2027  | 4000 | 3926 |
| U.S. Treasury 2.625% 5/31/2027  | 43530 | 43009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.25% 11/15/2027  | USD105,830 | $103496 |
| U.S. Treasury 6.125% 11/15/2027  | 24000 | 25141 |
| U.S. Treasury 3.375% 11/30/2027  | 241 | 240 |
| U.S. Treasury 3.375% 12/31/2027  | 477291 | 476377 |
| U.S. Treasury 1.125% 2/29/2028  | 9895 | 9412 |
| U.S. Treasury 4.00% 2/29/2028  | 4750 | 4800 |
| U.S. Treasury 3.625% 3/31/2028  | 13 | 13 |
| U.S. Treasury 1.00% 7/31/2028  | 5630 | 5283 |
| U.S. Treasury 1.125% 8/31/2028  | 13555 | 12735 |
| U.S. Treasury 5.25% 11/15/2028  | 5700 | 5964 |
| U.S. Treasury 3.50% 12/15/2028  | 199754 | 199527 |
| U.S. Treasury 2.375% 5/15/2029  | 4070 | 3915 |
| U.S. Treasury 4.00% 7/31/2029  | 334 | 338 |
| U.S. Treasury 3.875% 12/31/2029  | 44049 | 44426 |
| U.S. Treasury 3.75% 5/31/2030  | 13300 | 13335 |
| U.S. Treasury 4.125% 8/31/2030  | 11215 | 11414 |
| U.S. Treasury 3.625% 9/30/2030  | 90415 | 90087 |
| U.S. Treasury 4.875% 10/31/2030  | 92133 | 96812 |
| U.S. Treasury 3.625% 12/31/2030  | 390618 | 388833 |
| U.S. Treasury 4.125% 10/31/2031  | 1408 | 1431 |
| U.S. Treasury 4.125% 11/30/2031  | 985 | 1000 |
| U.S. Treasury 4.125% 11/15/2032  | 114 | 115 |
| U.S. Treasury 3.875% 12/31/2032  | 97978 | 97588 |
| U.S. Treasury 4.375% 5/15/2034  | 100 | 102 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup>  | 279661 | 275859 |
| U.S. Treasury 4.25% 5/15/2039  | 125497 | 123105 |
| U.S. Treasury 1.375% 11/15/2040  | 24540 | 15963 |
| U.S. Treasury 1.875% 2/15/2041  | 24272 | 16986 |
| U.S. Treasury 4.75% 2/15/2041  | 75066 | 76525 |
| U.S. Treasury 2.00% 11/15/2041  | 57 | 40 |
| U.S. Treasury 2.375% 2/15/2042  | 2701 | 1992 |
| U.S. Treasury 3.25% 5/15/2042  | 10848 | 9065 |
| U.S. Treasury 4.625% 11/15/2045  | 135934 | 133003 |
| U.S. Treasury 3.00% 2/15/2049  | 124633 | 92014 |
| U.S. Treasury 2.875% 5/15/2049  | 19228 | 13825 |
| U.S. Treasury 2.875% 5/15/2052  | 990 | 694 |
| U.S. Treasury 4.00% 11/15/2052  | 7328 | 6368 |
| U.S. Treasury 4.125% 8/15/2053  | 213 | 189 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup>  | 299333 | 294934 |
| U.S. Treasury 4.625% 11/15/2055  | 29639 | 28616 |
|  |  | 2746985 |
| **U.S. Treasury inflation-protected securities 0.79%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup>  | 6136 | 6080 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup>  | 7763 | 7367 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup>  | 32118 | 32048 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup>  |  | — <br><sup>(c)</sup><br>|
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup>  | 6206 | 4840 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup>  | 2329 | 2095 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup>  | 38874 | 36904 |
|  |  | 89334 |
| **Total U.S. Treasury bonds & notes** |  | 2836319 |
| **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** |
| **Other asset-backed securities 2.53%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9876 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | USD3,485 | $3491 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 331 | 331 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup>  | 6839 | 6867 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4747 | 4785 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 4471 | 4531 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 114 | 113 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, <br> 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 2926 | 2782 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, <br> 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 337 | 324 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 643 | 645 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 5912 | 5968 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 11152 | 11364 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13267 | 12589 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5184 | 4903 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 581 | 578 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 44 | 44 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18279 | 15529 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1884 | 1593 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 2137 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 236 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5923 | 4814 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1184 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14807 | 14622 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6495 | 6325 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 4137 | 4154 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1386 | 1310 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 2826 | 2675 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 255 | 237 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 234 | 220 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | 7169 | 7280 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 3764 | 3793 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1315 | 1262 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 996 | 937 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 111 | 101 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1655 | 1592 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6116 | 5728 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1695 | 1597 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1428 | 1334 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 8887 | 8995 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 443 | 445 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 5615 | 5652 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3178 | 3039 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 42529 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 3741 | 3766 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup>  | 5756 | 5781 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2326 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup>  | 1707 | 1713 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 1546 | 1550 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 2281 | 2299 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1716 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4579 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup>  | 909 | 920 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4300 | 4320 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 735 | 738 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 858 | 862 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2088 | 1996 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 385 | 369 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1792 | 1711 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1097 | 1074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | USD136 | $134 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 422 | 413 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 486 | 474 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | 793 | 774 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1746 | 1673 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 666 | 646 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1378 | 1310 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4449 | 4193 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 249 | 233 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 3760 | 3566 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3080 | 2952 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 92 | 84 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7133 | 6740 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2496 | 2324 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 243 | 224 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5478 |
|  |  | 287253 |
| **Auto loan 1.26%** |  |  |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 275 | 277 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 23 | 23 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2609 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 809 | 807 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 208 | 207 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 426 | 426 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3405 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 525 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 191 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6844 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1371 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5267 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4817 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 90 | 91 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 769 | 772 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 231 | 233 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 176 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 435 | 440 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 875 | 881 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 814 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 455 | 455 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 434 | 435 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 86 | 86 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 1484 | 1490 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 6817 | 6842 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 899 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 58 | 58 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 7335 | 7391 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 642 | 639 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 1028 | 1030 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 226 | 227 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 194 | 194 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 776 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 469 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1102 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 435 | 438 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4305 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | USD218 | $218 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 566 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 520 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 1772 | 1779 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1066 | 1079 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 18 | 18 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 272 | 274 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4949 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2802 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4185 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1610 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup>  | 948 | 979 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 333 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1152 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17440 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1240 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 843 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3073 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 80 | 80 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 84 | 85 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 191 | 192 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 174 | 174 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 101 | 101 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 616 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 856 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1370 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3279 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | 714 | 728 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 630 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 498 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 125 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 707 | 717 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 351 | 354 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 111 | 112 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 204 | 204 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 707 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 1082 | 1084 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 334 | 336 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 367 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 909 | 910 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 939 | 941 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2243 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1265 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 9559 | 9657 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 8464 | 8557 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 174 | 175 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 143805 |
| **Student loan 0.36%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 6374 | 6450 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1434 | 1316 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 845 | 763 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 542 | 493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Student loan (continued)** |  |  |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | USD14,884 | $14850 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 141 | 133 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2397 | 2269 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 5464 | 5184 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(b)(e)</sup>  | 1816 | 1813 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% <br>7/25/2051 <sup>(a)(b)(e)</sup>  | 146 | 146 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(a)(b)(e)</sup>  | 628 | 635 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 569 | 585 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6322 | 6422 |
|  |  | 41059 |
| **Credit card 0.24%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | 13550 | 13583 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup>  | 2456 | 2463 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup>  | 2416 | 2429 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8526 |
|  |  | 27001 |
| **Collateralized loan obligations 0.00%** |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(a)(b)(e)</sup>  | 50 | 50 |
| **Total asset-backed obligations** |  | 499168 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |
| **Mexico 1.22%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup>  | 74976 | 76464 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 7183 | 7326 |
| United Mexican States 6.00% 5/13/2030  | 2960 | 3107 |
| United Mexican States 6.00% 5/7/2036  | 32486 | 32998 |
| United Mexican States 6.875% 5/13/2037  | 3200 | 3422 |
| United Mexican States 7.375% 5/13/2055  | 14311 | 15452 |
|  |  | 138769 |
| **Greece 0.46%** |  |  |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | EUR10,830 | 12140 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031  | 9600 | 10112 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033  | 23825 | 29987 |
|  |  | 52239 |
| **Dominican Republic 0.08%** |  |  |
| Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup>  | USD8,100 | 8198 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 731 |
|  |  | 8929 |
| **Poland 0.01%** |  |  |
| Poland (Republic of), Series 10Y, 5.75% 11/16/2032  | 555 | 597 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | 830 | 845 |
|  |  | 1442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.00% 1/31/2052  | USD580 | $461 |
| **Paraguay 0.00%** |  |  |
| Paraguay (Republic of) 5.00% 4/15/2026  | 285 | 287 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 202127 |
| **Municipals 1.47%** | **Municipals 1.47%** | **Municipals 1.47%** |
| **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034  | 2100 | 2452 |
| **Illinois 1.28%** |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% <br> 11/1/2029  | 65 | 65 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 29238 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8512 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% <br> 12/1/2049  | 865 | 876 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% <br> 12/1/2050  | 1610 | 1683 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 102799 | 105401 |
|  |  | 145775 |
| **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 7500 | 7763 |
| **New York 0.03%** |  |  |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045  | 1640 | 1632 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051  | 1175 | 1146 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055  | 460 | 445 |
|  |  | 3223 |
| **Texas 0.03%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 4075 | 2827 |
| **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 4490 | 4459 |
| **Total municipals** |  | 166499 |
| **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** |
| Federal National Mortgage Association 2.125% 4/24/2026  | 11910 | 11855 |
| **Loans 0.06%** | **Loans 0.06%** | **Loans 0.06%** |
| **Financials 0.06%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(e)(g)(j)</sup>  | 6407 | 6359 |
| **Total bonds, notes & other debt instruments** (cost: $10,859,504,000) |  | 10789253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% | Shares | Value<br> (000)<br>|
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | $13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $8,000) |  | 14 |
| Short-term securities 5.50% |  |  |
| **Money market investments 5.50%** | **Money market investments 5.50%** | **Money market investments 5.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 6241739 | 624236 |
| **Total short-term securities** (cost: $624,125,000) | **Total short-term securities** (cost: $624,125,000) | 624236 |
| **Total investment securities 100.51%** (cost: $11,483,637,000) |  | 11413503 |
| Other assets less liabilities (0.51)% |  | (57477)<br>|
| **Net assets 100.00%** |  | $11356026 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |
| 30 Day Federal Funds Futures | Long | 548 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 3 Month SOFR Futures | Long | 57 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3 Month SOFR Futures | Long | 103 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2996958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2942)<br>|
| 10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| 10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150370)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| 10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143079)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1040)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8582)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $338 |
| USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>|
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,300 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,260 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD106,170 | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>|
| SOFR | Annual | 3.2715% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD43,510 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>|
| SOFR | Annual | 3.4415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,470 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| SOFR | Annual | 3.325% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| SOFR | Annual | 3.2175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,786 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| SOFR | Annual | 3.2385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,168 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| SOFR | Annual | 3.2145% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.2155% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.237% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,480 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD21,160 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD24,673 | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,935 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,954 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,361 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,580 | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| SOFR | Annual | 3.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,370 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.486% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,500 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| SOFR | Annual | 3.665% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,000 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.648% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,270 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| TONAR | Annual | 1.52125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| TONAR | Annual | 1.52% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY400,000 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| TONAR | Annual | 1.51812% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY2,185,658 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,240 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| TONAR | Annual | 1.4925% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY368,643 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| SOFR | Annual | 3.663% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,500 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| TONAR | Annual | 1.53% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY370,941 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| TONAR | Annual | 1.5225% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| TONAR | Annual | 1.51% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| TONAR | Annual | 1.491% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| TONAR | Annual | 1.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY231,314 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.504% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,510 | &nbsp;&nbsp;&nbsp;&nbsp; $344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $344 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,280 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,050 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,409 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| SOFR | Annual | 4.137% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,100 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| SOFR | Annual | 4.052% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,880 | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| 2.477% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY200,000 | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| 2.47825% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY500,000 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| 2.47% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY904,764 | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| 2.5425% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY153,945 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| SOFR | Annual | 3.953% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,960 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| 2.57% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY155,295 | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| 2.515% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| 2.52% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,646 | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2.50% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 2.51625% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY96,259 | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| SOFR | Annual | 3.8185% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,760 | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,555 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,701 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4801 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4801 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (63)<br>|
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (81)<br>|
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (102)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (106)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (118)<br>|
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (184)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (200)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (289)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (289)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (293)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (307)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (582)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (588)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (607)<br>|
| 13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,400 | &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (49)<br>|
| 13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,625 | &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (51)<br>|
| 13.03% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL41,625 | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (136)<br>|
| 13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL80,500 | &nbsp;&nbsp; (187)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (187)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(1928)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1928)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD183,800 | &nbsp;&nbsp;&nbsp;&nbsp; $(14043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(174)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD67,870 | &nbsp;&nbsp;&nbsp;&nbsp; $1538 | &nbsp;&nbsp;&nbsp;&nbsp; $1546 | &nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 5.50%** |  |  |  |  |  |  |  |
| **Money market investments 5.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $5041681 | &nbsp;&nbsp; $5147668 | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $624236 | &nbsp;&nbsp; $32185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund. 

<sup>(i)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund. 

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| TONAR = Tokyo Overnight Average Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros 20.50%** |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $3125 |
| Albania (Republic of) 4.75% 2/14/2035  | 2290 | 2729 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 642 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 124 |
| Altria Group, Inc. 3.125% 6/15/2031  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027  | 2525 | 2908 |
| American Tower Corp. 0.875% 5/21/2029  | 1470 | 1616 |
| Amprion Gmbh 4.125% 9/7/2034  | 2600 | 3153 |
| Amprion Gmbh 3.875% 6/5/2036  | 1800 | 2112 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027  | 2000 | 2310 |
| AT&T, Inc. 1.60% 5/19/2028  | 2350 | 2698 |
| Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on <br>9/3/2029) <sup>(a)</sup>  | 1000 | 1211 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1110 |
| Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 877 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 5993 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3331 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054  | 880 | 869 |
| BMS Ireland Capital Funding DAC 3.857% 11/10/2038  | 290 | 336 |
| BMS Ireland Capital Funding DAC 4.289% 11/10/2045  | 220 | 254 |
| BMS Ireland Capital Funding DAC 4.581% 11/10/2055  | 1680 | 1930 |
| BPCE SA 4.50% 1/13/2033  | 1400 | 1728 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1112 |
| Bulgaria (Republic of) 3.375% 7/18/2035  | 1340 | 1552 |
| Coca-Cola Co. 3.375% 8/15/2037  | 155 | 177 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2348 |
| Croatia (Republic of) 3.25% 2/11/2037  | 1005 | 1145 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4441 |
| Deutsche Telekom AG 3.25% 6/4/2035  | 1990 | 2305 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033  | 200 | 297 |
| Dow Chemical Co. (The) 1.125% 3/15/2032  | 827 | 835 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | 300 | 352 |
| Electricite de France SA 4.25% 1/25/2032  | 1300 | 1602 |
| Electricite de France SA 4.00% 5/7/2037  | 500 | 583 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(a)</sup>  | 5000 | 5744 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(a)</sup>  | 1200 | 1538 |
| Enel Finance International NV 4.00% 2/20/2031  | 465 | 567 |
| Engie SA 3.875% 1/6/2031  | 1000 | 1215 |
| Equinor ASA 1.375% 5/22/2032  | 3650 | 3841 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 304 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2537 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1613 |
| European Investment Bank 0.25% 1/20/2032  | 2075 | 2106 |
| European Investment Bank 1.50% 6/15/2032  | 1000 | 1088 |
| European Investment Bank 2.875% 1/12/2033  | 4500 | 5300 |
| European Investment Bank 2.875% 1/15/2035  | 395 | 458 |
| European Union 0.25% 10/22/2026  | 610 | 707 |
| European Union 2.875% 12/6/2027  | 1060 | 1261 |
| European Union 2.875% 10/5/2029  | 170 | 203 |
| European Union 2.50% 10/14/2030  | 1375 | 1607 |
| European Union 3.125% 12/4/2030  | 190 | 228 |
| European Union 0% 7/4/2031  | 705 | 716 |
| European Union 2.75% 12/13/2032  | 2010 | 2343 |
| European Union 3.25% 7/4/2034  | 380 | 453 |
| European Union 0% 7/4/2035  | 220 | 191 |
| European Union 3.375% 12/12/2035  | 10230 | 12201 |
| European Union 3.625% 12/12/2040  | 9495 | 11123 |
| European Union 3.75% 10/12/2045  | 635 | 736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| European Union 0.70% 7/6/2051  | EUR3,000 | $1724 |
| European Union 3.375% 10/5/2054  | 540 | 562 |
| European Union 4.00% 10/12/2055  | 2070 | 2400 |
| Finland (Republic of) 3.00% 9/15/2033  | 2370 | 2792 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | 960 | 1137 |
| French Republic O.A.T. 0.75% 2/25/2028  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029  | 1790 | 2119 |
| French Republic O.A.T. 0% 11/25/2030  | 19550 | 20068 |
| French Republic O.A.T. 0% 5/25/2032  | 2120 | 2056 |
| French Republic O.A.T. 2.00% 11/25/2032  | 3170 | 3467 |
| French Republic O.A.T. 3.00% 5/25/2033  | 1920 | 2225 |
| French Republic O.A.T. 3.00% 11/25/2034  | 4430 | 5039 |
| French Republic O.A.T. 0.50% 5/25/2040  | 600 | 440 |
| French Republic O.A.T. 0.75% 5/25/2052  | 180 | 93 |
| French Republic O.A.T. 3.75% 5/25/2056  | 400 | 414 |
| Germany (Federal Republic of) 0% 10/9/2026  | 2305 | 2668 |
| Germany (Federal Republic of) 0% 11/15/2027  | 1400 | 1583 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 930 | 1034 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 23125 | 26485 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 1300 | 1203 |
| Germany (Federal Republic of) 0% 8/15/2050  | 1200 | 609 |
| Germany (Federal Republic of) 2.90% 8/15/2056  | 1190 | 1247 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 615 | 750 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 690 | 773 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 1915 | 2089 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033  | 3200 | 3943 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035  | 2895 | 3455 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054  | 640 | 734 |
| Hungary (Republic of) 4.875% 3/22/2040  | 305 | 358 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1558 |
| Ireland (Republic of) 2.60% 10/18/2034  | 1820 | 2073 |
| Ireland (Republic of) 3.00% 10/18/2043  | 1130 | 1245 |
| Ireland (Republic of) 3.15% 10/18/2055  | 755 | 791 |
| Italy (Republic of) 3.10% 8/28/2026  | 3425 | 4052 |
| Italy (Republic of) 1.35% 4/1/2030  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030  | 1365 | 1600 |
| Italy (Republic of) 3.25% 11/15/2032  | 2595 | 3075 |
| Italy (Republic of) 4.20% 3/1/2034  | 1430 | 1791 |
| Italy (Republic of) 3.65% 8/1/2035  | 5600 | 6685 |
| Italy (Republic of) 3.85% 10/1/2040  | 2180 | 2549 |
| Italy (Republic of) 4.30% 10/1/2054  | 4875 | 5687 |
| Johnson & Johnson 3.35% 2/26/2037  | 360 | 414 |
| Lithuania (Republic of) 3.50% 7/3/2031  | 1170 | 1406 |
| Lithuania (Republic of) 2.125% 6/1/2032  | 2665 | 2942 |
| Lithuania (Republic of) 3.50% 2/13/2034  | 1620 | 1919 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 120 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | 1430 | 1802 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2287 |
| MPT Finance Corp. 7.00% 2/15/2032  | 100 | 123 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2989 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 211 |
| Ontario (Province of) 3.25% 7/3/2035  | 2420 | 2816 |
| Orange 3.50% 5/19/2035  | 1600 | 1856 |
| PepsiCo, Inc. 0.75% 10/14/2033  | 2000 | 1947 |
| Philip Morris International, Inc. 2.75% 6/6/2029  | 770 | 899 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 414 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 907 |
| Portugal (Republic of) 0.475% 10/18/2030  | 350 | 375 |
| Portugal (Republic of) 3.00% 6/15/2035  | 1720 | 1998 |
| Portugal (Republic of) 3.375% 6/15/2040  | 715 | 822 |
| Portugal (Republic of) 3.625% 6/12/2054  | 685 | 755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| Prysmian SpA 3.875% 11/28/2031  | EUR435 | $524 |
| Romania 2.125% 3/7/2028  | 500 | 579 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034  | 475 | 571 |
| Shell International Finance BV 1.50% 4/7/2028  | 2000 | 2299 |
| Slovak Republic, Series 250, 3.75% 3/6/2034  | 640 | 773 |
| Spain (Kingdom of) 0% 1/31/2028  | 900 | 1012 |
| Spain (Kingdom of) 1.40% 7/30/2028  | 1650 | 1898 |
| Spain (Kingdom of) 1.45% 4/30/2029  | 1890 | 2156 |
| Spain (Kingdom of) 1.25% 10/31/2030  | 1295 | 1428 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 1247 | 1289 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 5005 | 6082 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 1980 | 2347 |
| Spain (Kingdom of) 3.20% 10/31/2035  | 510 | 595 |
| Spain (Kingdom of) 1.90% 10/31/2052  | 1010 | 775 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030  | 200 | 229 |
| Stryker Corp. 1.00% 12/3/2031  | 450 | 466 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | 1705 | 1984 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027  | 1850 | 2079 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | 2230 | 2571 |
| United Mexican States 3.50% 9/19/2029  | 650 | 763 |
| Verallia SAS 3.875% 11/4/2032  | 4500 | 5161 |
| Verizon Communications, Inc. 3.50% 6/28/2032  | 1620 | 1914 |
|  |  | 303335 |
| **Japanese yen 7.20%** |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026  | JPY100,000 | 637 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | 400000 | 2534 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029  | 300000 | 1869 |
| Japan, Series 474, 0.70% 7/1/2027  | 762850 | 4845 |
| Japan, Series 352, 0.10% 9/20/2028  | 2585750 | 16016 |
| Japan, Series 356, 0.10% 9/20/2029  | 1029800 | 6266 |
| Japan, Series 116, 2.20% 3/20/2030  | 576100 | 3787 |
| Japan, Series 362, 0.10% 3/20/2031  | 514000 | 3041 |
| Japan, Series 374, 0.80% 3/20/2034  | 68200 | 399 |
| Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup>  | 646511 | 4027 |
| Japan, Series 152, 1.20% 3/20/2035  | 1239550 | 7390 |
| Japan, Series 21, 2.30% 12/20/2035  | 720000 | 4696 |
| Japan, Series 162, 0.60% 9/20/2037  | 1966150 | 10429 |
| Japan, Series 173, 0.40% 6/20/2040  | 270900 | 1282 |
| Japan, Series 179, 0.50% 12/20/2041  | 196950 | 903 |
| Japan, Series 182, 1.10% 9/20/2042  | 619850 | 3096 |
| Japan, Series 186, 1.50% 9/20/2043  | 1341900 | 7016 |
| Japan, Series 188, 1.60% 3/20/2044  | 69000 | 363 |
| Japan, Series 192, 2.40% 3/20/2045  | 1387100 | 8201 |
| Japan, Series 53, 0.60% 12/20/2046  | 781600 | 3136 |
| Japan, Series 37, 0.60% 6/20/2050  | 694500 | 2460 |
| Japan, Series 73, 0.70% 12/20/2051  | 1568700 | 5419 |
| Japan, Series 74, 1.00% 3/20/2052  | 246100 | 926 |
| Japan, Series 76, 1.40% 9/20/2052  | 5800 | 24 |
| Japan, Series 79, 1.20% 6/20/2053  | 612200 | 2395 |
| Japan, Series 81, 1.60% 12/20/2053  | 168700 | 732 |
| Japan, Series 84, 2.10% 9/20/2054  | 958150 | 4694 |
|  |  | 106583 |
| **British pounds 4.42%** |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1098 |
| Electricite de France SA 5.50% 3/27/2037  | 900 | 1174 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1089 |
| Quebec (Province of) 2.25% 9/15/2026  | 1870 | 2493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **British pounds (continued)** |  |  |
| United Kingdom 0.125% 1/30/2026  | GBP425 | $572 |
| United Kingdom 4.25% 12/7/2027  | 3785 | 5161 |
| United Kingdom 1.625% 10/22/2028  | 3690 | 4706 |
| United Kingdom 4.125% 7/22/2029  | 2015 | 2741 |
| United Kingdom 4.75% 12/7/2030  | 4770 | 6678 |
| United Kingdom 0.25% 7/31/2031  | 12845 | 14159 |
| United Kingdom 1.00% 1/31/2032  | 7120 | 8017 |
| United Kingdom 4.25% 6/7/2032  | 1310 | 1782 |
| United Kingdom 3.25% 1/31/2033  | 1090 | 1380 |
| United Kingdom 0.625% 7/31/2035  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046  | 4917 | 3125 |
| United Kingdom 3.75% 10/22/2053  | 1870 | 1980 |
| United Kingdom 4.375% 7/31/2054  | 5570 | 6584 |
| United Kingdom 2.50% 7/22/2065  | 3313 | 2495 |
|  |  | 65433 |
| **Brazilian reais 2.30%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL102,863 | 18761 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 17384 | 2788 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 43767 | 6549 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2152 | 351 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 27098 | 4307 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 8019 | 1254 |
|  |  | 34010 |
| **South Korean won 1.81%** |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027  | KRW4,513,500 | 3150 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | 5158930 | 3550 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028  | 3998100 | 2797 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 18379880 | 13445 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 5519130 | 3804 |
|  |  | 26746 |
| **Chinese yuan renminbi 1.76%** |  |  |
| China (People's Republic of), Series INBK, 1.49% 12/25/2031  | CNY39,540 | 5590 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032  | 1160 | 176 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032  | 17280 | 2448 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 22230 | 3431 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 54910 | 8127 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051  | 800 | 140 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 4740 | 781 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 4720 | 788 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 5150 | 834 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 28690 | 3791 |
|  |  | 26106 |
| **Australian dollars 1.58%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD3,640 | 2096 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031  | 5789 | 3189 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 4415 | 2766 |
| New South Wales Treasury Corp. 5.25% 2/24/2038  | 3956 | 2570 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 19544 | 12734 |
|  |  | 23355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indian rupees 1.29%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR144,700 | $1617 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 81400 | 891 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 34000 | 379 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031  | 248500 | 2745 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 547100 | 6083 |
| European Investment Bank 6.95% 3/1/2029  | 46200 | 519 |
| European Investment Bank 7.40% 10/23/2033  | 388300 | 4468 |
| Inter-American Development Bank 7.00% 1/25/2029  | 18000 | 202 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 126400 | 1412 |
| Korea Development Bank 6.75% 7/1/2030  | 73000 | 805 |
|  |  | 19121 |
| **Canadian dollars 1.26%** |  |  |
| Canada (Government) 3.50% 3/1/2028  | CAD15,013 | 11134 |
| Canada (Government) 3.25% 12/1/2033  | 7330 | 5334 |
| Canada (Government) 2.75% 12/1/2048  | 3500 | 2142 |
|  |  | 18610 |
| **Malaysian ringgits 1.22%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR5,412 | 1368 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 6143 | 1559 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 10588 | 2601 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 2484 | 657 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 9030 | 2350 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 35614 | 9149 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 1277 | 361 |
|  |  | 18045 |
| **Hungarian forints 1.11%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF2,824,560 | 7500 |
| Hungary (Republic of) 4.50% 5/27/2032  | 1731010 | 4742 |
| Hungary (Republic of) 4.75% 11/24/2032  | 1494300 | 4117 |
|  |  | 16359 |
| **Indonesian rupiah 0.52%** |  |  |
| Indonesia (Republic of), Series FR84, 7.25% 2/15/2026  | IDR22,733,000 | 1370 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028  | 1556000 | 95 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029  | 26010000 | 1725 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2930000 | 185 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29412000 | 1826 |
| Indonesia (Republic of), Series FR68, 8.375% 3/15/2034  | 6937000 | 475 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 32954000 | 2079 |
|  |  | 7755 |
| **Mexican pesos 0.44%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,920 | 798 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 41870 | 2369 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 19710 | 1156 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21100 | 1100 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 21739 | 1031 |
|  |  | 6454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Danish kroner 0.43%** |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK46,626 | $6029 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2461 | 299 |
|  |  | 6328 |
| **Colombian pesos 0.30%** |  |  |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | COP11,132,100 | 2098 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 4779600 | 1183 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 7150600 | 1090 |
|  |  | 4371 |
| **South African rand 0.28%** |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR8,400 | 518 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 59870 | 3703 |
|  |  | 4221 |
| **Chilean pesos 0.28%** |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP914,184 | 1013 |
| Chile (Republic of) 5.00% 10/1/2028  | 955000 | 1069 |
| Chile (Republic of) 6.00% 4/1/2033  | 1720000 | 1992 |
|  |  | 4074 |
| **Polish zloty 0.27%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN4,900 | 1294 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 9280 | 2766 |
|  |  | 4060 |
| **New Zealand dollars 0.20%** |  |  |
| New Zealand 4.25% 5/15/2036  | NZD3,397 | 1915 |
| New Zealand 3.25% 9/20/2050 <sup>(c)</sup>  | 1729 | 1025 |
|  |  | 2940 |
| **Turkish lira 0.12%** |  |  |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026  | TRY70,000 | 1644 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033  | 12175 | 201 |
|  |  | 1845 |
| **Philippine pesos 0.08%** |  |  |
| Asian Development Bank 5.25% 4/29/2035  | PHP45,900 | 769 |
| Philippines (Republic of) 6.75% 9/15/2032  | 27600 | 491 |
|  |  | 1260 |
| **Czech korunas 0.06%** |  |  |
| Czech Republic 6.00% 2/26/2026  | CZK17,550 | 857 |
| **U.S. dollars 43.50%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 208 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034  | 2790 | 2868 |
| AbbVie, Inc. 5.35% 3/15/2044  | 75 | 74 |
| AbbVie, Inc. 5.50% 3/15/2064  | 150 | 146 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | 54 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | USD45 | $46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 2102 | 2074 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 442 | 439 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 537 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 166 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1218 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3156 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 135 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 210 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(g)(h)</sup>  | 65 | 66 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | 1295 | 1047 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% <br> 4/20/2032 <sup>(d)(e)(h)</sup>  | 284 | 284 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 145 | 147 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 121 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 187 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 67 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 73 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 297 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 208 |
| Amazon.com, Inc. 1.50% 6/3/2030  | 2040 | 1840 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 578 | 565 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 103 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 37 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1075 |
| Amgen, Inc. 2.20% 2/21/2027  | 445 | 437 |
| Amgen, Inc. 5.25% 3/2/2030  | 981 | 1019 |
| Amgen, Inc. 5.25% 3/2/2033  | 2687 | 2782 |
| Amgen, Inc. 5.65% 3/2/2053  | 1284 | 1258 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 107 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 108 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 95 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup>  | 3541 | 3555 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 958 | 966 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 537 | 549 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup>  | 144 | 145 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 247 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 45 | 49 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 16 |
| AT&T, Inc. 3.50% 9/15/2053  | 2070 | 1386 |
| ATI, Inc. 7.25% 8/15/2030  | 60 | 63 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 117 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 26 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1829 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1037 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 210 | 206 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | 25 | 25 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 896 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 234 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 1001 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 442 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3614 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup>  | 1535 | 1599 |
| BAT Capital Corp. 3.215% 9/6/2026  | 955 | 950 |
| BAT Capital Corp. 4.625% 3/22/2033  | 188 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| BAT Capital Corp. 5.625% 8/15/2035  | USD5,501 | $5733 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 123 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 75 | 76 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)</sup>  | 3056 | 3382 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 320 | 316 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 396 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 40 | 41 |
| Block, Inc. 6.50% 5/15/2032  | 240 | 250 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1113 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 895 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 663 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1166 |
| Boeing Co. (The) 6.259% 5/1/2027  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030  | 2451 | 2519 |
| Boeing Co. (The) 3.625% 2/1/2031  | 718 | 690 |
| Boeing Co. (The) 6.388% 5/1/2031  | 723 | 785 |
| Boeing Co. (The) 6.528% 5/1/2034  | 457 | 506 |
| Boeing Co. (The) 5.805% 5/1/2050  | 50 | 49 |
| Boeing Co. (The) 6.858% 5/1/2054  | 526 | 591 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 277 | 279 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 44 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 106 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 2228 | 873 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2329 | 913 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 206 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 793 | 308 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(a)(d)(e)</sup>  | 1348 | 1360 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 1925 | 2002 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 2200 | 2162 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 249 |
| Broadcom, Inc. 3.469% 4/15/2034  | 746 | 680 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 159 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 100 | 102 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 70 | 73 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055  | 232 | 229 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 171 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup>  | 3685 | 3723 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup>  | 3368 | 3376 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | 1633 | 1697 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 349 | 262 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1085 | 721 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 86 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on <br>11/25/2027) <sup>(a)(d)(e)</sup>  | 156 | 156 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 604 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 90 | 90 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 801 | 815 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | 15 | 16 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 129 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 226 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 143 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 129 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Centene Corp. 2.45% 7/15/2028  | USD40 | $37 |
| Centene Corp. 4.625% 12/15/2029  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 74 | 71 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 104 |
| Charter Communications Operating, LLC 3.75% 2/15/2028  | 2650 | 2613 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 641 | 640 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 384 | 289 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 188 | 119 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 458 | 296 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 17 | 13 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 3618 | 3472 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032  | 26 | 24 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 1130 | 1115 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 195 | 195 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 425 | 371 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 839 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1279 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 442 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 93 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 16 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 44 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 104 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 72 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 238 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
| CMS Energy Corp. 3.00% 5/15/2026  | 1200 | 1196 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 115 |
| Coca-Cola Co. 4.65% 8/14/2034  | 336 | 343 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027  | 350 | 347 |
| Colombia (Republic of) 7.375% 4/25/2030  | 2400 | 2540 |
| Colombia (Republic of) 3.125% 4/15/2031  | 3000 | 2607 |
| Colombia (Republic of) 8.00% 11/14/2035  | 347 | 371 |
| Comcast Corp. 4.80% 5/15/2033  | 4100 | 4137 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 198 | 183 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 67 | 60 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 212 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(e)(h)</sup>  | 1032 | 1052 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) <br> 7.424% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 844 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(e)(h)</sup>  | 503 | 508 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 317 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(e)(h)</sup>  | 326 | 328 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 207 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1153 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(e)(h)</sup>  | 252 | 253 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(e)(h)</sup>  | 437 | 438 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| COPT Defense Properties, LP 2.75% 4/15/2031  | USD1,212 | $1107 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 748 | 710 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 378 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 66 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 355 | 359 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 70 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 126 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 128 | 132 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 160 |
| Crown Castle, Inc. 2.50% 7/15/2031  | 767 | 686 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup>  | 2740 | 2542 |
| CSX Corp. 3.80% 4/15/2050  | 75 | 57 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 42 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1141 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | 930 | 1160 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 9 | 3 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 21 | 21 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup>  | 60 | 61 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup>  | 5 | 5 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 308 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 175 | 174 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup>  | 1597 | 1631 |
| EchoStar Corp. 10.75% 11/30/2029  | 105 | 116 |
| Edison International 5.25% 11/15/2028  | 1862 | 1888 |
| Edison International 5.45% 6/15/2029  | 75 | 76 |
| Edison International 6.95% 11/15/2029  | 350 | 373 |
| Edison International 5.25% 3/15/2032  | 705 | 706 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 529 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 833 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup>  | 435 | 508 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 350 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | 105 | 103 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 25 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 83 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1232 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1167 |
| Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup>  | 2125 | 2122 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 3329 | 3099 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 168 | 170 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 145 |
| EQT Corp. 6.375% 4/1/2029  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030  | 45 | 50 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 498 | 502 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 94 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 150 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 16 | 16 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup>  | 915 | — <br><sup>(k)</sup><br>|
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030  | 55 | 56 |
| Expand Energy Corp. 4.75% 2/1/2032  | 15 | 15 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 1420 | 1472 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | USD51 | $54 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 117 | 116 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 240 | 203 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1365 | 1107 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1332 | 1082 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3320 | 2697 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3753 | 3680 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 48 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1614 | 1582 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 86 | 87 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 188 | 192 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 407 | 422 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 19 | 18 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 495 | 503 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 53 | 54 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 27 | 25 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 398 | 399 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 202 | 206 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1443 | 1472 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 766 | 779 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1595 | 1642 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 400 | 407 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 1912 | 1968 |
| Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup>  | 568 | 590 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 204 | 207 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 419 | 425 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 242 | 249 |
| Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup>  | 149 | 138 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 310 | 316 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 210 | 216 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1575 | 1609 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 695 | 722 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 605 | 624 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 389 | 400 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 212 | 218 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 184 | 191 |
| Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 3843 | 3921 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 971 | 991 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 742 | 766 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 553 | 568 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 537 | 552 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 384 | 400 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 237 | 243 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 199 | 206 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 164 | 169 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 4 | 5 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 13 | 14 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 383 | 390 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 461 | 479 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 322 | 331 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 284 | 292 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 216 | 223 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 186 | 192 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 185 | 190 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 179 | 185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | USD150 | $154 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 81 | 84 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 69 | 72 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 60 | 62 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 35 | 36 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 57 | 60 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup>  | 835 | 858 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 422 | 437 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 171 | 178 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup>  | 697 | 717 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1739 | 1736 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 114 | 116 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 46 | 46 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup>  | 660 | 679 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 3973 | 3882 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 594 | 580 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 87 | 89 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 429 | 446 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 4129 | 4344 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 194 | 184 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 630 | 615 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 367 | 367 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 289 | 275 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 337 | 337 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 1042 | 1071 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1564 | 1560 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 377 | 382 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 349 | 363 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup>  | 727 | 747 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 73 | 74 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup>  | 151 | 157 |
| Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup>  | 425 | 447 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup>  | 186 | 188 |
| Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup>  | 338 | 356 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup>  | 315 | 286 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 24 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 157 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup>  | 26 | 27 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | 45 | 44 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027  | 1763 | 1757 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup>  | 200 | 203 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(e)(h)</sup>  | 483 | 485 |
| Ford Motor Co. 6.10% 8/19/2032  | 30 | 31 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2175 | 2209 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 300 | 301 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 200 | 197 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 200 | 209 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028  | 200 | 193 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3000 | 3066 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 1590 | 1615 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 125 | 118 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 3100 | 3213 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 265 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1632 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 1990 | 1737 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 184 | 183 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 586 | 475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup>  | USD23 | $21 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 860 | 862 |
| Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup>  | 827 | 767 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 356 | 349 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 947 | 948 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2677 | 2625 |
| Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup>  | 23 | 21 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 240 | 244 |
| Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup>  | 91 | 84 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 648 | 659 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 163 | 170 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 54 | 55 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 613 | 631 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 11766 | 11781 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 116 | 121 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 177 | 180 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1515 | 1558 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 920 | 873 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 88 | 91 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 119 | 124 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 260 | 261 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14117 | 14417 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 772 | 789 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 37 | 39 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1019 | 1039 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 490 | 500 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1278 | 1313 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 480 | 500 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 469 | 484 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 310 | 319 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 305 | 316 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 193 | 199 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 160 | 165 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3336 | 3397 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 600 | 612 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 282 | 292 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 24 | 25 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | 609 | 619 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1012 | 1043 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 532 | 550 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 506 | 527 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 487 | 507 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 300 | 309 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 406 | 413 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 415 | 405 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1073 | 1089 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 502 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 321 | 326 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 12 | 12 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 926 | 975 |
| Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup>  | 237 | 249 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 60 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 49 | 50 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 149 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 526 | 540 |
| Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup>  | 81 | 85 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 311 | 311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup>  | USD206 | $209 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 144 | 148 |
| Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup>  | 302 | 318 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 438 | 437 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup>  | 4994 | 4740 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 169 | 169 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup>  | 171 | 173 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup>  | 765 | 786 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 452 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup>  | 200 | 200 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 105 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup>  | 197 | 112 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup>  | 337 | 304 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 66 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 951 | 962 |
| Genesis Energy, LP 8.25% 1/15/2029  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032  | 60 | 63 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 396 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1342 | 1411 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup>  | 49 | 49 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1061 |
| Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 1708 | 1766 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 744 | 555 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026  | 1488 | 1477 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1723 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 113 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 654 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 1066 | 1068 |
| HCA, Inc. 5.625% 9/1/2028  | 120 | 124 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 32 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 254 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1203 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 110 |
| Honduras (Republic of) 6.25% 1/19/2027  | 653 | 660 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2023 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 176 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 190 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 114 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 207 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1716 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup>  | 1020 | 1023 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2283 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1315 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 401 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 137 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup>  | USD2,712 | $2814 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2348 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 265 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 569 |
| Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup>  | 2577 | 2578 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 140 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 65 | 65 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup>  | 480 | 481 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 516 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 123 |
| Intel Corp. 3.05% 8/12/2051  | 740 | 455 |
| Intel Corp. 5.60% 2/21/2054  | 168 | 155 |
| Intercontinental Exchange, Inc. 4.20% 3/15/2031  | 588 | 589 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(a)(e)</sup>  | 1500 | 1784 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3688 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 203 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 207 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 84 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 84 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1240 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 3441 | 3612 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup>  | 1330 | 1321 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 742 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup>  | 74 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 49 |
| KB Home 6.875% 6/15/2027  | 50 | 51 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 20 | 20 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 245 | 231 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1300 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2286 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 232 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1207 | 1208 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 197 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031  | 120 | 113 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 108 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 42 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 130 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6937 |
| Lockheed Martin Corp. 5.20% 2/15/2064  | 309 | 287 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 10 | 10 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 90 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 563 |
| Marriott International, Inc. 2.75% 10/15/2033  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2990 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3575 | 3686 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1517 |
| Marsh & McLennan Cos., Inc. 5.70% 9/15/2053  | 282 | 285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Mastercard, Inc. 2.00% 11/18/2031  | USD600 | $535 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 51 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 393 | 393 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 269 | 261 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 576 | 553 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 276 | 264 |
| Methanex Corp. 5.125% 10/15/2027  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1208 | 1219 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup>  | 1000 | 1003 |
| MGM Resorts International 5.50% 4/15/2027  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 709 | 724 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 159 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 89 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 2161 | 2364 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1101 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 542 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup>  | 472 | 475 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1145 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 79 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 115 | 117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 119 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3746 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup>  | 1480 | 1475 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1260 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 608 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 197 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(e)(h)</sup>  | 485 | 492 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 25 | 25 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029  | 48 | 48 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 168 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1300 |
| Navient Corp. 5.00% 3/15/2027  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032  | 55 | 58 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2385 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1525 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 515 | 481 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 31 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 164 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 1025 | 1038 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup>  | 709 | 206 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 57 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 73 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup>  | 900 | 934 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup>  | 200 | 213 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 200 | 213 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 500 | 502 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 496 | 474 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup>  | 50 | 49 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 96 |
| NuStar Logistics, LP 5.625% 4/28/2027  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028  | 54 | 57 |
| OCP SA 3.75% 6/23/2031  | 500 | 469 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 273 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| OneMain Finance Corp. 7.125% 9/15/2032  | USD25 | $26 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 37 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 637 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1222 | 1237 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2219 | 2243 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(a)(d)(e)</sup>  | 2400 | 2421 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 25 |
| Oracle Corp. 2.65% 7/15/2026  | 2327 | 2308 |
| Oracle Corp. 3.25% 11/15/2027  | 1880 | 1840 |
| Oracle Corp. 4.45% 9/26/2030  | 4475 | 4379 |
| Oracle Corp. 3.95% 3/25/2051  | 22 | 14 |
| Oracle Corp. 6.00% 8/3/2055  | 1500 | 1324 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2930 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 26 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 3000 | 3000 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 542 | 546 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 1500 | 1621 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 4525 | 3437 |
| PacifiCorp 3.30% 3/15/2051  | 150 | 96 |
| PacifiCorp 2.90% 6/15/2052  | 280 | 164 |
| PacifiCorp 5.35% 12/1/2053  | 525 | 462 |
| PacifiCorp 5.50% 5/15/2054  | 980 | 877 |
| PacifiCorp 5.80% 1/15/2055  | 500 | 467 |
| Panama (Republic of) 3.75% 4/17/2026  | 465 | 466 |
| Panama (Republic of) 7.50% 3/1/2031  | 2325 | 2583 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 2 | — <br><sup>(k)</sup><br>|
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1066 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 109 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 20114 | 20438 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 65 | 63 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 779 | 777 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 55 | 45 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2128 | 2151 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028  | 235 | 235 |
| PG&E Corp. 5.25% 7/1/2030  | 175 | 174 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 151 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 315 | 322 |
| Philip Morris International, Inc. 2.10% 5/1/2030  | 634 | 581 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1554 | 1663 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1382 | 1446 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 396 |
| POSCO 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 514 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 433 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 113 |
| Procter & Gamble Co. 3.00% 3/25/2030  | 338 | 326 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup>  | 902 | 860 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 403 | 390 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield <br> Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2696 |
| PT Freeport Indonesia 5.315% 4/14/2032  | 449 | 458 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | USD10 | $10 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 296 | 285 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 743 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 143 |
| Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup>  | 689 | 699 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | 90 | 89 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1420 | 1464 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 24 |
| Roper Technologies, Inc. 4.45% 9/15/2030  | 2900 | 2914 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 925 | 932 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1751 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 93 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 21 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 107 | 112 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup>  | 3406 | 3454 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup>  | 464 | 471 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2710 | 2763 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026  | 3750 | 3728 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1355 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029  | 350 | 357 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 62 | 61 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 110 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2909 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup>  | 10 | 10 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 41 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 115 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 123 | 124 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup>  | 630 | 636 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 768 |
| Service Corp. International 5.75% 10/15/2032  | 35 | 36 |
| Service Properties Trust 0% 9/30/2027 <sup>(e)</sup>  | 30 | 27 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 63 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 756 | 666 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 50 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 191 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 37 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 102 |
| SK hynix, Inc. 1.50% 1/19/2026  | 563 | 562 |
| SLM Corp. 6.50% 1/31/2030  | 85 | 88 |
| SM Energy Co. 6.50% 7/15/2028  | 45 | 46 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(e)(h)</sup>  | 482 | 487 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029  | 200 | 190 |
| Southern California Edison Co. 3.65% 2/1/2050  | 1700 | 1190 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(a)(e)</sup>  | 1500 | 1546 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup>  | 100 | 101 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1485 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1439 | 1437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | USD2,090 | $2077 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029  | 290 | 285 |
| Sunoco, LP 4.50% 4/30/2030  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(e)(h)</sup>  | 6917 | 6863 |
| Synopsys, Inc. 5.15% 4/1/2035  | 1410 | 1434 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 73 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 16 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 57 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 17 | 17 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 455 | 461 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 210 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series <br> 2020-B, 3.236% 10/1/2052  | 965 | 669 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 210 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 11 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040  | 861 | 848 |
| T-Mobile USA, Inc. 2.40% 3/15/2029  | 1079 | 1022 |
| T-Mobile USA, Inc. 5.65% 1/15/2053  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 424 | 435 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1500 | 1451 |
| TransDigm, Inc. 4.875% 5/1/2029  | 80 | 80 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 89 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 77 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup>  | 140 | 146 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 83 | 84 |
| Transocean, Inc. 6.80% 3/15/2038  | 35 | 30 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
| Turkey (Republic of) 7.125% 7/17/2032  | 1360 | 1440 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 554 | 557 |
| U.S. Treasury 3.875% 5/31/2027  | 662 | 665 |
| U.S. Treasury 3.75% 6/30/2027  | 30 | 30 |
| U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup>  | 25710 | 25766 |
| U.S. Treasury 3.50% 10/15/2028  | 1281 | 1280 |
| U.S. Treasury 3.50% 11/15/2028  | 1460 | 1458 |
| U.S. Treasury 3.50% 9/30/2029  | 399 | 397 |
| U.S. Treasury 4.125% 10/31/2029  | 328 | 334 |
| U.S. Treasury 4.00% 5/31/2030  | 2995 | 3034 |
| U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup>  | 13418 | 13520 |
| U.S. Treasury 3.50% 11/30/2030  | 1289 | 1276 |
| U.S. Treasury 4.125% 11/30/2031  | 704 | 715 |
| U.S. Treasury 3.875% 8/15/2034  | 540 | 532 |
| U.S. Treasury 4.625% 2/15/2035  | 1681 | 1746 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup>  | 7207 | 7109 |
| U.S. Treasury 1.75% 8/15/2041  | 4650 | 3144 |
| U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup>  | 2650 | 2654 |
| U.S. Treasury 4.625% 5/15/2044  | 1210 | 1190 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3743 |
| U.S. Treasury 1.25% 5/15/2050  | 1625 | 780 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4729 |
| U.S. Treasury 4.25% 2/15/2054  | 681 | 617 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 1836 | 1772 |
| U.S. Treasury 4.50% 11/15/2054  | 143 | 135 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup>  | 2915 | 2814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| U.S. Treasury 4.75% 8/15/2055  | USD927 | $913 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 850 | 845 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 10727 | 11051 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3539 | 1913 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 186 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 2891 | 2600 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup>  | 4653 | 4417 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 79 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup>  | 800 | 647 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup>  | 17 | 16 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup>  | 2692 | 2628 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 164 | 171 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup>  | 3010 | 3168 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup>  | 7290 | 5893 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup>  | 3696 | 3406 |
| United Mexican States 5.375% 3/22/2033  | 765 | 761 |
| United Mexican States 6.00% 5/7/2036  | 970 | 985 |
| United Mexican States 6.338% 5/4/2053  | 425 | 406 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 85 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 130 | 124 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 1450 | 1502 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 1450 | 1490 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 114 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 240 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 35 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 78 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup>  | 56 | 18 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 100 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 81 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 85 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup>  | 50 | 51 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 118 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 87 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 525 | 532 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 752 | 757 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup>  | 1418 | 1424 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 159 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
| Waste Management, Inc. 3.875% 1/15/2029  | 50 | 50 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 34 | 35 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup>  | 65 | 67 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4668 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 157 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 99 | 100 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 106 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 75 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup>  | 74 | 81 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup>  | 875 | 887 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 47 |
|  |  | 643640 |
| **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | 1345508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | $80 |
| **Total preferred securities** (cost: $50,000) |  | 80 |
| Common stocks 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | 59 |
| Expand Energy Corp.  | 45 | 5 |
| Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(k)</sup><br>|
| **Total common stocks** (cost: $1,019,000) | **Total common stocks** (cost: $1,019,000) | 64 |
| Rights & warrants 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup>  | 85 | 8 |
| **Total rights & warrants** (cost: $73,000) | **Total rights & warrants** (cost: $73,000) | 8 |
| Investment funds 1.54% |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2674552 | 22734 |
| **Total investment funds** (cost: $20,987,000) | **Total investment funds** (cost: $20,987,000) | 22734 |
| Short-term securities 7.71% |  |  |
| **Money market investments 7.71%** | **Money market investments 7.71%** | **Money market investments 7.71%** |
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup>  | 1141484 | 114160 |
| **Total short-term securities** (cost: $114,142,000) | **Total short-term securities** (cost: $114,142,000) | 114160 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style) \* |  | 16 |
| **Total options purchased (equity style)** (cost: $81,000) | **Total options purchased (equity style)** (cost: $81,000) | 16 |
| **Total investment securities 100.19%** (cost: $1,514,681,000) | **Total investment securities 100.19%** (cost: $1,514,681,000) | 1482570 |
| Other assets less liabilities (0.19)% |  | (2800)<br>|
| **Net assets 100.00%** |  | $1479770 |

---

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR12,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(k)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(12,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Short | 4 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month CORRA Futures | Long | 866 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| 3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7655)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| 3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|
| 5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144)<br>|
| 10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| 10 Year French Government Bond Futures | Short | 36 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| 10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62367)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| 10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| 10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25359)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| 10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 10 Year UK Gilt Futures | Short | 31 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3818)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| 20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| 30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129)<br>|
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $970 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,720 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,730 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP4,083 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD24,180 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD67,090 | &nbsp;&nbsp; (167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (167)<br>|
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; CZK396,600 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; PLN70,510 | &nbsp;&nbsp; (156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156)<br>|
| SOFR | Annual | 3.2685% | Annual | &nbsp;&nbsp; 9/9/2027 | &nbsp;&nbsp; USD88,350 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD67,500 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| 1.9308% | Annual | Euro STR | Annual | &nbsp;&nbsp; 9/24/2027 | &nbsp;&nbsp; EUR32,500 | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| SOFR | Annual | 3.2355% | Annual | &nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp; USD37,230 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| SOFR | Annual | 3.28% | Annual | &nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp; USD4,480 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | &nbsp;&nbsp; 6/18/2029 | &nbsp;&nbsp; EUR5,930 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90)<br>|
| 3.4928% | Annual | SONIA | Annual | &nbsp;&nbsp; 8/6/2029 | &nbsp;&nbsp; GBP5,260 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.4705% | Annual | &nbsp;&nbsp; 2/10/2030 | &nbsp;&nbsp; USD16,910 | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41)<br>|
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK32,270 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK26,280 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,900 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,890 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK62,070 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,330 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,350 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (92)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; SEK60,130 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69 |
| 2.3523% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; EUR5,570 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
| 3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; NOK98,800 | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114)<br>|
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK64,900 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK64,270 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK32,700 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD941 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD1,098 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 2.7083% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 2/15/2035 | &nbsp;&nbsp; EUR7,460 | &nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (125)<br>|
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,202 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,040 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| SOFR | Annual | 3.944% | Annual | &nbsp;&nbsp; 9/9/2055 | &nbsp;&nbsp; USD3,010 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR1,740 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD7,440 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304 |
| 6-month EURIBOR | Semi-annual | 2.9287% | Annual | &nbsp;&nbsp; 9/24/2055 | &nbsp;&nbsp; EUR3,250 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD291 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD253 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(284)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(284)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (343)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (600)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (955)<br>|
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2559)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,422 | &nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR23,910 | &nbsp;&nbsp;&nbsp;&nbsp; (648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,200 | &nbsp;&nbsp;&nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| CDX.EM.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR4,180 | &nbsp;&nbsp;&nbsp;&nbsp; $544 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $24 |

---

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.54%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544 | &nbsp;&nbsp; $22734 | &nbsp;&nbsp; $1043 |
| **Short-term securities 7.71%** |  |  |  |  |  |  |  |
| **Money market investments 7.71%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 581246 | &nbsp;&nbsp; 490311 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 114160 | &nbsp;&nbsp; 3583 |
| **Total 9.25%** |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $136894 | &nbsp;&nbsp; $4626 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5709 | $5993 | 0.41<br> %<br>|
| CSN Inova Ventures 6.75% 1/28/2028  | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2071 | 2287 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> <br>| 9/29/2025 | 74 | 81 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term <br> SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 26 | 27 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $13788 | $14362 | 0.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Amount less than one thousand.

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund. 

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EUR = Euros |

---

---

| |
|:---|
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| STR = Short-Term Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** |
| **Communication services 14.33%** |  |  |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | USD3,080 | $2955 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 1295 | 1243 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup>  | 80 | 73 |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | 102 | 102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 1041 | 1033 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 720 | 712 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 451 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3136 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2644 | 2491 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2909 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 72 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 3163 | 2893 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2669 | 2397 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 3357 | 2942 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 5497 | 4679 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 437 | 329 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 473 | 299 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 950 | 614 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 577 | 457 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 175 | 104 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 670 | 671 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 430 | 427 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 925 | 972 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 7980 | 8475 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 230 | 197 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 78 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 2109 | 2123 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 2865 | 2902 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 300 | 290 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 11088 | 11547 |
| EchoStar Corp. 10.75% 11/30/2029  | 5568 | 6162 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup>  | 5450 | 5590 |
| Embarq, LLC 7.995% 6/1/2036  | 4729 | 1962 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 448 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3655 | 3685 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 2625 | 2659 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3161 | 3217 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 3591 | 3868 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 614 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 3093 | 3212 |
| Lamar Media Corp. 4.00% 2/15/2030  | 260 | 252 |
| Lamar Media Corp. 3.625% 1/15/2031  | 360 | 339 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 450 | 448 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup>  | 3296 | 840 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 883 | 922 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 310 | 301 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3755 |
| Paramount Global 7.875% 7/30/2030  | 130 | 141 |
| Paramount Global 6.875% 4/30/2036  | 490 | 483 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 280 | 258 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1120 | 1171 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1750 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 704 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 3484 | 3410 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 510 | 514 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3380 | 3217 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5536 | 5102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | USD1,540 | $1597 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1010 | 986 |
| TEGNA, Inc. 5.00% 9/15/2029  | 1151 | 1142 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2180 | 2259 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 4970 | 4778 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2552 | 2603 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 995 | 1040 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 3805 | 4092 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 21 | 19 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 79 | 79 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 19 | 19 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 48 | 47 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 22 | 22 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 1265 | 1306 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 550 | 502 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 360 | 358 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 2821 | 2745 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 2970 | 2611 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 6878 | 4858 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 326 | 216 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1443 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 919 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 210 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 215 | 203 |
|  |  | 148846 |
| **Energy 12.21%** |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 695 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup>  | 195 | 191 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 575 | 580 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 257 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 520 | 537 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 1855 | 1867 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 1175 | 1219 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 1150 | 1191 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1198 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 40 | 43 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2010 | 2023 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 646 | 644 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 544 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 1080 | 1126 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 990 | 1024 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1273 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 586 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 763 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 585 | 614 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2207 | 2292 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 313 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 273 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1754 | 1768 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 931 | 968 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 2160 | 2256 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 866 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 1950 | 2030 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 907 | 939 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1635 | 1586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | USD1,215 | $1154 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 492 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 446 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1390 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 301 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 775 | 766 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 1040 | 1009 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
| EQT Corp. 6.375% 4/1/2029  | 185 | 192 |
| EQT Corp. 4.75% 1/15/2031  | 1350 | 1359 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 273 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup>  | 4300 | 1 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 280 | 282 |
| Expand Energy Corp. 5.375% 3/15/2030  | 780 | 791 |
| Expand Energy Corp. 4.75% 2/1/2032  | 290 | 286 |
| Genesis Energy, LP 7.75% 2/1/2028  | 72 | 72 |
| Genesis Energy, LP 8.25% 1/15/2029  | 1545 | 1618 |
| Genesis Energy, LP 8.875% 4/15/2030  | 1225 | 1295 |
| Genesis Energy, LP 7.875% 5/15/2032  | 2785 | 2905 |
| Global Partners, LP 6.875% 1/15/2029  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 580 | 613 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 385 | 394 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 395 | 408 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1059 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1432 | 1454 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 520 | 542 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 775 | 792 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 363 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 695 | 720 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1404 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 498 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 798 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 817 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 747 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 605 | 572 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1290 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 364 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 200 | 204 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 200 | 206 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 275 | 282 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 731 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 1245 | 1251 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup>  | 739 | 4 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 410 | 410 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 770 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 1225 | 1285 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 445 | 432 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 1240 | 1220 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 75 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 745 | 57 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup>  | 18263 | 5296 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 109 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 490 | 508 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1762 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 364 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 895 | 872 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 286 | 288 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 582 | 604 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 1200 | 1148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | USD58 | $59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 999 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | 1529 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 1070 | 1050 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 880 | 944 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 510 | 518 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1010 | 978 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 185 | 166 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 320 | 261 |
| Range Resources Corp. 8.25% 1/15/2029  | 500 | 510 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 282 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 208 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 322 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1785 | 1852 |
| Sunoco, LP 6.00% 4/15/2027  | 547 | 550 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup>  | 535 | 538 |
| Sunoco, LP 5.875% 3/15/2028  | 290 | 292 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029  | 1970 | 1936 |
| Sunoco, LP 4.50% 4/30/2030  | 1880 | 1837 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 428 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 925 | 932 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1412 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 830 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 810 | 810 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup>  | 1775 | 1825 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1026 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1355 | 1416 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 180 | 181 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 744 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 265 | 285 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 387 | 398 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 374 | 391 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 290 | 304 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 961 | 982 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 659 |
| Transocean, Inc. 6.80% 3/15/2038  | 425 | 366 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 445 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 1045 | 1058 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1070 | 1004 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 325 | 329 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 1935 | 1762 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1575 | 1351 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 927 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 420 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 1025 | 987 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1785 | 1776 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 885 | 915 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup>  | 413 | 327 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 920 | 937 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 835 | 903 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1690 | 1732 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 550 | 562 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1063 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1506 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | USD1,375 | $1410 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 1030 | 1055 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 239 | 240 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 300 | 257 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 400 |
| YPF SA 8.75% 9/11/2031  | 190 | 197 |
|  |  | 126776 |
| **Consumer discretionary 10.29%** |  |  |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 645 | 654 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 953 | 975 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 920 | 845 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 959 | 817 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 305 | 306 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 548 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 1245 | 1233 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1432 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 430 | 453 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1254 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 583 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 791 | 801 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 295 | 293 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup>  | 605 | 668 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 1330 | 1300 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1394 | 1338 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 1870 | 1938 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1025 | 1051 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 185 | 180 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1429 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 870 | 880 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 3044 | 3128 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3890 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 575 | 617 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1250 | 1215 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 1760 | 1675 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1410 | 1375 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP320 | 435 |
| Ford Motor Co. 3.25% 2/12/2032  | USD2,790 | 2460 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 495 | 493 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 115 | 113 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 200 | 205 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 335 | 352 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 695 | 696 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 225 | 231 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 370 | 397 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 2263 | 2299 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 550 | 520 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 570 | 586 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 440 | 403 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 2185 | 2286 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 405 | 435 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 1955 | 1987 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 2755 | 2855 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 4390 | 4337 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 161 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 100 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 530 | 553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | USD1,440 | $1478 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1809 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 1001 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 655 | 671 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 290 | 292 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 574 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 69 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | 1066 |
| KB Home 6.875% 6/15/2027  | 220 | 225 |
| KB Home 7.25% 7/15/2030  | 330 | 341 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 354 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3357 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1445 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 1315 | 1230 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 395 | 400 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1055 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 625 | 630 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 673 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 455 | 435 |
| MGM Resorts International 5.50% 4/15/2027  | 200 | 202 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 609 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 570 | 569 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 1150 | 1125 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 1995 | 1938 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 635 | 597 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 285 | 238 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 400 | 401 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 1585 | 1586 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 343 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 355 | 350 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 1695 | 1780 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 1665 | 1770 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 4190 | 4456 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup>  | 500 | — <br><sup>(f)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup>  | 2510 | 50 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 508 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 654 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 585 | 611 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 171 | 172 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 2887 | 3018 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 550 | 489 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043  | 803 | 752 |
| Service Corp. International 3.375% 8/15/2030  | 190 | 178 |
| Service Corp. International 4.00% 5/15/2031  | 515 | 493 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 93 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1981 | 1946 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2364 | 2293 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 329 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 885 | 896 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 975 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 196 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2720 | 2672 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 321 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 555 | 576 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 580 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup>  | 120 | 124 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 550 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 352 | 354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $527 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 720 | 737 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup>  | 700 | 708 |
|  |  | 106820 |
| **Financials 9.73%** |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 751 | 757 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 554 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 305 | 312 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1745 | 1753 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 685 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 1045 | 1078 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3585 | 3722 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1624 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1149 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 2015 | 2102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3222 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 680 | 735 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup>  | 715 | 742 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 296 | 302 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 795 | 803 |
| Block, Inc. 2.75% 6/1/2026  | 510 | 507 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 1145 | 1169 |
| Block, Inc. 3.50% 6/1/2031  | 1660 | 1561 |
| Block, Inc. 6.50% 5/15/2032  | 920 | 957 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 565 | 580 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 380 | 392 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup>  | 470 | 479 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 4216 | 4020 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2544 | 2270 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3769 | 3499 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 731 | 659 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup>  | 725 | 726 |
| FS KKR Capital Corp. 6.125% 1/15/2031  | 540 | 527 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1140 | 1137 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1133 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 857 | 900 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 1265 | 1328 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3875 | 3930 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 2825 | 2864 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1550 | 1533 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 2515 | 2390 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1520 | 1452 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 136 | 143 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1860 | 1943 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 245 | 258 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 697 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 510 | 490 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 256 | 240 |
| Navient Corp. 6.75% 6/15/2026  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027  | 2253 | 2259 |
| Navient Corp. 4.875% 3/15/2028  | 550 | 544 |
| Navient Corp. 5.50% 3/15/2029  | 4240 | 4212 |
| Navient Corp. 9.375% 7/25/2030  | 1907 | 2121 |
| Navient Corp. 11.50% 3/15/2031  | 880 | 986 |
| Navient Corp. 7.875% 6/15/2032  | 2445 | 2561 |
| Navient Corp. 5.625% 8/1/2033  | 2548 | 2332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| OneMain Finance Corp. 3.875% 9/15/2028  | USD165 | $161 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 1055 | 1094 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 1155 | 1156 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 915 | 968 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 1885 | 1926 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 245 | 231 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 125 | 132 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 1335 | 1395 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 1975 | 2054 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 1055 | 1068 |
| OneMain Finance Corp. 6.75% 9/15/2033  | 695 | 705 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027  | 6 | 139 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 765 | 800 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 1575 | 1647 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1493 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 845 | 876 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 461 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 543 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 51 | 54 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 400 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 513 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 708 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 823 |
| SLM Corp. 6.50% 1/31/2030  | 680 | 705 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 651 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 1015 | 1026 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 634 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 410 | 429 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 402 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 4020 | 4268 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 565 |
|  |  | 101091 |
| **Materials 7.67%** |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1032 |
| AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup>  | 495 | 523 |
| ArcelorMittal SA 7.00% 10/15/2039  | 488 | 551 |
| ArcelorMittal SA 6.75% 3/1/2041  | 825 | 905 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 1280 | 1206 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 231 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 461 |
| Ball Corp. 6.00% 6/15/2029  | 350 | 360 |
| Ball Corp. 2.875% 8/15/2030  | 160 | 148 |
| Ball Corp. 3.125% 9/15/2031  | 1235 | 1139 |
| Ball Corp. 5.50% 9/15/2033  | 1765 | 1801 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 36 | 37 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 2075 | 1987 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 254 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 45 | 46 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 520 | 523 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 265 | 279 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 675 | 692 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 1615 | 1608 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 70 | 74 |
| Celanese US Holdings, LLC 7.375% 2/15/2034  | 560 | 569 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 400 | 413 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2036 | 2007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | USD2,404 | $2492 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 1105 | 1138 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1951 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 2037 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 2088 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 290 | 302 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 1175 | 1229 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 560 | 573 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 1160 | 1190 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 427 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 2454 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 485 | 488 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 3490 | 3679 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 490 | 516 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 432 | 429 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 381 | 369 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup>  | 6093 | 3473 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 10551 | 9496 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup>  | 420 | 399 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 590 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 445 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 248 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 521 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 827 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 130 | 130 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 16 | 16 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 425 | 393 |
| Methanex Corp. 5.125% 10/15/2027  | 2415 | 2430 |
| Methanex Corp. 5.25% 12/15/2029  | 747 | 754 |
| Methanex Corp. 5.65% 12/1/2044  | 465 | 417 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 1415 | 1458 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 207 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 2079 | 2127 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1912 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 781 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 256 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 425 | 416 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2245 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 711 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 453 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 80 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 560 | 583 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1040 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup>  | 1611 | 1634 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup>  | 683 | 693 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 1310 | 1315 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 900 | 909 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 325 | 338 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 482 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 526 | 564 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1102 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(d)</sup>  | 200 | 200 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 840 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 612 |
| Westlake Corp. 5.55% 11/15/2035  | 54 | 54 |
| Westlake Corp. 6.375% 11/15/2055  | 40 | 39 |
|  |  | 79663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care 7.45%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | USD4,173 | $4343 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 285 | 288 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | 1075 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1425 | 1397 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 495 | 523 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 589 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2031 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 596 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 205 | 214 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1786 | 1770 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 387 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 455 | 408 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 216 | 224 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 16 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 682 | 481 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 592 | 388 |
| Centene Corp. 4.625% 12/15/2029  | 945 | 917 |
| Centene Corp. 3.375% 2/15/2030  | 42 | 39 |
| Centene Corp. 2.50% 3/1/2031  | 1125 | 972 |
| Centene Corp. 2.625% 8/1/2031  | 100 | 86 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 184 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 808 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 2360 | 2221 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 909 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 162 | 177 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1365 | 1328 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 810 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2349 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2112 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2714 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 1590 | 1571 |
| Grifols SA 7.50% 5/1/2030  | EUR410 | 507 |
| HCA, Inc. 4.625% 3/15/2052  | USD233 | 190 |
| HCA, Inc. 7.50% 11/15/2095  | 210 | 229 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 57 | 60 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1475 | 1543 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 499 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 2330 | 2276 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 946 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 1470 | 1479 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 1115 | 1097 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1349 | 1253 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 960 | 987 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 3565 | 3245 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1385 | 1413 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 2122 | 1442 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 6277 | 4011 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 400 | 390 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup>  | 2278 | 2196 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2945 | 3080 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 635 | 667 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 855 | 866 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 260 | 264 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 80 | 80 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1785 | 1760 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 895 | 879 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 1070 | 1114 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 100 | 110 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 452 | 454 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 415 | 431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | USD6,990 | $7075 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 400 | 441 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 1159 | 1336 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 1345 | 1413 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 1377 | 1043 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 610 | 633 |
|  |  | 77336 |
| **Real estate 6.36%** |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 1408 | 1369 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 917 | 860 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 160 | 160 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 739 | 735 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 92 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1939 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 150 | 151 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2763 | 2687 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 4043 | 3853 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028  | 200 | 197 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 430 | 364 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 367 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 216 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3225 | 3189 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1995 | 1903 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 217 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 1785 | 1742 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2645 | 2495 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 2430 | 2287 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 565 | 559 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 38 | 39 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 215 | 228 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 9703 | 9405 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 335 | 281 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 1524 | 1109 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4629 | 4947 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 370 | 371 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 801 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 762 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 673 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 437 |
| SBA Communications Corp. 3.125% 2/1/2029  | 131 | 126 |
| Service Properties Trust 4.95% 2/15/2027  | 841 | 845 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 1175 | 1063 |
| Service Properties Trust 5.50% 12/15/2027  | 750 | 741 |
| Service Properties Trust 3.95% 1/15/2028  | 3031 | 2864 |
| Service Properties Trust 8.375% 6/15/2029  | 2655 | 2672 |
| Service Properties Trust 4.95% 10/1/2029  | 3518 | 3069 |
| Service Properties Trust 4.375% 2/15/2030  | 3180 | 2697 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5104 |
| Service Properties Trust 8.875% 6/15/2032  | 1385 | 1367 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 444 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 625 | 614 |
|  |  | 66086 |
| **Information technology 6.20%** |  |  |
| Amphenol Corp. 4.125% 11/15/2030  | 120 | 119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | USD3,050 | $3255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 59 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 2150 | 2180 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5404 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1935 | 2023 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 1755 | 1740 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 1350 | 1348 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1254 | 1265 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1114 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 103 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 425 | 430 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5475 | 5840 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 281 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 1175 | 1163 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 2200 | 2267 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 460 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 751 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 5511 | 5270 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 6124 | 5599 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 296 |
| Intel Corp. 3.05% 8/12/2051  | 150 | 92 |
| Intel Corp. 5.60% 2/21/2054  | 253 | 234 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 240 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1938 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 342 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 700 | 611 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 120 | 123 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 120 | 125 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1018 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 363 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1363 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1922 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5553 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1195 | 1163 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2234 | 2127 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 220 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup>  | 410 | 406 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup>  | 2579 | 2811 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 2410 | 2485 |
| X.AI Corp. 12.50% 6/30/2030  | 200 | 213 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup>  | 125 | 119 |
|  |  | 64435 |
| **Industrials 5.71%** |  |  |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 270 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 196 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 45 | 46 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 645 | 676 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 985 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 315 | 320 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1265 | 1334 |
| ATI, Inc. 4.875% 10/1/2029  | 690 | 691 |
| ATI, Inc. 5.125% 10/1/2031  | 775 | 776 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 771 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 54 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 903 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 458 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | USD1,205 | $1247 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1230 | 1285 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 163 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 327 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 525 | 534 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 889 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 842 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 160 | 160 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 1815 | 1866 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3294 | 3243 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 800 | 801 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 3655 | 3803 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 744 | 787 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 201 | 212 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 785 | 804 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1275 | 1301 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 474 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 937 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 30 | 30 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1585 | 1682 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 30 | 30 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 258 | 247 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 273 | 274 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 3754 | 3705 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 735 | 734 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 855 | 741 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 90 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 391 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1080 | 1065 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 385 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 603 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1495 | 1563 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1010 | 972 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 1090 | 905 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 505 | 512 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 747 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 443 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 798 | 799 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 448 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | 1515 | 1548 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup>  | 120 | 120 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup>  | 98 | 98 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 76 |
| TransDigm, Inc. 4.625% 1/15/2029  | 180 | 179 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 372 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1775 | 1849 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 905 | 927 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 2900 | 2978 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 1190 | 1235 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 3705 | 3862 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 745 | 711 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 323 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 232 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 425 | 444 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 334 |
|  |  | 59353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples 3.10%** |  |  |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup>  | USD400 | $403 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1428 | 1373 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 1620 | 1609 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 605 | 612 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 535 | 538 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 765 | 803 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2103 | 2061 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 3880 | 3822 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 755 | 725 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 2150 | 2036 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1185 | 1169 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 391 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 90 | 91 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 485 | 493 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 958 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 725 | 762 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 351 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1145 | 1109 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 855 | 815 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | 150 | 152 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 460 | 471 |
| Philip Morris International, Inc. 3.875% 10/27/2028  | 195 | 195 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 118 | 117 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1769 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1087 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 920 | 946 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 1110 | 1112 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 338 | 339 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1195 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 2200 | 2195 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 969 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 504 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 479 |
|  |  | 32237 |
| **Utilities 1.47%** |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 302 | 304 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 150 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 105 | 105 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(d)</sup>  | 470 | 484 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup>  | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(d)</sup>  | 350 | 364 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 820 | 743 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 368 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 1935 | 2061 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032  | 120 | 121 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 280 | 213 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 745 | 631 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 1305 | 882 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055  | 200 | 196 |
| PG&E Corp. 5.00% 7/1/2028  | 390 | 390 |
| PG&E Corp. 5.25% 7/1/2030  | 2960 | 2941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(d)</sup>  | USD2,050 | $2136 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1307 | 1384 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 175 | 173 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 415 |
|  |  | 15226 |
| **Municipals 0.05%** |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 546 | 541 |
| **Total corporate bonds and notes** |  | 878410 |
| **Loans 3.92%** | **Loans 3.92%** | **Loans 3.92%** |
| **Information technology 0.90%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup>  | 645 | 647 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup>  | 130 | 131 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup>  | 1000 | 1007 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup>  | 2885 | 2829 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup>  | 80 | 79 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup>  | 620 | 622 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup>  | 875 | 857 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup>  | 2087 | 2084 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup>  | 1149 | 1147 |
|  |  | 9403 |
| **Financials 0.64%** |  |  |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% <br> 5/30/2032 <sup>(h)(i)</sup>  | 613 | 617 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(h)(i)</sup>  | 1262 | 1288 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup>  | 2891 | 2935 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup>  | 940 | 953 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup>  | 145 | 146 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup>  | 700 | 704 |
|  |  | 6643 |
| **Communication services 0.62%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup>  | 1430 | 1430 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup>  | 327 | 287 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup>  | 44 | 17 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup>  | 73 | 74 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup>  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup>  | 23 | 23 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup>  | 960 | 960 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup>  | 455 | 361 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup>  | 1470 | 1473 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup>  | 370 | 369 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup>  | 1456 | 1433 |
|  |  | 6429 |
| **Industrials 0.56%** |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup>  | 310 | 315 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup>  | 5671 | 5275 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup>  | 185 | 186 |
|  |  | 5776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Consumer discretionary 0.44%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(e)(h)(i)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup>  | 525 | 525 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup>  | 588 | 592 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 334 | 335 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 102 | 103 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 71 | 60 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 15 | 13 |
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup>  | 183 | 3 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup>  | 98 | 2 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup>  | 1615 | 1589 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup>  | 748 | 749 |
|  |  | 4527 |
| **Consumer staples 0.32%** |  |  |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup>  | 191 | 186 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup>  | 158 | 158 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup>  | 2918 | 2940 |
|  |  | 3284 |
| **Health care 0.30%** |  |  |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup>  | 425 | 428 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup>  | 1748 | 1737 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup>  | 55 | 55 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup>  | 674 | 652 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup>  | 259 | 260 |
|  |  | 3132 |
| **Materials 0.06%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 563 | 178 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 566 | 179 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup>  | 931 | 295 |
|  |  | 652 |
| **Utilities 0.05%** |  |  |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% <br> 3/28/2031 <sup>(h)(i)</sup>  | 276 | 277 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup>  | 278 | 279 |
|  |  | 556 |
| **Real estate 0.02%** |  |  |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% <br> 6/30/2027 <sup>(h)(i)</sup>  | 190 | 173 |
| **Energy 0.01%** |  |  |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup>  | 266 | 113 |
| **Total loans** |  | 40688 |
| **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup>  | 580 | 580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup>  | USD305 | $196 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 334 | 219 |
| **Total municipals** |  | 415 |
| **Total bonds, notes & other debt instruments** (cost: $922,218,000) |  | 920093 |
| Convertible bonds & notes 0.12% |  |  |
| **Communication services 0.12%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup>  | 379 | 1265 |
| **Total convertible bonds & notes** (cost: $403,000) |  | 1265 |
| Common stocks 6.33% | Shares |  |
| **Information technology 1.84%** |  |  |
| Diebold Nixdorf, Inc. <sup>(j)</sup>  | 281243 | 19094 |
| **Health care 1.62%** |  |  |
| Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup>  | 201793 | 13823 |
| Mallinckrodt PLC <sup>(j)</sup>  | 28965 | 2591 |
| Par Health, Inc. <sup>(a)(j)</sup>  | 28965 | 271 |
| Endo, LP, Class A1 <sup>(a)(j)</sup>  | 192719 | 135 |
|  |  | 16820 |
| **Utilities 1.40%** |  |  |
| Talen Energy Corp. <sup>(j)</sup>  | 37868 | 14194 |
| PG&E Corp.  | 18786 | 302 |
|  |  | 14496 |
| **Energy 1.11%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(j)</sup>  | 623209 | 7359 |
| Ascent CNR Corp., Class A <sup>(e)(g)</sup>  | 62978 | 2787 |
| Weatherford International  | 9659 | 756 |
| Altera Infrastructure, LP <sup>(e)</sup>  | 9127 | 371 |
| Mesquite Energy, Inc. <sup>(e)(j)</sup>  | 3558 | 227 |
|  |  | 11500 |
| **Consumer discretionary 0.33%** |  |  |
| Aimbridge Topco, LLC <sup>(e)(j)</sup>  | 46955 | 3472 |
| NMG Parent, LLC <sup>(e)(j)</sup>  | 8350 | — <br><sup>(f)</sup><br>|
|  |  | 3472 |
| **Financials 0.02%** |  |  |
| Navient Corp.  | 20000 | 260 |
| **Communication services 0.01%** |  |  |
| iHeartMedia, Inc., Class A <sup>(j)</sup>  | 22639 | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(e)(j)</sup>  | 3232 | $— <br><sup>(f)</sup><br>|
| **Total common stocks** (cost: $38,533,000) |  | 65736 |
| Preferred securities 0.16% |  |  |
| **Industrials 0.16%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup>  | 1022 | 1713 |
| **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.01%** |  |  |
| SES SA (CVR) <sup>(j)</sup>  | 8182 | 127 |
| **Energy 0.01%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup>  | 457 | 45 |
| **Total rights & warrants** (cost: $392,000) | **Total rights & warrants** (cost: $392,000) | 172 |
| Short-term securities 3.38% |  |  |
| **Money market investments 3.38%** | **Money market investments 3.38%** | **Money market investments 3.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 350884 | 35092 |
| **Total short-term securities** (cost: $35,085,000) | **Total short-term securities** (cost: $35,085,000) | 35092 |
| **Total investment securities 98.60%** (cost: $997,688,000) |  | 1024071 |
| Other assets less liabilities 1.40% |  | 14538 |
| **Net assets 100.00%** |  | $1038609 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (690)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,020 | &nbsp;&nbsp;&nbsp;&nbsp; $(1988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(163)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.38%** |  |  |  |  |  |  |  |
| **Money market investments 3.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $45641 | &nbsp;&nbsp; $250972 | &nbsp;&nbsp; $261524 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $35092 | &nbsp;&nbsp; $1878 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(e)(j)</sup> <br>| 9/26/2013 | $4331 | $13823 | 1.33<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> <br>| 9/29/2025 | 2566 | 2811 | 0.27 |
| Ascent CNR Corp., Class A <sup>(e)</sup> <br>| 11/15/2016 | 302 | 2787 | 0.27 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(h)(i)</sup> <br>| 9/13/2023 | 986 | 1007 | 0.10 |
| **Total** |  | $8185 | $20428 | 1.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund. 

<sup>(b)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund. 

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| EUR = Euros |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** |
| **Federal agency mortgage-backed obligations 78.28%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 90 | 86 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 120 | 105 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 211 | 180 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 270 | 228 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 66 | 59 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 142 | 127 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 80 | 72 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 160 | 144 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 202 | 182 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 24 | 20 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 13 | 12 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 402 | 341 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 88 | 75 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup>  | 685 | 556 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 93 | 76 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 61 | 52 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 34 | 27 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup>  | 458 | 389 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 122 | 101 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 21 | 21 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1322 | 1130 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup>  | 1432 | 1176 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 332 | 273 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 161 | 130 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 165 | 150 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup>  | 260 | 221 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup>  | 389 | 330 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 353 | 302 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 22 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 367 | 318 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 173 | 150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | USD31 | $27 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 190 | 165 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 75 | 68 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 222 | 199 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 566 | 480 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 365 | 311 |
| Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup>  | 140 | 119 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | 39 | 35 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 887 | 787 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 676 | 547 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 1633 | 1385 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 910 | 770 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 448 | 427 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 158 | 146 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 934 | 941 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 666 | 541 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 92 | 92 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 34 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 410 | 402 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 96 | 96 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1100 | 1048 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 59 | 60 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 71 | 74 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 595 | 596 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 195 | 206 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 54 | 57 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 47 | 47 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 227 | 234 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup>  | 420 | 372 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 681 | 692 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 305 | 315 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 185 | 188 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 365 | 376 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 768 | 782 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 10 | 11 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 262 | 274 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 73 | 74 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 354 | 373 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 377 | 393 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 185 | 194 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1330 | 1351 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 127 | 129 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 33 | 34 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 122 | 127 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 228 | 234 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 219 | 227 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 42 | 44 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 20 | 20 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 251 | 262 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 150 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | USD491 | $507 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 141 | 145 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 121 | 125 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 94 | 97 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 55 | 57 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 36 | 38 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup>  | 18 | 18 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 616 | 647 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 383 | 401 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 118 | 123 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 106 | 111 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 66 | 70 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 189 | 195 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 160 | 165 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 129 | 132 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 17 | 18 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 141 | 148 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 105 | 110 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 41 | 43 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 480 | 491 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 257 | 263 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 196 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 422 | 437 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 165 | 169 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 126 | 131 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 100 | 101 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 370 | 381 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 54 | 54 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 47 | 48 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 40 | 41 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 185 | 181 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 567 | 582 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 177 | 184 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 219 | 208 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 230 | 236 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 531 | 539 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 95 | 98 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 587 | 610 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 313 | 325 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 429 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 105 | 108 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 288 | 287 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 756 | 777 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 148 | 147 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup>  | 316 | 325 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 746 | 776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | USD500 | $520 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 330 | 335 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 124 | 127 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 11 | 11 |
| Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup>  | 30 | 31 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 16 | 15 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 108 | 99 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 119 | 109 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 41 | 36 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 40 | 39 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 684 | 623 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 175 | 170 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup>  | 426 | 430 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 37 | 35 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1398 | 1183 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 260 | 234 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 73 | 64 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 239 | 239 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 10 | 9 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 34 | 34 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 122 | 111 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 659 | 535 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 162 | 133 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 171 | 147 |
| Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup>  | 90 | 73 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 285 | 234 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 269 | 221 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 197 | 176 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup>  | 978 | 828 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 65 | 53 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 686 | 582 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 117 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 17 | 13 |
| Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup>  | 465 | 412 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 615 | 578 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 665 | 539 |
| Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup>  | 66 | 53 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1308 | 1162 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 383 | 324 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 641 | 569 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 468 | 396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup>  | USD156 | $133 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1207 | 1071 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 120 | 97 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 832 | 777 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 173 | 170 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 529 | 531 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 200 | 203 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 215 | 215 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 92 | 94 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 303 | 302 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 641 | 669 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 29 | 25 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 106 | 106 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 73 | 73 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 80 | 81 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1024 | 1026 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 254 | 259 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 53 | 55 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 31 | 32 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 26 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 747 | 760 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 32 | 34 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup>  | 2221 | 2286 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 868 | 894 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 105 | 109 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 366 | 377 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 291 | 300 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 65 | 68 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 400 | 407 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1463 | 1507 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1188 | 1225 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 43 | 45 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 9 | 10 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 100 | 104 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 46 | 48 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 61 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 377 | 394 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 53 | 56 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 602 | 631 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 188 | 197 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 14 | 15 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 206 | 212 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 187 | 193 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 168 | 175 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 56 | 57 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 28 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | USD376 | $391 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 157 | 164 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 62 | 65 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 267 | 273 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 225 | 232 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 143 | 147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 126 | 130 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1307 | 1363 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 331 | 344 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 217 | 227 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 95 | 99 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 87 | 91 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 37 | 39 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 195 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 115 | 119 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 59 | 61 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 54 | 56 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 149 | 155 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 79 | 83 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 435 | 442 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 480 | 482 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 357 | 362 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 1077 | 1106 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 76 | 80 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 271 | 264 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 737 | 757 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 55 | 56 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 382 | 397 |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | 280 | 294 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 126 | 126 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 88 | 90 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup>  | 13 | 14 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 265 | 265 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 197 | 202 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 88 | 88 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup>  | 2051 | 2108 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 1040 | 1081 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 432 | 438 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 2292 | 2354 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 1386 | 1425 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup>  | 65 | 67 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 499 | 518 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 1712 | 1758 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 176 | 184 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 111 | 116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup>  | USD565 | $580 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 304 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 75 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 77 | 69 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 144 | 137 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 100 | 96 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 20 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 76 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 25 | 22 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 615 | 540 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 176 | 173 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup>  | 290 | 267 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 278 | 255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 280 | 258 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 240 | 216 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 238 | 232 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup>  | 80 | 80 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 532 | 522 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 151 | 153 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 10 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 76 | 77 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 75 | 67 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 176 | 162 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | 38 | 35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup>  | 439 | 423 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 80 | 66 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 33 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 71 | 59 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 302 | 258 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 72 | 62 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 472 | 402 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 295 | 254 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 64 | 55 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 154 | 133 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 126 | 109 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 40 | 34 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 47 | 42 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 207 | 179 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 56 | 50 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 145 | 138 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 77 | 73 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 194 | 196 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 49 | 50 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 194 | 177 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 101 | 92 |
| Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 47 | 47 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 201 | 150 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup>  | 125 | 123 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup>  | 674 | 545 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup>  | 25 | 23 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup>  | 97 | 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup>  | USD190 | $186 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup>  | 1542 | 1563 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup>  | 1769 | 1817 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup>  | 698 | 725 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup>  | 1616 | 1489 |
|  |  | 98296 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(c)(d)</sup>  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup>  | 79 | 79 |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup>  | 200 | 200 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup>  | 379 | 391 |
|  |  | 770 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup>  | 128 | 122 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup>  | 51 | 47 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup>  | 81 | 82 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup>  | 145 | 148 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup>  | 86 | 88 |
|  |  | 487 |
| **Total mortgage-backed obligations** |  | 99553 |
| **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** |
| **U.S. Treasury 6.22%** |  |  |
| U.S. Treasury 4.375% 7/31/2026  | 535 | 538 |
| U.S. Treasury 3.50% 10/31/2027  | 1130 | 1130 |
| U.S. Treasury 4.25% 2/15/2028  | 460 | 467 |
| U.S. Treasury 3.875% 3/15/2028  | 550 | 554 |
| U.S. Treasury 4.125% 7/31/2028  | 450 | 457 |
| U.S. Treasury 3.50% 10/15/2028  | 800 | 799 |
| U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup>  | 1025 | 1055 |
| U.S. Treasury 4.00% 2/28/2030  | 330 | 334 |
| U.S. Treasury 4.00% 3/31/2030  | 100 | 101 |
| U.S. Treasury 4.00% 6/30/2032  | 300 | 302 |
| U.S. Treasury 4.25% 8/15/2035  | 230 | 232 |
| U.S. Treasury 1.875% 2/15/2041  | 240 | 168 |
| U.S. Treasury 3.25% 5/15/2042  | 106 | 89 |
| U.S. Treasury 4.75% 2/15/2045  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055  | 345 | 333 |
| U.S. Treasury 4.75% 8/15/2055  | 640 | 631 |
| U.S. Treasury 4.625% 11/15/2055  | 410 | 396 |
| **Total U.S. Treasury bonds & notes** |  | 7811 |
| **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** |
| **Auto loan 0.67%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup>  | 1 | 1 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 1 | 1 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup>  | 22 | 22 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1 | 1 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup>  | 257 | 266 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** | **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | USD43 | $43 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | 1 | 1 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | 383 | 387 |
|  |  |  | 848 |
| **Student loan 0.22%** | **Student loan 0.22%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | 58 | 53 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | 76 | 70 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | 86 | 81 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | 72 | 72 |
|  |  |  | 276 |
| **Other asset-backed securities 0.14%** | **Other asset-backed securities 0.14%** |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | 89 | 75 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | 100 | 84 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
|  |  |  | 171 |
| **Total asset-backed obligations** | **Total asset-backed obligations** |  | 1295 |
| **Total bonds, notes & other debt instruments** (cost: $108,233,000) | **Total bonds, notes & other debt instruments** (cost: $108,233,000) |  | 108659 |
| Short-term securities 19.42% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** |
| Exxon Asset Management Co. 3/31/2026  | 3.820<br> %<br>| 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup>  | 4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |
| Ontario (Province of) 1/23/2026  | 3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026  | 3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026  | 3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026  | 3.685 | 3500 | 3488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 2/11/2026  | 3.790<br> %<br>| USD1,400 | $1394 |
| Federal Home Loan Bank 3/6/2026  | 3.635 | 1500 | 1491 |
| Federal Home Loan Bank 3/20/2026  | 3.565 | 500 | 496 |
| **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | 24381 |
| **Total investment securities 105.95%** (cost: $132,611,000) | **Total investment securities 105.95%** (cost: $132,611,000) |  | 133040 |
| Other assets less liabilities (5.95)% | Other assets less liabilities (5.95)% |  | (7473)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $125567 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2024)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(132)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD230 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,182 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** |
| Apple, Inc. 1/5/2026 <sup>(a)</sup>  | 0.210<br> %<br>| USD4,000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup>  | 0.315 | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup>  | 1.160 | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup>  | 0.449 | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup>  | 0.201 | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup>  | 0.544 | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup>  | 0.854 | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup>  | 1.522 | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup>  | 0.346 | 9000 | 8976 |
| Linde, Inc. 1/20/2026  | 0.357 | 2900 | 2894 |
| Linde, Inc. 2/2/2026  | 0.435 | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup>  | 1.227 | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup>  | 0.211 | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup>  | 0.347 | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup>  | 0.260 | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026  | 0.385 | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup>  | 0.748 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 0.311 | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup>  | 1.103 | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup>  | 0.822 | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup>  | 0.994 | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup>  | 0.280 | 12200 | 12183 |
|  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** |
| Federal Farm Credit Banks 2/20/2026  | 0.526 | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026  | 0.020 | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026  | 1.143 | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026  | 0.877 | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026  | 0.869 | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026  | 0.841 | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026  | 0.739 | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026  | 1.086 | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026  | 0.795 | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026  | 0.787 | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026  | 0.962 | 5000 | 4953 |
|  |  |  | 60919 |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |
| Alberta (Province of) 3/2/2026 <sup>(a)</sup>  | 0.846 | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup>  | 0.385 | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup>  | 0.218 | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup>  | 0.762 | 8000 | 7939 |
| Ontario (Province of) 1/23/2026  | 0.563 | 7000 | 6984 |
| Ontario (Province of) 2/26/2026  | 0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** |
| U.S. Treasury 2/10/2026  | 0.632<br> %<br>| USD8,700 | $8667 |
| U.S. Treasury 2/17/2026  | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | 308498 |
| **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921)<br>|
| **Net assets 100.00%** |  |  | $307577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** |
| **Federal agency mortgage-backed obligations 43.50%** |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 413 | 409 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 968 | 957 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 721 | 683 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 297 | 281 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 9 | 10 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 22975 | 20051 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 250 | 257 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 126 | 129 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 27 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 114 | 117 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 14 | 14 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 63 | 65 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 5 | 6 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 28 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 754 | 784 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 51 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3360 | 3191 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 11 | 10 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 77 | 75 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2416 | 2281 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 31 | 29 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 43 | 42 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 61 | 59 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 865 | 822 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 318 | 302 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 84 | 79 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 428 | 406 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 241 | 228 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2768 | 2508 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 706 | 611 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 447 | 382 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 150 | 130 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1520 | 1304 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 187 | 153 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1301 | 1054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD66 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 874 | 723 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 559 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 338 | 289 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1334 | 1080 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 827 | 700 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4198 | 3797 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1272 | 1087 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 257 | 218 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 149 | 129 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 488 | 414 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1207 | 1025 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 550 | 471 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 364 | 308 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 972 | 823 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup>  | 20 | 17 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup>  | 1948 | 1652 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 996 | 856 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 633 | 575 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 463 | 375 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup>  | 2286 | 2025 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1868 | 1676 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 949 | 840 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 383 | 310 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 368 | 312 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 160 | 137 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 2932 | 2654 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 1945 | 1724 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 410 | 391 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3078 | 2496 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7001 | 5926 |
| Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup>  | 1004 | 931 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup>  | 783 | 694 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 168 | 149 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 549 | 523 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 473 | 383 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 98 | 79 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2471 | 2359 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 49 | 49 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 44 | 44 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 203 | 165 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 3391 | 2871 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2189 | 2030 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 285 | 288 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 628 | 619 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8032 | 8048 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3185 | 2587 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 912 | 898 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 832 | 817 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 7788 | 7805 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4729 | 4733 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 576 | 587 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 526 | 536 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 77 | 79 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 207 | 216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | USD48 | $46 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 47 | 45 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2465 | 2418 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1804 | 1875 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1367 | 1303 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 660 | 691 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 717 | 739 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 543 | 563 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 223 | 212 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 1942 | 1977 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 320 | 338 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 288 | 294 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1594 | 1646 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 70 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2635 | 2682 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2588 | 2664 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1690 | 1741 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1634 | 1684 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1248 | 1287 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1196 | 1240 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 346 | 339 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9038 | 9198 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1490 | 1533 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 245 | 253 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 429 | 419 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 186 | 189 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 19754 | 20095 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 444 | 457 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 618 | 644 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 178 | 185 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 943 | 898 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup>  | 254 | 236 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 23 | 21 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 494 | 502 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 136 | 138 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 9288 | 9680 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 721 | 758 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 2899 | 3018 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 445 | 452 |
| Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup>  | 6000 | 6316 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 876 | 889 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 395 | 401 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 42 | 42 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1169 | 1194 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 600 | 623 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1109 | 1161 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5132 | 5210 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1595 | 1677 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 2882 | 2972 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 687 | 706 |
| Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup>  | 106 | 109 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 3937 | 4107 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1677 | 1743 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 6657 | 6866 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3615 | 3755 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 844 | 867 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 144 | 148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | USD5,993 | $6273 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 1622 | 1693 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 959 | 1007 |
| Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup>  | 234 | 240 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 217 | 225 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 112 | 115 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 101 | 104 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 84 | 86 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 1648 | 1730 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 1419 | 1475 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1865 | 1906 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 1350 | 1387 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 91 | 93 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 4335 | 4506 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1397 | 1440 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 132 | 125 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 199 | 203 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup>  | 2547 | 2619 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 372 | 384 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 783 | 782 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 2206 | 2293 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1578 | 1621 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 947 | 978 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 26 | 26 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 192 | 198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7300 | 7407 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 10881 | 11317 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 8612 | 8952 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 6435 | 6770 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1829 | 1880 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 69 | 71 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 67 | 69 |
| Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup>  | 670 | 705 |
| Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup>  | 53 | 50 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 174 | 179 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1377 | 1451 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 662 | 681 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 5053 | 5256 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 3040 | 3159 |
| Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup>  | 86 | 79 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 4204 | 4266 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 762 | 783 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 470 | 489 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1705 | 1730 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 158 | 150 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1111 | 968 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 331 | 323 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 420 | 382 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 941 | 918 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| 1; <br><sup>(b)</sup><br>|
| Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup>  | 29 | 30 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1083 | 1025 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 216 | 223 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 446 | 459 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 601 | 521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | USD8,660 | $7741 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 109 | 107 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 161 | 154 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 202 | 203 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 41 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 58 | 55 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5483 | 5288 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 32 | 30 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 24 | 23 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 686 | 666 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 32 | 31 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 63 | 62 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5121 | 4951 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 156 | 156 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 74 | 73 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 50 | 49 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 123 | 117 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 290 | 275 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 151 | 143 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 23 | 21 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1329 | 1079 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 28 | 24 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1136 | 928 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1713 | 1467 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 31 | 25 |
| Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup>  | 713 | 605 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 51 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1974 | 1620 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 127 | 115 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 7920 | 6839 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 398 | 325 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 418 | 362 |
| Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup>  | 952 | 806 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 104 | 88 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 259 | 224 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 121 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 4455 | 3606 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup>  | 2324 | 1881 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 293 | 237 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 7547 | 7088 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 147 | 137 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 327 | 264 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup>  | 104 | 97 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 325 | 309 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup>  | 801 | 681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup>  | USD412 | $383 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7491 | 6653 |
| Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup>  | 1238 | 1148 |
| Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup>  | 410 | 380 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 328 | 278 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 262 | 232 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 2028 | 1717 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3100 | 2749 |
| Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup>  | 48 | 43 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 180 | 177 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 781 | 782 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 45 | 45 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 36 | 37 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 792 | 777 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 185 | 182 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 116 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 8774 | 8809 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3051 | 2992 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 78 | 77 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 947 | 943 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 698 | 687 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1823 | 1856 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 3737 | 3900 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup>  | 663 | 588 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 799 | 813 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 744 | 767 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 409 | 422 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 79 | 78 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 712 | 725 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 457 | 464 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3287 | 3388 |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | 1519 | 1568 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 213 | 225 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1346 | 1369 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 12863 | 13257 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3429 | 3532 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1797 | 1852 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 748 | 771 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 371 | 386 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 336 | 347 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 219 | 227 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 186 | 194 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1797 | 1881 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1557 | 1632 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1477 | 1560 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1453 | 1532 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1018 | 1076 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 817 | 860 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 494 | 515 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 462 | 493 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 15782 | 16058 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 569 | 580 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 16252 | 16745 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 17343 | 17848 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 670 | 681 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 34942 | 35984 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 1977 | 2036 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 72 | 75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup>  | USD2,099 | $1859 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4342 | 4473 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 686 | 671 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 2949 | 2993 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 9504 | 9972 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1820 | 1849 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 340 | 355 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 157 | 149 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 861 | 875 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 3774 | 3911 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 172 | 177 |
| Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup>  | 4620 | 4858 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 461 | 468 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 526 | 537 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 93 | 94 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 490 | 509 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 478 | 485 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 66 | 68 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2108 | 2207 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1019 | 1071 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11156 | 11596 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2477 | 2609 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 932 | 976 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 582 | 614 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 7350 | 7575 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 2780 | 2867 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 215 | 221 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 5542 | 5770 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 2052 | 2133 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 3847 | 3932 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 906 | 919 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 2900 | 2985 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 1336 | 1377 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 137 | 141 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 76 | 78 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 4317 | 4487 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3489 | 3652 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 673 | 683 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 470 | 485 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 245 | 253 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 232 | 242 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 225 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 4396 | 4620 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1520 | 1580 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 1245 | 1301 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 379 | 384 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3591 | 3719 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 3112 | 3197 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1422 | 1480 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1033 | 1071 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 1444 | 1520 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2201 | 2261 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 5 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 1301 | 1336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | USD4,423 | $4646 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 1003 | 1042 |
| Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup>  | 808 | 767 |
| Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup>  | 213 | 216 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 378 | 388 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 622 | 661 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 348 | 357 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 649 | 648 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 8713 | 9057 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 2767 | 2807 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1223 | 1257 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 4638 | 4821 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 631 | 648 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 2776 | 2914 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 1752 | 1841 |
| Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup>  | 526 | 488 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3932 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 3332 | 3184 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 704 | 622 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 283 | 255 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3410 | 3239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3022 | 2885 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 764 | 664 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1062 | 971 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 324 | 318 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3378 | 3042 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 386 | 377 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 590 | 529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1453 | 1417 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 316 | 284 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1257 | 1185 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 12897 | 12705 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3267 | 3108 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 933 | 868 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 392 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3198 | 3120 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 55 | 58 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 113 | 122 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 25 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 113 | 117 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1653 | 1712 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 602 | 615 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 392 | 388 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 14 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 734 | 609 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 643 | 533 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4304 | 3676 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1863 | 1609 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 593 | 508 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3352 | 2857 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 78 | 67 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 2855 | 2459 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1472 | 1273 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 896 | 774 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 707 | 606 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 224 | 202 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 827 | 714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | USD176 | $158 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2004 | 1847 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 620 | 568 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3811 | 3522 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 291 | 277 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 401 | 382 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 50 | 50 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4091 | 4008 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2634 | 2581 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1116 | 1091 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4323 | 4109 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1352 | 1319 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 484 | 490 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 989 | 999 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 343 | 346 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 928 | 845 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 484 | 440 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 418 | 312 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup>  | 1115 | 1033 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup>  | 920 | 908 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup>  | 780 | 790 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup>  | 16198 | 13097 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup>  | 119 | 110 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup>  | 1999 | 1951 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup>  | 6284 | 6373 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup>  | 18724 | 19228 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup>  | 6031 | 6268 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup>  | 7168 | 6605 |
| **Total mortgage-backed obligations** |  | 816712 |
| **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** |
| **U.S. Treasury 36.84%** |  |  |
| U.S. Treasury 4.25% 1/31/2026  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026  | 9375 | 9388 |
| U.S. Treasury 4.625% 3/15/2026  | 11050 | 11072 |
| U.S. Treasury 4.50% 3/31/2026  | 1435 | 1438 |
| U.S. Treasury 4.875% 4/30/2026  | 35525 | 35676 |
| U.S. Treasury 0.875% 6/30/2026  | 2065 | 2038 |
| U.S. Treasury 4.50% 7/15/2026  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026  | 25795 | 25919 |
| U.S. Treasury 4.625% 9/15/2026  | 10209 | 10285 |
| U.S. Treasury 3.50% 9/30/2026  | 11100 | 11094 |
| U.S. Treasury 3.875% 3/31/2027  | 23000 | 23100 |
| U.S. Treasury 4.50% 4/15/2027  | 30000 | 30371 |
| U.S. Treasury 0.50% 4/30/2027  | 1250 | 1202 |
| U.S. Treasury 2.625% 5/31/2027  | 2290 | 2263 |
| U.S. Treasury 3.75% 6/30/2027  | 33220 | 33348 |
| U.S. Treasury 3.875% 7/31/2027  | 10000 | 10059 |
| U.S. Treasury 3.75% 8/15/2027  | 5043 | 5064 |
| U.S. Treasury 3.625% 8/31/2027  | 2945 | 2951 |
| U.S. Treasury 3.375% 11/30/2027  | 600 | 599 |
| U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup>  | 48655 | 49404 |
| U.S. Treasury 3.625% 5/31/2028  | 14850 | 14890 |
| U.S. Treasury 1.25% 6/30/2028  | 3325 | 3147 |
| U.S. Treasury 4.00% 6/30/2028  | 6907 | 6988 |
| U.S. Treasury 1.00% 7/31/2028  | 970 | 910 |
| U.S. Treasury 4.125% 7/31/2028  | 17685 | 17950 |
| U.S. Treasury 3.50% 11/15/2028  | 410 | 410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.625% 2/15/2029  | USD3,270 | $3180 |
| U.S. Treasury 4.50% 5/31/2029  | 825 | 849 |
| U.S. Treasury 2.625% 7/31/2029  | 9309 | 9006 |
| U.S. Treasury 4.00% 7/31/2029  | 15070 | 15268 |
| U.S. Treasury 4.125% 10/31/2029  | 4800 | 4883 |
| U.S. Treasury 4.125% 11/30/2029  | 10200 | 10377 |
| U.S. Treasury 4.375% 12/31/2029  | 23475 | 24106 |
| U.S. Treasury 4.00% 2/28/2030  | 11270 | 11415 |
| U.S. Treasury 4.00% 3/31/2030  | 15000 | 15193 |
| U.S. Treasury 3.75% 6/30/2030  | 17030 | 17075 |
| U.S. Treasury 3.875% 6/30/2030  | 6000 | 6046 |
| U.S. Treasury 4.00% 7/31/2030  | 1185 | 1200 |
| U.S. Treasury 4.625% 9/30/2030  | 1290 | 1341 |
| U.S. Treasury 4.875% 10/31/2030  | 625 | 657 |
| U.S. Treasury 3.50% 11/30/2030  | 505 | 500 |
| U.S. Treasury 4.25% 6/30/2031  | 9625 | 9847 |
| U.S. Treasury 4.125% 11/30/2031  | 3240 | 3290 |
| U.S. Treasury 4.125% 2/29/2032  | 9305 | 9440 |
| U.S. Treasury 4.125% 3/31/2032  | 3000 | 3043 |
| U.S. Treasury 4.125% 5/31/2032  | 10295 | 10435 |
| U.S. Treasury 4.00% 6/30/2032  | 16910 | 17018 |
| U.S. Treasury 2.75% 8/15/2032  | 8095 | 7550 |
| U.S. Treasury 3.75% 11/30/2032  | 4075 | 4030 |
| U.S. Treasury 3.875% 8/15/2033  | 3180 | 3156 |
| U.S. Treasury 4.375% 5/15/2034  | 1687 | 1726 |
| U.S. Treasury 3.875% 8/15/2034  | 1970 | 1941 |
| U.S. Treasury 4.25% 11/15/2034  | 1790 | 1810 |
| U.S. Treasury 4.625% 2/15/2035  | 5000 | 5194 |
| U.S. Treasury 4.25% 5/15/2035  | 1800 | 1816 |
| U.S. Treasury 4.25% 8/15/2035  | 5315 | 5357 |
| U.S. Treasury 4.00% 11/15/2035  | 285 | 281 |
| U.S. Treasury 4.50% 8/15/2039  | 13655 | 13699 |
| U.S. Treasury 4.625% 2/15/2040  | 90 | 91 |
| U.S. Treasury, interest only, 0% 11/15/2040  | 1110 | 545 |
| U.S. Treasury 1.375% 11/15/2040  | 1945 | 1265 |
| U.S. Treasury 3.875% 5/15/2043  | 820 | 737 |
| U.S. Treasury 4.375% 8/15/2043  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044  | 3780 | 3663 |
| U.S. Treasury 4.125% 8/15/2044  | 11760 | 10810 |
| U.S. Treasury 2.50% 2/15/2045  | 4850 | 3441 |
| U.S. Treasury 5.00% 5/15/2045  | 8955 | 9207 |
| U.S. Treasury 4.625% 11/15/2045  | 180 | 176 |
| U.S. Treasury 2.50% 2/15/2046  | 3900 | 2720 |
| U.S. Treasury 2.50% 5/15/2046  | 1585 | 1101 |
| U.S. Treasury 2.875% 11/15/2046  | 2700 | 1997 |
| U.S. Treasury 3.00% 8/15/2048  | 750 | 556 |
| U.S. Treasury 2.375% 11/15/2049  | 1435 | 924 |
| U.S. Treasury 1.25% 5/15/2050  | 14825 | 7117 |
| U.S. Treasury 1.375% 8/15/2050  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050  | 35205 | 18533 |
| U.S. Treasury 1.875% 2/15/2051  | 5892 | 3301 |
| U.S. Treasury 2.375% 5/15/2051  | 6280 | 3968 |
| U.S. Treasury 2.00% 8/15/2051  | 5226 | 3001 |
| U.S. Treasury 1.875% 11/15/2051  | 3164 | 1754 |
| U.S. Treasury 3.00% 8/15/2052  | 895 | 643 |
| U.S. Treasury 4.00% 11/15/2052  | 1849 | 1607 |
| U.S. Treasury 4.75% 11/15/2053  | 205 | 202 |
| U.S. Treasury 4.25% 2/15/2054  | 11130 | 10086 |
| U.S. Treasury 4.625% 5/15/2054  | 3165 | 3054 |
| U.S. Treasury 4.25% 8/15/2054  | 50 | 45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 2/15/2055  | U.S. Treasury 4.625% 2/15/2055  | USD7,370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055  | U.S. Treasury 4.625% 11/15/2055  | 19425 | 18754 |
|  |  |  | 691669 |
| **U.S. Treasury inflation-protected securities 3.92%** | **U.S. Treasury inflation-protected securities 3.92%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 9620 | 9533 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | 2960 | 2907 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | 37322 | 37704 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | 1093 | 1014 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | 3399 | 3107 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | 7377 | 7411 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | 141 | 138 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | 1506 | 1173 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | 1756 | 1308 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | 323 | 233 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | 368 | 212 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | 144 | 78 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | 456 | 410 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 8752 | 8308 |
|  |  |  | 73536 |
| **Total U.S. Treasury bonds & notes** | **Total U.S. Treasury bonds & notes** |  | 765205 |
| **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | 46 | 46 |
| Federal Home Loan Bank 3.25% 11/16/2028  | Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036  | Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030  | Federal National Mortgage Association 7.125% 1/15/2030  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028  | Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027  | Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035  | Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035  | Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036  | Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 250 | 223 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | 660 | 639 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | 645 | 657 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | 2200 | 2188 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | 10250 | 10131 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | 3064 | 3029 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | 2020 | 1987 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | 1773 | 1726 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | 2074 | 1998 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | 2167 | 2056 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | 1639 | 1545 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | 330 | 308 |
|  |  |  | 48704 |
| **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) | **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) |  | 1630621 |
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** |
| Apple, Inc. 1/15/2026 <sup>(c)</sup>  | 3.650<br> %<br>| 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup>  | 4.040 | 10000 | 9985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** |
| Chevron Corp. 2/3/2026 <sup>(c)</sup>  | 3.760<br> %<br>| USD12,300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup>  | 3.750 | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026  | 3.820 | 19510 | 19332 |
| Linde, Inc. 1/20/2026  | 3.660 | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup>  | 3.740 | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup>  | 3.900 | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup>  | 3.750 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 3.700 | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup>  | 3.715 | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 15200 | 15178 |
|  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup>  | 3.770 | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup>  | 3.700 | 13000 | 12991 |
| Ontario (Province of) 2/6/2026  | 3.770 | 25600 | 25501 |
|  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026  | 3.842 | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026  | 3.725 | 17900 | 17805 |
| **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | 288407 |
| Options purchased (equity style) 0.01% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 242 |
| **Total options purchased (equity style)** (cost: $330,000) | **Total options purchased (equity style)** (cost: $330,000) |  | 242 |
| **Total investment securities 102.23%** (cost: $1,941,770,000) | **Total investment securities 102.23%** (cost: $1,941,770,000) |  | 1919270 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) |  | (81)<br>|
| Other assets less liabilities (2.23)% | Other assets less liabilities (2.23)% |  | (41841)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1877348 |

---

**\*Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

<sup>†</sup>**Options written (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(361,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(81)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD7,228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 30 Day Federal Funds Futures | Long | 443 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| 3 Month SOFR Futures | Long | 26 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (856)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29099)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123569)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| 20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (850)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1214)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| U.S. Urban CPI | At maturity | 2.12% | At maturity | &nbsp;&nbsp;&nbsp; 12/22/2026 | &nbsp;&nbsp;&nbsp; USD5,735 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8 |
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (467)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 361 |
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,600 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,690 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 143 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp; 5455 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5455 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp; USD15,320 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (132)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1909 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD6,316 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD7,364 | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16)<br>|
| SOFR | Annual | 3.326% | Annual | &nbsp;&nbsp;&nbsp; 9/19/2032 | &nbsp;&nbsp;&nbsp; USD10,880 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.4225% | Annual | &nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp; USD10,938 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 |
| SOFR | Annual | 3.7175% | Annual | &nbsp;&nbsp;&nbsp; 8/8/2035 | &nbsp;&nbsp;&nbsp; USD1,180 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp; USD2,870 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD8,076 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD6,989 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1118 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1298)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp; (393)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (393)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 236 |
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 640 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $159 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 150 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 142 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 168 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 169 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 492 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 473 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,957 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,702 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $11931 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CPI = Consumer Price Index |
| EFFR = Effective Federal Funds Rate |

---

---

| |
|:---|
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3046065 | $429678 |
| **Total growth funds** (cost: $297,224,000) |  | 429678 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5324267 | 50687 |
| **Total fixed income funds** (cost: $50,772,000) |  | 50687 |
| Short-term securities 4.63% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 23417711 | 23418 |
| **Total short-term securities** (cost: $23,418,000) |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 1328 |
| **Total options purchased** (cost: $4,348,000) |  | 1328 |
| **Total investment securities 99.91**% (cost: $375,762,000) |  | 505111 |
| Other assets less liabilities 0.09% |  | 468 |
| **Net assets 100.00%** |  | $505579 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD61,610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $116262 | &nbsp;&nbsp; $180830 | &nbsp;&nbsp; $70206 | &nbsp;&nbsp; $(21522)<br>| &nbsp;&nbsp; $429678 | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 41135 | &nbsp;&nbsp; 44622 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 50687 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; — |
| **Total 95.01%** |  |  |  | &nbsp;&nbsp; $70221 | &nbsp;&nbsp; $(20149)<br>| &nbsp;&nbsp; $480365 | &nbsp;&nbsp; $3292 | &nbsp;&nbsp; $34295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Managed Risk International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 85.00% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4316673 | $96391 |
| **Total growth funds** (cost: $68,990,000) |  | 96391 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190669 | 11335 |
| **Total fixed income funds** (cost: $11,379,000) |  | 11335 |
| Short-term securities 4.79% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 5428105 | 5428 |
| **Total short-term securities** (cost: $5,428,000) |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
| Options purchased (equity style)\* |  | 267 |
| **Total options purchased** (cost: $774,000) |  | 267 |
| **Total investment securities 100.01**% (cost: $86,571,000) |  | 113421 |
| Other assets less liabilities (0.01)% |  | (17)<br>|
| **Net assets 100.00%** |  | $113404 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $267 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Managed Risk International Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 85.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $11326 | &nbsp;&nbsp; $33601 | &nbsp;&nbsp; $6644 | &nbsp;&nbsp; $15321 | &nbsp;&nbsp; $96391 | &nbsp;&nbsp; $1416 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 7132 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $6733 | &nbsp;&nbsp; $15574 | &nbsp;&nbsp; $107726 | &nbsp;&nbsp; $1911 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.06% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 14745796 | $268079 |
| **Total growth-and-income funds** (cost: $198,932,000) |  | 268079 |
| Fixed income funds 10.01% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3186969 | 31551 |
| **Total fixed income funds** (cost: $31,563,000) |  | 31551 |
| Short-term securities 4.67% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 14703653 | 14704 |
| **Total short-term securities** (cost: $14,704,000) |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
| Options purchased (equity style)\* |  | 647 |
| **Total options purchased** (cost: $2,471,000) |  | 647 |
| **Total investment securities 99.94**% (cost: $247,670,000) |  | 314981 |
| Other assets less liabilities 0.06% |  | 191 |
| **Net assets 100.00%** |  | $315172 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD8,271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $49141 | &nbsp;&nbsp; $75666 | &nbsp;&nbsp; $17364 | &nbsp;&nbsp; $4134 | &nbsp;&nbsp; $268079 | &nbsp;&nbsp; $4236 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 10.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; 18298 | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 31551 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; — |
| **Total 95.07%** |  |  |  | &nbsp;&nbsp; $17203 | &nbsp;&nbsp; $5381 | &nbsp;&nbsp; $299630 | &nbsp;&nbsp; $5641 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.67% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 24608461 | $1666731 |
| **Total growth-and-income funds** (cost: $1,348,887,000) |  | 1666731 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 32944468 | 313631 |
| **Total fixed income funds** (cost: $313,629,000) |  | 313631 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 100972696 | 100973 |
| **Total short-term securities** (cost: $100,973,000) |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
| Options purchased (equity style)\* |  | 7071 |
| **Total options purchased** (cost: $27,268,000) |  | 7071 |
| **Total investment securities 99.82**% (cost: $1,790,757,000) |  | 2088406 |
| Other assets less liabilities 0.18% |  | 3734 |
| **Net assets 100.00%** |  | $2092140 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD54,764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1697684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD87,879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.67%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $440767 | &nbsp;&nbsp; $500363 | &nbsp;&nbsp; $102594 | &nbsp;&nbsp; $(113173)<br>| &nbsp;&nbsp; $1666731 | &nbsp;&nbsp; $18415 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 143011 | &nbsp;&nbsp; 164543 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 8856 | &nbsp;&nbsp; 313631 | &nbsp;&nbsp; 13851 | &nbsp;&nbsp; — |
| **Total 94.66%** |  |  |  | &nbsp;&nbsp; $103218 | &nbsp;&nbsp; $(104317)<br>| &nbsp;&nbsp; $1980362 | &nbsp;&nbsp; $32266 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.20% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 51064459 | $1404783 |
| **Total asset allocation funds** (cost: $1,177,798,000) |  | 1404783 |
| Short-term securities 4.77% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 70445349 | 70445 |
| **Total short-term securities** (cost: $70,445,000) |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
| Options purchased (equity style)\* |  | 1217 |
| **Total options purchased** (cost: $3,674,000) |  | 1217 |
| **Total investment securities 100.05**% (cost: $1,251,917,000) |  | 1476445 |
| Other assets less liabilities (0.05)% |  | (743)<br>|
| **Net assets 100.00%** |  | $1475702 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD263,552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1217 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.20%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $267997 | &nbsp;&nbsp; $889458 | &nbsp;&nbsp; $39013 | &nbsp;&nbsp; $63753 | &nbsp;&nbsp; $1404783 | &nbsp;&nbsp; $32501 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements

**Statements of assets and liabilities** at December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| Affiliated issuers | 288884 | 99500 | 1303602 | 122775 | 60900 |
| Cash | 567 | 60 | 709 | 35 | 673 |
| Cash collateral received for securities on loan | 1 | 7659 | 2331 | 2919 | 660 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 524 | 493 | 485 | 1008 | 364 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 80 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments |  | 369 |  | 2909 | 2947 |
| Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| Variation margin on futures contracts |  |  |  |  | 5 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 12 | 119 | 55 | 37 | 1 |
| Other | 476 | 869 | 65 | 1967 | 1037 |
|  | 9156151 | 3071248 | 54796225 | 7525909 | 4084592 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 1099 | 76585 | 29093 | 29195 | 6603 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 78 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| Variation margin on futures contracts |  |  |  |  | 4 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| Other | 108 | 15506 | 98 | 168 | 18899 |
|  | 24805 | 117445 | 117443 | 73929 | 37224 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4669963 | $1914050 | $18377552 | $4482586 | $2226544 |
| Total distributable earnings (accumulated loss) | 4461383 | 1039753 | 36301230 | 2969394 | 1820824 |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| Investment securities on loan, at value | $4 | $77998 | $22741 | $32814 | $8183 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| Affiliated issuers | 288846 | 99493 | 1303348 | 122756 | 60891 |
| Cash denominated in currencies other than U.S. dollars, at cost | 524 | 493 | 485 | 1004 | 364 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| Affiliated issuers | 272530 | 2963 | 26204 | 1493802 | 5441 |
| Cash | 865 | 75 | 332 | 289 | 57 |
| Cash collateral received for securities on loan | 86 | 94 | 101 |  | 85 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 268 | 1525 | 81 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 2 | 1 | 2 | 63 | 1 |
| Other | 1 |  | 218 | 284 | 50 |
|  | 11992226 | 101156 | 2092225 | 43698200 | 406781 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 863 | 940 | 1007 |  | 848 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes |  |  |  | 1192 | 286 |
| Other | 159 |  | 813 | 60 | 10 |
|  | 18170 | 1530 | 5516 | 70889 | 2166 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6329907 | $96908 | $1027159 | $19543567 | $280952 |
| Total distributable earnings (accumulated loss) | 5644149 | 2718 | 1059550 | 24083744 | 123663 |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| Investment securities on loan, at value | $842 | $914 | $987 | $— | $893 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| Affiliated issuers | 272473 | 2962 | 26199 | 1435195 | 5440 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 268 | 1525 | 81 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1550384 | $25894359 | $419047 | $10789267 | $1345676 |
| Affiliated issuers | 119513 | 1851572 | 32007 | 624236 | 136894 |
| Cash | 338 | 3883 | 241 | 1674 | 425 |
| Cash collateral received for securities on loan | 1157 | 2069 |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 175 | 2 | 92 | 3 | 9 |
| Unrealized appreciation on open forward currency contracts |  |  | 229 | 386 | 2812 |
| Bilateral swaps, at value |  |  | 38 | 2015 | 136 |
| Unrealized appreciation on unfunded commitments\* |  | 3 |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 2897 | 251377 | 1442 | 55805 | 9996 |
| Sales of fund's shares | 582 | 3662 | 129 | 5946 | 534 |
| Dividends and interest | 5640 | 79619 | 2033 | 83388 | 15248 |
| Variation margin on futures contracts | 12 | 347 | 14 | 507 | 219 |
| Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 | 1920 | 301 |
| Variation margin on options (futures style) |  |  | 1 |  | 7 |
| Securities lending income | 8 | 78 | — <br><sup>†</sup><br>|  |  |
| Other | 137 | 808 | 36 | 22 | 141 |
|  | 1680860 | 28088968 | 455327 | 11565169 | 1512398 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 11565 | 20974 |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 281 | 420 | 1842 |
| Bilateral swaps, at value |  |  | 44 | 3943 | 2695 |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 5451 | 345093 | 3655 | 184956 | 25455 |
| Repurchases of fund's shares | 1782 | 30592 | 278 | 11524 | 1109 |
| Investment advisory services | 319 | 6211 | 163 | 1951 | 541 |
| Insurance administrative fees | 488 | 4502 | 126 | 1059 | 68 |
| Services provided by related parties | 208 | 3158 | 84 | 1171 | 218 |
| Trustees' deferred compensation | 18 | 482 | 7 | 199 | 34 |
| Variation margin on futures contracts | 101 | 2093 | 28 | 3584 | 382 |
| Variation margin on centrally cleared swap contracts | 1 | 48 | 5 | 350 | 154 |
| Non-U.S. taxes | 539 |  | 185 | — <br><sup>†</sup><br>| 68 |
| Other | 12 | 775 | 4 | (14)<br>| 62 |
|  | 20484 | 413928 | 4860 | 209143 | 32628 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1167067 | $16736971 | $339716 | $12855120 | $1705259 |
| Total distributable earnings (accumulated loss) | 493309 | 10938069 | 110751 | (1499094)<br>| (225489)<br>|
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| Investment securities on loan, at value | $11011 | $19953 | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1124145 | 17944427 | 335829 | 10859512 | 1379551 |
| Affiliated issuers | 122247 | 1869376 | 31719 | 624125 | 135130 |
| Cash denominated in currencies other than U.S. dollars, at cost | 175 | 2 | 91 | 1 | 9 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $988979 | $133040 | $308498 | $1919270 | $24746 |
| Affiliated issuers | 35092 |  |  |  | 480365 |
| Cash | 846 | 152 | 101 | 2915 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 220 |  |  |  | 1030 |
| Cash collateral pledged for swap contracts | 1311 |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 104 | 7819 |  | 40517 | 993 |
| Sales of fund's shares | 433 | 167 | 89 | 2376 |  |
| Dividends and interest | 16339 | 474 |  | 10972 | 82 |
| Variation margin on futures contracts | 4 | 4 |  | 271 | 207 |
| Variation margin on centrally cleared swap contracts | 13 | 8 |  | 562 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| Other | 3 |  |  |  |  |
|  | 1043345 | 141664 | 308688 | 1976883 | 507423 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  | 81 |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 2414 | 15929 |  | 94081 |  |
| Repurchases of fund's shares | 1678 | 16 | 930 | 3012 | 1044 |
| Investment advisory services | 250 | 24 | 68 | 342 | 43 |
| Insurance administrative fees | 147 | 41 | 35 | 341 | 321 |
| Services provided by related parties | 191 | 25 | 66 | 328 | 103 |
| Trustees' deferred compensation | 34 | 4 | 12 | 51 | 7 |
| Variation margin on futures contracts | 15 | 58 |  | 978 | 326 |
| Variation margin on centrally cleared swap contracts | 6 | — <br><sup>†</sup><br>|  | 320 |  |
| Non-U.S. taxes |  |  |  |  |  |
| Other | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 |  |
|  | 4736 | 16097 | 1111 | 99535 | 1844 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1332439 | $136386 | $305626 | $2132934 | $389009 |
| Total distributable earnings (accumulated loss) | (293830)<br>| (10819)<br>| 1951 | (255586)<br>| 116570 |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 962603 | 132611 | 308476 | 1941770 | 27766 |
| Affiliated issuers | 35085 |  |  |  | 347996 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |
| Premiums received on options written |  |  |  | 102 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| Affiliated issuers | 107726 | 299630 | 1980362 | 1404783 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 92 | 537 | 5713 | 918 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| Sales of investments | 79 | 760 | 1611 | 4751 |
| Sales of fund's shares |  | 5 | 139 | 227 |
| Dividends and interest | 19 | 52 | 353 | 250 |
| Variation margin on futures contracts | 231 |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| Other |  |  |  |  |
|  | 113842 | 316335 | 2096222 | 1482591 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| Purchases of investments |  |  |  |  |
| Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| Investment advisory services | 9 | 27 | 179 | 126 |
| Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| Services provided by related parties | 24 | 65 | 54 | 314 |
| Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| Other |  |  |  |  |
|  | 438 | 1163 | 4082 | 6889 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | $126483 | $268118 | $1532154 | $1152802 |
| Total distributable earnings (accumulated loss) | (13079)<br>| 47054 | 559986 | 322900 |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| Affiliated issuers | 80369 | 230495 | 1662516 | 1177798 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $4114734 | $784210 | $25167887 | $3364413 | $2103702 |
|  | Shares outstanding | 106085 | 38604 | 178424 | 150645 | 64791 |
|  | Net asset value per share | $38.79 | $20.31 | $141.06 | $22.33 | $32.47 |
| **Class 1A:** | Net assets | $65911 | $6412 | $458187 | $16600 | $31750 |
|  | Shares outstanding | 1713 | 321 | 3292 | 748 | 984 |
|  | Net asset value per share | $38.47 | $19.99 | $139.18 | $22.20 | $32.25 |
| **Class 2:** | Net assets | $3725188 | $1756619 | $21575396 | $3480776 | $940783 |
|  | Shares outstanding | 97736 | 92263 | 155446 | 156678 | 29375 |
|  | Net asset value per share | $38.11 | $19.04 | $138.80 | $22.22 | $32.03 |
| **Class 3:** | Net assets |  |  | $293095 | $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2055 | 731 | Not applicable |
|  | Net asset value per share |  |  | $142.60 | $22.41 |  |
| **Class 4:** | Net assets | $1225513 | $406562 | $7184217 | $573805 | $971133 |
|  | Shares outstanding | 32637 | 21428 | 53458 | 26284 | 30626 |
|  | Net asset value per share | $37.55 | $18.97 | $134.39 | $21.83 | $31.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $6434903 | $88135 | $621489 | $25779841 | $34897 |
|  | Shares outstanding | 353902 | 7861 | 33710 | 380653 | 2587 |
|  | Net asset value per share | $18.18 | $11.21 | $18.44 | $67.73 | $13.49 |
| **Class 1A:** | Net assets | $37706 | $11 | $11968 | $54369 | $9107 |
|  | Shares outstanding | 2085 | 1 | 654 | 810 | 696 |
|  | Net asset value per share | $18.09 | $11.21 | $18.31 | $67.11 | $13.09 |
| **Class 2:** | Net assets | $3148146 | $11 | $1090396 | $14357484 | $171727 |
|  | Shares outstanding | 176947 | 1 | 59340 | 216610 | 13110 |
|  | Net asset value per share | $17.79 | $11.21 | $18.38 | $66.28 | $13.10 |
| **Class 3:** | Net assets |  |  |  | $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2394 | Not applicable |
|  | Net asset value per share |  |  |  | $67.91 |  |
| **Class 4:** | Net assets | $2353301 | $11469 | $362856 | $3273054 | $188884 |
|  | Shares outstanding | 134090 | 1022 | 20329 | 50535 | 14678 |
|  | Net asset value per share | $17.55 | $11.22 | $17.85 | $64.77 | $12.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $840977 | $15918554 | $96748 | $6909118 | $610786 |
|  | Shares outstanding | 58024 | 578698 | 6712 | 725503 | 59749 |
|  | Net asset value per share | $14.49 | $27.51 | $14.41 | $9.52 | $10.22 |
| **Class 1A:** | Net assets | $15288 | $55856 | $4557 | $296525 | $29723 |
|  | Shares outstanding | 1056 | 2045 | 318 | 31383 | 2935 |
|  | Net asset value per share | $14.48 | $27.31 | $14.31 | $9.45 | $10.13 |
| **Class 2:** | Net assets | $22737 | $4401467 | $147446 | $2723868 | $758385 |
|  | Shares outstanding | 1570 | 162734 | 10287 | 290775 | 75051 |
|  | Net asset value per share | $14.48 | $27.05 | $14.33 | $9.37 | $10.10 |
| **Class 3:** | Net assets |  | $35405 |  |  |  |
|  | Shares outstanding | Not applicable | 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $27.55 |  |  |  |
| **Class 4:** | Net assets | $781374 | $7263758 | $201716 | $1426515 | $80876 |
|  | Shares outstanding | 54053 | 271330 | 14349 | 153303 | 8144 |
|  | Net asset value per share | $14.46 | $26.77 | $14.06 | $9.31 | $9.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $254585 | $18615 | $35747 | $261446 |  |
|  | Shares outstanding | 27282 | 1968 | 3170 | 26415 | Not applicable |
|  | Net asset value per share | $9.33 | $9.46 | $11.28 | $9.90 |  |
| **Class 1A:** | Net assets | $7747 | $3305 | $130 | $299685 |  |
|  | Shares outstanding | 835 | 355 | 11 | 30461 | Not applicable |
|  | Net asset value per share | $9.27 | $9.32 | $11.28 | $9.84 |  |
| **Class 2:** | Net assets | $533026 | $40771 | $214848 | $1056315 |  |
|  | Shares outstanding | 58703 | 4360 | 19752 | 108255 | Not applicable |
|  | Net asset value per share | $9.08 | $9.35 | $10.88 | $9.76 |  |
| **Class 3:** | Net assets | $7898 |  | $3534 | $4943 |  |
|  | Shares outstanding | 841 | Not applicable | 320 | 498 | Not applicable |
|  | Net asset value per share | $9.39 |  | $11.03 | $9.93 |  |
| **Class 4:** | Net assets | $235353 | $62876 | $53318 | $254959 |  |
|  | Shares outstanding | 22906 | 6824 | 4866 | 26181 | Not applicable |
|  | Net asset value per share | $10.27 | $9.21 | $10.96 | $9.74 |  |
| **Class P1:** | Net assets |  |  |  |  | $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1001 |
|  | Net asset value per share |  |  |  |  | $14.26 |
| **Class P2:** | Net assets |  |  |  |  | $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 34806 |
|  | Net asset value per share |  |  |  |  | $14.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $2047 | $2840 | $1834093 | $12565 |
|  | Shares outstanding | 219 | 222 | 122227 | 934 |
|  | Net asset value per share | $9.34 | $12.77 | $15.01 | $13.46 |
| **Class P2:** | Net assets | $111356 | $312332 | $258047 | $1463137 |
|  | Shares outstanding | 11989 | 24621 | 17322 | 112531 |
|  | Net asset value per share | $9.29 | $12.69 | $14.90 | $13.00 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | 134616 | 43758 | 306704 | 165059 | 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| Custodian | 851 | 399 | 738 | 1018 | 1231 |
| Other | 5 | 35 | 28 | 5 | 42 |
| Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 8716 | 1377 | 1 |  | 2573 |
| Total fees and expenses after waivers and/or reimbursements | 49506 | 25327 | 252698 | 48591 | 27785 |
| Net investment income | 85110 | 18431 | 54006 | 116468 | 54382 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| Affiliated issuers | (82)<br>| 2186 | 66 | (57)<br>| 11 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 177 |
| Forward currency contracts |  |  |  |  | (497)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1518)<br>| 42 | 219 | 3403 | (403)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| Affiliated issuers | (14)<br>| (12785)<br>| 56 | (26)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | (4)<br>|
| Forward currency contracts |  |  |  |  | (78)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 1600374 | 392104 | 9412475 | 1595286 | 863572 |
| **Net increase (decrease) in net assets resulting from operations** | $1685484 | $410535 | $9466481 | $1711754 | $917954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| Transfer agent services | 3 |  | — <br><sup>†</sup><br>| 9 | — <br><sup>†</sup><br>|
| Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| Trustees' compensation | 57 | — <br><sup>†</sup><br>| 10 | 207 | 2 |
| Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| Custodian | 248 | — <br><sup>†</sup><br>| 161 | 349 | 86 |
| Other | 6 | — <br><sup>†</sup><br>| 2 | 25 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 16888 |  | 1970 |  |  |
| Miscellaneous fee reimbursement |  | 38 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 16888 | 38 | 1970 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 47944 | 276 | 12440 | 168175 | 3468 |
| Net investment income | 173488 | 378 | 29211 | 440468 | 8831 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1056433 | (942)<br>| 183640 | 3158953 | 21094 |
| Affiliated issuers | (10)<br>| — <br><sup>†</sup><br>| 5 | 6384 | 1 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (18)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (19)<br>|  | 162 | (1431)<br>| (12)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942)<br>| 183807 | 3163906 | 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| Affiliated issuers | (30)<br>| — <br><sup>†</sup><br>| (4)<br>| (128689)<br>| (3)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 1671247 | 3156 | 410922 | 6660764 | 103945 |
| **Net increase (decrease) in net assets resulting from operations** | $1844735 | $3534 | $440133 | $7101232 | $112776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| Transfer agent services | — <br><sup>†</sup><br>| 6 | — <br><sup>†</sup><br>| 2 | — <br><sup>†</sup><br>|
| Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| Custodian | 104 | 224 | 107 | 141 | 236 |
| Other | 1 | 19 | — <br><sup>†</sup><br>| 7 | 2 |
| Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 1987 |  | 71 | 16783 |  |
| Total fees and expenses after waivers and/or reimbursements | 7824 | 126351 | 3370 | 40384 | 9435 |
| Net investment income | 46685 | 563801 | 9741 | 494217 | 57420 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024)<br>|
| Affiliated issuers | 16 | (136545)<br>| (2)<br>| 284 | (6)<br>|
| Options purchased (futures style) |  |  | (67)<br>|  | (586)<br>|
| Options written |  |  | 41 |  | 423 |
| Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| Forward currency contracts | 13 |  | (3684)<br>| (9144)<br>| (2268)<br>|
| Swap contracts | 147 | (1718)<br>| (169)<br>| 143 | (828)<br>|
| Currency transactions | (86)<br>| (392)<br>| (50)<br>| 49 | (96)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | 23483 | 30281 | (8965)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| Affiliated issuers | 789 | 154231 | 104 | (182)<br>| 561 |
| Options purchased (futures style) |  |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Options written |  |  | 4 |  | 88 |
| Futures contracts | 699 | (1220)<br>| 224 | 21668 | 1912 |
| Forward currency contracts |  |  | 130 | (1861)<br>| 1027 |
| Swap contracts | (213)<br>| 3084 | 389 | 9256 | 3722 |
| Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 234853 | 3471102 | 56186 | 301303 | 73723 |
| **Net increase (decrease) in net assets resulting from operations** | $281538 | $4034903 | $65927 | $795520 | $131143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $1002 | $— | $— <br><sup>†</sup><br>| $— | $918 |
| Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 297 | 36 | 99 | 552 |  |
| Accounting and administrative services |  |  |  |  | 65 |
| Reports to shareholders | 12 | 8 | 9 | 16 |  |
| Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| Trustees' compensation | 4 | — <br><sup>†</sup><br>| 2 | 9 | 3 |
| Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| Custodian | 21 | 15 | 1 | 34 | 6 |
| Other | 14 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 1188 | 87 |  | 1412 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 5616 | 766 | 1897 | 9223 | 3124 |
| Net investment income | 65115 | 5336 | 12329 | 75521 | 1086 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | (831)<br>| 421 | — <br><sup>†</sup><br>| 2163 | (4185)<br>|
| Affiliated issuers | — <br><sup>†</sup><br>|  |  |  | 70221 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  | 1 |  | 27 |  |
| Futures contracts | 293 | 1057 |  | 18297 | (13362)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (917)<br>| 27 |  | 4094 |  |
| Currency transactions | 5 |  |  | — <br><sup>†</sup><br>| 154 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450)<br>| 1506 | — <br><sup>†</sup><br>| 24581 | 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 15779 | 2481 | (2)<br>| 32939 | (2333)<br>|
| Affiliated issuers | 3 |  |  |  | (20149)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  | 21 |  |
| Futures contracts | 62 | 209 |  | 5703 | (455)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (207)<br>| (15)<br>|  | (1861)<br>|  |
| Currency translations | — <br><sup>†</sup><br>|  |  |  |  |
|  | 15637 | 2675 | (2)<br>| 36802 | (22937)<br>|
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14187 | 4181 | (2)<br>| 61383 | 64186 |
| **Net increase (decrease) in net assets resulting from operations** | $79302 | $9517 | $12327 | $136904 | $65272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 133 | 369 | 2463 | 2210 |
| Distribution services | 280 | 786 | 662 | 4685 |
| Insurance administrative services | 285 | 792 | 5286 | 4715 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 57 | 61 | 98 | 95 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 8 | 9 | 19 | 22 |
| Trustees' compensation | 1 | 2 | 10 | 9 |
| Auditing and legal | 2 | 6 | 38 | 35 |
| Custodian | 6 | 6 | 7 | 7 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 348 | 324 |
| Miscellaneous fee reimbursement | 39 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 58 | 52 | 348 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 714 | 1979 | 8237 | 11455 |
| Net investment income | 1410 | 4249 | 27973 | 24722 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (997)<br>| (2786)<br>| (28619)<br>| (3827)<br>|
| Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6090)<br>| (8845)<br>| (37033)<br>| (47196)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 39 | 61 | 367 | 201 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315)<br>| 23538 | 316725 | 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (422)<br>| (1184)<br>| (13505)<br>| (1962)<br>|
| Affiliated issuers | 15574 | 5381 | (104317)<br>| 63753 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (88)<br>| 75 | 1063 | 731 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759)<br>| 62522 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14749 | 27810 | 199966 | 178373 |
| **Net increase (decrease) in net assets resulting from operations** | $16159 | $32059 | $227939 | $203095 |

---

\*

Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $85110 | $83934 | $18431 | $14439 | $54006 | $123765 |
| Net realized gain (loss) | 1234283 | 1058571 | 355751 | 67213 | 4846029 | 3989653 |
| Net unrealized appreciation (depreciation) | 366091 | (106961)<br>| 36353 | (6037)<br>| 4566446 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
| **Distributions paid to shareholders** | (1167286)<br>| (362247)<br>| (76359)<br>| (145595)<br>| (4046623)<br>| (1183768)<br>|
| **Net capital share transactions** | 554825 | (305156)<br>| (370832)<br>| (124117)<br>| 1555981 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 1073023 | 368141 | (36656)<br>| (194097)<br>| 6975839 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $116468 | $80016 | $54382 | $49823 | $173488 | $178541 |
| Net realized gain (loss) | 751298 | 335500 | 300188 | 148263 | 1056404 | 784826 |
| Net unrealized appreciation (depreciation) | 843988 | (158907)<br>| 563384 | 26354 | 614843 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
| **Distributions paid to shareholders** | (99689)<br>| (91320)<br>| (192985)<br>| (66666)<br>| (947281)<br>| (270276)<br>|
| **Net capital share transactions** | (946603)<br>| (557783)<br>| (89200)<br>| (124462)<br>| 10588 | (851035)<br>|
| **Total increase (decrease) in net assets** | 665462 | (392494)<br>| 635769 | 33312 | 908042 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of year | $7451980 | $6786518 | $4047368 | $3411599 | $11974056 | $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended <br> December 31,<br>2025 | Period <br>ended <br>December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
| Net realized gain (loss) | (942)<br>| 4 | 183807 | 142599 | 3163906 | 6999624 |
| Net unrealized appreciation (depreciation) | 4098 | (438)<br>| 227115 | 78887 | 3496858 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 3534 | (421)<br>| 440133 | 251111 | 7101232 | 8670332 |
| **Distributions paid to shareholders** | (397)<br>| (13)<br>| (99132)<br>| (32476)<br>| (7414912)<br>| (2264497)<br>|
| **Net capital share transactions** | 81910 | 15013 | (142611)<br>| (191651)<br>| 2685997 | (2602817)<br>|
| **Total increase (decrease) in net assets** | 85047 | 14579 | 198390 | 26984 | 2372317 | 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of year | $99626 | $14579 | $2086709 | $1888319 | $43627311 | $41254994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
| Net realized gain (loss) | 21065 | (1592)<br>| 64110 | 24024 | 2918103 | 1925378 |
| Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
| **Distributions paid to shareholders** | (9200)<br>| (8098)<br>| (46016)<br>| (45676)<br>| (2469833)<br>| (1743267)<br>|
| **Net capital share transactions** | (21614)<br>| (9047)<br>| 56186 | 35182 | (975710)<br>| (949298)<br>|
| **Total increase (decrease) in net assets** | 81962 | (5927)<br>| 291708 | 117399 | 589360 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of year | $404615 | $322653 | $1660376 | $1368668 | $27675040 | $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
| Net realized gain (loss) | 23483 | 16800 | 30281 | (134500)<br>| (8965)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 32703 | (1065)<br>| 271022 | (207188)<br>| 82688 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 65927 | 25053 | 795520 | 159776 | 131143 | (41796)<br>|
| **Distributions paid to shareholders** | (21425)<br>| (7048)<br>| (486650)<br>| (475626)<br>| (44306)<br>| (33915)<br>|
| **Net capital share transactions** | 13683 | (14487)<br>| (119742)<br>| 474834 | (55304)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 58185 | 3518 | 189128 | 158984 | 31533 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
| Net realized gain (loss) | (1450)<br>| 3094 | 1506 | (1054)<br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372)<br>| (2)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
| **Distributions paid to shareholders** | (64338)<br>| (59402)<br>| (5115)<br>| (5001)<br>| (12940)<br>| (17633)<br>|
| **Net capital share transactions** | 91682 | 34726 | 10334 | 7230 | (30488)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 106646 | 58118 | 14736 | 3040 | (31101)<br>| (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of year | $1038609 | $931963 | $125567 | $110831 | $307577 | $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
| Net realized gain (loss) | 24581 | (1294)<br>| 87123 | 37612 | (315)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 36802 | (55237)<br>| (22937)<br>| 69526 | 15064 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
| **Distributions paid to shareholders** | (79096)<br>| (73267)<br>| (28627)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (487)<br>| 353747 | (57328)<br>| (88856)<br>| (15583)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | 57321 | 295998 | (20683)<br>| 18627 | (904)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
| Net realized gain (loss) | 23538 | (4225)<br>| 316725 | 73326 | 115851 | 123915 |
| Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759)<br>| 261435 | 62522 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
| **Distributions paid to shareholders** | (5960)<br>| (5475)<br>| (128115)<br>| (65908)<br>| (168266)<br>| (69126)<br>|
| **Net capital share transactions** | (33133)<br>| (39434)<br>| (184550)<br>| (313193)<br>| (584977)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (7034)<br>| (1985)<br>| (84726)<br>| (10390)<br>| (550148)<br>| (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of year | $315172 | $322206 | $2092140 | $2176866 | $1475702 | $2025850 |

---

\*

For the period November 15, 2024, commencement of operations, through December 31, 2024.

 <sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $1677360 | $1004158 | $— | $2681518 |
| Industrials | 814793 | 803211 |  | 1618004 |
| Consumer discretionary | 624592 | 643004 |  | 1267596 |
| Financials | 599727 | 664790 |  | 1264517 |
| Health care | 522458 | 184815 |  | 707273 |
| Communication services | 333006 | 159304 |  | 492310 |
| Consumer staples | 142724 | 161843 |  | 304567 |
| Materials | 138904 | 87575 |  | 226479 |
| Energy | 63628 | 58552 |  | 122180 |
| Real estate | 31223 | 81724 |  | 112947 |
| Utilities | 39385 | 14981 |  | 54366 |
| Short-term securities | 289982 |  |  | 289982 |
| Total | $5277782 | $3863957 | $— | $9141739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $260831 | $365281 | $— | $626112 |
| Financials | 222052 | 263645 |  | 485697 |
| Information technology | 296229 | 132470 | 265 | 428964 |
| Consumer discretionary | 191624 | 153882 |  | 345506 |
| Health care | 201747 | 110388 |  | 312135 |
| Materials | 116183 | 112638 |  | 228821 |
| Communication services | 48497 | 68762 |  | 117259 |
| Consumer staples | 42102 | 54064 |  | 96166 |
| Energy | 69622 | 8949 |  | 78571 |
| Real estate | 7877 | 63370 |  | 71247 |
| Utilities | 34021 | 13548 |  | 47569 |
| Preferred securities  | 7200 |  | 12088 | 19288 |
| Rights & warrants  |  | 12 |  | 12 |
| Convertible bonds & notes  |  | 1581 |  | 1581 |
| Bonds, notes & other debt instruments  |  | 945 |  | 945 |
| Short-term securities | 154617 | 43943 |  | 198560 |
| Total | $1652602 | $1393478 | $12353 | $3058433 |

---

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $15453954 | $942978 | $24211 | $16421143 |
| Communication services | 9313134 | 27790 |  | 9340924 |
| Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| Health care | 5922020 | 72405 | 8789 | 6003214 |
| Industrials | 4852390 | 170495 | 4230 | 5027115 |
| Financials | 3974058 | 100498 |  | 4074556 |
| Consumer staples | 1017667 |  | 4743 | 1022410 |
| Materials | 949496 | 28695 |  | 978191 |
| Energy | 846476 |  |  | 846476 |
| Real estate | 405935 |  |  | 405935 |
| Utilities | 365298 |  |  | 365298 |
| Preferred securities  |  |  | 315115 | 315115 |
| Rights & warrants  |  |  | — <br><sup>1</sup><br>| — <br><sup>1</sup><br>|
| Convertible stocks  | 7644 |  | 36076 | 43720 |
| Short-term securities | 1330364 |  |  | 1330364 |
| Total | $52723581 | $1637841 | $393164 | $54754586 |

---

<sup>1</sup>

Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122218 | &nbsp;&nbsp; $(13741)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $110752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393164 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $110752 |

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup> <br>|
| Common stocks | $41973 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Common stocks | $41973 | Transaction | Discount for uncertainty | 15% - 50% | 26% | Decrease |
| Common stocks | $41973 | Transaction | Premium to transaction price | 11% | 11% | Increase |
| Preferred securities | $315115 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Preferred securities | $315115 | Transaction | Discount for uncertainty | 5% - 50% | 6% | Decrease |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/Gross Profit <br> multiple<br>| 50% | 50% | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | DLOM  | 10% | 10% | Decrease |
| Rights & warrants | $— <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated <br> recovery value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Discount to transaction price | 5% | 5% | Decrease |
| Convertible stocks | $36076 | Transaction | Premium to transaction price | 11% | 11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup>

Weighted average is by relative fair value.

<sup>2</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup>

Amount less than one thousand.

---

| |
|:---|
| **Key to abbreviations** |
| DLOM = Discount for lack of marketability |
| EV = Enterprise value |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $132411 | $1126206 | $— | $1258617 |
| Industrials | 11113 | 1201308 |  | 1212421 |
| Information technology | 53833 | 1063830 | 7933 | 1125596 |
| Materials | 631675 | 291367 |  | 923042 |
| Communication services | 14900 | 697226 |  | 712126 |
| Consumer discretionary | 127415 | 546112 |  | 673527 |
| Health care |  | 447622 |  | 447622 |
| Energy | 186352 | 230194 |  | 416546 |
| Consumer staples |  | 335793 |  | 335793 |
| Utilities |  | 209483 |  | 209483 |
| Preferred securities  |  | 33353 | 726 | 34079 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 149051 |  |  | 149051 |
| Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $292708 | $622707 | $634 | $916049 |
| Financials | 150731 | 554211 | —<br> \*<br>| 704942 |
| Consumer discretionary | 190649 | 322157 |  | 512806 |
| Industrials | 111250 | 379009 |  | 490259 |
| Communication services | 146817 | 246709 |  | 393526 |
| Materials | 126958 | 131900 | —<br> \*<br>| 258858 |
| Health care | 64194 | 145778 |  | 209972 |
| Consumer staples | 37995 | 142731 |  | 180726 |
| Energy | 27489 | 61632 | —<br> \*<br>| 89121 |
| Real estate | 450 | 55019 |  | 55469 |
| Utilities | 1071 | 45485 |  | 46556 |
| Preferred securities  | 9540 | 11707 | 8293 | 29540 |
| Bonds, notes & other debt instruments  |  | 113791 |  | 113791 |
| Short-term securities | 66843 | 264 |  | 67107 |
| Total | $1226695 | $2833100 | $8927 | $4068722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (17)<br>|  |  | (17)<br>|
| Unrealized depreciation on open forward currency contracts |  | (78)<br>|  | (78)<br>|
| Total  | $7 | $2 | $— | $9 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $23464 | $228 | $— | $23692 |
| Industrials | 19657 |  |  | 19657 |
| Consumer discretionary | 15537 |  |  | 15537 |
| Information technology | 11031 | 370 |  | 11401 |
| Health care | 8602 |  |  | 8602 |
| Consumer staples | 7106 |  |  | 7106 |
| Energy | 2486 |  |  | 2486 |
| Real estate | 2419 |  |  | 2419 |
| Materials | 2280 |  |  | 2280 |
| Communication services | 1892 |  |  | 1892 |
| Utilities | 1884 |  |  | 1884 |
| Short-term securities  | 3809 |  |  | 3809 |
| Total | $100167 | $598 | $— | $100765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $355139 | $145088 | $— | $500227 |
| Industrials | 148399 | 190693 |  | 339092 |
| Financials | 157537 | 146549 | —<br> \*<br>| 304086 |
| Communication services | 125382 | 66163 |  | 191545 |
| Consumer discretionary | 113749 | 59921 |  | 173670 |
| Health care | 132454 | 39630 |  | 172084 |
| Materials | 76631 | 49420 |  | 126051 |
| Consumer staples | 53201 | 47392 |  | 100593 |
| Energy | 56523 | 21036 |  | 77559 |
| Utilities | 19661 | 25980 |  | 45641 |
| Real estate | 9862 | 7705 |  | 17567 |
| Preferred securities  | 3844 | 2367 |  | 6211 |
| Bonds, notes & other debt instruments  |  | 1012 |  | 1012 |
| Short-term securities | 27110 |  |  | 27110 |
| Total | $1279492 | $802956 | $—<br> \*<br>| $2082448 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13428880 | $231230 | $— | $13660110 |
| Industrials | 5464629 | 445806 |  | 5910435 |
| Financials | 5113646 | 117059 |  | 5230705 |
| Health care | 4380271 |  |  | 4380271 |
| Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| Communication services | 3324828 | 182155 |  | 3506983 |
| Energy | 1728094 |  |  | 1728094 |
| Consumer staples | 565554 | 678297 |  | 1243851 |
| Materials | 1011738 |  |  | 1011738 |
| Utilities | 899740 |  |  | 899740 |
| Real estate | 537861 |  |  | 537861 |
| Bonds, notes & other debt instruments  |  | 828 |  | 828 |
| Short-term securities | 1122736 |  |  | 1122736 |
| Total | $41878219 | $1732290 | $— | $43610509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $5556 | $88187 | $—<br> \*<br>| $93743 |
| Industrials | 10956 | 47158 |  | 58114 |
| Information technology | 2848 | 51607 |  | 54455 |
| Consumer discretionary | 4607 | 32456 |  | 37063 |
| Consumer staples | 5133 | 27490 |  | 32623 |
| Materials | 12674 | 17182 | —<br> \*<br>| 29856 |
| Health care | 1046 | 28653 |  | 29699 |
| Communication services | 1407 | 26447 |  | 27854 |
| Energy | 9053 | 7510 | —<br> \*<br>| 16563 |
| Utilities | 625 | 10796 |  | 11421 |
| Real estate | 770 | 5261 |  | 6031 |
| Preferred securities  |  | 201 |  | 201 |
| Short-term securities | 6204 |  |  | 6204 |
| Total | $60879 | $342948 | $—<br> \*<br>| $403827 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $131640 | $135397 | $—<br> \*<br>| $267037 |
| Information technology | 122940 | 52651 |  | 175591 |
| Health care | 104021 | 44144 |  | 148165 |
| Industrials | 67519 | 80079 |  | 147598 |
| Consumer staples | 75761 | 57263 |  | 133024 |
| Utilities | 46892 | 47327 |  | 94219 |
| Consumer discretionary | 40107 | 45388 |  | 85495 |
| Energy | 63017 | 15198 |  | 78215 |
| Materials | 31425 | 27538 |  | 58963 |
| Communication services | 23727 | 34637 |  | 58364 |
| Real estate | 38351 | 7444 |  | 45795 |
| Convertible stocks  | 4813 |  |  | 4813 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| Corporate bonds and notes |  | 47200 |  | 47200 |
| Other bonds & notes |  | 13281 | 220 | 13501 |
| Investment funds  | 38098 |  |  | 38098 |
| Short-term securities  | 91824 |  |  | 91824 |
| Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (315)<br>|  |  | (315)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2)<br>|  | (2)<br>|
| Total  | $(279)<br>| $258 | $— | $(21)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4829446 | $116467 | $— | $4945913 |
| Financials | 2902743 |  | —<br> \*<br>| 2902743 |
| Industrials | 2527277 | 162101 |  | 2689378 |
| Health care | 1911575 | 3565 | 12663 | 1927803 |
| Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| Communication services | 1278083 | 24636 |  | 1302719 |
| Materials | 1135802 |  | —<br> \*<br>| 1135802 |
| Consumer staples | 901988 | 61331 |  | 963319 |
| Utilities | 278367 |  |  | 278367 |
| Energy | 253456 | 897 | 655 | 255008 |
| Real estate | 57144 |  |  | 57144 |
| Preferred securities  |  |  | 755 | 755 |
| Rights & warrants  | 119 |  | —<br> \*<br>| 119 |
| Convertible stocks  | 33030 |  |  | 33030 |
| Convertible bonds & notes  |  | 27731 |  | 27731 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| Asset-backed obligations |  | 529161 |  | 529161 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 88970 |  | 88970 |
| Loans |  | 31871 | 7860 | 39731 |
| Municipals |  | 22827 |  | 22827 |
| Investment funds | 846762 |  |  | 846762 |
| Short-term securities  | 1023715 |  |  | 1023715 |
| Total | $19491165 | $8231620 | $23146 | $27745931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (6069)<br>|  |  | (6069)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (435)<br>|  | (435)<br>|
| Total  | $(4144)<br>| $3108 | $— | $(1036)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **312** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $42224 | $10455 | $— | $52679 |
| Financials | 17553 | 27727 |  | 45280 |
| Industrials | 23532 | 19831 |  | 43363 |
| Health care | 28226 | 6598 |  | 34824 |
| Consumer discretionary | 11679 | 9383 |  | 21062 |
| Materials | 12657 | 6825 |  | 19482 |
| Communication services | 17646 | 1167 |  | 18813 |
| Utilities | 12793 | 5213 |  | 18006 |
| Consumer staples | 5420 | 9798 |  | 15218 |
| Energy | 10753 | 1687 |  | 12440 |
| Real estate |  | 2599 |  | 2599 |
| Convertible stocks  | 2921 |  |  | 2921 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 57330 |  | 57330 |
| U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| Mortgage-backed obligations |  | 24474 |  | 24474 |
| Corporate bonds and notes |  | 22758 |  | 22758 |
| Other bonds & notes |  | 2889 |  | 2889 |
| Investment funds  | 4250 |  |  | 4250 |
| Short-term securities  | 27757 |  |  | 27757 |
| Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| Total | $217411 | $233643 | $— | $451054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $4 | $— | $— | $4 |
| Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (132)<br>|  |  | (132)<br>|
| Unrealized depreciation on open forward currency contracts |  | (281)<br>|  | (281)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (28)<br>|  | (28)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (44)<br>|  | (44)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (3)<br>|  | (3)<br>|
| Total  | $(10)<br>| $7 | $— | $(3)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| Corporate bonds and notes |  | 3430212 |  | 3430212 |
| U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| Asset-backed obligations |  | 499168 |  | 499168 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 202127 |  | 202127 |
| Municipals |  | 166499 |  | 166499 |
| Federal agency bonds & notes |  | 11855 |  | 11855 |
| Loans |  |  | 6359 | 6359 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 624236 |  |  | 624236 |
| Total | $624236 | $10781540 | $7727 | $11413503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (9824)<br>|  |  | (9824)<br>|
| Unrealized depreciation on open forward currency contracts |  | (420)<br>|  | (420)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3943)<br>|  | (3943)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3263)<br>|  | (3263)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (182)<br>|  | (182)<br>|
| Total  | $(8582)<br>| $2657 | $— | $(5925)<br>|

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **314** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $303335 | $— | $303335 |
| Japanese yen |  | 106583 |  | 106583 |
| British pounds |  | 65433 |  | 65433 |
| Brazilian reais |  | 34010 |  | 34010 |
| South Korean won |  | 26746 |  | 26746 |
| Chinese yuan renminbi |  | 26106 |  | 26106 |
| Australian dollars |  | 23355 |  | 23355 |
| Indian rupees |  | 19121 |  | 19121 |
| Canadian dollars |  | 18610 |  | 18610 |
| Malaysian ringgits |  | 18045 |  | 18045 |
| Hungarian forints |  | 16359 |  | 16359 |
| Indonesian rupiah |  | 7755 |  | 7755 |
| Mexican pesos |  | 6454 |  | 6454 |
| Danish kroner |  | 6328 |  | 6328 |
| Colombian pesos |  | 4371 |  | 4371 |
| South African rand |  | 4221 |  | 4221 |
| Chilean pesos |  | 4074 |  | 4074 |
| Polish zloty |  | 4060 |  | 4060 |
| New Zealand dollars |  | 2940 |  | 2940 |
| Turkish lira |  | 1845 |  | 1845 |
| Philippine pesos |  | 1260 |  | 1260 |
| Czech korunas |  | 857 |  | 857 |
| U.S. dollars |  | 643061 | 579 | 643640 |
| Preferred securities  |  |  | 80 | 80 |
| Common stocks  | 5 |  | 59 | 64 |
| Rights & warrants  | 8 |  |  | 8 |
| Investment funds  | 22734 |  |  | 22734 |
| Short-term securities | 114160 |  |  | 114160 |
| Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| Total | $136907 | $1344945 | $718 | $1482570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (1631)<br>|  |  | (1631)<br>|
| Unrealized depreciation on open forward currency contracts |  | (1842)<br>|  | (1842)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1055)<br>|  | (1055)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (2695)<br>|  | (2695)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (201)<br>|  | (201)<br>|
| Total  | $12 | $(1418)<br>| $— | $(1406)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **315** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $878262 | $148 | $878410 |
| Other |  | 38405 | 3278 | 41683 |
| Convertible bonds & notes  |  | 1265 |  | 1265 |
| Common stocks  | 34700 | 10356 | 20680 | 65736 |
| Preferred securities  |  |  | 1713 | 1713 |
| Rights & warrants  | 45 | 127 |  | 172 |
| Short-term securities  | 35092 |  |  | 35092 |
| Total | $69837 | $928415 | $25819 | $1024071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $15 | $— | $— | $15 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (29)<br>|  |  | (29)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (163)<br>|  | (163)<br>|
| Total  | $(14)<br>| $(163)<br>| $— | $(177)<br>|

---

<sup>1</sup>

Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36440 | &nbsp;&nbsp; $1868 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4555)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2928)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7757)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4691)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25819 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8134)<br>|

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **316** |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | DLOM | 7% | 7% | Decrease |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $25819 |  |  |  |  |  |

---

\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

---

| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |

---

**American Funds Mortgage Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| Asset-backed obligations |  | 1295 |  | 1295 |
| Short-term securities  |  | 24381 |  | 24381 |
| Total | $— | $133040 | $— | $133040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (150)<br>|  |  | (150)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Total  | $(132)<br>| $126 | $— | $(6)<br>|

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| Federal agency bonds & notes |  | 48704 |  | 48704 |
| Short-term securities  |  | 288407 |  | 288407 |
| Options purchased on futures (equity style) | 242 |  |  | 242 |
| Total | $242 | $1919028 | $— | $1919270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style)  | (81)<br>|  |  | (81)<br>|
| Unrealized depreciation on futures contracts | (2291)<br>|  |  | (2291)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3022)<br>|  | (3022)<br>|
| Total  | $(1295)<br>| $11931 | $— | $10636 |

---

\*

Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

------

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, a fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

I**nvestments in future delivery contracts** — A fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Leverage risk** — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **322** |

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**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk fund's investments consist of investments in underlying funds, the managed risk fund's risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | American Funds Insurance Series |

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**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**5. Certain investment techniques**

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**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **324** |

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1098 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 77998 | &nbsp;&nbsp; 76585 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 68926 |
| Growth Fund | &nbsp;&nbsp; 22741 | &nbsp;&nbsp; 29093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26762 |
| International Fund | &nbsp;&nbsp; 32814 | &nbsp;&nbsp; 29195 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 26276 |
| New World Fund | &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 6603 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 5943 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 777 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 846 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 906 |
| International Growth and Income Fund | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 763 |
| Capital Income Builder | &nbsp;&nbsp; 11011 | &nbsp;&nbsp; 11565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10408 |
| Asset Allocation Fund | &nbsp;&nbsp; 19953 | &nbsp;&nbsp; 20974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18905 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commitments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **325** | American Funds Insurance Series |

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**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **326** |

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Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **327** | American Funds Insurance Series |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **328** |

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The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $7466  | &nbsp;&nbsp; $19861  | &nbsp;&nbsp; $513\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 641\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 156652  | &nbsp;&nbsp; 393\*  | &nbsp;&nbsp; 7878  | &nbsp;&nbsp; 5062  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2772351  | Not applicable | &nbsp;&nbsp; 360170  | &nbsp;&nbsp; 61194  |
| American Funds Global <br> Balanced Fund<br>| &nbsp;&nbsp; $10369 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; 65213  | &nbsp;&nbsp; 87154  | &nbsp;&nbsp; 21599  | &nbsp;&nbsp; 4642  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5555115  | &nbsp;&nbsp; 233285  | &nbsp;&nbsp; 863621  | &nbsp;&nbsp; 190139  |
| Capital World Bond Fund | &nbsp;&nbsp; 56460 | &nbsp;&nbsp; 19365 | &nbsp;&nbsp; 817202  | &nbsp;&nbsp; 522298  | &nbsp;&nbsp; 376182  | &nbsp;&nbsp; 69538  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 31856  | Not applicable | Not applicable | &nbsp;&nbsp; 18973  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 32136 | Not applicable | &nbsp;&nbsp; 96592  | Not applicable | &nbsp;&nbsp; 1975  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 1099058 | Not applicable | &nbsp;&nbsp; 1984739  | Not applicable | &nbsp;&nbsp; 813610  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 620857 | Not applicable | &nbsp;&nbsp; 1115 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 99717 | Not applicable | &nbsp;&nbsp; 172 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 369929 | Not applicable | &nbsp;&nbsp; 2897 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 3972877 | Not applicable | &nbsp;&nbsp; 57285 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 537228 | Not applicable | &nbsp;&nbsp; 16791 | Not applicable | Not applicable | Not applicable |

---

\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

---

------

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $24 | Unrealized depreciation<sup>1</sup> <br>| $17 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 80 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 78 |
|  |  |  | $104 |  | $95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $177 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4)<br>|
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (78)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(408)<br>|  | $22 |

---

**International Growth and Income Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| $(10)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $36<br> Unrealized depreciation<sup>1</sup> <br>| $315 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 261<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 2 |
|  |  | $297 | $318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $699 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 13 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>|  |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 97 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (211)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2)<br>|
|  |  |  | $1580 |  | $486 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1925<br> Unrealized depreciation<sup>1</sup> <br>| $6069 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 3543<br> Unrealized depreciation<sup>1</sup> <br>|  |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 435 |
|  |  | $5468 | $6504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $28857 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(1220)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3662 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (578)<br>|
|  |  |  | $27139 |  | $1864 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $2 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 4 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 118 | Unrealized depreciation<sup>1</sup> <br>| 132 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 229 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 281 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 96 | Unrealized depreciation<sup>1</sup> <br>| 28 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>| Unrealized depreciation<sup>1</sup> <br>| 3 |
|  |  |  | $487 |  | $488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $— | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(8)<br>|
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 41 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 4 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 469 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 224 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (3684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 130 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 388 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 1 |
|  |  |  | $(3410)<br>|  | $739 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $1242 | Unrealized depreciation<sup>1</sup> <br>| $9824 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 386 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 420 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 8064 | Unrealized depreciation<sup>1</sup> <br>| 3263 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 182 |
|  |  |  | $11707 |  | $17632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $21847 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21668 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (9144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (1861)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5030 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 9452 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (4887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (196)<br>|
|  |  |  | $12846 |  | $29063 |

---

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $16 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 28 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1615 | Unrealized depreciation<sup>1</sup> <br>| 1631 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 2812 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 1842 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1403 | Unrealized depreciation<sup>1</sup> <br>| 1055 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 24 | Unrealized depreciation<sup>1</sup> <br>| 201 |
|  |  |  | $6034 |  | $7424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $1 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 159 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| (48)<br>|
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 58 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 60 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 365 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 28 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 7420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1912 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (2268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 1027 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3786 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (64)<br>|
|  |  |  | $4274 |  | $6702 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $15<br> Unrealized depreciation<sup>1</sup> <br>| $29 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 163 |
|  |  | $15 | $192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $293 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $62 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (207)<br>|
|  |  |  | $(624)<br>|  | $(145)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $18<br> Unrealized depreciation<sup>1</sup> <br>| $150 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 127<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  | $145 | $151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $— |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>|  |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 1057 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 209 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (15)<br>|
|  |  |  | $1054 |  | $194 |

---

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $242 | Investment securities | $— |
| Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 81 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1077 | Unrealized depreciation<sup>1</sup> <br>| 2291 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14953 | Unrealized depreciation<sup>1</sup> <br>| 3022 |
|  |  |  | $16272 |  | $5394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(1087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $36 |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 21 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 18297 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5703 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4094 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1861)<br>|
|  |  |  | $21331 |  | $3899 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1328<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized appreciation<sup>1</sup> <br>|  |
|  |  | $1336<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(4185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(2333)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (4)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (13013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (455)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17547)<br>|  | $(2788)<br>|

---

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $267<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 13<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $280<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(422)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (91)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(7087)<br>|  | $(510)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $647<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 1<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $648<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1184)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (8674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 67 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11631)<br>|  | $(1109)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $7071<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 46<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $7117<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(28619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(13505)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (35731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1038<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(65652)<br>|  | $(12442)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1217<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1225<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(3827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1962)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (47392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 417<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51023)<br>|  | $(1231)<br>|

---

<sup>1</sup>

Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Includes options purchased as reported in each fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of New York Mellon | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| BNP Paribas | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| Citibank | 39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| UBS AG | 15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br>|
| Total | $79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| Citibank | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br>|
| Total | $77<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank | 79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br>|
| HSBC Bank | 29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| JPMorgan Chase | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $267<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 38<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br>|
| BNP Paribas | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Citibank | 109<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br>|
| Goldman Sachs | 67<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 12<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| Morgan Stanley | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br>|
| Standard Chartered Bank | 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| UBS AG | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Total | $333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $490<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 578<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1285<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br>|
| Total | $2401<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $242<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 1146<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1203<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| Total | $4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $147<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br>|
| Barclays Bank PLC | 450<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 608<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 188<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br>|
| Morgan Stanley | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 1035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356<br>|
| UBS AG | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| Total | $2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $417<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $1107<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(948)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12<br>|
| Barclays Bank PLC | 627<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 65<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br>|
| Citibank | 897<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289<br>|
| Goldman Sachs | 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| HSBC Bank | 102<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 257<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | 59<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 16<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $4602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2380)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $397 |

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $597 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| New World Fund | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Capital Income Builder | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| International Growth and Income Fund | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

---

\*

Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $58118 | &nbsp;&nbsp; $52615 | &nbsp;&nbsp; $328671 | &nbsp;&nbsp; $164687 | &nbsp;&nbsp; $41259 | &nbsp;&nbsp; $40991 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1202418 | &nbsp;&nbsp; 330342 | &nbsp;&nbsp; 4562299 | &nbsp;&nbsp; 532733 | &nbsp;&nbsp; 281284 | &nbsp;&nbsp; 1064187 |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 206867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3491592 | &nbsp;&nbsp; 789376 | &nbsp;&nbsp; 32066603 | &nbsp;&nbsp; 2385110 | &nbsp;&nbsp; 1575330 | &nbsp;&nbsp; 4698662 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (287030)<br>| &nbsp;&nbsp; (116954)<br>| &nbsp;&nbsp; (655627)<br>| &nbsp;&nbsp; (88696)<br>| &nbsp;&nbsp; (59715)<br>| &nbsp;&nbsp; (159517)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3204562 | &nbsp;&nbsp; 672422 | &nbsp;&nbsp; 31410976 | &nbsp;&nbsp; 2296414 | &nbsp;&nbsp; 1515615 | &nbsp;&nbsp; 4539145 |
| Cost of investments | &nbsp;&nbsp; 5937177 | &nbsp;&nbsp; 2386011 | &nbsp;&nbsp; 23343610 | &nbsp;&nbsp; 5201489 | &nbsp;&nbsp; 2553117 | &nbsp;&nbsp; 7417791 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16020 | &nbsp;&nbsp; $702034 | &nbsp;&nbsp; $2910 | &nbsp;&nbsp; $15728 | &nbsp;&nbsp; $217220 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 179378 | &nbsp;&nbsp; 2604901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58769 | &nbsp;&nbsp; 2837208 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21009 | &nbsp;&nbsp; 6862 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 9350 | &nbsp;&nbsp; 910098 | &nbsp;&nbsp; 21146735 | &nbsp;&nbsp; 135582 | &nbsp;&nbsp; 454550 | &nbsp;&nbsp; 8582220 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (6040)<br>| &nbsp;&nbsp; (45447)<br>| &nbsp;&nbsp; (369429)<br>| &nbsp;&nbsp; (9951)<br>| &nbsp;&nbsp; (35422)<br>| &nbsp;&nbsp; (691994)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 864651 | &nbsp;&nbsp; 20777306 | &nbsp;&nbsp; 125631 | &nbsp;&nbsp; 419128 | &nbsp;&nbsp; 7890226 |
| Cost of investments | &nbsp;&nbsp; 97455 | &nbsp;&nbsp; 1217797 | &nbsp;&nbsp; 22833203 | &nbsp;&nbsp; 278196 | &nbsp;&nbsp; 1250632 | &nbsp;&nbsp; 19857297 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $3091 | &nbsp;&nbsp; $81931 | &nbsp;&nbsp; $10845 | &nbsp;&nbsp; $12190 | &nbsp;&nbsp; $953 | &nbsp;&nbsp; $1944 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 25777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1511983)<br>| &nbsp;&nbsp; (198979)<br>| &nbsp;&nbsp; (329593)<br>| &nbsp;&nbsp; (12321)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 72789 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 94991 | &nbsp;&nbsp; 158694 | &nbsp;&nbsp; 43122 | &nbsp;&nbsp; 64529 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 32 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (12752)<br>| &nbsp;&nbsp; (227608)<br>| &nbsp;&nbsp; (77373)<br>| &nbsp;&nbsp; (39750)<br>| &nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp; (10)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 82239 | &nbsp;&nbsp; (68914)<br>| &nbsp;&nbsp; (34251)<br>| &nbsp;&nbsp; 24779 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 22 |
| Cost of investments | &nbsp;&nbsp; 368808 | &nbsp;&nbsp; 11488814 | &nbsp;&nbsp; 1516353 | &nbsp;&nbsp; 1000940 | &nbsp;&nbsp; 132479 | &nbsp;&nbsp; 308476 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $13856 | &nbsp;&nbsp; $1773 | &nbsp;&nbsp; $1429 | &nbsp;&nbsp; $4281 | &nbsp;&nbsp; $25464 | &nbsp;&nbsp; $23428 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 31113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284557 | &nbsp;&nbsp; 112392 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (257785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21682)<br>| &nbsp;&nbsp; (1893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; 27799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 32667 | &nbsp;&nbsp; 132454 | &nbsp;&nbsp; 27401 | &nbsp;&nbsp; 69146 | &nbsp;&nbsp; 317848 | &nbsp;&nbsp; 226986 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (47954)<br>| &nbsp;&nbsp; (48770)<br>| &nbsp;&nbsp; (20227)<br>| &nbsp;&nbsp; (24480)<br>| &nbsp;&nbsp; (67881)<br>| &nbsp;&nbsp; (39913)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; (15287)<br>| &nbsp;&nbsp; 83684 | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 44666 | &nbsp;&nbsp; 249967 | &nbsp;&nbsp; 187073 |
| Cost of investments | &nbsp;&nbsp; 1936415 | &nbsp;&nbsp; 421427 | &nbsp;&nbsp; 106247 | &nbsp;&nbsp; 270315 | &nbsp;&nbsp; 1838439 | &nbsp;&nbsp; 1289372 |

---

<sup>1</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $66139 | $455982 | $522121 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 749 | 2766 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 53132 | 443236 | 496368 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 14879 | 130403 | 145282 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $134899 | $1032387 | $1167286 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $3919 | $19199 | $23118 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; 20 | 126 | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; 5919 | 39094 | 45013 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; 766 | 7316 | 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $10624 | $65735 | $76359 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

**Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $283031 | $1543000 | $1826031 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $604295 | $3442328 | $4046623 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $49061 | $— | $49061 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 205 |  | 205 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 44060 |  | 44060 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 210 |  | 210 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; 6153 |  | 6153 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $99689 | $— | $99689 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class 1 | &nbsp;&nbsp; $32320 | $71532 | $103852 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 369 | 453 | 822 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 11967 | 31619 | 43586 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 11031 | 33694 | 44725 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $55687 | $137298 | $192985 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $131443 | $397175 | $528618 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 661 | 2103 | 2764 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 57467 | 193815 | 251282 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 36815 | 127802 | 164617 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $226386 | $720895 | $947281 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>|  | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $364 | $— <br><sup>3</sup><br>| $364 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>3</sup><br>| $— | $— <br><sup>3</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 4 | &nbsp;&nbsp; 33 | — <br><sup>3</sup><br>| 33 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $397 | $— | $397 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | $— | $13 |

---

**Capital World Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $9542 | $21740 | $31282 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 157 | 363 | 520 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 14202 | 37773 | 51975 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 4099 | 11256 | 15355 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $28000 | $71132 | $99132 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $512210 | $3878399 | $4390609 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 901 | 7252 | 8153 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 257694 | 2211126 | 2468820 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 2899 | 23742 | 26641 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 50309 | 470380 | 520689 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $824013 | $6590899 | $7414912 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $835 | $— | $835 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 211 |  | 211 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 4052 |  | 4052 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 4102 |  | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $9200 | $— | $9200 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $25206 | $— | $25206 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 416 |  | 416 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 618 |  | 618 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 19776 |  | 19776 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $46016 | $— | $46016 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $438651 | $1019238 | $1457889 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 1307 | 2795 | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 111878 | 280960 | 392838 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 884 | 2081 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 166513 | 445526 | 612039 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $719233 | $1750600 | $2469833 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1498 | $3585 | $5083 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 60 | 152 | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 1941 | 5617 | 7558 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 2293 | 6279 | 8572 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $5792 | $15633 | $21425 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $302949 | $— | $302949 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 12103 |  | 12103 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 115204 |  | 115204 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 56394 |  | 56394 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $486650 | $— | $486650 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $19172 | $— | $19172 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 837 |  | 837 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 22086 |  | 22086 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 2211 |  | 2211 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $44306 | $— | $44306 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $16430 | $— | $16430 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 438 |  | 438 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 34271 |  | 34271 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 495 |  | 495 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 12704 |  | 12704 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $64338 | $— | $64338 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $803 | $— | $803 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 136 |  | 136 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 1703 |  | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 2473 |  | 2473 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $5115 | $— | $5115 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1510 | $— | $1510 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 9131 |  | 9131 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 156 |  | 156 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 2138 |  | 2138 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $12940 | $— | $12940 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $11629 | $— | $11629 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 12377 |  | 12377 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 44749 |  | 44749 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 10129 |  | 10129 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $79096 | $— | $79096 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $248 | $558 | $806 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 6657 | 21164 | 27821 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $6905 | $21722 | $28627 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

**Managed Risk International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $58 | $— | $58 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 5902 |  | 5902 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $5960 | $— | $5960 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $42231 | $70237 | $112468 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 5433 | 10214 | 15647 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $47664 | $80451 | $128115 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $348 | $722 | $1070 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 46064 | 121132 | 167196 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $46412 | $121854 | $168266 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>2</sup>

Commencement of operations.

<sup>3</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .372<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .600 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .302 | .302 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .227 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .249 | .249 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .264 | .264 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .429 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%.

Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1131 |
| Class 1A | $— | $83 | 10 |
| Class 2 | 8963 | Not applicable | 1076 |
| Class 4 | 2668 | 2668 | 320 |
| Total class-specific <br> expenses<br>| $11631 | $2751 | $2537 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 888 | 887 | 106 |
| Total class-specific <br> expenses<br>| $5205 | $902 | $883 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $6865 |
| Class 1A | $— | $1029 | 123 |
| Class 2 | 51724 | Not applicable | 6207 |
| Class 3 | 507 | Not applicable | 85 |
| Class 4 | 15164 | 15164 | 1820 |
| Total class-specific <br> expenses<br>| $67395 | $16193 | $15100 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $35 | 4 |
| Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 1256 | 1256 | 151 |
| Total class-specific <br> expenses<br>| $9726 | $1291 | $2140 |

---

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $581 |
| Class 1A | $— | $44 | 5 |
| Class 2 | 2096 | Not applicable | 252 |
| Class 4 | 2211 | 2211 | 265 |
| Total class-specific <br> expenses<br>| $4307 | $2255 | $1103 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $84 | 10 |
| Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 5082 | 5082 | 610 |
| Total class-specific <br> expenses<br>| $12726 | $5166 | $3450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $10 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | —<br> \*<br>| Not applicable | —<br> \*<br>|
| Class 4 | 9 | 8 | 5 |
| Total class-specific <br> expenses<br>| $9 | $8 | $15 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 776 | 775 | 93 |
| Total class-specific <br> expenses<br>| $3383 | $801 | $591 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $7452 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 34840 | Not applicable | 4181 |
| Class 3 | 279 | Not applicable | 47 |
| Class 4 | 7386 | 7386 | 886 |
| Total class-specific <br> expenses<br>| $42505 | $7505 | $12580 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $19 | 2 |
| Class 2 | 404 | Not applicable | 49 |
| Class 4 | 456 | 456 | 55 |
| Total class-specific <br> expenses<br>| $860 | $475 | $114 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $234 |
| Class 1A | $— | $34 | 4 |
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 1785 | 1786 | 214 |
| Total class-specific <br> expenses<br>| $1836 | $1820 | $458 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 10837 | Not applicable | 1301 |
| Class 3 | 60 | Not applicable | 10 |
| Class 4 | 17184 | 17184 | 2062 |
| Total class-specific <br> expenses<br>| $28081 | $17303 | $8176 |

---

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $29 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 371 | Not applicable | 45 |
| Class 4 | 428 | 428 | 51 |
| Total class-specific <br> expenses<br>| $799 | $438 | $126 |

---

Refer to the end of the table(s) for footnote(s).

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $643 | 77 |
| Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 3246 | 3247 | 390 |
| Total class-specific <br> expenses<br>| $10077 | $3890 | $3357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $81 | 10 |
| Class 2 | 1893 | Not applicable | 227 |
| Class 4 | 176 | 176 | 21 |
| Total class-specific <br> expenses<br>| $2069 | $257 | $440 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 1338 | Not applicable | 161 |
| Class 3 | 15 | Not applicable | 2 |
| Class 4 | 497 | 497 | 60 |
| Total class-specific <br> expenses<br>| $1850 | $508 | $297 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $8 | 1 |
| Class 2 | 104 | Not applicable | 13 |
| Class 4 | 140 | 140 | 17 |
| Total class-specific <br> expenses<br>| $244 | $148 | $36 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 569 | Not applicable | 68 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 156 | 156 | 19 |
| Total class-specific <br> expenses<br>| $732 | $156 | $99 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $79 |
| Class 1A | $— | $724 | 87 |
| Class 2 | 2619 | Not applicable | 314 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 588 | 588 | 71 |
| Total class-specific <br> expenses<br>| $3216 | $1312 | $552 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $34 |
| Class P2 | $1243 | 1243 |
| Total class-specific <br> expenses<br>| $1243 | $1277 |

---

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $5 |
| Class P2 | $280 | 280 |
| Total class-specific <br> expenses<br>| $280 | $285 |

---

Refer to the end of the table(s) for footnote(s).

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $6 |
| Class P2 | $786 | 786 |
| Total class-specific <br> expenses<br>| $786 | $792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $4624 |
| Class P2 | $662 | 662 |
| Total class-specific <br> expenses<br>| $662 | $5286 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $30 |
| Class P2 | $4685 | 4685 |
| Total class-specific <br> expenses<br>| $4685 | $4715 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease)** <br>**in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Growth Fund | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| International Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| New World Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Growth-Income Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| International Growth and Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Capital Income Builder | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Asset Allocation Fund | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| The Bond Fund of America | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Capital World Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| American High-Income Trust | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk International Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |

---

\*

Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $147747 | &nbsp;&nbsp; $67664 | &nbsp;&nbsp; $22487 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 27498 | &nbsp;&nbsp; 11204 | &nbsp;&nbsp; 1978 |
| Growth Fund | &nbsp;&nbsp; 350283 | &nbsp;&nbsp; 350719 | &nbsp;&nbsp; 70559 |
| International Fund | &nbsp;&nbsp; 110941 | &nbsp;&nbsp; 87605 | &nbsp;&nbsp; 3851 |
| New World Fund | &nbsp;&nbsp; 24060 | &nbsp;&nbsp; 50564 | &nbsp;&nbsp; 13902 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 131489 | &nbsp;&nbsp; 156251 | &nbsp;&nbsp; 20344 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 32218 | &nbsp;&nbsp; 38497 | &nbsp;&nbsp; 8339 |
| Growth-Income Fund | &nbsp;&nbsp; 506006 | &nbsp;&nbsp; 592940 | &nbsp;&nbsp; 172397 |
| International Growth and Income Fund | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 4747 | &nbsp;&nbsp; 363 |
| Capital Income Builder | &nbsp;&nbsp; 23371 | &nbsp;&nbsp; 19211 | &nbsp;&nbsp; 4803 |
| Asset Allocation Fund | &nbsp;&nbsp; 250712 | &nbsp;&nbsp; 107065 | &nbsp;&nbsp; 54741 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 1147 |

---

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

------

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $304055 | 8321 | &nbsp;&nbsp; $522119 | 15107 | &nbsp;&nbsp; $(541519)<br>| (14564)<br>| &nbsp;&nbsp; $284655 | 8864 |
| Class 1A | 42972 | 1157 | &nbsp;&nbsp; 3516 | 101 | &nbsp;&nbsp; (3744)<br>| (102)<br>| &nbsp;&nbsp; 42744 | 1156 |
| Class 2 | 35075 | 964 | &nbsp;&nbsp; 496369 | 14649 | &nbsp;&nbsp; (528583)<br>| (14441)<br>| &nbsp;&nbsp; 2861 | 1172 |
| Class 4 | 180514 | 5009 | &nbsp;&nbsp; 145282 | 4354 | &nbsp;&nbsp; (101231)<br>| (2811)<br>| &nbsp;&nbsp; 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | &nbsp;&nbsp; $1167286 | 34211 | &nbsp;&nbsp; $(1175077)<br>| (31918)<br>| &nbsp;&nbsp; $554825 | 17744 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $66285 | 3641 | &nbsp;&nbsp;&nbsp; $22933 | 1232 | &nbsp;&nbsp;&nbsp; $(343352)<br>| (18170)<br>| &nbsp;&nbsp;&nbsp; $(254134)<br>| (13297)<br>|
| Class 1A | 532 | 29 | &nbsp;&nbsp;&nbsp; 146 | 8 | &nbsp;&nbsp;&nbsp; (424)<br>| (23)<br>| &nbsp;&nbsp;&nbsp; 254 | 14 |
| Class 2 | 30784 | 1809 | &nbsp;&nbsp;&nbsp; 45015 | 2592 | &nbsp;&nbsp;&nbsp; (247355)<br>| (13805)<br>| &nbsp;&nbsp;&nbsp; (171556)<br>| (9404)<br>|
| Class 4 | 91459 | 5277 | &nbsp;&nbsp;&nbsp; 8081 | 469 | &nbsp;&nbsp;&nbsp; (44936)<br>| (2531)<br>| &nbsp;&nbsp;&nbsp; 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | &nbsp;&nbsp;&nbsp; $76175 | 4301 | &nbsp;&nbsp;&nbsp; $(636067)<br>| (34529)<br>| &nbsp;&nbsp;&nbsp; $(370832)<br>| (19472)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $2221332 | 17180 | &nbsp;&nbsp; $1824411 | 14872 | &nbsp;&nbsp; $(2853744)<br>| (22053)<br>| &nbsp;&nbsp; $1191999 | 9999 |
| Class 1A | 118725 | 930 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (115193)<br>| (884)<br>| &nbsp;&nbsp; 34071 | 298 |
| Class 2 | 504023 | 3932 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (3177573)<br>| (24443)<br>| &nbsp;&nbsp; (996482)<br>| (6619)<br>|
| Class 3 | 1511 | 12 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (36889)<br>| (277)<br>| &nbsp;&nbsp; (13260)<br>| (87)<br>|
| Class 4 | 1221571 | 9782 | &nbsp;&nbsp; 490866 | 4193 | &nbsp;&nbsp; (372784)<br>| (2965)<br>| &nbsp;&nbsp; 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | &nbsp;&nbsp; $4045002 | 33387 | &nbsp;&nbsp; $(6556183)<br>| (50622)<br>| &nbsp;&nbsp; $1555981 | 14601 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $123286 | 6300 | &nbsp;&nbsp; $49061 | 2250 | &nbsp;&nbsp; $(619084)<br>| (30505)<br>| &nbsp;&nbsp; $(446737)<br>| (21955)<br>|
| Class 1A | 1909 | 93 | &nbsp;&nbsp; 205 | 10 | &nbsp;&nbsp; (1577)<br>| (80)<br>| &nbsp;&nbsp; 537 | 23 |
| Class 2 | 158584 | 8280 | &nbsp;&nbsp; 44060 | 2025 | &nbsp;&nbsp; (720522)<br>| (36038)<br>| &nbsp;&nbsp; (517878)<br>| (25733)<br>|
| Class 3 | 143 | 7 | &nbsp;&nbsp; 210 | 10 | &nbsp;&nbsp; (1989)<br>| (100)<br>| &nbsp;&nbsp; (1636)<br>| (83)<br>|
| Class 4 | 72454 | 3758 | &nbsp;&nbsp; 6153 | 287 | &nbsp;&nbsp; (59496)<br>| (3027)<br>| &nbsp;&nbsp; 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | &nbsp;&nbsp; $99689 | 4582 | &nbsp;&nbsp; $(1402668)<br>| (69750)<br>| &nbsp;&nbsp; $(946603)<br>| (46730)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $158509 | 5359 | &nbsp;&nbsp;&nbsp; $103852 | 3572 | &nbsp;&nbsp;&nbsp; $(340861)<br>| (11604)<br>| &nbsp;&nbsp;&nbsp; $(78500)<br>| (2673)<br>|
| Class 1A | 18473 | 602 | &nbsp;&nbsp;&nbsp; 822 | 28 | &nbsp;&nbsp;&nbsp; (2946)<br>| (103)<br>| &nbsp;&nbsp;&nbsp; 16349 | 527 |
| Class 2 | 114042 | 3791 | &nbsp;&nbsp;&nbsp; 43585 | 1527 | &nbsp;&nbsp;&nbsp; (173334)<br>| (5988)<br>| &nbsp;&nbsp;&nbsp; (15707)<br>| (670)<br>|
| Class 4 | 92171 | 3197 | &nbsp;&nbsp;&nbsp; 44726 | 1588 | &nbsp;&nbsp;&nbsp; (148239)<br>| (5158)<br>| &nbsp;&nbsp;&nbsp; (11342)<br>| (373)<br>|
| Total net increase (decrease) | $383195 | 12949 | &nbsp;&nbsp;&nbsp; $192985 | 6715 | &nbsp;&nbsp;&nbsp; $(665380)<br>| (22853)<br>| &nbsp;&nbsp;&nbsp; $(89200)<br>| (3189)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $140928 | 8311 | &nbsp;&nbsp; $526965 | 31376 | &nbsp;&nbsp; $(1006677)<br>| (57564)<br>| &nbsp;&nbsp; $(338784)<br>| (17877)<br>|
| Class 1A | 6301 | 363 | &nbsp;&nbsp; 2764 | 166 | &nbsp;&nbsp; (2905)<br>| (165)<br>| &nbsp;&nbsp; 6160 | 364 |
| Class 2 | 90385 | 5278 | &nbsp;&nbsp; 251281 | 15319 | &nbsp;&nbsp; (430673)<br>| (25241)<br>| &nbsp;&nbsp; (89007)<br>| (4644)<br>|
| Class 4 | 377965 | 22441 | &nbsp;&nbsp; 164617 | 10176 | &nbsp;&nbsp; (110363)<br>| (6612)<br>| &nbsp;&nbsp; 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | &nbsp;&nbsp; $945627 | 57037 | &nbsp;&nbsp; $(1550618)<br>| (89582)<br>| &nbsp;&nbsp; $10588 | 3848 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $94466 | &nbsp;&nbsp; 8554 | &nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; $(8030)<br>| &nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; $86800 | &nbsp;&nbsp; 7860 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 14686 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (19609)<br>| &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp;&nbsp; (4890)<br>| &nbsp;&nbsp; (476)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $109152 | &nbsp;&nbsp; 9918 | &nbsp;&nbsp;&nbsp; $397 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; $(27639)<br>| &nbsp;&nbsp; (2569)<br>| &nbsp;&nbsp;&nbsp; $81910 | &nbsp;&nbsp; 7384 |
| **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $61144 | 3871 | &nbsp;&nbsp;&nbsp; $30791 | 1846 | &nbsp;&nbsp;&nbsp; $(173302)<br>| (10431)<br>| &nbsp;&nbsp;&nbsp; $(81367)<br>| (4714)<br>|
| Class 1A | 1669 | 101 | &nbsp;&nbsp;&nbsp; 519 | 31 | &nbsp;&nbsp;&nbsp; (625)<br>| (37)<br>| &nbsp;&nbsp;&nbsp; 1563 | 95 |
| Class 2 | 28763 | 1702 | &nbsp;&nbsp;&nbsp; 51975 | 3135 | &nbsp;&nbsp;&nbsp; (185399)<br>| (11041)<br>| &nbsp;&nbsp;&nbsp; (104661)<br>| (6204)<br>|
| Class 4 | 58603 | 3584 | &nbsp;&nbsp;&nbsp; 15355 | 952 | &nbsp;&nbsp;&nbsp; (32104)<br>| (1961)<br>| &nbsp;&nbsp;&nbsp; 41854 | 2575 |
| Total net increase (decrease) | $150179 | 9258 | &nbsp;&nbsp;&nbsp; $98640 | 5964 | &nbsp;&nbsp;&nbsp; $(391430)<br>| (23470)<br>| &nbsp;&nbsp;&nbsp; $(142611)<br>| (8248)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $684973 | 10461 | &nbsp;&nbsp; $4387256 | 72937 | &nbsp;&nbsp; $(3619605)<br>| (54457)<br>| &nbsp;&nbsp; $1452624 | 28941 |
| Class 1A | 6675 | 102 | &nbsp;&nbsp; 8152 | 137 | &nbsp;&nbsp; (4519)<br>| (68)<br>| &nbsp;&nbsp; 10308 | 171 |
| Class 2 | 125378 | 1919 | &nbsp;&nbsp; 2468820 | 42004 | &nbsp;&nbsp; (1981266)<br>| (30316)<br>| &nbsp;&nbsp; 612932 | 13607 |
| Class 3 | 1554 | 24 | &nbsp;&nbsp; 26641 | 442 | &nbsp;&nbsp; (19918)<br>| (294)<br>| &nbsp;&nbsp; 8277 | 172 |
| Class 4 | 408921 | 6393 | &nbsp;&nbsp; 520690 | 9074 | &nbsp;&nbsp; (327755)<br>| (5109)<br>| &nbsp;&nbsp; 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | &nbsp;&nbsp; $7411559 | 124594 | &nbsp;&nbsp; $(5953063)<br>| (90244)<br>| &nbsp;&nbsp; $2685997 | 53249 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $21760 | 1847 | &nbsp;&nbsp;&nbsp; $836 | 64 | &nbsp;&nbsp;&nbsp; $(11542)<br>| (986)<br>| &nbsp;&nbsp;&nbsp; $11054 | 925 |
| Class 1A | 1735 | 146 | &nbsp;&nbsp;&nbsp; 211 | 17 | &nbsp;&nbsp;&nbsp; (982)<br>| (83)<br>| &nbsp;&nbsp;&nbsp; 964 | 80 |
| Class 2 | 6438 | 538 | &nbsp;&nbsp;&nbsp; 4052 | 319 | &nbsp;&nbsp;&nbsp; (32846)<br>| (2832)<br>| &nbsp;&nbsp;&nbsp; (22356)<br>| (1975)<br>|
| Class 4 | 40773 | 3574 | &nbsp;&nbsp;&nbsp; 4102 | 330 | &nbsp;&nbsp;&nbsp; (56151)<br>| (4650)<br>| &nbsp;&nbsp;&nbsp; (11276)<br>| (746)<br>|
| Total net increase (decrease) | $70706 | 6105 | &nbsp;&nbsp;&nbsp; $9201 | 730 | &nbsp;&nbsp;&nbsp; $(101521)<br>| (8551)<br>| &nbsp;&nbsp;&nbsp; $(21614)<br>| (1716)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $3051 | 287 | &nbsp;&nbsp;&nbsp; $461 | 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | 146 |
| Class 1A | 950 | 92 | &nbsp;&nbsp;&nbsp; 156 | 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| (22)<br>|
| Class 2 | 5039 | 489 | &nbsp;&nbsp;&nbsp; 3897 | 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| (1642)<br>|
| Class 4 | 22262 | 2198 | &nbsp;&nbsp;&nbsp; 3583 | 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | 664 |
| Total net increase (decrease) | $31302 | 3066 | &nbsp;&nbsp;&nbsp; $8097 | 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $85393 | 6373 | &nbsp;&nbsp;&nbsp; $25206 | 1809 | &nbsp;&nbsp;&nbsp; $(99423)<br>| (7387)<br>| &nbsp;&nbsp;&nbsp; $11176 | 795 |
| Class 1A | 2260 | 165 | &nbsp;&nbsp;&nbsp; 416 | 30 | &nbsp;&nbsp;&nbsp; (1912)<br>| (141)<br>| &nbsp;&nbsp;&nbsp; 764 | 54 |
| Class 2 | 2677 | 195 | &nbsp;&nbsp;&nbsp; 618 | 44 | &nbsp;&nbsp;&nbsp; (1985)<br>| (147)<br>| &nbsp;&nbsp;&nbsp; 1310 | 92 |
| Class 4 | 124148 | 9183 | &nbsp;&nbsp;&nbsp; 19776 | 1420 | &nbsp;&nbsp;&nbsp; (100988)<br>| (7397)<br>| &nbsp;&nbsp;&nbsp; 42936 | 3206 |
| Total net increase (decrease) | $214478 | 15916 | &nbsp;&nbsp;&nbsp; $46016 | 3303 | &nbsp;&nbsp;&nbsp; $(204308)<br>| (15072)<br>| &nbsp;&nbsp;&nbsp; $56186 | 4147 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $294441 | 11354 | &nbsp;&nbsp; $1457889 | 56910 | &nbsp;&nbsp; $(2784021)<br>| (104912)<br>| &nbsp;&nbsp; $(1031691)<br>| (36648)<br>|
| Class 1A | 12382 | 473 | &nbsp;&nbsp; 4101 | 161 | &nbsp;&nbsp; (5261)<br>| (199)<br>| &nbsp;&nbsp; 11222 | 435 |
| Class 2 | 79938 | 3065 | &nbsp;&nbsp; 392837 | 15618 | &nbsp;&nbsp; (657596)<br>| (25193)<br>| &nbsp;&nbsp; (184821)<br>| (6510)<br>|
| Class 3 | 598 | 23 | &nbsp;&nbsp; 2965 | 116 | &nbsp;&nbsp; (2207)<br>| (84)<br>| &nbsp;&nbsp; 1356 | 55 |
| Class 4 | 385083 | 14916 | &nbsp;&nbsp; 612040 | 24612 | &nbsp;&nbsp; (768899)<br>| (29799)<br>| &nbsp;&nbsp; 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | &nbsp;&nbsp; $2469832 | 97417 | &nbsp;&nbsp; $(4217984)<br>| (160187)<br>| &nbsp;&nbsp; $(975710)<br>| (32939)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $6531 | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; $5082 | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; $(20431)<br>| &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp;&nbsp; $(8818)<br>| &nbsp;&nbsp; (645)<br>|
| Class 1A | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (593)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp; 32 |
| Class 2 | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 7557 | &nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp; (29048)<br>| &nbsp;&nbsp; (2132)<br>| &nbsp;&nbsp;&nbsp; (17233)<br>| &nbsp;&nbsp; (1255)<br>|
| Class 4 | &nbsp;&nbsp; 52129 | &nbsp;&nbsp; 3887 | &nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; (21417)<br>| &nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp;&nbsp; 39286 | &nbsp;&nbsp; 2934 |
| Total net increase (decrease) | &nbsp;&nbsp; $63747 | &nbsp;&nbsp; 4744 | &nbsp;&nbsp;&nbsp; $21425 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; $(71489)<br>| &nbsp;&nbsp; (5286)<br>| &nbsp;&nbsp;&nbsp; $13683 | &nbsp;&nbsp; 1066 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $967884 | 101560 | &nbsp;&nbsp; $301425 | 31796 | &nbsp;&nbsp; $(1549531)<br>| (162304)<br>| &nbsp;&nbsp; $(280222)<br>| (28948)<br>|
| Class 1A | 78228 | 8287 | &nbsp;&nbsp; 12103 | 1287 | &nbsp;&nbsp; (20799)<br>| (2206)<br>| &nbsp;&nbsp; 69532 | 7368 |
| Class 2 | 95476 | 10155 | &nbsp;&nbsp; 115204 | 12362 | &nbsp;&nbsp; (327900)<br>| (34938)<br>| &nbsp;&nbsp; (117220)<br>| (12421)<br>|
| Class 4 | 277694 | 29681 | &nbsp;&nbsp; 56394 | 6089 | &nbsp;&nbsp; (125920)<br>| (13500)<br>| &nbsp;&nbsp; 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | &nbsp;&nbsp; $485126 | 51534 | &nbsp;&nbsp; $(2024150)<br>| (212948)<br>| &nbsp;&nbsp; $(119742)<br>| (11731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $81146 | 7964 | &nbsp;&nbsp;&nbsp; $19172 | 1887 | &nbsp;&nbsp;&nbsp; $(113554)<br>| (11168)<br>| &nbsp;&nbsp;&nbsp; $(13236)<br>| (1317)<br>|
| Class 1A | 6629 | 658 | &nbsp;&nbsp;&nbsp; 837 | 83 | &nbsp;&nbsp;&nbsp; (19119)<br>| (1921)<br>| &nbsp;&nbsp;&nbsp; (11653)<br>| (1180)<br>|
| Class 2 | 78645 | 7818 | &nbsp;&nbsp;&nbsp; 22086 | 2199 | &nbsp;&nbsp;&nbsp; (148416)<br>| (14851)<br>| &nbsp;&nbsp;&nbsp; (47685)<br>| (4834)<br>|
| Class 4 | 24427 | 2456 | &nbsp;&nbsp;&nbsp; 2211 | 224 | &nbsp;&nbsp;&nbsp; (9368)<br>| (946)<br>| &nbsp;&nbsp;&nbsp; 17270 | 1734 |
| Total net increase (decrease) | $190847 | 18896 | &nbsp;&nbsp;&nbsp; $44306 | 4393 | &nbsp;&nbsp;&nbsp; $(290457)<br>| (28886)<br>| &nbsp;&nbsp;&nbsp; $(55304)<br>| (5597)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $34287 | 3728 | &nbsp;&nbsp;&nbsp; $16202 | 1746 | &nbsp;&nbsp;&nbsp; $(29101)<br>| (3085)<br>| &nbsp;&nbsp;&nbsp; $21388 | 2389 |
| Class 1A | 5913 | 617 | &nbsp;&nbsp;&nbsp; 438 | 47 | &nbsp;&nbsp;&nbsp; (1640)<br>| (174)<br>| &nbsp;&nbsp;&nbsp; 4711 | 490 |
| Class 2 | 34261 | 3735 | &nbsp;&nbsp;&nbsp; 34272 | 3796 | &nbsp;&nbsp;&nbsp; (79188)<br>| (8621)<br>| &nbsp;&nbsp;&nbsp; (10655)<br>| (1090)<br>|
| Class 3 | 292 | 31 | &nbsp;&nbsp;&nbsp; 495 | 53 | &nbsp;&nbsp;&nbsp; (1072)<br>| (113)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| (29)<br>|
| Class 4 | 121429 | 11743 | &nbsp;&nbsp;&nbsp; 12704 | 1244 | &nbsp;&nbsp;&nbsp; (57610)<br>| (5614)<br>| &nbsp;&nbsp;&nbsp; 76523 | 7373 |
| Total net increase (decrease) | $196182 | 19854 | &nbsp;&nbsp;&nbsp; $64111 | 6886 | &nbsp;&nbsp;&nbsp; $(168611)<br>| (17607)<br>| &nbsp;&nbsp;&nbsp; $91682 | 9133 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; $(161)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp; 113 |
| Class 1A | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 57 |
| Class 2 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (6870)<br>| &nbsp;&nbsp; (736)<br>| &nbsp;&nbsp;&nbsp; (2724)<br>| &nbsp;&nbsp; (290)<br>|
| Class 4 | &nbsp;&nbsp; 17888 | &nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; (8887)<br>| &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp;&nbsp; 11474 | &nbsp;&nbsp; 1236 |
| Total net increase (decrease) | &nbsp;&nbsp; $21518 | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; $5115 | &nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; $(16299)<br>| &nbsp;&nbsp; (1757)<br>| &nbsp;&nbsp;&nbsp; $10334 | &nbsp;&nbsp; 1116 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $12058 | 1051 | &nbsp;&nbsp;&nbsp; $1510 | 134 | &nbsp;&nbsp;&nbsp; $(16422)<br>| (1436)<br>| &nbsp;&nbsp;&nbsp; $(2854)<br>| (251)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>|
| Class 2 | 56142 | 5069 | &nbsp;&nbsp;&nbsp; 9131 | 838 | &nbsp;&nbsp;&nbsp; (94607)<br>| (8552)<br>| &nbsp;&nbsp;&nbsp; (29334)<br>| (2645)<br>|
| Class 3 | 305 | 27 | &nbsp;&nbsp;&nbsp; 156 | 14 | &nbsp;&nbsp;&nbsp; (904)<br>| (81)<br>| &nbsp;&nbsp;&nbsp; (443)<br>| (40)<br>|
| Class 4 | 54897 | 4953 | &nbsp;&nbsp;&nbsp; 2138 | 195 | &nbsp;&nbsp;&nbsp; (54897)<br>| (4931)<br>| &nbsp;&nbsp;&nbsp; 2138 | 217 |
| Total net increase (decrease) | $123402 | 11100 | &nbsp;&nbsp;&nbsp; $12940 | 1181 | &nbsp;&nbsp;&nbsp; $(166830)<br>| (15000)<br>| &nbsp;&nbsp;&nbsp; $(30488)<br>| (2719)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $69757 | 7044 | &nbsp;&nbsp;&nbsp; $11280 | 1145 | &nbsp;&nbsp;&nbsp; $(96647)<br>| (9743)<br>| &nbsp;&nbsp;&nbsp; $(15610)<br>| (1554)<br>|
| Class 1A | 34073 | 3475 | &nbsp;&nbsp;&nbsp; 12377 | 1264 | &nbsp;&nbsp;&nbsp; (41345)<br>| (4222)<br>| &nbsp;&nbsp;&nbsp; 5105 | 517 |
| Class 2 | 118543 | 12052 | &nbsp;&nbsp;&nbsp; 44750 | 4609 | &nbsp;&nbsp;&nbsp; (191505)<br>| (19527)<br>| &nbsp;&nbsp;&nbsp; (28212)<br>| (2866)<br>|
| Class 3 | 420 | 42 | &nbsp;&nbsp;&nbsp; 212 | 22 | &nbsp;&nbsp;&nbsp; (877)<br>| (88)<br>| &nbsp;&nbsp;&nbsp; (245)<br>| (24)<br>|
| Class 4 | 114384 | 11659 | &nbsp;&nbsp;&nbsp; 10129 | 1045 | &nbsp;&nbsp;&nbsp; (86038)<br>| (8789)<br>| &nbsp;&nbsp;&nbsp; 38475 | 3915 |
| Total net increase (decrease) | $337177 | 34272 | &nbsp;&nbsp;&nbsp; $78748 | 8085 | &nbsp;&nbsp;&nbsp; $(416412)<br>| (42369)<br>| &nbsp;&nbsp;&nbsp; $(487)<br>| (12)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $906 | 67 | &nbsp;&nbsp;&nbsp; $806 | 62 | &nbsp;&nbsp;&nbsp; $(2055)<br>| (151)<br>| &nbsp;&nbsp;&nbsp; $(343)<br>| (22)<br>|
| Class P2 | 11175 | 851 | &nbsp;&nbsp;&nbsp; 27821 | 2164 | &nbsp;&nbsp;&nbsp; (95981)<br>| (7085)<br>| &nbsp;&nbsp;&nbsp; (56985)<br>| (4070)<br>|
| Total net increase (decrease) | $12081 | 918 | &nbsp;&nbsp;&nbsp; $28627 | 2226 | &nbsp;&nbsp;&nbsp; $(98036)<br>| (7236)<br>| &nbsp;&nbsp;&nbsp; $(57328)<br>| (4092)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(215)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (20067)<br>| &nbsp;&nbsp; (2311)<br>| &nbsp;&nbsp;&nbsp; (15526)<br>| &nbsp;&nbsp; (1762)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $3219 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; $(20282)<br>| &nbsp;&nbsp; (2336)<br>| &nbsp;&nbsp;&nbsp; $(15583)<br>| &nbsp;&nbsp; (1768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $169 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(347)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; $(120)<br>| &nbsp;&nbsp; (10)<br>|
| Class P2 | &nbsp;&nbsp; 6854 | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 5902 | &nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp; (45769)<br>| &nbsp;&nbsp; (3770)<br>| &nbsp;&nbsp;&nbsp; (33013)<br>| &nbsp;&nbsp; (2712)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7023 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; $5960 | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; $(46116)<br>| &nbsp;&nbsp; (3799)<br>| &nbsp;&nbsp;&nbsp; $(33133)<br>| &nbsp;&nbsp; (2722)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $28162 | 1984 | &nbsp;&nbsp;&nbsp; $112468 | 8142 | &nbsp;&nbsp;&nbsp; $(296821)<br>| (20511)<br>| &nbsp;&nbsp;&nbsp; $(156191)<br>| (10385)<br>|
| Class P2 | 3550 | 249 | &nbsp;&nbsp;&nbsp; 15647 | 1145 | &nbsp;&nbsp;&nbsp; (47556)<br>| (3301)<br>| &nbsp;&nbsp;&nbsp; (28359)<br>| (1907)<br>|
| Total net increase (decrease) | $31712 | 2233 | &nbsp;&nbsp;&nbsp; $128115 | 9287 | &nbsp;&nbsp;&nbsp; $(344377)<br>| (23812)<br>| &nbsp;&nbsp;&nbsp; $(184550)<br>| (12292)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $26 | 2 | &nbsp;&nbsp;&nbsp; $1070 | 86 | &nbsp;&nbsp;&nbsp; $(494)<br>| (38)<br>| &nbsp;&nbsp;&nbsp; $602 | 50 |
| Class P2 | 18388 | 1464 | &nbsp;&nbsp;&nbsp; 167196 | 13947 | &nbsp;&nbsp;&nbsp; (771163)<br>| (60543)<br>| &nbsp;&nbsp;&nbsp; (585579)<br>| (45132)<br>|
| Total net increase (decrease) | $18414 | 1466 | &nbsp;&nbsp;&nbsp; $168266 | 14033 | &nbsp;&nbsp;&nbsp; $(771657)<br>| (60581)<br>| &nbsp;&nbsp;&nbsp; $(584977)<br>| (45082)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. Ownership concentration**

------

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

**12. Investment transactions and other disclosures**

------

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3656642 | &nbsp;&nbsp; $1452423 | &nbsp;&nbsp; $13253467 | &nbsp;&nbsp; $4365483 | &nbsp;&nbsp; $1743062 | &nbsp;&nbsp; $4143311 |
| Sales of investment securities\* | &nbsp;&nbsp; 4157232 | &nbsp;&nbsp; 1904785 | &nbsp;&nbsp; 15938916 | &nbsp;&nbsp; 5008755 | &nbsp;&nbsp; 1945071 | &nbsp;&nbsp; 4942962 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 5326 | &nbsp;&nbsp; 13842 | &nbsp;&nbsp; 6486 | &nbsp;&nbsp; 1223 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (575)<br>| &nbsp;&nbsp; 6710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979 | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 16423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26206 | &nbsp;&nbsp; 18398 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $120447 | &nbsp;&nbsp; $858369 | &nbsp;&nbsp; $10813388 | &nbsp;&nbsp; $175002 | &nbsp;&nbsp; $768196 | &nbsp;&nbsp; $19856310 |
| Sales of investment securities\* | &nbsp;&nbsp; 40880 | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 14833476 | &nbsp;&nbsp; 191476 | &nbsp;&nbsp; 769516 | &nbsp;&nbsp; 23654064 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 4168 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $317783 | &nbsp;&nbsp; $12490283 | &nbsp;&nbsp; $1356541 | &nbsp;&nbsp; $445624 | &nbsp;&nbsp; $450360 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 335715 | &nbsp;&nbsp; 13383953 | &nbsp;&nbsp; 1521836 | &nbsp;&nbsp; 359070 | &nbsp;&nbsp; 448538 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3759879 | &nbsp;&nbsp; $157397 | &nbsp;&nbsp; $17979 | &nbsp;&nbsp; $65380 | &nbsp;&nbsp; $583778 | &nbsp;&nbsp; $267997 |
| Sales of investment securities\* | &nbsp;&nbsp; 3982540 | &nbsp;&nbsp; 225452 | &nbsp;&nbsp; 40733 | &nbsp;&nbsp; 93964 | &nbsp;&nbsp; 664906 | &nbsp;&nbsp; 889458 |

---

\*

Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $36.91 | &nbsp;&nbsp; $.44 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $7.36 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.48)<br>| &nbsp;&nbsp; $38.79 | 21.98<br> %<br>| &nbsp;&nbsp; $4115 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.18<br> %<br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 36.70 | &nbsp;&nbsp; .30 | 6.90 | 7.20 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.43)<br>| 38.47 | 21.63 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .81 |
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 36.37 | &nbsp;&nbsp; .34 | 6.79 | 7.13 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.39)<br>| 38.11 | 21.62 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .93 |
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 35.93 | &nbsp;&nbsp; .24 | 6.70 | 6.94 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.32)<br>| 37.55 | 21.34 | &nbsp;&nbsp; 1225 | 1.02 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $18.15 | &nbsp;&nbsp; $.16 | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; $2.66 | &nbsp;&nbsp; $(.10)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $20.31 | 14.89<br> %<br>| &nbsp;&nbsp; $784 | &nbsp;&nbsp; .70<br> %<br>| &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .84<br> %<br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.88 | &nbsp;&nbsp; .11 | 2.46 | 2.57 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.99 | 14.63 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.05 | &nbsp;&nbsp; .10 | 2.35 | 2.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.04 | 14.64 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.01 | &nbsp;&nbsp; .05 | 2.35 | 2.40 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.44)<br>| 18.97 | 14.33 | &nbsp;&nbsp; 407 | 1.20 | 1.15 | &nbsp;&nbsp; .31 |
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $127.47 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.94)<br>| &nbsp;&nbsp; $141.06 | 20.54<br> %<br>| &nbsp;&nbsp; $25168 | &nbsp;&nbsp; .34<br> %<br>| &nbsp;&nbsp; .27<br> %<br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 126.11 | &nbsp;&nbsp; .03 | 23.86 | 23.89 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 139.18 | 20.24 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 125.79 | &nbsp;&nbsp; .03 | 23.80 | 23.83 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 138.80 | 20.24 | &nbsp;&nbsp; 21576 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 128.88 | &nbsp;&nbsp; .13 | 24.42 | 24.55 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 142.60 | 20.32 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .09 |
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 122.38 | &nbsp;&nbsp; (.29)<br>| 23.08 | 22.79 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 134.39 | 19.93 | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.23)<br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $17.84 | &nbsp;&nbsp; $.35 | &nbsp;&nbsp; $4.47 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $22.33 | 27.04<br> %<br>| &nbsp;&nbsp; $3364 | &nbsp;&nbsp; .53<br> %<br>| 1.79<br> %<br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.43 | 4.73 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 22.20 | 26.68 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .78 | 1.50 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.44 | 4.74 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 22.22 | 26.77 | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; .78 | 1.54 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 17.90 | &nbsp;&nbsp; .32 | 4.48 | 4.80 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 22.41 | 26.85 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .71 | 1.61 |
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.46 | &nbsp;&nbsp; .25 | 4.36 | 4.61 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 21.83 | 26.41 | &nbsp;&nbsp; 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.67 | &nbsp;&nbsp; $.49 | &nbsp;&nbsp; $6.93 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $(.41)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $32.47 | 28.60<br> %<br>| &nbsp;&nbsp; $2103 | &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .58<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 26.53 | &nbsp;&nbsp; .37 | 6.93 | 7.30 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.58)<br>| 32.25 | 28.27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.25 |
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 26.33 | &nbsp;&nbsp; .41 | 6.84 | 7.25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.55)<br>| 32.03 | 28.29 | &nbsp;&nbsp; 941 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.41 |
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 26.09 | &nbsp;&nbsp; .33 | 6.77 | 7.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.48)<br>| 31.71 | 27.92 | &nbsp;&nbsp; 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $16.86 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $2.52 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(.29)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $18.18 | 17.50<br> %<br>| &nbsp;&nbsp; $6435 | &nbsp;&nbsp; .41<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 16.79 | &nbsp;&nbsp; .24 | 2.51 | 2.75 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.45)<br>| 18.09 | 17.21 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 16.53 | &nbsp;&nbsp; .24 | 2.46 | 2.70 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.44)<br>| 17.79 | 17.21 | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 16.34 | &nbsp;&nbsp; .20 | 2.42 | 2.62 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.41)<br>| 17.55 | 16.90 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.16 |
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.71 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— <br><sup>4</sup><br>| &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $11.21 | 15.95<br> %<br>| &nbsp;&nbsp; $88 | &nbsp;&nbsp; .59<br> %<br>| &nbsp;&nbsp; .54<br> %<br>| &nbsp;&nbsp; .87<br> %<br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>10</sup><br>| &nbsp;&nbsp; .54 <br><sup>10</sup><br>| &nbsp;&nbsp; .72 <br><sup>10</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .07 | 1.47 | 1.54 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| 11.22 | 15.88 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .64 |
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.82 )<sup>811</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .55 <br><sup>1011</sup><br>| &nbsp;&nbsp; .71 <br><sup>1011</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $15.53 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.51 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $(.28)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.89)<br>| &nbsp;&nbsp; $18.44 | 25.16<br> %<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.70<br> %<br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 15.44 | &nbsp;&nbsp; .24 | 3.48 | 3.72 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.31 | 24.79 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.43 |
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 15.49 | &nbsp;&nbsp; .24 | 3.50 | 3.74 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.38 | 24.80 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.45 |
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 15.08 | &nbsp;&nbsp; .19 | 3.40 | 3.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.82)<br>| 17.85 | 24.46 | &nbsp;&nbsp; 363 | 1.02 | &nbsp;&nbsp; .92 | 1.18 |
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $69.59 | &nbsp;&nbsp; $.78 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $(.76)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.89)<br>| &nbsp;&nbsp; $67.73 | 18.37<br> %<br>| &nbsp;&nbsp; $25780 | &nbsp;&nbsp; .28<br> %<br>| 1.17<br> %<br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 69.10 | &nbsp;&nbsp; .61 | 10.14 | 10.75 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.74)<br>| 67.11 | 18.06 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 68.38 | &nbsp;&nbsp; .60 | 10.03 | 10.63 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.73)<br>| 66.28 | 18.06 | &nbsp;&nbsp; 14357 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 69.76 | &nbsp;&nbsp; .66 | 10.26 | 10.92 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.77)<br>| 67.91 | 18.13 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .99 |
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 67.14 | &nbsp;&nbsp; .43 | 9.80 | 10.23 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.60)<br>| 64.77 | 17.77 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $10.19 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.64 | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $13.49 | 35.83<br> %<br>| &nbsp;&nbsp; $35 | &nbsp;&nbsp; .57<br> %<br>| &nbsp;&nbsp; .57<br> %<br>| 2.68<br> %<br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.21 | 3.49 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.09 | 35.35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.40 |
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.22 | 3.50 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.10 | 35.41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.44 |
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.74 | &nbsp;&nbsp; .25 | 3.16 | 3.41 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 12.87 | 35.09 | &nbsp;&nbsp; 189 | 1.06 | 1.06 | 2.18 |
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.39 | &nbsp;&nbsp; $.45 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.54 | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $14.49 | 20.69<br> %<br>| &nbsp;&nbsp; $841 | &nbsp;&nbsp; .40<br> %<br>| &nbsp;&nbsp; .27<br> %<br>| 3.29<br> %<br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.41 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.36 | &nbsp;&nbsp; .38 | 2.09 | 2.47 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 14.46 | 20.16 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.79 |
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.04 | &nbsp;&nbsp; $.59 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $3.98 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.51)<br>| &nbsp;&nbsp; $27.51 | 16.16<br> %<br>| &nbsp;&nbsp; $15919 | &nbsp;&nbsp; .30<br> %<br>| 2.24<br> %<br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 25.88 | &nbsp;&nbsp; .52 | 3.36 | 3.88 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.45)<br>| 27.31 | 15.86 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .55 | 1.98 |
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 25.65 | &nbsp;&nbsp; .52 | 3.32 | 3.84 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.44)<br>| 27.05 | 15.85 | &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 | 1.99 |
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 26.08 | &nbsp;&nbsp; .55 | 3.38 | 3.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.46)<br>| 27.55 | 15.94 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .48 | 2.06 |
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 25.41 | &nbsp;&nbsp; .45 | 3.29 | 3.74 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.38)<br>| 26.77 | 15.59 | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; .80 | 1.74 |
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.96 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $1.84 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $(.22)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.75)<br>| &nbsp;&nbsp; $14.41 | 17.42<br> %<br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .51<br> %<br>| 2.63<br> %<br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.87 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.31 | 17.21 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .76 | 2.36 |
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.89 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.33 | 17.14 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.66 | &nbsp;&nbsp; .28 | 1.82 | 2.10 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.70)<br>| 14.06 | 16.96 | &nbsp;&nbsp; 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.27 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.68 | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $9.52 | 7.40<br> %<br>| &nbsp;&nbsp; $6909 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .24<br> %<br>| 4.54<br> %<br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.45 | 7.24 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.28 |
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.12 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.37 | 7.26 | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.29 |
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.07 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.31 | 6.98 | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.04 |
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.63 | &nbsp;&nbsp; $.41 | &nbsp;&nbsp; $.51 | &nbsp;&nbsp; $.92 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $10.22 | 9.55<br> %<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; .48<br> %<br>| &nbsp;&nbsp; .48<br> %<br>| 4.07<br> %<br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.13 | 9.31 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.84 |
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.52 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.10 | 9.39 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.82 |
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.37 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 9.93 | 9.03 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.56 |
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.19 | &nbsp;&nbsp; $.64 | &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $.77 | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $9.33 | 8.52<br> %<br>| &nbsp;&nbsp; $255 | &nbsp;&nbsp; .45<br> %<br>| &nbsp;&nbsp; .33<br> %<br>| 6.81<br> %<br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.15 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.27 | 8.19 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.50 |
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 9.08 | 8.24 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.57 |
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.39 | 8.26 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .51 | 6.64 |
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 10.07 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 10.27 | 7.93 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .83 | 6.29 |
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.08 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.34 | &nbsp;&nbsp; $.80 | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $9.46 | 8.92<br> %<br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .32<br> %<br>| 4.84<br> %<br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.32 | 8.57 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 4.59 |
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.98 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.35 | 8.63 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.60 |
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 8.86 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.21 | 8.32 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.33 |
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $11.31 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $11.28 | 4.15<br> %<br>| &nbsp;&nbsp; $36 | &nbsp;&nbsp; .31<br> %<br>| 4.01<br> %<br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 11.31 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 11.28 | 3.92 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 3.78 |
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 10.93 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 10.88 | 3.83 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; .56 | 3.77 |
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 11.08 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.48)<br>| 11.03 | 3.86 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .49 | 3.84 |
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 11.00 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 10.96 | 3.59 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; .81 | 3.52 |
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $.76 | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $9.90 | 8.01<br> %<br>| &nbsp;&nbsp; $261 | &nbsp;&nbsp; .33<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 4.35<br> %<br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.53 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.84 | 7.80 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.46 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.76 | 7.75 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.62 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.93 | 7.78 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.17 |
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.44 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.74 | 7.54 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 3.85 |
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25)<br>| $(.57)<br>| $(.82)<br>| $14.26 | 13.63<br> %<br>| $14 | .38<br> %<br>| .36<br> %<br>| .67<br> %<br>| .47<br> %<br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19)<br>| (.57)<br>| (.76)<br>| 14.12 | 13.41 | 491 | .63 | .62 | .93 | .21 |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13)<br>| $— | $(.13)<br>| $9.34 | 15.33<br> %<br>| $2 | .41<br> %<br>| .36<br> %<br>| .83<br> %<br>| 1.58<br> %<br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11)<br>|  | (.11)<br>| 9.29 | 15.09 | 111 | .68 | .63 | 1.10 | 1.23 |
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26)<br>| $— | $(.26)<br>| $12.77 | 10.95<br> %<br>| $3 | .37<br> %<br>| .36<br> %<br>| .61<br> %<br>| 1.64<br> %<br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23)<br>|  | (.23)<br>| 12.69 | 10.65 | 312 | .64 | .63 | .88 | 1.34 |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34)<br>| $(.56)<br>| $(.90)<br>| $15.01 | 11.45<br> %<br>| $1834 | .37<br> %<br>| .36<br> %<br>| .63<br> %<br>| 1.35<br> %<br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30)<br>| (.56)<br>| (.86)<br>| 14.90 | 11.17 | 258 | .62 | .61 | .88 | 1.10 |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39)<br>| $(.83)<br>| $(1.22)<br>| $13.46 | 12.01<br> %<br>| $13 | .38<br> %<br>| .36<br> %<br>| .65<br> %<br>| 1.96<br> %<br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34)<br>| (.83)<br>| (1.17)<br>| 13.00 | 11.67 | 1463 | .63 | .61 | .90 | 1.30 |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **389** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Capital Income Builder | &nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| The Bond Fund of America | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Capital World Bond Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Global Growth Fund | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Growth Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| International Fund | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| New World Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Growth-Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| International Growth and Income Fund | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Capital Income Builder | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Asset Allocation Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| The Bond Fund of America | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Capital World Bond Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| American High-Income Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>|
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>678</sup><br>|  |  |  |
| Managed Risk Growth Fund | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Managed Risk International Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup> Not annualized.

<sup>9</sup> Amount less than $1 million.

<sup>10</sup> Annualized.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insur- ance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>12</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. 

<sup>14</sup> Unaudited.

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Rates exclude in-kind transactions, if any.

<sup>18</sup> Amount is either less than 1% or there is no turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **390** |

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------

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of operations** | &nbsp;&nbsp; **Statements of changes in net** <br> **assets**<br>| **Financial highlights** |
| Global Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Global Small Capitalization Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| New World Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital Income Builder | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| The Bond Fund of America | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American High-Income Trust | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Mortgage Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Government Securities Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Washington Mutual Investors <br> Fund<br>| &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **391** | American Funds Insurance Series |

---

------

Report of Independent Registered Public Accounting Firm

------

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **392** |

---

------

Changes in and disagreements with accountants

------

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **393** | American Funds Insurance Series |

---

------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

6,453,899,830

Total shares voting on November 25, 2025:

5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
| Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
| Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
| Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
| Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
| John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
| Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
| Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
| William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
| Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
| Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
| Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
| Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
| Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

---

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **394** |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the registrant.

------

#### Item 15. Submission of Matters to a Vote of Security Holders
The registrant does not have procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

#### Item 16. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
(a) Not applicable.

(b) Not applicable.

#### Item 19. Exhibits
(a)(1) [Code of Ethics is attached hereto.](d17207dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d17207dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)(1) [The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d17207dex99906cert.htm)

(b)(2) [The certification required under Section 906 of the Sarbanes-Oxley Act of 2002, regarding American Funds Growth Portfolio, a series of the Trust, by American Funds Insurance Series, is attached hereto.](d17207dex99906cert1.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **BRIGHTHOUSE FUNDS TRUST I** | **BRIGHTHOUSE FUNDS TRUST I** |
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |
| Date: | March 6, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**BRIGHTHOUSE FUNDS:** 

**Brighthouse Funds Trust I** 

**Brighthouse Funds Trust II** 

**Code of Ethics Pursuant to Section 406** 

**Of the Sarbanes-Oxley Act of 2002** 

**<u>For Principal Executive and Senior Financial Officers</u>**

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by each Trust and applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or persons performing similar functions ("Covered Officers," as set forth in <u>Exhibit A</u>) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with,
or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II. Covered Officers Should Handle Conflicts of Interest Ethically** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trusts and, as applicable, BIA, the Subadvisers, and the Trusts' principal underwriter, administrator, and transfer agent ("Service Providers"; each of BIA and the Trusts' principal underwriter and transfer agent, respectively, shall be referred to herein as the "Affiliated Service Providers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trusts and an Affiliated Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers shall, in the normal course of their duties (whether for the Trusts or for an Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that shall have different effects on the Affiliated Service Providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trusts and their Affiliated Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws and the Trusts' organizational documents, such activities shall be deemed to have been handled ethically and not to have involved any violation of this Code. In addition, it is recognized by the Board that the Covered Officers may also be directors, officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest or to a violation of this Code.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the Covered Officer's personal influence or personal relationships to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer, or a member of the Covered Officer's family, would knowingly benefit personally to the detriment of the Trusts and their shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the Covered Officer's position with the Trust for private economic gain to the Covered Officer, the
Covered Officer's family or any other person, or in a manner detrimental to the interests of the Trust and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with the Covered Officer's official duties that causes the
Trusts to violate applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, or a member of the Covered Officer's family, rather than the benefit of the Trusts; or retaliate against any other person or entity doing business with the Trusts for reports of potential violations of this Code or applicable laws
that are made in good faith.

There are some relationships that should always be disclosed to the CCO of the Trusts ("Code Officer"). These relationships are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the Trusts, other than an Affiliated Service Provider or an affiliate of an Affiliated Service Provider. This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Officer's ownership does not exceed $50,000 of the outstanding securities of the relevant class; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with an Affiliated Service Provider or its affiliates. This disclosure requirement shall not apply to or
otherwise limit (i) the ownership of publicly traded securities so long as the Covered Officer's ownership does not exceed $50,000 of the particular class of security outstanding or (ii) the receipt by an Affiliated Service Provider
or its affiliate of research or other benefits in exchange for "soft dollars."

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should review the relevant disclosure pertaining to the Trusts and disclosure requirements
generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts
to others, whether within or outside the Trusts, including to the Board and auditors, and to governmental regulators and self- regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility,
consult with other officers and employees of the Trusts, the Affiliated Service Providers, auditors, other entities doing business with the Trust or with counsel to the Trust with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Trusts file with, or submit to, the SEC (which for the sake of clarity, does not include any sales literature; or omitting prospectuses or "tombstone" advertising prepared by the Trusts'
principal underwriter) and in other public communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations by (i) adhering personally to such standards and restrictions and (ii) encouraging and counseling other persons involved with the Trusts to adhere to such standards and restrictions.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Trusts that the Covered Officer has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Trusts that the Covered Officer has complied with the requirements of this
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire as well as with
respect to any supplemental request for information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Code Officer promptly if the Covered Officer knows of any material violation of this Code. Failure to
do so is itself a violation of this Code.

The Code Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Code Officer may consult with internal or external counsel or accountants to assist with the application and interpretation of this Code.

Requests for waivers from this Code shall be submitted in writing to the Code Officer. The Audit Committee of the Board shall be authorized to grant waivers, as it deems appropriate. Any changes to or waivers of this Code shall, to the extent required, be disclosed as provided by SEC rules.

The Trusts shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Code Officer shall take all appropriate action to investigate any potential material violations reported to
the Code Officer, which may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Code Officer believes that no material violation has occurred, the Code Officer
is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Code Officer believes is a material violation shall be reported to the President of the
applicable Trust (if the violation is by someone other than the President) and the Audit Committee of the Board (together, the "Committee");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a material violation has occurred, it shall consider appropriate action, which may
include disclosure to the full Board of the affected Trust, review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of an Affiliated Service Provider or its board; and/or disciplinary
action (which may include the dismissal of the Covered Officer as an officer or employee of the Trusts);

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Trusts and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board.

**VII. Internal Use** 

The Code is intended solely for internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Board, the Covered Officers, the Code Officer, the Service Providers and their affiliates, outside audit firms, legal counsel to the Trusts, and legal counsel to the Independent Trustees.

------

**EFFECTIVE AS OF:** May 22, 2012

**REVISED AS OF**: May 25, 2016; January 3, 2017; January 2, 2018; May 19, 2021

------

**<u>Exhibit A</u>**

<u>Persons Covered by this Code of Ethics</u>

---

| | | | |
|:---|:---|:---|:---|
| **Trust** | **Principal Executive**<br> **Officer** | **Principal Financial**<br> **Officer** | **Principal**<br> **Accounting Officer** |
| Brighthouse<br> Funds Trust I | Kristi Slavin, President and Chief Executive Officer | Alan R. Otis, CFO and Treasurer | Alan R. Otis, CFO and Treasurer |
| Brighthouse<br> Funds Trust II | Kristi Slavin, President and Chief Executive Officer | Alan R. Otis, CFO and Treasurer | Alan R. Otis, CFO and Treasurer |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Kristi Slavin, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

------

I, Alan R. Otis, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 19(b)(1)** 

**SECTION 906 CERTIFICATION** 

Kristi Slavin, and Alan R. Otis, of Brighthouse Funds Trust I (the "Trust") each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |
| Date: | March 6, 2026 |

---

## Exhibit 99.906

**Exhibit 19(b)(2)** 

AMERICAN FUNDS CERTIFICATION PURSUANT TO SECTION 906

I, Courtney R. Taylor, in my capacity as Secretary of the American Funds Insurance Series ("AFIS"), certify that in compliance with Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, the Principal Executive Officer and Treasurer of AFIS intend to certify to the U.S. Securities and Exchange Commission ("SEC") with respect to the attached PDFs of the Series (Semi-annual or Annual) shareholder reports and financial statements and other information. Brighthouse Funds Trust I may rely on these certifications, which will be made in connection with AFIS' filings with the SEC on form N-CSR, which can be found at <u>http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000729528&owner=include&count=40.</u>

---

| | |
|:---|:---|
| /s/Courtney R. Taylor | 2/17/2026 |
| Courtney R. Taylor | Date |
| Secretary, |  |
| American Funds Insurance Series |  |

---